HomeMy WebLinkAbout92-083 - Lease Purchase Agreement and Signatories575
RESOLUTION NO. 92-083
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA ANA AUTHORIZING
LEASE PURCHASE AGREEMENT AND SIGNATORIES
WHEREAS, the City of Santa Ana, 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 Municipal Utilities Service System for the
Department of Finance, having an approximate financing cost of
$697,260; and
WHEREAS, Security Capital Corporation has offered the City
the most cost effective financing requiring periodic lease
payments including principal plus interest computed at 5.69%
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 $697,260, 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 limited to, a lease/option
agreement, advance payment agreement, acknowledgment to assignment
and acceptance certificate. Each officer' is also authorized to
accept direct delivery of the Property.
RESOLUTION 92-083 577
PAGE 2
BE IT FURTHER RESOLVED that the contemplated lease
transactions be designated by this body as a qualified tax exempt
obligation pursuant to Section 265 [d) of the Internal Revenue
Code of 1986 and the authorized officers be directed to execute
the "designation of Qualification" document.
ADOPTED this 21st day of September, 1992
ATTEST:
Clerk of the Counci
Mayor ~ !
APPROVED AS TO FORM:
COUNCIL MEMBERS
Young
Pulido
Acosta
i]~'iset
McGui~an
Norton
Richardson
Aye
Aye City Attorney
Aye_
Absent CERTIFICATE OF ORIGINALITY
Aye--
State of california
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
attached Resolution ~-O~ to be the original resolution
of the City of Santa Ana on
adopted by the City Council
0f the C2unc~'~[ Date
City of Santa Ana