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<br />30. <br /> <br />RESOLUTION 1998- ~R 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 THE <br />ASSOCIATES COMMERCIAL CORPORATION; 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") described in the <br />attached Lease-Purchase Agreement (the "Agreement") with the Associates Commercial <br />Corporation (the "Associates") presented 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 />Nqw, 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 23rd day of February ,1998. <br /> <br />~~~~ <br /> <br />Mayor <br /> <br />Atte~~~ <br /> <br />~ K. Womack <br />City Secretary <br />