HomeMy WebLinkAbout92-015RESOLUTION NO. 9~- 015
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA ANA AUTHORIZING
LEASE PURCHASE AGREEMENT AND SIGNATORIES.
WHEAEAS, the City of Santa Aha, County of Orange, State
of California ("CITY") is duly authorized and existing under the
laws of said State; and
WHEREAS, the City solicited third party proposals for
lease purchase financing of a Computer Aided Dispatch System for
the Police Department, having an approximate financing cost of
$644,260; and
WHEREAS, Municipal Leasing Associates, Inc.
("Corporation") has offered the City the most cost effective
financing requiring periodic lease payments including principal
plus interest computed at a 6.55% annual percentage rate;
NOW, THEREFORE, BE IT RESOLVED that the Mayor and the
Clerk of the Council are hereby authorized on behalf of City to
enter into binding agreements with the Corporation, in an amount
not to exceed $644,260, for leasing property upon such terms as may
seem advisable to said officers, and to execute, as agent for the
CITY, all necessary agreements, but not limited to, a lease/option
agreement, advance payment agreement, acknowledgement to assignment
and acceptance certificate. Each officer is also authorized to
accept direct delivery of the Property.
BE IT FURTHER RESOLVED that the contemplated lease
transactions de designated by this body as a qualified tax exempt
obligation pursuant to Section 265(b) of the Internal Revenue Code
1
RESOLUTION 92-015
PAGE TWO
of 1986 and the authorized officers be directed to execute the
"Designation of Qualification,, document.
ADOPTED this 18th
ATTEST:
Cle~ ~uncil
COUNCILMEMBERS.
day of February , 1992__.
Mayor
Young ¥~$ _
Pulido
Acosta
Griset
McGuigan YEs _
Norton
Richardson Yes
APPROVED AS TO FORM:
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
attached Resolu~i0n ~-~/~ to be the original resolution
adopted by the City Council of the City of Santa Ana on
- I&- ?a-. .
Clerk of the Council, Date
City of Santa Ana