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