HomeMy Public PortalAboutResolution 18-25 PNC Equipment Finance Lease AgreementCity of McCall
RESOLUTION NO.18-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF McCALL, VALLEY COUNTY,
STATE OF IDAHO, PROVIDING FOR FINDINGS AND PURPOSES; AUTHORIZING THE
MAYOR TO ENTER INTO, ON BEHALF OF SAID MUNICIPALITY, A "EQUIPMENT
LEASE AGREEMENT" AND A "NON -APPROPRIATION ADDENDUM" BETWEEN THE
CITY OF McCALL AND PNC EQUIPMENT FINANCE, AND PROVIDING AN EFFECTIVE
DATE.
Lessee: City of McCall
Amount: $133,910.40
WHEREAS, The McCall City Council, a body politic and corporate duly organized and existing
as a political subdivision, municipal corporation or similar public entity of the State or
Commonwealth (the "State") is authorized by the laws of the State to purchase, acquire and lease
certain equipment and other property for the benefit of the City of McCall and its inhabitants and
to enter into contracts with respect thereto; and
WHEREAS, pursuant to applicable law, the McCall City Council ("Governing Body") 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 of McCall; and
WHEREAS, it is in the best interests of the City of McCall to enter into a lease with PNC
Equipment Finance, LLC, denoted as "EQUIPMENT LEASE AGREEMENT" and
"NONAPPROPRIATION ADDENDUM", for the reasons and authority for which are as set forth
in the two Agreements; and
WHEREAS, the Governing Body hereby finds and determines that the execution of one or more
Lease -Purchase Agreements or lease schedules ("Leases") in the principal amount not exceeding
the amount stated above for the purpose of acquiring the property ("Equipment") to be described
in the Leases is appropriate and necessary to the functions and operations of the Lessee.
WHEREAS, PNC Equipment Finance, LLC ("Lessor") shall act as Lessor under said Leases.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL as
follows:
Section 1. Findings
The City Council of the City of McCall finds:
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Resolution 18-25 PNC Equipment Finance, LLC Agreements
November 29, 2018
Section 1. Jackie J. Aymon, Mayor of the City of McCall acting on behalf of the City of McCall,
is hereby authorized to negotiate, enter into, execute, and deliver that certain Agreement
with PNC Equipment Finance, LLC, entitled 'EQUIPMENT LEASE AGREEMENT" and
"NON- APPROPRIATION ADDENDUM", and to bind this City to its terms and
conditions. All other related contracts and agreements necessary and incidental to the
Leases are hereby authorized.
Section 2. By a written instrument signed by The Mayor, the Mayor may designate specifically
identified officers or employees of the City of McCall to execute and deliver agreements
and documents relating to the City of McCall on behalf of the City of McCall.
Section 3. The aggregate original principal amount of the Leases shall not exceed the amount stated
above and shall bear interest as set forth in the Leases and the Leases shall contain such
options to purchase by the City of McCall as set forth therein.
Section 4. The City of McCall's obligations under the Leases shall be subject to annual
appropriation or renewal by the McCall City Council as set forth in each Lease and the City
of McCall's obligations under the Leases shall not constitute general obligations of the City
of McCall or indebtedness under the Constitution or laws of the State.
Section 5. As to each Lease, the City of McCall reasonably anticipates issuing not more than
$10,000,000 of tax-exempt obligations (other than "private activity bonds" which are not
"qualified 501(c)(3) bonds") during the fiscal year in which each such Lease is issued and
hereby designates each Lease as a qualified tax-exempt obligation for purposes of Section
265(b) of the Internal Revenue Code of 1986, as amended.
Section 6. The City of McCall Clerk is directed to file this Resolution forthwith in the official
records of this City of McCall.
Section 7. This resolution shall take effect immediately upon its adoption and approval.
PASSED and approved by the City Council of the City of McCall this 29 day of November 2018.
Signe
ATTEST:
I, the undersigned City Clerk identified below, does hereby certify that I am the duly appointed and
acting Clerk of the above City of McCall, a political subdivision duly organized and existing under
the laws of the State of Idaho, that I have the title stated below, and that, as of the date hereof, the
individual named Jackie J. Aymon is the duly elected officer of the City of McCall holding the office
of Mayor.
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Resolution 18-25 PNC Equipment Finance, LLC Agreements
November 29, 2018
The undersigned City Clerk of the City of McCall hereby certifies and attests that the undersigned
has access to the official records of the City Council of the City of McCall, that the foregoing
resolution was duly adopted by the City Council of the City of McCall at a meeting of The City
Council and that such resolution has not been amended or altered and are in full force and effect
on the date stated below.
I certify that the above resolution was duly adopted by the City Council of the City of McCall on
November 29, 2018 by the following vote: Ayes: 5
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Resolution 18-25 PNC Equipment Finance, LLC Agreements
November 29, 2018
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