HomeMy WebLinkAbout17230 - RESOLUTIONS - 7/31/1990 RESOLUTION NO. 17230
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA AUTHORIZING LEASE AGREEMENT AND
SIGNATORIES.
WHEREAS, City of Palm Springs in the Riverside County of State of
California ("City" ) , is duly authorized and existing under the laws
of said State; and
• WHEREAS, governing body of said City solicited third party proposals
for lease purchase financing of Mobile Modulars ( "Property") having
an approximate purchase cost of $33,520; and
WHEREAS, Municipal Leasing Associates , Inc. has offered the City the
most cost effective financing requiring periodic lease payments including
principal plus interest computed at 8.6% annual percentage rate;
NOW, THEREFORE, BE IT RESOLVED that the Acting City Manager or the
Director of Finance acting alone be hereby authorized in the name and
on behalf of City to enter into binding agreements for leasing the
Property upon such terms as may seem advisable to said officer(s) ,
• and to execute, as agent for the City all necessary agreements including,
but not limited to, a lease/option agreement, acknowledgement of
assignment and acceptance certificate. Each officer is also authorized
• to accept or direct delivery of the Property. The authority given
hereunder shall be deemed retroactive and any and all acts authorized
hereunder performed prior to the passage of this resolution are hereby
ratified and affirmed.
BE IT FURTHER RESOLVED that the contemplated lease transaction be
designated by this body as a qualified tax-exempt obligation pursuant
to Section 265(b) of the Internal Revenue Code of 1986 and the authorized
officers be directed to execute the "Designation of Qualification"
document.
Adopted this 31st day of July 1990 .
AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk �� %�_�City Manager
REVIEWED & APPROVED