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HomeMy WebLinkAboutReso 2004-158 - Type 1 Fire Engine . . ...._L/ RESOLUTION NO. 2004-158 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING THE EXECUTION AND DELIVERY OF SEVEN-YEAR MASTER LEASE AGREEMENT NO. 01, EQUIPMENT SCHEDULE NO. 01, AN ]ESCROW AGREEMENT AND RELATED INSTRUMENTS-IN THE PRINCIPAL AMOUNT NOT TO EXCEED $340,891-FOR THE PURCHASE OF ONE TYPE I FIRE ENGINE FROM PIERCE MANUFACTURING, INC. WHEREAS: A. The City of Redding, a Municipal Corporation (the "City"), is duly organized and existing pursuant to the Constitution and laws of the State of California. B. Pursuant to applicable law, the City Council is authorized to acquire, dispose of and encumber real and personal property, including, without limitation, rights and interest in property, leases and easements necessary to the functions or operations of the City. C. The City Council desires to obtain certain equipment (the "Equipment") described in Equipment Schedule No. 01 to the seven-year Master Lease Agreement (collectively, the "Lease") between SunTrust Leasing Corporation as Lessor and the City of Redding as Lessee, the form of which has been made available for review in the Finance Division of the City prior to this meeting. D. The Equipment is essential for the City to perform its governmental functions. E. The funds made available under the Lease will be deposited with SunTrust Bank (the "Escrow Agent") pursuant to an Escrow Agreement between SunTrust Leasing Corporation as Lessor, the City as Lessee, and the Escrow Agent (the "Escrow Agreement"), and will be applied to the acquisition of the Equipment in accordance with said Escrow Agreement. F. The City has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the acquisition of the Equipment. G. The City proposes to enter into the Lease with SunTrust Leasing Corporation, and the Escrow Agreement with SunTrust Bank, substantially in the forms presented to this meeting. NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of the City of Redding, as follows: 1. It is found and determined that the terms of the Lease and the Escrow Agreement (collectively, the "Financing Documents") in the forms presented to this meeting and incorporated in this resolution are in the best interests of the City (Lessee) for the acquisition of the Equipment. 2. The Financing Documents and the acquisition and financing of the Equipment under the terms and conditions as described in the Financing Documents are hereby approved. 3. The aggregate original principal amount of the Lease shall not exceed $340,891 and shall bear interest as set forth in the Lease. 4. The City Manager of Lessee and any other officer of Lessee who shall have power to execute contracts on behalf of Lessee be, and each of them hereby is, authorized to execute, acknowledge and deliver the Financing Documents with any changes, insertions and omissions therein as may be approved by the officers who execute the Financing Documents, such approval to be conclusively evidenced by such execution and delivery of the Financing Documents. o f- S\ oQ . . . 5. The City Clerk is authorized to affix the official seal of Lessee to the Financing Documents and attest the same. 6. The proper officers of Lessee be, and each of them hereby is, authorized and directed to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and to do or cause to be done any and all other acts and things necessary or proper for. carrying out this resolution and the Financing Documents. 7. This resolution shall take effect from and after its adoption. I HEREBY CERTIFY that the foregoing resolution was introduced, read and adopted at a regular meeting of the City Council of the City of Redding on the 5th day of October, 2004, by the following vote. AYE: NOES: ABSENT: ABSTAIN: COUNCIL MEMBERS: Cibula, Kight, Mathena, Stegall and Pohlmeyer COUNCIL MEMBERS: None COUNCIL MEMBERS: None COUNCIL MEMBERS: None Attest: 0,:1 ~ , '. r "', ',r...... . - 'I , . ( CERTIFICATION The undersigned City Clerk of the City of Redding hereby certifies and attests that (1) she has access to the official records of the City Council of the City of Redding; (2) that the foregoing resolution adopted by the City Council on October 5, 2004, has not been repealed or amended and remains in full force and effect as of this date; and (3) the Lease and Escrow Agreement executed on behalf of Lessee are the same as presented at such meeting of the governing body of Lessee, excepting only such changes, insertions and omissions as shall have been approved by the officers who executed the same. Dated: October 6,2004 2