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HomeMy WebLinkAboutRes1989-064 . . . Sponsored by: Schaefermeyer CITY OF SEWARD, ALASKA RESOLUTION NO. 89-064 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, AUTHORIZING THE EXECUTION OF LEASING SCHEDULE NO. 004 TO THE EQUIPMENT LEASE PURCHASE AGREEMENT BY AND BETWEEN THE CITY AND CITICORP NORTH AMERICA, INC.; AND PROVIDING FOR RELATED MATTERS WHEREAS, the city of Seward, Alaska (the "City"), is a home rule city and under Section 11 of Article X of the Alaska Constitution may exercise all legislative power not prohibited by law or by the Charter of the city, and it has been determined that the matters set forth in the Resolution are not prohibited by law or the Charter; and WHEREAS, The City desires to lease certain equipment, described in Attachment "A" hereto (the "Equipment") from Citicorp North America, Inc. (the "Lessor"), and the Lessor desires to lease the Equipment to the City; and WHEREAS, the City considers that the acquisition and leasing of the Equipment from the lessor is in the best interest and will promote the public purposes of the City; and WHEREAS, the City previously has entered into a Master State and Municipal Lease/Purchase Agreement with Citicorp North America, Inc. dated February 15, 1989 ( the "Agreement); and WHEREAS, there has been presented to the City the form of Leasing Schedule No. 004 to the Agreement ("Schedule No. 004") which the City proposes to enter into in connection with the leasing of the Equipment; and WHEREAS, it appears that Schedule No. 004, which now is before the City, is in appropriate form and is an appropriate instrument for the purposes intended; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, that: Section 1. The leasing by the City of the Equipment from the Lessor under Schedule No. 004 and the Agreement is hereby approved. The aggregate principal component of rent payable under Schedule No. 004 shall not exceed $27,000 and said amount shall bear interest at a rate per annum not exceeding 8.05%. Section 2. The form and content of Schedule No. 004 be and -1- . . . CITY OF SEWARD, ALASKA RESOLUTION NO. 89-064 the same hereby are in all respects authorized, approved and confirmed, and the Mayor, Manager and Deputy City Manager be and each hereby is authorized, empowered and directed to execute and deliver said document to the counterparty for and on behalf of the City in substantially the form and content now before this meeting but with such changes, modifications, additions and deletions therein as shall to them seem necessary, desirable and appropriate, the execution thereof to constitute conclusive evidence of the approval of any and all changes, modifications, addi tions or deletions therein from the form and content of the said document now before this meeting, and that, from and after the execution and deli very of the said document, the Mayor, Manager, Deputy City Manager and the Clerk of the City are hereby authorized, empowered and directed to do all such acts and things and to execute all documents as may be necessary to carry out and comply with the provisions of the documents as executed. Section 3. The Mayor, Manager, Deputy City Manager and the Clerk of the City or any other person authorized by the City be and each hereby is authorized to execute and deliver for and on behalf of the City any and all additional certificates, documents, opinions or other papers and perform all other acts as they may deem necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution. Section 4. The City covenants that it will not use any of the proceeds of the Agreement in such manner, or take or omit to take any other action in such manner, as to impair the exemption of the interest component of rent payable under the Agreement from federal income taxation. The Agreement is hereby designated as a"qualified tax exempt obligation" in accordance with Section 265(b)(3) of the Internal Revenue Code of 1986 (the "Code"). The City further covenants that no part of the proceeds of the Agreement or any other funds of the City shall at any time be used directly or indirectly to acquire securities or obligations, the acquisition of which would cause the Agreement to be or become an "arbitrage bond" as defined in section 148 of the Code. The City shall not permit any of the proceeds of the Agreement, or any products purchased with such proceeds, to be used in any manner that would cause the Agreement to constitute a "private activity bond" within the meaning of section 141 of the Code. Section 5. The provisions of this Resolution are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the section, phrases or provisions. section 6. Upon adoption of this Resolution, the Clerk of the -2- . . . CITY OF SEWARD, ALASKA RESOLUTION NO. 89-064 City shall cause a true copy of same to be posted on the City Hall bulletin board, as provided in Seward City Code Section 2.15.035 (D) . Section 7. This Resolution shall become effective thirty days after passage and posting as required by law. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, this 12th day of June, 1989. THE CITY OF SEWARD, ALASKA HL~::~R AYES: NOES: ABSENT: ABSTAIN: GIESELER, DUNHAM, MEEHAN, NOLL, SIMUTIS NONE O'BRIEN HILTON ATTEST: APPROVED AS TO FORM: PERKINS COlE, Attorneys for the city of Seward, Alaska 7~ It( ~ Fred B. Arv1.dson City Attorney (City Seal) -3- If#-~ (If'! f' i ~ ~/'; ,I":,~ (I .' '" 1",.,' CITICORPONORTH AMERICA &HIBIT A to LEASING SCHEDULE NO. 004 , EFFECTIVE AS OF MASTER STATE AND MUNICIPAL LEASE/PURCHASE AGREEMENT DESCRIPTION OF EQUIPMENT Quantity Description of Leased Equipment (Make, Kind, Model No" Serial No,. Any Other Pertinent Identification) 1 DuPont ACA IV Discrete Clinical Analyzer SIN #7937 LOCATION OF EQUIPMENT ADDRESS: CITY: STATE: 417 First Avenue Seward COUNTY: ZIP: Alaska 99664 CERTIFICATION Lessee hereby certifies that the description of the property set forth above constitutes an accurate account of the Equipment as referred to in the Master Lease, Lessee: City of Seward, Alaska/ Seward General Hospital (Municipal Entity) By: (Authorized Signature) . (Printed Name and Title) Date: NAVPG Ml123-a 04-88