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RESOLUTION NO. 96- 067 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA AUTHORIZING AGREEMENTS <br />WITH MUNICIPAL LEASING ASSOCIATES, INC. <br />FOR THE LEASING OF A JAIL AND RECORDS <br />MANAGEMENT SYSTEM <br /> <br /> WHEREAS, the City of Santa Ana, County of Orange, State of California <br />("City") is duly authorized and existing under the laws of said State; and <br /> <br /> WHEREAS, the City will enter into agreements for the acquisition of a jail <br />and records management system ("Property"); and <br /> <br /> WHEREAS, Municipal Leasing Associates, Inc. ("Corporation") has offered the <br />City a cost effective lease-financing arrangement in the amount of $1,325,580.00 <br />requiring periodic rental payments including principal plus interest computed at <br />a 5.43% annual percentage rate; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />that the City Manager or a designee acting alone be hereby authorized in the name <br />and on behalf of the City to enter into binding agreements with the Corporation <br />for leasing the Property upon such terms as may seem advisable to said officer, <br />and to execute, as agent for the City, all necessary agreements including, but <br />not limited to a lease/option agreement, custodial and agency agreement, <br />arbitrage and tax certificate, acknowledgment of assignment and acceptance <br />certificate. <br /> <br /> BE IT FURTHER RESOLVED that this approved lease financing be designated as <br />a qualified tax exempt obligation for calendar year 1996 pursuant to Section <br />265(b) of the Internal Revenue Code of 1986 (as amended) and the city Manager or <br />a designee be directed to execute the "Designation of Qualification" document. <br /> <br /> ADOPTED this 1st <br />ATTEST: <br /> <br />day of July , 1996. <br /> <br />COUNCILMEMBERS: <br /> <br />Pulido Aye <br />Richardson Aye <br />Espinoza Aye <br />Lutz Aye <br />McGuigan Aye <br />Mills Aye <br />Moreno ~ye <br /> <br />APPROVED AS TO FORM: <br /> <br />Richard' E .~ Lay <br />Acting City Attorney <br /> <br /> <br />