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575 <br /> <br />RESOLUTION NO. 92-083 <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 for 'lease <br />purchase financing of a Municipal Utilities Service System for the <br />Department of Finance, having an approximate financing cost of <br />$697,260; and <br /> <br /> WHEREAS, Security Capital Corporation has offered the City <br />the most cost effective financing requiring periodic lease <br />payments including principal plus interest computed at 5.69% <br />annual percentage rate; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Mayor and the Clerk <br />of the Council are hereby authorized on behalf of City to enter <br />into binding agreements with the Corporation, in an amount not to <br />exceed $697,260, for leasing property upon such terms as may seem <br />advisable to said officers, and to execute, as agent for the City, <br />all necessary agreements, but limited to, a lease/option <br />agreement, advance payment agreement, acknowledgment to assignment <br />and acceptance certificate. Each officer' is also authorized to <br />accept direct delivery of the Property. <br /> <br /> <br />