HomeMy WebLinkAbout24104 RESOLUTION NO. 24104
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AUTHORIZING THE
PURCHASE OF FIRE APPARATUS AND EXECUTION OF
LEASE PURCHASE AGREEMENTS WITH PNC
EQUIPMENT FINANCING, LLC 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
one or more Master Lease-Purchase Agreements ("Leases") in the principal amount not
exceeding $3,390,000 for the purpose of acquiring the property ("Equipment') to be
described in the Leases is appropriate and necessary to the functions and operations of
the City; and
WHEREAS, PNC Equipment Finance, LLC ("Lessor") shall act as Lessor under
said Leases.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS
HEREBY RESOLVES, AS FOLLOWS:
SECTION 1. 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 one or more Leases in substantially the form
set forth in the document presently before the City Council, 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
Leases are hereby authorized.
SECTION 2. By a written instrument signed by any Authorized Representative,
said Authorized Representative may designate specifically identified officers or
employees of the City to execute and deliver agreements and documents relating to the
Leases on behalf of the City.
Resolution No. 24104
Page 2
SECTION 3. The aggregate original principal amount of the Leases shall not
exceed the amount stated above and shall bear interest as set forth in the Leases and
the Leases shall contain such options to purchase by the City as set forth therein.
SECTION 4. The City's obligations under the Leases shall be subject to annual
appropriation or renewal by the City Council as set forth in each Lease and the City's
obligations under the Leases shall not constitute general obligations of the City or
indebtedness under the Constitution or laws of the State.
SECTION 5. This resolution shall take effect immediately upon its adoption and
approval.
PASSED, APPROVED AND ADOPTED BY THE PALM SPRINGS CITY
COUNCIL THIS 215t DAY OF SEPTEMBER, 2016.
David H. Ready, City M
ATTEST:
;Jmes Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24104 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 2151 day of
September, 2016, by the following vote:
AYES: Councilmember Foat, Councilmember Kors, Councilmember Roberts,
Mayor Pro Tern Mills, and Mayor Moon.
NOES: None.
ABSENT: None.
ABSTAIN: None.
mes Thompson, City Clerk
City of Palm Springs, California (01z,40cj