Res 1995-083 - Laserfiche WebLink

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( ,- ~. J \ 131J . i' Page 2 April 28, 1 995 2. Lessee is authorized and has power under State law to enter into the Agreement, and to carry out its obligations thereunder and the transactions contemplated there,by. 3. The Agreement and the other documents described above have been dùly authorized, approved and executed by and on behalf of Lessee, and the Agreement is a valid and binding contract of Lessee enforceable in accordance with its terms, except to the extent limited by State and Federal laws affecting remedies and by bankruptcy, reorganization or other laws of general application relating to or affecting the enforcement of creditors' rights. 4. The authorization, approval and execution of the Agreement and all other proceedings of lessee relating to the transactions contemplated thereby have been performed in accordance with all open meeting laws, public bidding laws and all other applicable State and Federal laws. 5. Lessee has sufficient monies available to make all rental payments required to be paid under the Agreement during the current fiscal year of Lessee, and such monies have been properly budgeted and appropriated for this purpose in accordance with State law. < 6. There is no litigation, action, suit, or proceeding pending or before any court, administrative agency, arbitrator or governmental body, that challenges the organization or existence of Lessee; the authority of the organization or existence of Lessee; the authority of its officers; the proper authorization, approval and execution of the Agreement and the other documents described above; the appropriation of monies to make Rental Payments under the Agreement for the current fiscal years; or the ability of Lessee otherwise to perform its obligations under the Agreement and the transactions contemplated thereby. 7. No sinking fund is being established pursuant to this Agreement. This obligation is not being issued for the purpose of retiring any earlier obligations. 8. Lessee will not make or allow any use of the Equipment or any portion thereof that would cause the agreement to purchase the Equipment to become a "private activity bond" within the meaning of the Code and regulations and will comply with all requirements of the Code and regulations necessary to insure that the Agreement does not become an "arbitrage bond" within the meaning of the Code and regulations promulgated thereunder. Very truly yours, í/VuvvL& 'Ô. ~ Mark B. Taylor City Attorney