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<br />SWC:mmg 8/4/88 (#23/002) OR!GI'NAl <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />10840 <br /> <br />AUG <br /> <br />8 1988 <br /> <br />RESOLUTION APPROVING LEASE (WITH PURCHASE OPTION) OF <br />TELEPHONE SYSTEM, AND AUTHORIZING EXECUTION OF <br />DOCUMENTS PERTAINING THERETO <br /> <br />WHEREAS, pursuant to Resolution No. 10773 adopted April 19, <br /> <br />1988, this Council approved and authorized execution of an <br /> <br />agreement with NEC America, Inc. for the purchase of a telephone <br /> <br />system ("the system") for installation in City facilities; and <br /> <br />authorized <br /> <br />the <br /> <br />Finance <br /> <br />Director <br /> <br />to <br /> <br />obtain <br /> <br />quotes <br /> <br />for <br /> <br />lease-purchase financing of the system; and <br /> <br />WHEREAS, the Director of Finance has determined that leasing <br /> <br />the system with an option to purchase is more economical than <br /> <br />direct purchase, and has therefore solicited proposals from <br /> <br />financial institutions for a lease with an option to purchase the <br /> <br />system; and <br /> <br />WHEREAS, the proposal dated June 28, 1988, of Municipal <br /> <br />Leasing Associates, Inc., Encino, California, for a seven (7) <br /> <br />year lease with option to purchase the system at 7.7% net <br /> <br />effective rate of interest payable in seven installments is the <br /> <br />lowest and best proposal; and <br /> <br />WHEREAS, this Council desires to accept said proposal and to <br /> <br />authorized execution of all necessary documents (subject to <br /> <br />approval of the City Attorney as to form) to perfect the <br /> <br />acquisition of the system through lease-purchase arrangement in <br /> <br />accordance with the aforesaid proposal; and <br /> <br />WHEREAS, this Council hereby represents that the reasonably <br /> <br />anticipated amount of qualified tax-exempt obligations which have <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 />10840 <br />