Agenda 04/27/1999 - Laserfiche WebLink

Home Browse Search

:[ 04/23/99 16:25 FAX ~]005/007 NOW, THEREFORE, BE IT 'RESOLVED BY THE CITY COUNCIL, THAT: 1. The terms and conditions of the Lease Agreement in substantially the form presented to the City Council and incorporated in this resolution are in the best interests of the Cily for the acquisition of the Equipment by the City Council. 2. The execution and delivery of the Lease Agreement and related financing documents is hereby directed and approved by the City Council in substantially the form presented to this meeting with such changes, insertions and omissions therein as may be approved by the individuals executing the Lease Agreement and such other documents, such approval to be conclusively evidenced by such execution and delivery. 3. All officials, employees and agents of the City, including but not limited to the City Manager, the Finance Director ofthe City~ and the Mayor, Vice-Mayor and Clerk of the City Council, are hereby authorized and directed to execute and deliver any and all instruments, opinions, certificates, affidavits and other documents and to do or cause to be done any and all other acts and things necessary or proper for carrying out the purposes and intents of this resolution and the Lease Agreement. 4. Based upon the City Council's reasonable expectation expressed above that not · more than $I0,000,000 in bonds, notes, leases and othertax-exempt obligations will be issued in calendar year 1999 by it or its subordinate entities, with the applicable exceptions set forth above, and will not designate (excluding any bonds dee~ed designated pursuant to the provisions of Section 265(b~3)(CX ii) or Section 265CoX3X C)(iii) of the Code), or permit the designation by any of its subordinate emities of, any of its notes and bonds (or those of its subordinate entities) during the calendar year 1999 which would cause the $10,000,000 limitation of Section 265Co)(3)(D) of the Code to be violated, the City Council hereby designates the Lease Agreement as a "qualified m-exempt obligation" within the meaning of Section 265Co)(3) of the Internal Revenue Code of 1986, as amended. 5. The City Council covenants that the City shall not take or omit to take any action the taking or omission of which will cause the Lease Obligations to be "arbitrage bonds" within the meaning of Section 148 of the Code, or othenvise cause interest on the Lease Obligations derived from the intel~'t component of rental payments made by the City Council under the Lease Agreement to be includable in the gross income for Federal income tax purposes of the registered owners thereof under existing law. Without limiting the generality of the foregoing, the City shall comply with any provision of law that may require the City at any time to rebate to the United States any part of the e-rnl.~ derived from the invesunent of the gross proceeds of the Lease Obligations. The City Council intends for the Lease Obligations to be treated as complying with the provisions of Section 148(f)(4)(D) of the Code and represents the following for such purposes: (i) the City is a governmental unit with general ta~in.,o powen, (ii) no "bond" which is part of the issue of the Lease Obligations is a private activity bond, (iii) 95% or more of the net proceeds of such issue are to be used for local governmental activities of the issuer whhin the jurisdiction of the City (or of a governmental unit the jurisdiction of which is entirely within 2