HomeMy WebLinkAbout24351 RESOLUTION NO. 24351
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS, CALIFORNIA,
AUTHORIZING THE NEGOTIATION, EXECUTION,
AND DELIVERY OF MASTER EQUIPMENT LEASE
PURCHASE AGREEMENT NO. 185560L DATED
DECEMBER 22, 2017 AND SCHEDULE NO. 008-
0185560-300 THERETO, TOGETHER WITH THE
RELATED ESCROW AGREEMENT, IF ANY (THE
"LEASE") IN PRINCIPAL AMOUNT NOT TO
EXCEED $1,014,725.14, BETWEEN CITY OF PALM
SPRINGS, AND TCF EQUIPMENT FINANCE, A
DIVISION OF TCF NATIONAL BANK; AND
PRESCRIBING OTHER DETAILS IN CONNECTION
THEREWITH.
WHEREAS, the City of Palm Springs, a California charter city and municipal
corporation, (the "Lessee") is a political subdivision duly organized and existing
pursuant to the Constitution and laws of the State of California; and
WHEREAS, Lessee is duly authorized by applicable law to acquire such items of
personal property as are needed to carry out its governmental functions and to
acquire such personal property by entering into lease-purchase agreements; and
WHEREAS, Lessee hereby finds and determines that the execution of a lease
for the purpose of leasing with the option to purchase the property designated
and set forth in Schedule No. 008-0185560-300 to the Lease is appropriate and
necessary to the function and operations of the Lessee; and
WHEREAS, TCF Equipment Finance, a division of TCF National Bank, (the
"Lessor"), shall act as Lessor under said Lease; and
WHEREAS, the Lease shall not constitute a general obligation indebtedness of
the Lessee within the meaning of the Constitution and laws of the State;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Palm
Springs hereby declares the following:
Section 1. The Lease, in substantially the form as presently before the City
Council of the City of Palm Springs, is hereby approved, and the City Manager,
the City Clerk, and the Director of Finance, (each an "Authorized
Representative") of the Lessee, is hereby authorized to negotiate, enter into,
execute, and deliver the Lease and related documents in substantially the same
form as presently before the City Council, with such changes therein as shall be
approved by such Authorized Representative, and which Lease will be available
for public inspection at the offices of Lessee.
Section 2. The Lease 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
Resolution No. 24351
Page 2
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 Lease.
Section 3. The Lessee's obligations under the Lease shall be expressly
subject to annual appropriation by Lessee; and such obligations under the Lease
shall not constitute a general obligation of Lessee or indebtedness of Lessee
within the meaning of the Constitution and laws of the State of California.
Section 4. All other related contracts and agreements necessary and
incidental to the Lease are hereby authorized.
Section 5. This resolution shall take effect immediately upon its adoption and
approval.
ADOPTED THIS 3RD DAY OF JANUARY, 2018.
r
David H. Ready, City Man
ATTEST:
Ar6ony J. Melia,,Melia,,MM , City Clerk
Resolution No. 24351
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. 24351 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 3,
2018, by the following vote:
AYES: Councilmember Holstege, Kors, Middleton, Mayor Pro Tern
Roberts, and Mayor Moon
NOES: None
ABSENT: None
ABSTAIN: None
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