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<br />SWC:mmg 8/4/88 (#23/002) <br /> <br />which said lease-purchase agreement is entered <br /> <br />designates said lease-purchase agreement to be a <br /> <br />tax-exempt obligation" pursuant to Section 265 (b) <br /> <br /> <br />Internal Revenue Code. <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br /> <br />AS FOLLOWS: <br /> <br /> <br />1. The proposal of Municipal Leasing Associates, Inc., <br /> <br />Encino, California, to lease, with an option to purchase, the <br /> <br />system to be acquired by the City of Redwood City pursuant to the <br /> <br /> <br />agreement between the City and NEe America, Inc., for a term of <br /> <br />seven (7) years at 7.7% net effective rate of interest, payable <br /> <br />in seven installments is hereby accepted and the City Manager is <br /> <br /> <br />hereby authorized to execute a lease-purchase agreement <br /> <br />evidencing the aforesaid transaction, and the City Manager, <br /> <br />Director of Finance, or other appropriate officials are hereby <br /> <br /> <br />authorized to execute such other documents as may be appropriate <br /> <br /> <br />to perfect the acquisition of said system through said <br /> <br /> <br />lease-purchase arrangement; provided, however, that all such <br /> <br /> <br />documents evidencing such acquisition shall be subject to the <br /> <br /> <br />approval of the City Attorney as to form. <br /> <br />2. To the extent, if at all, inconsistent herewith, the <br /> <br /> <br />provisions of that certain agreement by and between the City and <br /> <br />NEC America, Inc., shall be deemed amended to provide for the <br /> <br /> <br />acquisition of the system therein described pursuant to the <br /> <br />and hereby <br />"qualified <br />( 3 ) 0 f the <br /> <br />lease-purchase agreement herein approved. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />2 <br />