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<br />I <br /> <br />I <br /> <br />I <br /> <br />Sponsored by: Janke <br /> <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2001-029 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, <br />AUTHORIZING THE EXECUTION OF AN EQUIPMENT LEASE/PURCHASE <br />AGREEMENT BY AND BETWEEN THE CITY AND KOCH FINANCIAL <br />CORPORATION AND PROVIDING FOR RELATED MATTERS <br /> <br />WHEREAS, the City of Seward, Alaska (the "City"), is a home rule city and under Section <br />11 of Article X ofthe Alaska Constitution may exercise all legislative power not prohibited by law <br />or by the Charter of the City, and it has been determined that the matters set forth in this Resolution <br />are not prohibited by law or the Charter; and <br /> <br />WHEREAS, the City desires to lease a loader, equipment trailer and a grader (the <br />"Equipment") from Koch Financial Corporation (the "Lessor"), and the Lessor desires to lease the <br />Equipment to the City; and <br /> <br />WHEREAS, the City considers that the acquisition and leasing ofthe Equipment from the <br />Lessor is in the best interest and will promote the public purpose of the City; and <br /> <br />WHEREAS, the City intends to reimburse expenditures made for financing the lease ofthe <br />equipment incurred up to 60 days prior to the effectiveness of this resolution; and <br /> <br />WHEREAS, there has been presented to the City the form of an Equipment Lease/Purchase <br />Agreement (the "Agreement") which the City proposes to enter into in connection with the leasing of <br />the Equipment; and <br /> <br />WHEREAS, it appears that the Agreement, which now is before the City, is in appropriate <br />form and is an appropriate instrument for the purposes intended; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SEWARD, ALASKA, that: <br /> <br />Section 1. The leasing by the City ofthe Equipment from the Lessor under the Agreement is <br />hereby approved. The aggregate principal component of rent payable under the Agreement shall not <br />exceed $373,044.00 and said amount shall bear interest at a rate per annum not exceeding 5.16%. <br /> <br />Section 2. The form and content of the Agreement hereby are in all respects authorized, <br />approved and confirmed, and the City Manager, Director of Administrative Services and City Clerk <br />