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HomeMy WebLinkAboutReso 91-007 - Approve the Financing agreement between the COR & IBM Credit Corp for financing of new world systems corp software RESOLUTION NO. 9/ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE FINANCING AGREEMENT BETWEEN THE CITY OF REDDING AND IBM CREDIT CORPORATION FOR THE FINANCING OF NEW WORLD SYSTEMS CORPORATION SOFTWARE, AND AUTHORIZING THE MAYOR TO SIGN SAME. BE IT RESOLVED by the City Council of the City of Redding as follows: 1. That the City Council of the City of Redding hereby approves the attached Financing Agreement between the City of Redding and IBM Credit Corporation for the financing of New World Systems Corporation software; and j 2. That the Mayor of the City of Redding is hereby authorized and directed to sign all necessary documents on behalf 4 of the City of Redding, and the City Clerk is hereby authorized r and directed to attest the signature of the Mayor and to impress the official seal of the City of Redding on the aforesaid Agreement, when appropriate. 3 . That a true copy of said Agreement is attached hereto i and incorporated herein by reference. 1 I HEREBY CERTIFY that the foregoing Resolution was intro- duced and read at a regular meeting of the City Council of the i City of Redding on the 2nd day of January 1991, and was duly adopted at said meeting by the following vote: i AYES: COUNCIL MEMBERS: Arness, Dahl , Fulton, Moss & Buffum NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None ABSTAIN: COUNCIL MEMBERS: None $kNi CY gtWFUM, M r ity Redding i i ATTEST: FORM APPROVED: THEL A. N CHO S, City Clerk R DALL A. H Y , City Attorney { DEC 21 ' 90 10 : 44 FROM IBSACTO FIFTH OW g►COCW c W&UW ° tL8 aa Q Y { a w =oEy 3 EA p ' cmY Az D2 o�j0- OaF--OZ Q a 0 0wg z zID _ c_m a ►-Lu a u �n E m O .� O •�� �O WSW m GO ==H J w Cc an fm9`°io O N �a N Ow4 79 Q to Q w 00 �. ?. 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C W UAc cm .7��' Z E16 m L O@ c C C.O.� @ m m d D C O 'aw pa Y C ® m m W� W m �a W L W C V m m p� V W W O C mrEp Z C Y �'�,@ "( @t;.mr, C NOmO o7 � z; @ n s�yy U' O._ 7 L OJ V - ZO Y U ��- G� C V mr a O u U) NCN0 U -4+W � G Lr cv �.0 ��A �j,C�J Ua'^ �C' �` C g �E O .t,G O m E. mC C� �l G L A W c ab A^V ^Q p m V V m N •L N m R@ "'L.'C A O jL N•A i0 0 7 M O G aR dd w E E E ti4 E O� O C EJ m A W,..,�$. « Prv✓W ..rqV Ev c L O' D.FC 21 ' 90 10: 45 FROM Ib SACTO FIFTH PAGE . 004 IBM Credit Corporation Stamford,Connecticut 06904 Addendum to Agreement (State and Local Government) Tax-Exempt Status/IRS Reporting Requirements Customer Name and Address: Date Prepared: City of Redding 760 Parkview Ave Referenced Agreement No_: Redding, CA 96001 Addendum No.: IBM Branch Office Address: Customer No.: 7489602 520 Capitrol Mall Sacramento, CA 95814 iBM Credit Corporation and Lessee/Customer agree that the Financing Agreement, Installment Payment Agreement, or Term Lease Master Agreement referenced above between the parties is hereby modified by adding the following provision: THE RATES iN THiS AGREEMENT ARE BASED ON THE LESSEE'S/CUSTOMER'S UNDERLYING DEBT OBLIGATION QUALIFYING TO PAY INTEREST WHICH 1S EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 103(a) OF THE INTERNAL REVENUE CODE (Code). Accordingly, Lessee/Customer represents that it qualifies as a State or political subdivision of a State for purposes of Section 103(a). Lessee/Customer agrees that any misrepresentation of its status under Section 103(a) Is an event of default under this agreement. Further, Lessee/Customer agrees to comply promptly with all information reporting requirements of Code Section 149(e) and Treasury Regulations thereunder. Lessee/Customer specifically agrees to file internal Revenue Service Form 8038-G or 8W8-GC, whichever appropriate, for this transaction. If the Lessee/Customer either 1) does not file the above IRS forms on a timely basis, or 2) is unable upon request to demonstrate to the satisfaction of IBM Credit Corporation that the iRS has determined Lessee/Customer is qualified under Section 103(x) of the Code, then Lessee/Customer shall pay, on demand by IBM Credit Corporation, a sum to be determined by IBM Credit Corpo- ration that will return to IBM Credit Corporation the economic results it would otherwise have received. I I I I I r Acceptad by: Cit o f Redding IBM Credit Corporation Lessee/customer By By Authorized signature Authorized Signature Name(Type or Print) Date Name(Type or Print) We