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CITY OF ORONO RESOLUTION OF THE CITY COUNCIL e G' NO. 7427 kEsH0 t A RESOLUTION AND DECLARATION OF OFFICIAL INTENT TO ENTER INTO A BANK QUALIFIED LEASE AGREEMENT FOR THE PURCHASE OF A RESCUE PUMPER Whereas, the City of Orono ("City")is a political subdivision of the State of Minnesota and is duly organized and existing pursuant to the constitution and laws of the State; and Whereas,pursuant to applicable law, the City Council of the City is authorized to purchase, lease, acquire, and to encumber, real and personal property, including, without limitation, rights and interests in property, leases and easements necessary to the functions or operations of the Lessee; and Whereas,the City Council hereby finds and determines that the execution of one or more lease-purchase agreements including any and all exhibits thereto ("Property Leases") in the principal amount not exceeding the amount of$484,900 ("Principal Amount") for the purpose of acquiring the property generally identified as a Used 2017 Rosenbauer Pumper VIN# 54F2AB611HWM11890 ("Property") and to be described more specifically in the Property Leases is appropriate and necessary to the functions and operations of the Lessee; and Whereas, Huntington Public Capital Corporation or an affiliate or related entity ("Lessor") is expected to act as the lessor under the Property Leases; and Whereas,the U.S. Treasury Department regulations do not allow the proceeds of a tax- exempt borrowing to be spent on working capital and the City shall hereby declare its official intent to be reimbursed for any capital expenditures for Property from the Lease Purchase Proceeds. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City as follows: The Mayor of the City is authorized to enter into a Property Lease in substantially the form set forth in the document presently before the Governing Body, which document is available for public inspection at the City offices. The City Administrator, City Clerk and Finance Director are each authorized on behalf of the City to negotiate, enter into, execute, and deliver such other documents relating to the Property Leases (including, but not limited to, escrow agreements) as they deem necessary and appropriate. All other related contracts and agreements necessary and incidental to the Property Leases are hereby authorized.