Resolution 7532 brush medical vehicle

Home Browse Search

CITY OF ORONO RESOLUTION OF THE CITY COUNCIL No.7532 A RESOLUTION AND DECLARATION OF OFFICIAL INTENT TO ENTER INTO A BANK QUALIFIED LEASE AGREEMENT FOR THE PURCHASE OF A BRUSH MEDICAL UTILITY VEHICLE Whereas, the City of Orono ("Lessee") 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 of Orono 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 $225,259.00 ("Principal Amount") for the purpose of acquiring the property generally described as (One) 1.2024 Ford F-550 CET Fire Brush Truck; Crew Cab 4x4 Chassis with Custom Poly Rescue Body; Upgraded Warning Package ("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 Lessee may pay certain capital expenditures in connection with the Property prior to its receipt of proceeds of the Property Leases ("Lease Purchase Proceeds") for such expenditures and such expenditures are not expected to exceed the Principal Amount; and Whereas, the U.S. Treasury Department regulations do not allow the proceeds of a tax- exemptborrowing to be spent on working capital and the City of Orono 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 of Orono as follows: Any one of the Authorized Representatives identified as the Mayor, City Administrator, City Clerk and Finance Director (each an "Authorized Representative") acting on behalf of the Lessee is hereby authorized to negotiate, enter into, execute, and deliver one or more Property Leases in substantially the form set forth in the document presently before the Governing Body, which document is available for public inspection at the office of the Lessee. Each Authorized