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<br />64. <br /> <br />RESOLUTION NO. 2002-_:!.1_5_R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A LEASE-PURCHASE AGREEMENT AND <br />RELATED INSTRUMENTS BETWEEN THE CITY AND BANC <br />ONE LEASING CORPORATION TO PROVIDE FUNDING FOR <br />THE PURCHASE OF VEHICLES FOR THE POLICE <br />DEPARTMENT; DETERMINING OTHER MATTERS IN <br />CONNECTION THEREWITH; AND DECLARING AN EFFECTIVE <br />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 six vehicles and related equipment (the "Property") for the Police Department as <br />described in the attached Master Lease-Purchase Agreement and related documents (the <br />"Agreement") with Banc One Leasing Corporation (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 $205,000 (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, <br />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 interests of the City for the <br />acquisition of the Property. <br /> <br />P ART 2. The Agreement is approved, and the Interim City Manager is authorized to <br />execute, acknowledge and deliver the Agreement with any changes, insertions and omissions therein <br />as may be approved by the Interim City Manager, such approval to be conclusively evidenced by <br />such execution and delivery of the Agreement, and the City Clerk is authorized to affix the official <br />seal of the City and attest to the Agreement. <br /> <br />PART 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 />C:\TEMP\lease-purchase K.doc <br />