Laserfiche WebLink
<br />DAS:sb 10/26/87 (#0) <br /> <br />approval of the City Attorney as to form) to perfect the <br /> <br />acquisition of said trucks and pumper through lease-purchase <br /> <br />arrangement in accordance with the aforesaid proposal; <br /> <br /> <br />WHEREAS, this Council hereby represents that the reasonably <br /> <br /> <br />anticipated amount of qualified tax-exempt obligations which have <br /> <br /> <br />been and will be issued by the City does not exceed Ten Million <br /> <br />and No/100 Dollars ($10,000,000) for the calendar year within <br /> <br /> <br />which said lease-purchase agreement is entered and hereby <br /> <br /> <br />designates said lease-purchase agreement to be a "qualified <br /> <br />tax-exempt obligation" pursuant to Section 265(b) (3) of the <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 Security Pacific Merchant Bank of Los <br /> <br /> <br />Angeles, California, to lease, with an option to purchase, one <br /> <br />(1) water tank truck, one (1) class "triple combination pumper" <br /> <br />and one (1) crane truck, to be acquired by the City of Redwood <br /> <br /> <br />City pursuant to the agreements between the City and said vendors <br /> <br />for a term of three (3) years at 7.7% net effective rate of <br /> <br />interest, payable in three installments of One Hundred Eighteen <br /> <br /> <br />Thousand Nine Hundred Ninety-six and 18/100 Dollars ($118,996.18) <br /> <br /> <br />per annum, is hereby accepted and the City Manager is hereby <br /> <br />authorized to execute a lease-purchase agreement evidencing the <br /> <br /> <br />aforesaid transaction, and the City Manager, Director of Finance, <br /> <br />or other appropriate officials are hereby authorized to execute <br /> <br /> <br />such other documents as may be appropriate to perfect the <br /> <br />2 <br />