HomeMy WebLinkAboutReso 2001-060 - Municipal Lease Agreement RESOLUTION NO.ZOO/—(/O
A RESOLUTION OF THE CITY OF REDDING OF THE STATE OF CALIFORNIA
AUTHORIZING THE EXECUTION AND DELIVERY OF A MUNICIPAL LEASE AGREEMENT
(NORTH VALLEY BANK LEASE) AND OTHER DOCUMENTS AND AGREEMENTS IN
CONNECTION THEREWITH.
WHEREAS,the Redding City Council(hereinafter referred to as the"Issuer")is the governing body
of and possesses the general legislative power of the City of Redding; and
WHEREAS, the Issuer is authorized to approve Municipal Lease-Purchase Agreements under
California Code; and
WHEREAS, the Issuer has heretofore determined that financing for the acquisition and leasing of
certain equipment pursuant to the Municipal Lease Agreement, (as defined herein) is for the benefit of the
inhabitants of the City of Redding, and the promotion of their welfare and prosperity, and
WHEREAS, the Lessee (as defined herein) desires to acquire the following described property
pursuant to the Municipal Lease Agreement:
Aluminum Grandstand Bleachers with Seating Capacity of 3,700.
WHEREAS,the following documents or instruments have been presented to the Issuer at its meeting:
a. Municipal Lease Agreement
b. Schedule to Municipal Lease Agreement
c. Essential Use Letter
d. Certificate of Appropriation
e. Incumbency Certificate
f. Certificate with Respect to Arbitrage--optional
g. Bill of Sale(Exhibit A to Municipal Lease)
NOW, THEREFORE, BE IT RESOLVED by Issuer as follows:
Section 1. The form, terms and provisions of the Municipal Lease Agreement by and between the
City of Redding as Lessee and North Valley Bank,as Lessor dated April 4,2001,with a term of 15 years and
payments in the amount of $13,037.22 (such agreement is referred to herein as the "Municipal Lease
Agreement"), are hereby approved, and all the terms, provisions, and conditions of the Municipal Lease
Agreement are incorporated herein by reference as if set out in this Resolution, and such Municipal Lease
Agreement shall constitute a valid and binding obligation of the Issuer.
Section 2. The form, terms, and provisions of the Schedule to the Municipal Lease, (the Essential
Use Letter), (the Certificate of Appropriation), (the Incumbency Certificate), (the Certificate with Respect
to Arbitrage), and the Bill of Sale (such documents shall be referred to hereinafter as "Peripheral Lease
Documents"), are hereby approved, and all the terms, provisions, and conditions of the Peripheral Lease
Documents are incorporated herein by reference as if set out in this Resolution.
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Section 3. The Mayor is hereby authorized to execute the Municipal Lease Agreement and any of
the Peripheral Lease documents requiring execution and such person is hereby authorized to take any and
all such action and execute such other documents as may be required to carry out and/or give effect to the
transaction contemplated by the Municipal Lease Agreement.
Section 4. This Resolution is made pursuant to the provisions of the California Code.
Section 5. This Resolution shall take effect immediately upon its adoption.
Adopted this the 3rd day of April, 2001, by the following vote:
AYES: COUNCIL MEMBERS: Cibula, Kight, Pohlmeyer, Stegall and McGeorge
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
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1 AVID L OR or ayor/
Attest: Form Approved:
jP11-10-,-( .. _ /t1/1-7)(41.
Connie maser, City oe'erk W. Leonard Wingate, C Attorney