R-7785
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Council Meeting:
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March 28, 1989
Santa ~ica, California
RESOLUTION NO. 7785(CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA MONICA AUTHORIZING LEASE AGREEMENT
AND SIGNATORIES
WHEREAS, CITY OF SANTA MONICA, County of Los Angeles,
State of California ("city") is duly authorized and existing
under the laws of said state; and
WHEREAS, the City solicited third party proposals for
lease-purchase financing of one (1) new Seagrave 1500 GPM Triple
combination Pumper ("Property") having a purchase cost of
$176,149.94; and
WHEREAS, Municipal Leasing Associates, Inc., on behalf
of itself or its nominee (nLessorJl), has offered the City the
most cost effective financing requiring periodic lease payments
including principal plus interest computed at a 7.93% annual
percentage rate,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Manager is authorized on behalf of
City to enter into such agreements for leasing the Property upon
such terms as may seem advisable to said officer, and to execute,
as agent for the City, the agreements, leases, consents to
assignment, acceptance certificates, and any other documents in
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Council Meeting: ~rch 28, 1989
Santa dIlica, California
connection therewith.
The City Manager is also authorized to
accept or direct delivery of the Property.
SECTION 2.
The contemplated lease transaction be
designated by the City Council as a qualified tax exempt
obligation pursuant to section 265 (b) of the Internal Revenue
Code of 1986 and the City Manager is authorized to execute the
"Designation of Qualification" docu1t\ent permitted by the Code.
SECTION 3. The City Clerk shall certify the adoption
of this Resolution, and thenceforth and thereafter the same shall
be in full force and effect.
APPROVED AS TO FORM:
~M.~
ROBERT M. MYERS ~
City Attorney
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Adopted and approved this 28th day of March, 1989.
f) ~Yor ') r-
I hereby certify that the foregoing Resolution No. 7785(CCS)
was duly adopted by the City council of the City of Santa Monica
at a meeting thereof held on March 28, 1989 by the following
council vote:
Ayes: Councilmembers: Abdo, Finkel, Genser, Jennings,
Katz, Reed, Mayor Zane
Noes: counci1members: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
ATTEST:
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