4/14/2009 3:23:14 PM
4/14/2009 3:23:14 PM
City of Seward Legislative Hist
Doc Type - Legislative History
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Sponsored by: Oates <br />CI'T'Y OF SEWARD, ALASKA <br />RESOLUTION 2009-027 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br />ALASKA, AUTHORIZING THE EXECUTION OF AN EQUIPMENT <br />LEASE/PURCHASE AGREEMENT BY AND BETWF.F,N THE CITY OF <br />SEWARD AND MUNICIPAL ASSET MANAGEMENT, INC., PROVIDING <br />FOR RELATED MATTERS, AND APPROPRIATING FUNDS <br />WHEREAS, the City of Seward, Alaska ("City ') is a home rule city and under Section 11 of <br />Article X of the Alaska Constihttion may exercise all legislative power not prohibited by ]aw or by <br />the Charter of the City, and it has been deterniined that the matters set forth in this Resolution arc not <br />prohibited by law or the Charter; and <br />WHEREAS, the City desires to enter into a capital lease financing agreement for the <br />purchase of a Triple Combination Pumper 1~ ire Truck and a Light Rcscuc Apparatus ("Equipment") <br />with Municipal Asset Management, hlc. ("Lessor") and the Lessor desires to lease the Equipment to <br />the City; and <br />WHEREAS, the City considers that the acquisition and lease of the Equipment from Lessor <br />is in the public interest and will promote the public purposes of the City; and <br />WHEREAS, there has been presented to the City the fornr of an Equipment Lease/Purchase <br />Agreement ("Agreement") which the Cily proposes to enter into in connection with the lease of the <br />Equipment; and <br />WHEREAS, it appears that the Agreement which is now before the City is in appropriate <br />form and is an appropriate instrument for the purposes intended. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SEWARD, ALASKA that: <br />Section 1. The lease by the City of the Equipment from the Lessor under the Agreement is <br />hereby approved. The aggregate principal component of lease payable under the Agreement shat l not <br />exceed $516,842 and said amount shall bear interest at a rate per annum not exceeding 3.295°/~, <br />resulting in five annual payments paid in advance, of $110,176.78. <br />Section 2. The form and content of the Agreement are hereby, in all respects, authorized, <br />approved, and confirmed, and the City Manager, Finance Director, and City Clerk each is hereby <br />authorized, empowered and directed to execute and deliver the Agreement to the counterparty for <br />and on behal f o f the City in substantially the forn~ and content now before this meeting but with such <br />changes, modifications, additions and deletions therein which shall to him seem necessary, desirable <br />,,_, and appropriate, the execution thereof to constitute conclusive evidence of the approval of any and <br />all changes, modifications, additions or deletions therein from the form and content of the <br />
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