HomeMy Public PortalAbout19-19RESOLTUION 19- l9
RESOLUTION AUTHORIZING AND APPROVING EXECUTION OF AN CONTRACT
WITH BANCORPSOUTII EQUIPMENT FINANCE, A DIVISION OF
BANCORPSOUTH BANK
WHEREAS, Mayor and City Council, the Governing Body (the "Governing Body") of City of
Crestview, Florida (the "Buyer"), acting for and on the behalf of the Buyer hereby finds, determines and
adjudicates as follows:
1. The Buyer desires to enter into an Contract with the Exhibits attached thereto In substantially
the same form as attached hereto as Exhibit "A" (Including Addendum #1 thereto, "Contract") with
BancorpSouth Equipment Finance, a division of BancorpSouth Bank ("Seller") for the purpose of
presently purchasing the equipment as described therein for the total cost specified therein (collectively
the "Equipment").
2. It is in the best interest of the residents served by Buyer that Buyer acquire the Equipment
pursuant to and in accordance with the terms of the Contract; and
3. It is necessary for Buyer to approve and authorize the contract.
4. The Buyer desires to designate the Contract as a qualified tax-exempt obligation of Buyer for
purposes of Section 265(b)(3) of the Internal Revenue Code of 1986 (the "Code").
NOW, THEREFORE, BE IT RESOLVED by this Governing Body for and on behalf of the Buyer
as follows:
Section 1. The Contract and Exhibits attached thereto in substantially the same forth as attached
hereto as Exhibit "A" with such changes as may be approved by the City Attorney and City Bond Council,
is hereby approved, and the Mayor (the "Authorized Officer") is hereby authorized and directed to execute
said Contract on behalf of the Buyer.
Section 2. The Contract is being issued in calendar year2019.
Section 3. Neither any portion of the gross proceeds of the Contract nor the .Equipment identified
to the Contract shall be used (directly or indirectly) in a trade or business carried on by any person other
than a governmental unit, except for such use as a member of the general. public.
Section 4. No portion of the rental payments identified in the Contract (a) is secured, directly or
indirectly, by property used or to be used in a trade or business carried on by a person other than a
governmental unit, except for such use as a member of the general public, or by payments in respect of
such property; or (b) is to be derived from payments (whether or not to Buyer) in respect of property or
borrowed money used or to be usecl for a trade or business carried on by any person other than a
governmental unit.
Section 5. No portion of the gross proceeds of the Contract are used (directly or indirectly) to
make or finance loans to persons other than governmental units.
Section 6. Buyer hereby designates the Contract as a qualified tax-exempt obligation for purposes
of Section 265(b) of the Code.
Section 7. Including the Contract herein so designated, Buyer will not designate more than
S I0,000,000 of obligations issued during calendar year 2019 as qualified tax-exempt obligations.
Section 8. Buyer reasonably anticipates that the total amount of tax-exempt obligations (other
than private activity bonds) to be issued by Buyer during calendar year 2019 will not exceed $10,000,000.
Section 9. For purposes of this resolution, the amount of tax-exempt obligations stated as either
issued or designated as qualified tax-exempt obligations includes tax-exempt obligations issued by all
entities deriving their issuing authority from Buyer or by an entity subject to substantial control by Buyer
as provided in Section 265(b)(3) of the Code.
Section 10. The Authorized Officer is further authorized for and on behalf of the Governing Body
and the Buyer to do all things necessary in furtherance of the obligations of the Buyer pursuant to the
Contract, including execution and delivery of all other documents necessary or appropriate to carry out
the transactions contemplated thereby in accordance with the terms and provisions thereof.
Following the reading of the foregoing resolution, Shannon Y •cs moved that
the foregoing resolution be adopted. �c. AM etE.t seconded the motion for its
adoption. The L"qupcel.. (.J ice. 'rest ic put the question to a roll call vote and the result was as
follows:
S rt y �s
Voted:
Voted:
Voted: (
Voted:
Voted:
Voted:
Voted:
T,l e motion having received the affirmative vote of all members present, the
U ice Ygps r j] declared the motion carried and the resolution adopted this the
day of , tbilei , 'Lc t .
Attest:
(SEAL)
Signature