HomeMy WebLinkAboutr 10469 lease purchase fire engineRESOLUTTON NO. 10469 (2013 SERTES)
RESOLUTION OF THE CITY OF SAN LUIS OBISPO APPROVING THE LEASE
PURCHASE OF A FIRE ENGINE FROM OSHKOSH CAPITAL AND APPROVING
THE FINAL FORM OF FINANCING DOCUMENTS AND OFF'ICIAL ACTIONS
WHEREAS, the City of San Luis Obispo (the "City") is a political subdivision of the
State of California and is duly organized and existing pursuant to the Constitution and laws of
the State; and
\ilHEREAS, the City of San Luis Obispo (the "City") maintains a fire protection service
which includes rolling stock equipment which must be replaced from time to time; and
WHEREAS, pursuant to applicable law, the City of San Luis Obispo may 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; and
\ilHEREAS, the City Council has considered a Lease Purchase Financing proposal
offered by Oshkosh Capital and desires to authorize the execution of the lease in the amount of
$548,351.00; and
WHEREAS, the final form of the legal documentation relating to the financing has been
prepared and the City Council wishes at this time to approve the hnal financing plan and the
final form of such legal documentation.
NO\ü, THEREFORE, BE IT RESOLVED by the City Council of the City of San Luis
Obispo as follows:
SECTION 1. Approval of Lease Purchase Financing Proposal. The City Council hereby
approves the Lease Purchase of a2014 Pierce Arrow PUC XT fire engine from Oshkosh Capital
in the not to exceed amount of $548,351.00 in accordance with the Lender Financing Proposal in
the form on file with the City Clerk.
SECTION 2. The City's obligations under the Lease shall be subject to annual
appropriation or renewal by the City Council as set forth in the Lease and the Municipality's
obligations under the Lease shall not constitute general obligations of the Municipality or
indebtedness under the Constitution or laws of the State.
SECTION 3. Master Lease Purchase Agreement. The City Council hereby approves the
Master Lease Purchase Agreement relating to the financing of the fire engine, between the City
and Oshkosh Capital in the form thereof on file with the City Clerk together with any changes
therein or additions thereto deemed advisable by an Authorized Officer; provided that the
execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any
such changes or additions. An Authorized Offrcer is hereby authorized and directed for and in
the name and on behalf of the City to execute, and the City Clerk is hereby authorized and
directed to attest, the final form of the Installment Sale Agreement.
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ResolutionNo. 10469 (2013 Series)
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SECTION 4. Official Actions. The Mayor, the City Manager, the Director of Finance
and Information Tebhnology, the City Clerk and all other offrcers of the City are each authorized
and directed in the name and on behalf of the City to make any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance, warrants and other
documents, which they or any of them deem necessary or appropriate in order to consummate
any of the transactions contemplated by the agreements and documents approved under this
Resolution. V/henever in this Resolution any officer of the City is authorized to execute or
countersign any document or take any action, such execution, countersigning or action may be
taken on behalf of such officer by any person designated by such offîcer to act on his or her
behalf in the case such officer is absent or unavailable.
SECTION 5. As to the Lease Agreement, the City reasonably anticipates to issue 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 current calendar year in which the Lease is issued
and hereby designates this Lease as a qualified tax-exempt obligation for purposes of Section
265(b) of the Intemal Revenue Code of 1986, as amended.
SECTION 4.
passage and adoption.
Effective Date. This Resolution shall take effect immediately upon its
Upon motion of Council Member Christianson, seconded by Council Member Ashbaugh,
and on the following roll call vote:
AYES: Council Members Ashbaugh, and Christianson, and Vice Mayor
Smith
NOES: Council Member CarPenter
ABSENT: Mayor Marx
The foregoing Resolution was adopted this 5th day of November 2013
c
Vice Mayor
A ST
J. Mej
City Clerk
AS
Dietrick
City Attomey