HomeMy WebLinkAbout24671RESOLUTION NO. 24671
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING THE
PURCHASE OF FIRE APPARATUS AND EXECUTION OF
LEASE PURCHASE AGREEMENT WITH BANC OF
AMERICA PUBLIC CAPITAL CORP IN CONNECTION
THEREWITH.
WHEREAS, the City of Palm Springs is a political subdivision of the State of
California (the "State") and is duly organized and existing pursuant to the Constitution and
laws of the State; and
WHEREAS, pursuant to applicable law, the City Council of the City ("City Council")
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; and
WHEREAS, the City Council hereby finds and determines that the execution of a
Lease -Purchase Agreement ("Lease") in the principal amount not exceeding $1,400,000
for the purpose of acquiring certain fire apparatus ("Equipment") to be described in the
Lease is appropriate and necessary to the functions and operations of the City; and
WHEREAS, Banc of America Public Capital Corp ("Lessor") shall act as Lessor
under said Lease.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS
RESOLVES AND APPROVES, AS FOLLOWS:
SECTION 1. The City Council finds that the terms of the Lease (including any form
of Schedule of Property and form of Rental Payment Schedule, both attached thereto), in
the form presented at this meeting, are in the best interests of the City for the acquisition
financing and leasing of the Equipment.
SECTION 2. The City Manager, the City Clerk and the Director of Finance (each
an "Authorized Representative") acting on behalf of the City, is hereby authorized to
negotiate, enter into, execute, and deliver a Lease in substantially the form presented at
this meeting , which document is on file with the City Clerk. Each Authorized
Representative acting on behalf of the City is hereby authorized to negotiate, enter into,
execute, and deliver such other documents relating to the Lease as the Authorized
Representative deems necessary and appropriate. All other related contracts and
agreements necessary and incidental to the Lease are hereby authorized.
SECTION 3. By a written instrument signed by any Authorized Representative,
said Authorized Representative may designate other specifically identified officers or
Resolution No. 24671
Page 2
employees of the City to execute and deliver agreements and documents relating to the
Lease on behalf of the City.
SECTION 4. The aggregate original principal amount of the Lease shall not
exceed the amount stated above and shall bear interest as set forth in the Lease and the
Lease shall contain an option to purchase by the City as set forth therein.
SECTION 5. 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 City's
obligations under the Lease shall not constitute general obligations of the City or
indebtedness under the Constitution or laws of the State.
SECTION 6. This resolution shall take effect immediately upon its adoption and
approval.
PASSED, APPROVED AND ADOPTED BY THE PALM SPRINGS CITY
COUNCIL THIS 6th DAY OF NOVEMBER, 2019.
David H. Ready, City er
ATTEST:
Mthony J. ia,
City Clerk
Resolution No. 24671
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) ss.
CITY OF PALM SPRINGS)
I, ANTHONY J. MEJIA, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24671 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on the 6th day of November, 2019,
by the following vote:
AYES: Councilmembers Holstege, Middleton, Roberts, Mayor Pro Tem Kors, and
Mayor Moon
NOES: None
ABSENT: None
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this A , day of No.,e, �_
WrA�ony J. jia, M
City Clerk