HomeMy WebLinkAboutResolution 99-067 N.C.S. 03/22/1999 1 Resoluti®n No. t~9-67 N.C.S.
2 of the City of Petaluma, California
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7 RESOLUTION AUTHORIZING UP TO $730,000 LEASE PURCHASE AGREEMENT WITH BANC
8 ONE LEASING CORPORATION FOR FIRE TRUCK AND RELATED EQUIPMENT
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1o WHEREAS, The City Council adopted Resolution #99-62 NCS which authorized the
11 acquisition of a 100' Aerial Ladder Truck from Stuphen Corporation; and
12 WHEREAS, said Aerial Ladder Truck requires certain related equipment to be installed in
13 order to operate which will be acquired through separate bids; and
14 WHEREAS, in the FY 98-99 Budget, the City Council approved funding of the lease
15 purchase of said Aerial Ladder Truck and related equipment through a lease purchase agreement; and
16 WHEREAS, bids were requested from twelve firms for a lease of the vehicle and related
17 equipment for $730,00, to be financed over ten years (vehicle) and five years (equipment) ;and
is
19 WHEREAS, the lease is to be a "qualified tax=exempt.obligation" pursuant to Section
20 265(b)(3) of the IRS Code of 1986, as amended, and., incompliance with the requirements of Section
21 265(b)(C) of the Code, the City reasonably anticipated. to issue in 1999 tax exempt obligations greater
22 than $10,000,000 and therefor the lease is -not bank qualified; and.
23 WHEREAS, six bids were received for the lease and the Banc One Leasing Corporation
24 submitted the bid with the lowest combined interest costs and in compliance with the terms; and
25 NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Petaluma
26 hereby authorizes the City Manager or Finance Director to execute the lease agreement, and any other
27 necessary documents, with Banc One Leasing Corporation for the financing of the Aerial Ladder Truck
2s and related equipment up to $730,000.
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Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (Adjourned) meeting form
on the ....2.2nd...-.-.._.. day of ...............1Y18.T:~.h-.............................., 19.9.9.., by the
following vote: y
Ci torne
AYES: Healy, Torliatt, Maguire, Vice Mayor Keller, Mayor Thompson
NOES: None
ABSENT: Cader-Tho , amilton
ATTEST : ....-.........~~~2~~.
Cit_ Jerk Mayor
771G'Pr7 3~T!
Gbuncil FilertC~.................................
('.A IU~H5 Rcs. Nu........`,', ~,-6 Z......... N.C.S.