Res 2014-039/Lease Purchase Agreement with Santander Bank

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RESOLUTION NO. 2014-39R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING AN AMENDMENT TO THE MASTER LEASE PURCHASE AGREEMENT ( "AGREEMENT ") BETWEEN THE CITY AND SOVEREIGN BANK, N.A., BY APPROVING ADDENDUM NUMBER 2 TO THE AGREEMENT CHANGING VENUE FROM NEW YORK TO TEXAS AND AUTHORIZING A CHANGE OF LESSOR'S NAME FROM SOVEREIGN BANK, N.A. TO SANTANDER BANK, N.A.; APPROVING THE ADDITION OF SCHEDULE NO. 001 TO THE AGREEMENT WHICH AUTHORIZES THE LEASE /PURCHASE OF THREE ADDITIONAL PIECES OF EQUIPMENT AS FOLLOWS: ONE 2014 ALTEC TWO -MAN BUCKET TRUCK, ONE 2015 SEWER CLEANING TRUCK AND ONE 2014 TRACKED SKID LOADER IN THE AMOUNT OF $624,566.00 INCLUSIVE OF FINANCING COSTS; AUTHORIZING THE CITY MANAGER TO EXECUTE SAID AGREEMENT AND ALL DOCUMENTS TO EFFECTUATE THIS TRANSACTION; AND DECLARING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The Master Lease Purchase Agreement (the "Agreement ") entered into between the City of San Marcos and Sovereign Bank, N.A. authorized by Resolution 2013 -26R dated February 19, 2013 is hereby amended by approving Addendum No. 2 to the Agreement and by adding Schedule No. 001 to the Agreement which authorizes the lease /purchase of the below - listed additional equipment: (1) one Altec Model AT40S in the amount of $148,716.00; (2) one 2015 Freightliner 114SD wNACTOR 2100 Plus Sewer Cleaner in the amount of $326,849.00; and (3) one Kubota SVL90 -2HFC S Series (Tracked Skid Loader) in the amount of $72,200.16 for a total expenditure of $624,566.00 inclusive of financing costs. PART 2. The City Manager is authorized to execute the Agreement on behalf of the City. PART 3. This Resolution shall be in full force and effect immediately from and after its passage.