HomeMy WebLinkAboutReso 2001-097 - Convention Center '
RESOLUTION NO. 2001- (/ 7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE WITH
OPTION TO PURCHASE AGREEMENT FOR THE REFURBISHMENT OF
CONVENTION CENTER SEATS,AND AUTHORIZING CERTAIN ACTIONS
IN CONNECTION THEREWITH.
WHEREAS:
A. The City of Redding(the "City") is a City organized and existing under and pursuant
to the Constitution and laws of the State of California.
B. The City desires to obtain financing in an amount not to exceed $87,000 for the
refurbishment of 2,082 theater-style seats at the Redding Convention Center.
C. Baystone Financial Group, as agent for Kansas State Bank of Manhattan (the
"Corporation"), has proposed a cost-effective lease purchase financing arrangement at a 5.443%
interest rate.
NOW,THEREFORE,IT IS HEREBY RESOLVED that the City Council ofthe City
of Redding hereby finds, determines and resolves as follows:
1. Findings. The City Council hereby specifically finds and declares that the statements,
findings and determinations of the City set forth in the preambles of the documents approved herein
are true and correct, and the City Council hereby declares its intention of entering into the Lease
described in Section 3 hereof.
2. Approval of Financing. The City Council hereby approves the financing of the
Equipment and directs the Mayor and City Manager to take all necessary or desirable actions to
cause such financing. The City Council hereby further approves of the City entering into a lease
purchase transaction with the Corporation for the purpose of financing the Equipment.
3. Lease with Option to Purchase. The Mayor, City Manager or a designee is hereby
authorized to enter into a Lease with Option to Purchase(the"Lease")with the Corporation,subject
to approval as to form by the City Attorney.
4. Attestations. The Clerk or other appropriate City officer are hereby authorized and
directed to attest the signature of the Mayor or City Manager or of such other person or persons as
may have been designated by the Mayor or City Manager,and to affix and attest the seal of the City,
as may be required or appropriate in connection with the execution and delivery of the Lease.
5. Other Actions. The Mayor,City Manager and other officers of the City are each hereby
authorized and directed,jointly and severally,to take any and all actions and to execute and deliver
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any and all documents which they may deem necessary or advisable in order to carry out,give effect
to and comply with the terms of this Resolution and the Lease. Such actions are hereby ratified,
confirmed and approved.
6. Effect. This Resolution shall take effect immediately upon its passage.
I HEREBY CERTIFY that the foregoing resolution authorizing entering into a Lease with
Option to Purchase Agreement for refurbishment of the Convention Center seating was introduced,
read and adopted at a regular meeting of the City Council on the 10 day of June, 2001, by the
following vote:
AYES: COUNCIL MEMBERS: Kight, Pohlmeyer, Stegall and McGeorge
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Cibula
ABSTAIN: COUNCIL MEMBERS: None
iy4.! ,. I...L._
DAV . McG P ' GE, ' ayor
Attest:
4111
1
Connie Strohinayer, Ci ierk
Form Approved:
W. Leonard Wingate, City Attorney
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