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45 RESOLUTION 1997- 94 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE-PURCHASE AGREEMENT, AND RELATED INSTRUMENTS BETWEEN THE CITY AND AMERICAN BANK; DETERMINING OTHER MA TIERS IN CONNECTION THEREWITH; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council of the City of San Marcos ("the City") has determined that a true and very real need exists for the equipment (the "Equipment") described in the proposed Lease-Purchase Agreement (the "Agreement") with American Bank presented to this meeting. 2. The City has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the acquisition of the Equipment. 3. The City proposes to enter into the Agreement with American Bank substantially in the form presented to this meeting. 4. The City reasonably anticipates that it and its subordinate entities will not issue tax-exempt obligations in the face amount of more than $10,000,000 during the current calendar year. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. It is hereby found and determined that the terms of the Agreement in the , form presented to this meeting and attached to this resolution are in the best interests of , the City for the acquisition of the Equipment. PART 2. The Agreement is hereby approved. The City Manager is authorized to execute, acknowledge and deliver the Agreement with any changes, insertions and omissions therein as may be approved by the City Manager, such approval to be conclusively evidenced by such execution and delivery of the Agreement. The City Secretary is authorized to affix the official seal of the City and attest to the Agreement. PART 3. The proper officers of the City are authorized and directed to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and to do or cause to be done any and all other acts and things necessary or proper for carrying out this resolution and the Agreement. PART 4. The City hereby designates the Agreement as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. PART 5. This Resolution shall be in full force and effect from and after its passage. ADOPTED this 9th day of June ,1997. I f:J~~. ~ , Billy G. Moore -~- Mayor Att~s~ci ~/ 1J1<. Womack City Secretary