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377 <br /> <br />RESOLUTION NO. 92-060 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF <br /> THE CITY OF SANTA ANA AUTHORIZING <br />LEASE PURCHASE AGREEMENT AND SIGNATORIES. <br /> <br /> WHEREAS, the City of Santa Ana, 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 to <br />lease purchase financing of an Optical Imaging System and network <br />expansion for the Planning and Building Agency, having an <br />approximate financing cost of $187,104.96; 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 $187,104.96, for leasing the property upon such <br />terms as may seem advisable to said officers, and to execute, as <br />agent for the CITY, all necessary agreements, but not limited to, <br />a lease/option agreement, advance payment agreement, <br />acknowledgement to assignment and acceptance certificate. Each <br />officer is also authorized to accept direct delivery of the <br />Property. <br /> <br /> BE IT FURTHER RESOLVED that the contemplated lease <br />transaction be designated by this body as a qualified tax exempt <br />obligation pursuant to Section 265(b) of the Internal Revenue Code <br /> <br /> <br />