93-054 - 07-06 Lease with Option Purchase Agreement Aerial Ladder TruckResolution 93-54
July 6, 1993
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION RELATING TO LEASE WITH OPTION
TO PURCHASE AGREEMENT
(AERIAL LADDER TRUCK)
BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota,
(the Issuer), as follows:
1. Recitals and Authorization. The Issuer, as lessee, has heretofore
entered into a Lease with option to Purchase Agreement dated as June 30, 1993,
(the Lease), with Marquette Bank Golden Valley, as lessor. It is hereby deter-
mined that it is necessary and desirable and in the best interests of the
Issuer to enter into the Lease for the purposes of obtaining the Equipment
shown on the Lease as Equipment Group A-1, and the execution and delivery of
the Lease by the Issuer and the financing of the acquisition of such Equipment
Group are hereby approved, ratified and confirmed.
2. Designation as Qualified Tax -Exempt Obligation. Pursuant to Section
265(b)(3)(B)(ii) of the Internal Revenue Code of 1986 (the Code), the Issuer
hereby specifically designates the Lease and Equipment Group A-1 as a
"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the
Code. In compliance with Section 265(b)(3)(D) of the Code, the Issuer hereby
represents that the Issuer will not designate more than $10,000,000 of obliga-
tions issued by the Issuer in the calendar year during which the Lease is exe-
cuted and delivered as such "qualified tax-exempt obligations."
3. Issuance Limitation. In compliance with the requirements of Section
265(b)(3)(C) of the Code, the Issuer hereby represents that the Issuer
(including all "subordinate entities" of the Issuer within the meaning of
Section 265(b)(3)(E) of the Code) reasonably anticipates not to issue in the
calendar year during which the Lease is executed and delivered, obligations
bearing interest exempt from federal income taxation under Section 103 of the
Code (other than "private activity bonds" as defined in Section 141 of the
Code) in an amount greater than $10.000.000.
Ray Fr. Stockman, Mayor Pro Tem
ATTEST:
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Shirley J.6Nis n, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Russell; and upon a vote being taken thereon, the following voted in favor
thereof: Russell, Stockman and Thompson; the following were absent: Bakken and
Johnson; and the following voted against the same: none; whereupon said resolu-
tion was declared duly passed and adopted, signed by the Mayor Pro Tem and his
signature attested by the City Clerk.