Resolution No. 3946ago
RESOLUTION NO 3946
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS TO
AUTHORIZE LEASE AGREEMENT AND SIGNATORIES FOR LEASE PURCHASE
FINANCING OF REFUSE CONTAINERS PROVIDED BY MUNICIPAL LEASING
ASSOCIATES INC.
WHEREAS CITY OF CYPRESS, County of Orange, State of
California ("CITY") is duly authorized and existing under the
laws of said State; and
WHEREAS governing body of said CITY solicited third party
proposals for lease purchase financing of approximately 24 000
refuse containers ("Property") having an approximate purchase
cost of $1 450 000 00; and
WHEREAS, Municipal Leasing Associates Inc ("Corporation')
has offered the CITY the most cost effective financing requiring
periodic rental payments including principal plus interest
computed at a 7 38% annual percentage rate;
NOW THEREFORE, BE IT RESOLVED that the City Manager or the
Finance Director (Title of Officer(s)) acting alone be hereby
authorized in the name and on behalf of CITY to enter into
binding agreements with the Corporation for leasing the Property
upon such terms as may seem advisable to said officer(s) and to
execute, as agent for the CITY all necessary agreements
including but not limited to a lease/option agreement, advance
payment agreement acknowledgment of assignment and acceptance
certificate Each officer is also authorized to accept or direct
delivery of the Property The authority given hereunder shall be
deemed retroactive and any and all acts authorized hereunder
performed prior to the passage of this resolution are hereby
ratified and affirmed.
BE IT FURTHER RESOLVED that the contemplated lease
transaction be designated by this body as a qualified tax exempt
obligation pursuant to Section 265(b) of the Internal Revenue
Code of 1986 and the authorized officers be directed to execute
the "Designation of Qualification" document
PASSED AND ADOPTED by the City Council of the City of
Cypress at a regular meeting held on the 10th day of June 1991
ATTEST
int (c6:11
CITY CLERK Til CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I DARRELL ESSEX City Clerk of the City of Cypress DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at
a regular meeting of the said City Council held on the 10th day
of June 1991 by the following roll call vote
AYES 5 COUNCIL MEMBERS Age, Kerry Nicholson, Partin
NOES 0 COUNCIL MEMBERS None and Bowman
ABSENT. 0 COUNCIL MEMBERS None
7/7 Mitt //�/i si-'J�
CITY CLERK OF THF/ CITY OF CYPRESS