HomeMy Public PortalAboutResolution 04-18 Wheel Loader RefinanceRESOLUTION NO. 04-18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MCCALL,
IDAHO, AUTHORIZING THE EXECUTION AND DELIVERY OF A
MUNICIPAL LEASE-PURCHASE AGREEMENT AND RELATED
DOCUMENTS WITH RESPECT TO THE REFINANCING OF A LEASE OF A
CATERPILLAR LOADER 924GZ TO BE USED BY THE CITY;
AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS
REQUIRED IN CONNECTION THEREWITH; AUTHORIZING THE TAKING
OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF
THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION; AND
PROVIDING AND EFFECTIVE DATE.
WHEREAS, THE CITY OF MCCALL, DAHO (the "City"), a body politic and corporate
duly organized and existing as a political subdivision, municipal corporation or similar public
entity of the State of Idaho, is authorized by the laws of the State of Idaho, to lease property for
the benefit of the City and its inhabitants and to enter into contracts with respect thereto; and
WHEREAS, the City leased a Caterpillar Loader 924GZ for the City to perform essential
governmental functions in the principal amounts and under the terms of an Lease Agreement
with First Security Bank, dated January 14, 2000; and
WHEREAS, the City desires to refinance the January 14, 2000 Lease Agreement in the
principal amounts and under the terms proposed in the letter from Wells Fargo Brokerage
Services LLC dated December 3, 2004; and
WHEREAS, in order to lease such property, the City proposes to enter into that certain
Municipal Lease Purchase Agreement (the "Agreement") and related documents provided in the
Agreement with Wells Fargo Brokerage Services, LLC (the "Lessor"), the form of which has
been presented to the governing body of the City at this meeting; and
WHEREAS, the governing body of the City deems it for the benefit of the City and for
the efficient and effective administration thereof to enter into the Agreement and the related
documents as provided in the Agreement for the funding of the lease to be therein described on
the terms and conditions therein provided;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MCCALL, IDAHO follows:
Section 1. Approval of Documents.
The form, terms and provisions of the Agreement and the related documents as provided
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in the Agreement are hereby approved in substantially the forms presented at this meeting, with
such insertions, omissions and changes as shall be approved by the Mayor of the City, the
execution of such documents being conclusive evidence of such approval; and the Mayor of
the City is hereby authorized and directed to execute the Agreement and all related documents
and to deliver the Agreement and all related documents (including Exhibits) to the respective
parties thereto.
Section 2. Other Actions Authorized.
The officers and employees of the City shall take all action necessary or reasonably
required by the parties to the Agreement and all related documents to carry out, give effect to and
consummate the transactions contemplated thereby (including without limitation the execution
and delivery of Acceptance Certificates, and all other documents as contemplated in the
Agreement) and to take all action necessary inconformity therewith, including, without
limitation, the execution and delivery of any closing and other documents required to be
delivered in connection with the Agreement.
Section 3. No General Liability.
Nothing contained in this Resolution, the Agreement any related document or any other
Instrument shall be construed with respect to the City as incurring a pecuniary liability or
charge upon the general credit of the City or against its taxing power, nor shall the breach of
any agreement contained in this Resolution, the Agreement, any related documents or any other
instrument or document executed in connection therewith impose any pecuniary liability upon
the City or any charge upon its general credit or against its taxing power, except to the extent
that the rental payments or purchase payments payable under the Agreement are special limited
obligations of the City as provided in the Agreement.
Section 4. Appointment of Authorized City Representatives.
The Mayor and Clerk of the City are each hereby designated to act as authorized
representatives of the City for purposes of the Agreement and all related documents until such
time as the governing body of the City shall designate any other or different authorized
representative for purposes of the Agreement and all related documents.
Section 5. Qualified Tax-Exempt Obligation
The City hereby represents that the City (including all "subordinate entities" of the City
within the meaning of Section 265(b)(3)(E) of the Code) reasonably anticipates not to issue in the
2004 calendar year obligations beating interest exempt from federal income taxation under
Section 103 of the Code (other than "private activity bonds" as defined in Section 141 of the
Code) in an amount greater than $10,000,000.00. Pursuant to Section 265(b)(3) of the Code, the
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City hereby specifically designates the obligations under the Agreement as a "qualified tax-
exempt obligation" within the meaning of Section 265(b)(3)(B) of the Code.
Section 6. Repealer.
All bylaws, orders and resolutions or parts thereof, inconsistent herewith, are hereby
repealed to the extent only of such inconsistency. This repealer shall not be construed as
reviving any bylaw, order, resolution or ordinance or part thereof.
Section 7. Effective Date.
This Resolution shall be effective immediately upon its approval and adoption.
ADOPTED AND APPROVED by the city council of the City this 15th day of
December, 2004.
LESSEE: CITY OF MCCALL, IDAHO
Kirk Eimers, Mayor
ATTEST:
Dan Irwin, City Clerk
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