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<br />48. <br /> <br />RESOLUTION NO. 2004- ')1 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, AUTHORIZING THE EXECUTION <br />AND DELIVERY OF A LEASE-PURCHASE AGREEMENT AND <br />RELATED INSTRUMENTS BETWEEN THE CITY AND WELLS <br />FARGO BROKERAGE SERVICES, LLC TO PROVIDE FUNDING <br />FOR THE PURCHASE OF EQUIPMENT FOR THE PUBLIC <br />WORKS DEPARTMENT; DETERMINING OTHER MATTERS IN <br />CONNECTION THEREWITH; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council of the City of San Marcos (the "City") has determined that a need exists <br />for the purchase of equipment (the "Property") for the Public Works Department as described in the <br />attached Master Lease-Purchase Agreement and related documents (the "Agreement") with Wells <br />Fargo Brokerage Services, LLC (the "Bank"). <br /> <br />2. The City has taken the necessary steps, including those relating to any applicable legal <br />procurement requirements, to arrange for the acquisition of the Property. <br /> <br />3. The City Council finds and determines that the execution of the Agreement in a principal <br />amount not exceeding $130,604 (the "Principal Amount") for the purpose of acquiring the Property <br />is appropriate and necessary to the functions and operations of the City. <br /> <br />4. The City Council anticipates that the City may incur certain capital expenditures in <br />connection with the Property prior to the City's receipt of proceeds of the Agreement. These <br />expenditures are not expected to exceed the Principal Amount. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />P ART 1. It is hereby found and determined that the terms of the Agreement in the form <br />presented to this meeting and attached to this resolution are in the best interest of the City for the <br />acquisition of the Property. <br /> <br />PART 2. The Agreement is approved, and the City Manager is authorized to execute, <br />acknowledge and deliver the Agreement with any changes, insertions and omissions therein as may <br />be approved by the City Manager, such approval to be conclusively evidenced by such execution and <br />delivery of the Agreement, and the City Clerk is authorized to affix the official seal ofthe City and <br />attest to the Agreement. <br /> <br />P ART 3. The proper officers of the City are authorized and directed to execute and deliver <br />any and all papers, instruments, opinions, certificates, affidavits and other documents and to do or <br />cause to be done any and all other acts and things necessary or proper for carrying out this resolution <br />