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RESOLUTION NO. 9~- 015 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF <br /> THE CITY OF SANTA ANA AUTHORIZING <br />LEASE PURCHASE AGREEMENT AND SIGNATORIES. <br /> <br /> WHEAEAS, the City of Santa Aha, County of Orange, State <br />of California ("CITY") is duly authorized and existing under the <br />laws of said State; and <br /> <br /> WHEREAS, the City solicited third party proposals for <br />lease purchase financing of a Computer Aided Dispatch System for <br />the Police Department, having an approximate financing cost of <br />$644,260; and <br /> <br /> WHEREAS, Municipal Leasing Associates, Inc. <br />("Corporation") has offered the City the most cost effective <br />financing requiring periodic lease payments including principal <br />plus interest computed at a 6.55% annual percentage rate; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Mayor and the <br />Clerk of the Council are hereby authorized on behalf of City to <br />enter into binding agreements with the Corporation, in an amount <br />not to exceed $644,260, for leasing property upon such terms as may <br />seem advisable to said officers, and to execute, as agent for the <br />CITY, all necessary agreements, but not limited to, a lease/option <br />agreement, advance payment agreement, acknowledgement to assignment <br />and acceptance certificate. Each officer is also authorized to <br />accept direct delivery of the Property. <br /> <br /> BE IT FURTHER RESOLVED that the contemplated lease <br />transactions de designated by this body as a qualified tax exempt <br />obligation pursuant to Section 265(b) of the Internal Revenue Code <br /> <br />1 <br /> <br /> <br />