Loading...
HomeMy WebLinkAboutRes 2006-07 Approving leasing of certain equipment ( Resolution .No. 2006~07 RESOLUTION OF THE CITY COUNCIL OF CITY OF WEST UNIVERSITY PLACE, TX APPROVING LEASING OF CERTAIN EQUIPlVIENT AND RELATED MATTERS WHEREAS, CITY OF WEST UNIVERSITY PLACE, TX ("Lessee") proposes to enter into the MASTER EQUIPlVIENT LEASEIPURCHASE AGREElVIENT with BANe OF AlVIERICA LEASING & CAPITAL, LLC, as lessor (lILessor") and Lessee, as lessee (the "Master Lease") and proposes to enter into Schedule A No~ 001 thereunder to enable Lessee to finance the lease/purchase acquisition of up to $473,285~OO principal amount of Equipment (as defined in Schedule A No~ 001 with the intent that the interest portion of the Rental Payments (as defined in the Master Lease) therefor, in an amount not to exceed 3..9514% per annum, be excluded from gross income for federal income tax purposes and, as security for such Rental Payments, Lessee has agreed to grant a first lien security interest in the Equipment to Lessor, and to make payments, as set forth in Schedule A No. 001, sufficient to pay both the principal and interest portion of the Rental Payments under the Master Lease and Schedule A No. 001. WHEREAS, the Master Lease and Schedule A No~ 001 have been presented at this meeting. NOW TIlEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LESSEE AS FOLLOWS: Section 1~ The City Council agrees to enter into the Master Lease and Schedule A No. 001 pursuant to the Master Lease in order to finance acquisition of the Equipment in a principal amount of up to $473,285..00 at an interest rate not to exceed 3.95140/0 per annum and, in order to secure the Master Lease and Schedule A No. 001, to grant a first lien security interest in the Equipment, in accordance with said Master Lease and Sc.hedule A No. 001. Section 2~ That anyone or more of the Authorized Officers of Lessee listed in Section 3 below be, and each of them hereby is, authorized to execute, acknowledge and deliver in the name-and on behalf of Lessee to Lessor the Master Lease and Schedule A No. 001 to the Master Lease including all attachments, financing statements and schedules thereto, such Master Lease and Schedule A No. 001 to be in substantially the form presented at this meeting with such changes as the signing officer shall determine to be advisable~ Further, said Authorized Officers are authorized to execute, acknowledge and deliver in the name and on behalf of Lessee any other agreement, instrume.nt, certificate, representation and document, and to take any other action as may be advisable, convenient or necessary to enter into such Master Lease and Schedule A No. 001; the execution thereof by any such Authorized Officer shall be conclusive as to such determination. #586555v4 (Texas Schedule A Template) Page .1 Schedule A - Attachment G ( Section 3. That for the purpose of this resolution, the following person, or the person holding the following positions, are "Authorized Officers" duly authorized to enter into the transaction contemplated by this resolution in the name and on behalf of Lessee: Title City Manager Name Michael Ross Section 4~ That there is hereby authorized the continuing execution and delivery by the Authorized Officers or anyone of them in the name of and on behalf of Lessee the Schedule A No. 001 and Attachments in substantially the form presented at this meeting with such changes as the signing officer shall determine advisable, and the execution thereof shall be conclusive as to such determination. Section 5~ The Lease of the Equipment which is described in or incorporated by reference in the Schedule A No. 001 to the Agreement is hereby approved by the City Council. The Authorized Officers shall be authorized to make replacements or otherwise substitute other similar equipment for any of the items so described or incorporated if necessary due to inability of the Vendor to deliver an -item of equipment, so long as such substitution of any item of equipment does not frustrate the purpose of Lessee for which the Equipment is being leased or result in an increase in the amount required to be paid by Lessee for the Equipment, as provided in Section 1 he.reof~ Section 6~ All resolutions and parts of resolutions in conflict herewith are hereby repealed to the extent of the conflict only. Section 7. If any word, phrase, clause, sentence, paragraph, section or other part of this resolution or the application thereof to any person or circumstance, shall ever be "held to be il1valid or unconstitutional by any court of competent jurisdiction, the remainder of this resolution and the application of such word, phrase, clause, sentence, paragraph, section, or other part of this resolution to any other person, or circumstances shall not be affected thereby~ Section 8. The City Council officially finds~ determines and declares that a sufficient written notice of the date, hour, place and subject of each meeting at which this resolution was discussed, considered or acted upon was given in the manner required by the Texas Open Meetings Law, as amended, and that each such meeting has been open to the public as required by law at all times during such discussion, consideration and action. The City Council ratifies, approves and confirms such notices and the contents and posting thereof. Section 9. This Resolution shall take effect immediately upon its adoption and s ignattlre. #586555v4 (Texas Schedule A Template) Page 2 Schedule A - Attachment G PASSED AND ADOPTED THIS #~ay of ATTEST: , 2006. B~W~~- By: ~ APPROVED AS TO FORM: ~/~~ Alan p~ Petrov, City Atto.mey #586555v4 (Texas Schedule A Template) Page 3 Schedule A - Attachment G