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<br />. <br /> <br />. <br /> <br />. <br /> <br />Sponsored by: Schaefermever <br /> <br />CITY OF SEWARD, ALASKA <br />RESOLUTION NO. 90-004 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, ALASKA, <br />AUTHORIZING THE EXECUTION OF AN EQUIPMENT LEASE/PURCHASE AGREEMENT <br />BY AND BETWEEN THE CITY AND U.S. BANK OF WASHINGTON, NATIONAL <br />ASSOCIATION: AND PROVIDING FOR RELATED MATTERS <br /> <br />WHEREAS, the City of Seward, Alaska (the "city"), is a home <br />rule city and under Section 11 of Article X of the Alaska Constit- <br />ution may exercise all legislative power not prohibited by law or <br />by the Charter of the City, and it has been determined that the <br />matters set forth in this Resolution are not prohibited by law or <br />the Charter: and <br /> <br />WHEREAS, the City desires to lease certain equipment, <br />described in Attachment A hereto (the "Equipment") from U.S. Bank <br />of Washington, National Association (the "Lessor"), and the Lessor <br />desires to lease the Equipment to the city: and <br /> <br />WHEREAS, the City considers that the acquisition and leasing <br />of the Equipment from the Lessor is in the best interest, and will <br />promote the public purposes, of the City: and <br /> <br />WHEREAS, there has been presented to the City the form of an <br />Equipment Lease/Purchase Agreement (the "Agreement") which the City <br />proposes to enter into in connection with the leasing of the <br />Equipment: and <br /> <br />WHEREAS, it appears that the Agreement, which now is before <br />the City, is in appropriate form and is an appropriate instrument <br />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 of the Equipment from the <br />Lessor under the Agreement is hereby approved. The aggregate <br />principal component of rent payable under the Agreement shall not <br />exceed Eight Hundred Seventy Five Thousand Dollars ($875,000.00) <br />and said amount shall bear interest at a rate per annum not <br />exceeding 7.50%. <br /> <br />Section 2. The form and content of the Agreement be and the <br />same hereby are in all respects authorized, approved and confirmed, <br />and the Mayor, Manager and Assistant city Manager be and each <br />hereby is authorized, empowered and directed to execute and deliver <br />said document to the counterparty for and on behalf of the city in <br /> <br />-1- <br />