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