HomeMy WebLinkAboutResolution No. 90-15 CITY OF THE COLONY, TEXAS
RESOLUTION NO,
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
AN E~UIPMENT LEASE/PURCHASE AGREEMENT AND RELATED
INSTRUMENTS AND DETERMINING OTHER MATTERS IN CONNECTION
THEREWITH
WHEREAS, the governing of the City of The Colony, Texas
("Lessee") has determined that to true, and very real need exists
for the Equipment (the "Equipment") described in the Equipment
'Lease/Purchase Agreement (the "Agreement") presented to this
meeting; and
WHEREAS, Lessee has taken the necessary steps, including
those relating to any applicable legal bidding requirements, to
arrange for the acquisition of the Equipment; and
WHEREAS, Lessee proposes to enter into the Agreement
substantially in the form presented to this meeting; and
WHEREAS, Lessee reasonable 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 GOVERNING BODY OF
LESSEE AS FOLLOWS:
Section 1. It is hereby found and determined that the
terms of the AGreement in the form presented to this meeting and
incorporated in this resolution, are in the best interests of
Lessee for the acquisition of the Equipment.
Section 2. The Agreemen~ is hereby approved. The City
Manager of Lessee and any other officer of Lessee who shall have
power to execute contracts on behalf of Lessee be, and each of
them hereby is, authorized to execute, acknowledge and deliver
the Agreement with any changes, insertions and omissions therein
as may be approved by [he officers who execute the Agreement,
such approval to be conclusively evidenced by such execution and
delivery of the Agreement. The City Secretary of the Lessee and
any other officer of Lessee who shall have power to do so be, and
each of them hereby is, authorized to affix the official seal of
Lessee to the Agreement and attest to the same.
Section 3. The proper officers of Lessee be, and each of'
them hereby is, 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.
Section 4. Lessee 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.
PASSED AND APPROVED this ,~_~day of ~, 1990.
Don Amlck, Ma~or ~ '
ATTEST:
a~tl A. Htcks, C~ty Secretary
(SEAL)