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<br />42 <br /> <br />RESOLUTION 1999- 52 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, <br />AND RELATED INSTRUMENTS BETWEEN THE CITY AND <br />THE ASSOCIATES COMMERCIAL CORPORATION FOR <br />FINANCING FOR THE PURCHASE OF EQUIPMENT FOR <br />THE PUBLIC WORKS DEPARTMENT; DETERMINING <br />OTHER MATTERS IN CONNECTION THEREWITH; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council of the City of San Marcos ("the City") has determined that <br />a true and very real need exists for the equipment (the "Equipment") for the City's Public <br />Works Department described in the attached Lease-Purchase Agreement (the <br />"Agreement") with the Associates Commercial Corporation (the "Associates") presented <br />to this meeting. <br /> <br />2. The City has taken the necessary steps, including those relating to any <br />applicable legal bidding requirements, to arrange for the acquisition of the Equipment. <br /> <br />3. The City proposes to enter into the Agreement with the Associates <br />substantially in the form attached to this resolution. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS: <br /> <br />PART 1. It is hereby found and determined that the terms of the Agreement in the <br />form presented to this meeting and attached to this resolution are in the best interests of <br />the City for the acquisition of the Equipment. <br /> <br />PART 2. The Agreement is hereby approved. The City Manager is authorized to <br />execute, acknowledge and deliver the Agreement with any changes, insertions and <br />omissions therein as may be approved by the City Manager, such approval to be <br />conclusively evidenced by such execution and delivery of the Agreement. The City <br />Secretary is authorized to affix the official 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 <br />deliver any and all papers, instruments, opinions, certificates, affidavits and other <br />documents and to do or cause to be done any and all other acts and things necessary or <br />proper for carrying out this resolution and the Agreement. <br /> <br />PART 4. The City hereby designates the Agreement as a "qualified tax-exempt <br />obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, <br />as amended. <br /> <br />PART 5. This Resolution shall be in full force and effect from and after its passage. <br /> <br />ADOPTED this 1st day of March , 1999. <br /> <br />~lO~ ~I ~ <br /> <br />Bill~oore <br />Mayor <br /> <br />;;~~1)1~ <br /> <br />Janis K. Womack <br />City Secretary <br />