Loading...
HomeMy WebLinkAboutCC Resolution 12246 (Telephone & Associated Netwrok Equipment)RESOLUTION NO. 12246 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE WITH OPTION TO PURCHASE TELEPHONE AND ASSOCIATED NETWORK EQUIPMENT WITH LASALLE BANK NATIONAL ASSOCIATION, AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH. Whereas, the City of San Rafael (the "City") is a city organized and existing under and pursuant to the Constitution and laws of the State of California (the "State"); and Whereas, the City desires to obtain financing in the approximate amount of $294,223.23 for the acquisition of telephone related network equipment and services (the "Property"); and Whereas, LaSalle Bank National Association (the "Corporation") has proposed a cost- effective lease purchase financing arrangement at a 4.280% interest rate; NOW, THEREFORE, it is resolved by the City Council as follows: SECTION 1. Lease with Option to Purchase. The City Manager, or his designee, are hereby authorized to enter into a Lease with Option to Purchase (the "Lease") with the Corporation, subject to approval as to form by the City Attorney. SECTION 2. Attestations. The City Clerk is hereby authorized and directed to attest the signature of the City Manager or of such other person or persons as may have been designated by the City Manager, and to affix and attest the seal of the City, as may be required or appropriate in connection with the execution and delivery of the Lease. SECTION 3. Other Actions. The City Manager and other officers of the City are hereby authorized and directed, jointly and severally, to take any and all actions and to execute any and all agreements, documents and certificates which they may deem necessary or advisable in order to carry out, give effect to and comply with the terms of this Resolution and Lease. Such actions hereby ratified, confirmed and approved. SECTION 4. Qualified Tax -Exempt Obligations. The Lease is hereby designated as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). The City, together with all subordinate entities of the City, do not reasonably expect during the calendar year in which the Lease is executed to issue more than $10,000,000 of obligations which it could designate as "qualified tax-exempt obligations" under Section 365(b) of the Code. SECTION 5. Effect. This resolution shall take effect immediately upon its passage. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing Resolution was duly and regularly introduced and adopted at a regular meeting of the City Council of said City held on Monday. the 7`h day of May. 2007 by the following vote, to wit: AYES: COUNCILMEMBERS: Heller, Miller and Vice -Mayor Cohen NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Phillips DISQUALIFIED/ COUNCILMEMBERS: Mayor Boro (due to potential conflict of ABSENT: interest) JE NNE M. LEONCINI, City Clerk