HomeMy WebLinkAbout24841RESOLUTION NO. 24841
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING THE
EXECUTION AND DELIVERY OF A EQUIPMENT LEASE
PURCHASE AGREEMENT, ESCROW AGREEMENT AND
CERTAIN RELATED DOCUMENTS WITH RESPECT TO
LEASING CERTAIN EQUIPMENT
WHEREAS, the City of Palm Springs, California (the "City"), a municipal
corporation and charter city duly organized and existing under the laws of the State of
California, is authorized by the laws of the State of California to enter into the agreements
and transactions described herein, and
WHEREAS, the City of Palm Springs, California (the "Lessee") is a political
subdivision duly organized under the constitution and laws of the State of California; and
WHEREAS, it is hereby determined that a true and real need exists for the
acquisition of various vehicles and related equipment for use by the Lessee (the
"Equipment"); and
WHEREAS, it is necessary and desirable and in the best interest of the Lessee,
as lessee, to enter into an Equipment Lease Purchase Agreement (the "Agreement") with
Capital One Public Funding, LLC, as lessor (the "Lessor"), and certain related documents,
for the purposes described therein, including the leasing of the Equipment,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Defined Terms. Capitalized terms that are used, but not defined, in
this Resolution shall have the same meaning as when such terms are used in the
preambles to this Resolution.
SECTION 2. Equipment Lease Purchase Agreement. The Agreement, in
substantially the same form as presented to this meeting, and the terms and performance
thereof are hereby approved, and the City Manager or Interim City Manager (or his
designee) of the Lessee (or its designee) is hereby authorized to execute and deliver the
Agreement on behalf of the Lessee, with such changes therein as shall be approved by
such officer, such approval to be conclusively evidenced by such officer's execution
thereof.
SECTION 3. Escrow Agreement. The Escrow Agreement (the "Escrow
Agreement"), among the Lessee, the Lessor and BOKF, N.A., in substantially the same
form as presented to this meeting, and the terms and performance thereof are hereby
approved, and the Escrow Agreement is hereby authorized to be executed and delivered
on behalf of the Lessee by a duly authorized officer of the Lessee, with such changes
therein as shall be approved by such officer, such approval to be conclusively evidenced
by such officer's execution thereof.
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Resolution No. 24841
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SECTION 4. Other Actions. The Lessee shall, and the officers, agents and
employees of the Lessee are hereby authorized and directed to take such further action
and execute such other documents, certificates and instruments as may be necessary or
desirable to carry out and comply with the intent of this Resolution, and to carry out,
comply with and perform the duties of the Lessee with respect to the Agreement and the
Escrow Agreement.
SECTION 5. Appointment of Authorized City Representatives. The Mayor, the
City Manager and any Interim City Manager of the City are each hereby designated to act
as authorized representatives of the City for purposes of executing the Agreement, the
Escrow Agreement and related documents (the "Financing Agreements") until such time
as the City Council of the City shall designate any other or different authorized
representative for purposes of the Financing Agreements.
SECTION 6. Severability. If any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Resolution.
SECTION 7. Effective Date. This Resolution shall be effective immediately upon
its approval and adoption.
ADOPTED this 14th day of January, 2021.
David H. Ready, sq., .
Interim City Manage
ATTEST:
J. e'4athony
y Clerk "
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Resolution No. 24841
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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. 24841 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 January 14, 2021, by the
following vote:
AYES: Councilmembers Garner, Kors, Woods, Mayor Pro Tern Middleton, and
Mayor Holstege
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 ., ! day of S�n�z , 2021.
J4, J��
thony J. MM
City Clerk
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