HomeMy WebLinkAboutRES 99-42RESOLUTION NO. 99-42
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, PINAL COUNTY, ARIZONA, AUTHORIZING THE
EXECUTION AND DELIVERY OF EQUIPMENT LEASE/PURCHASE AGREEMENT,
AND RELATED INSTRUMENTS, AND DETERMINING OTHER MATTERS IN
CONNECTION THEREWITH
WHEREAS, the City of Apache Junction has determined that a true and
very real need exists for the Equipment (the "Equipment") described in the
proposed Equipment Lease/Purchase Agreement (the "Agreement") by and
between LaSalle Bank National Association, as lessor, and City of Apache
Junction, as lessee, presented to this meeting; and
WHEREAS, Lessee has taken the necessary steps, including those relating
to any applicable legal bidding requirements, to arrange for the acquisition of
the Equipment; and
WHEREAS, Lessee reasonably anticipates that it and its subordinate units
will not issue tax-exempt obligations in the face amount of more than
$10,000,000 during the current calendar year; and
WHEREAS, Lessee proposes to enter into the Agreement with LaSalle Bank
National Association substantially in the proposed form presented to this
meeting.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF APACHE JUNCTION AS FOLLOWS:
SECTION 1.It is hereby found and determined that the terms of the Agreement
in the form presented and incorporated in this resolution, are in the best interests
of the City of Apache Junction for the acquisition of the Equipment.
SECTION 2.The Agreement is hereby approved. The Mayor of the City of
Apache Junction and any other officer of the City of Apache Junction who
shall have the power to execute contracts on behalf of the City of Apache
Junction be, and each of them hereby is, authorized to execute, acknowledge
and deliver the Agreement with any changes, insertions, and omissions therein
as may be approved by the officers who execute the Agreement, such
approval to be conclusively evidenced by such execution and delivery of the
Resolution No. 99-42
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Agreement.The Mayor of the City of Apache Junction and any other officer of
the City of Apache Junction who shall have power to do so be, and each of
them hereby is, authorized to affix the official seal of the City of Apache
Junction to the Agreement and attest to the same.
SECTION 3.The proper officers of the City of Apache Junction be, and each of
them hereby is, authorized and directed to execute and deliver any and all
papers, instruments, opinions, certificates, affidavits, and other documents and
to do or cause to be done any and all other acts and things necessary or
proper for carrying out this resolution and the agreement.
SECTION 4.The City of Apache Junction hereby designates the Agreement as
a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of
the Internal Revenue Code of 1986, as amended.
SECTION 5.WHEREAS, the immediate operation of the provisions of this
resolution is necessary for the preservation of the public peace, health, safety,
and welfare, an emergency is hereby declared to exist and this resolution shall
be in full force and effect from and after its final passage and adoption by the
City Council.
PASSED AND ADOPTED by the Mayor and City Council of the City of
Apache junction, Arizona, this 6th day of Jul Y ,1999.
DOUGLAS COLEMAN
Mayor
ATTEST:
KATHLEEN CONNELLY V
City Clerk
APPROVED AS TO FORM:
ci=346 ----6.-3o -99
RICHARD J. STERN
City Attorney
Resolution No. 99-42
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