HomeMy WebLinkAboutResolution No. 2013-037
CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2013-037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, APPROVING THE EXECUTION OF ONE OR MORE
MASTER LEASE-PURCHASE AGREEMENTS IN THE PRINCIPAL
AMOUNT NOT TO EXCEED $1,765,000.00, FOR THE ACQUISITION OF
CERTAIN DESCRIBED FIRE DEPARTMENT EQUIPMENT, AS
DESCRIBED IN EXHIBIT A OF THIS RESOLUTION, WHICH IS
ATTACHED HERETO AND INCORPORATED HEREIN FOR ALL
PURPOSES; AUTHORIZING THE CITY MANAGER AND OR MAYOR
TO EXECUTE ANY AND ALL DOCUMENTS REGARDING THE
ACQUISITION OF THE DESCRIBED FIRE DEPARTMENT
EQUIPMENT; PROVIDING A SEVERABILITY CLAUSE; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of The Colony, Texas (hereinafter referred to as the "City") is a
Texas home-rule City, and a political subdivision of the State of Texas, and is duly organized
and existing pursuant to the Constitution and laws of the State of Texas; and
WHEREAS, pursuant to applicable law, the City Council for the City (hereinafter
referred to as "City Council") is authorized to acquire, dispose of and encumber real and
personal property, including, without limitation, rights and interest in property, leases and
easements necessary to the functions or operations of the City; and
WHEREAS, the City Council hereby finds and determines that the execution of one or
more Master Lease-Purchase Agreements (hereinafter referred to as "Leases") in the principal
amount not to exceed $1,765,000.00 for the purpose of acquiring the property (hereinafter
referred to as the "Equipment") to be described in the Leases is appropriate and necessary to the
functions and operations of the City; and
WHEREAS, Oshkosh Capital (hereinafter referred to as "Lessor") shall act as Lessor
under said Leases.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS, THAT:
SECTION 1. The findings set forth above are incorporated into the body of this Resolution
as if fully set forth herein.
SECTION 2. Either one of the City Manager, Troy Powell, or Mayor, Joe McCourry
(each an "Authorized Representative"), acting on behalf of the City, is hereby authorized to
negotiate, enter into, execute, and deliver one or more Leases in substantially the form set forth
in the document presently before the City Council, which document is available for public
inspection at the office of the City. Each Authorized Representative acting on behalf of the City
is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating
to the Lease as the Authorized Representative deems necessary and appropriate. All other
related contracts and agreements necessary and incidental to the Leases are hereby authorized.
SECTION 3. By a written instrument signed by any Authorized Representative, said
Authorized Representative may designate specifically identified officers or employees of the
City to execute and deliver agreements and documents relating to the Leases on behalf of the
City.
SECTION 4. The aggregate original principal amount of the Leases shall not exceed
$1,765,000.00, and shall bear interest as set forth in the Leases and the Leases shall contain such
options to purchase by the City as set forth therein.
SECTION 5. The City's obligations under the Leases shall be subject to annual
appropriation or renewal by the City Council as set forth in each Lease and the City's obligations
under the Leases shall not constitute general obligations of the City or indebtedness under the
Constitution or laws of the State.
SECTION 6. As to each Lease, 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 fiscal year in which each such Lease is issued and hereby
designates each Lease as a qualified tax-exempt obligation for purposes of Section 265(b) of the
Internal Revenue Code of 1986, as amended.
SECTION 7. If any section, article paragraph, sentence, clause, phrase or word in this
Resolution, or application thereto to any persons or circumstances, is held invalid or
unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of
the remaining portions of this Resolution; and the City Council hereby declares it would have
passed such remaining portions of this Resolution despite such invalidity, which remaining portions
shall remain in full force and effect.
SECTION 8. This Resolution shall take effect immediately upon its adoption and
approval.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, THIS THE 18th day of JUNE, 2013.
oMe McCouny; Mayor
ATTEST:
OF
Christie Wilson, City Secretary
t~EA
TE X
APPROVED AS TO FORM:
,Jeff Moore, City Attorney
Exhibit A
FOR
EXHIBITS/ATTACHMENTS:
SEE ORIGINAL DOCUMENT IN CITY SECRETARY'S OFFICE