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<br /> 134 <br /> RESOLUTION 1998- 128 R <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 TO PROVIDE <br /> FINANCING FOR THE FINANCIAL INFORMATION SYSTEM; <br /> DETERMINING OTHER MATTERS IN CONNECTION THEREWITH; <br /> AND DECLARING AN EFFECTIVE DATE. <br /> RECITALS: <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 Financial Information System (the "System") <br /> described in the attached Lease-Purchase Agreement (the "Agreement") with the <br /> Associates Commercial Corporation (the "Associates") presented to this meeting. <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 System. <br /> 3. The City proposes to enter into the Agreement with the Associates <br /> substantially in the form attached to this resolution. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF SAN MARCOS, TEXAS: <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 System. <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 /> 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 /> 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 /> PART 5. This Resolution shall be in full force and effect from and after its passage. <br /> ADOPTED this 22nddayof June 1998. <br /> &~.~ <br /> Billy G. oore <br /> Mayor <br /> Attest- i ~ <br /> ~~l , .. frl1WV <br /> Ja IS K. Womack <br /> City Secretary <br />