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<br /> 102 <br /> , <br /> ¡ <br /> RESOLUTION 1996- 3 9 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 MASTER EQUIPMENT LEASE/PURCHASE <br /> AGREEMENT, AND RELATED INSTRUMENTS BETWEEN THE <br /> CITY AND SIGNET LEASING AND FINANCIAL CORPORATION; <br /> -- DETERMINING OTHER MA TIERS 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 equipment (the "Equipment") described in the <br /> proposed Master Equipment Lease/Purchase Agreement (the "Agreement") with Signet <br /> Leasing and Financial Corporation 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 Equipment. <br /> 3. The City proposes to enter into the Agreement with ,Signet Leasing and <br /> Financial Corporation substantially in the form presented to this meeting. <br /> 4. The City reasonably anticipates that it and its subordinate entities will not <br /> issue tax-exempt obligations in the face amount of more than $10 000, 000 during the <br /> current calendar year. <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 incorporated in this resolution are in the best interests <br /> of the City for the acquisition of the Equipment. <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 to the Agreement and attest the <br /> same. <br /> PART 3. The proper officers of the City be, and each of them hereby is authorized <br /> and directed to execute and deliver any and all papers, instruments, opinions, certificates, <br /> affidavits and other documents and to do or cause to be done any and all other acts and <br /> things necessary or 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. That this Resolution shall be in full force and effect from and after its <br />¡ passage. <br /> - <br /> ADOPTED this 26 day of February ,1996. , <br /> ~r~'~ <br /> Mayor <br />