Res 1995-083 - Laserfiche WebLink

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130 RESOLUTION 1995- 83 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN .AGREEMENT BETWEEN THE CITY AND BANC ONE LEASING CORPORATION FOR LEASE-PURCHASE FINANCING OF A NEW TELEPHONE SYSTEM TO BE PURCHASED FROM WIL TEL COMMUNICATIONS SYSTEMS, INC.; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT ON BEHALF OF THE CITY; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City of San Marcos (the "City") is a municipal corporation duly organized and existing pursuant to the Constitution and laws of the State of Texas. 2. The City Council is authorized to acquire, dispose of, encumber real and personal property, including without limitation, rights and interest in property, leases, and easements necessary to the functions or the operations of the City. 3. The City Council hereby finds and determines that the execution of an agreement for the purpose of leasing with the option to purchase a new telephone system is appropriate and necessary to the function and operations of the Cit~. 4. Banc One Leasing Corporation-Municipal Leasing Division, Denver, Colorado (the "Lessor"), duly organized, existing, and in good standing under the laws of the State of Ohio, will act as lessor under the lease-purchase agreement. S. The lease-purchase agreement will not constitute a general obligation indebtedness of the City within the meaning of the Constitution and laws of the State. BE IT RESOLVED BY THE CITY COUNCil OF .THE CITY OF SAN MARCOS, TEXAS: PART 1. That the terms and conditions of the Texas lease-Purchase Agreement (the "Agreement") attached to this resolution between the City and Banc One Leasing Corporation for financing of the purchase of a new telephone system for the City are approved. PART 2. The City Manager, larry D. Gilley, is authorized to execute and. deliver the Agreement, and execute and deliver all other documents relating to the Agreement. PART 3. The Agreement shall be in the principal amount of $549,905.23, bearing interest as set forth in Exhibit B of the Agreement. PART 4. The City's obligation under the Agreement shall be annually renewable by the City and expressly subject to annual appropriation by the City Council; and the Agreement shall not constitute a general obligation or indebtedness of the City within the meaning of the Constitution and laws of the State of Texas. PART S. The City reasonably anticipates to issue not more than $10,000,000 of tax- exempt obligations (other than "private activity bonds" which are not "qualified 501 (c)(3) bonds") during the period from January 1, 1995 to December 31, 1995 and designates the Agreement as a qualified tax-exempt obligation for purposes of Section 26S(b) of the Internal Revenue Code of 1986, as amended.