HomeMy WebLinkAboutr 10554 Extract of Minutes RESOLUTION NO. 10554 (2014 Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, EXTRACT OF MINUTES
WHEREAS, the City Council of the City of San Luis Obispo has determined that a true
and very real need exists for the acquisition of the Equipment described in the Municipal Lease
Purchase Agreement presented at the regular meeting held on September 2, 2014 and that it is
appropriate to finance such acquisition, and
WHEREAS, the City Council of the City of San Luis Obispo has taken the necessary
steps, including any legal bidding requirements, under applicable law to arrange for the
acquisition and financing of such Equipment
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows
1 The above recitals are true and correct
2 The terms of said Municipal Lease Purchase Agreement are hereby approved as the
best means for Lessee to finance the acquisition of such Equipment, and the City
Council designates and confirms that each of the persons indicated below is
authorized to execute and deliver on behalf of the City of San Luis Obispo the
Municipal Lease Purchase Agreement and any related documents deemed by such
person necessary to the consummation of the transactions contemplated by the
Municipal Lease Purchase Agreement
City Manager, Katie Lichtig
Finance Director, Wayne Padilla
City Attorney, Christine Dietrick
3 That pursuant to Section 265(b)(3)(D) of the Internal Revenue Code, as amended, the
governing body of Lessee hereby designates this Municipal Lease Purchase
Agreement as comprising a portion of the allowed amount in aggregate issues
designated as "qualified tax-exempt obligations" eligible for the exception to the
general rule of the Code which provides for a total disallowance of a deduction for
interest expense allocable to the carrying of tax-exempt obligations The City Council
further certifies that it does not reasonably contemplate issuing more than the allowed
amount of"qualified tax-exempt obligations," as defined in the Code, during 2014
R 10554
Resolution No 10554 (Series 2014)
Page 2
Upon motion of Council Member Ashbaugh, seconded by Vice Mayor Christianson, and
on the following roll call vote
AYES Council Members Ashbaugh, Carpenter and Smith,
Vice Mayor Christianson and Mayor Marx
NOES None
ABSENT None
The foregoing resolution was adopted this 2"d day of September 2014
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APPROVED AS TO FORM
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City Attorney