HomeMy WebLinkAbout2002-72 - Sun Trust CorporationResolution No. 2002- 72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT
BEACH AUTHORIZING THE EXECUTION AND REIMBURSEMENT OF
EXPENDITURES AND DELIVERY OF A MASTER LEASE AGREEMENT, AN
ESCROW AGREEMENT, EQUIPMENT SCHEDULE NO. 04 AND RELATED
INSTRUMENTS, AND DETERMINING OTHER MATTERS IN CONNECTION
THEREWITH
[Non- Escrow]
Lease Number. 0461
Equipment Schedule: 04
At a duly called meeting of the governing body of Lessee held in accordance with all applicable
legal requirements, including open meeting laws, on the 12th day of November 2002, the
following resolution was introduced and adopted:
WHEREAS, the governing body of CITY OF NEWPORT BEACH, CALIFORNIA
( "Lessee ") desires to obtain certain equipment (the "Equipment') and /or refinance existing
equipment as described in Equipment Schedule No. 04 to the Master Lease Agreement
(collectively, the "Lease ") with SunTrust Leasing Corporation, the form of which has been
available for review by the governing body of Lessee prior to this meeting; and/or
WHEREAS, Lessee intends to apply certain proceeds of the Lease to the reimbursement
of expenditures previously made by Lessee in connection with the acquisition of the Equipment;
and
WHEREAS, the Equipment is essential for the Lessee to perform its governmental
functions; and
WHEREAS, the funds made available under the Lease will be applied to the acquisition of
the Equipment in accordance with such Lease; and
WHEREAS, the funds made available under the Lease will be deposited with SUNTRUST
BANK (the "Escrow Agent') pursuant to an Escrow Agreement between Lessee and the Escrow
Agent (the "Escrow Agreement') and will be applied to the acquisition of the Equipment in
accordance with said Escrow Agreement; 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 Lease with SunTrust Leasing Corporation
substantially in the form presented to this meeting.
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 Lease and Escrow 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.
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Section 2. The Lease and the acquisition and financing of the Equipment under the terms and
conditions as described in the Lease are hereby approved. The Administrative Services Director
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
Lease with any changes, insertions and omissions therein as may be approved by the officers
who execute the Lease, such approval to be conclusively evidenced by such execution and
delivery of the Lease. The Administrative Services Director 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 Lease and attest 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 Lease.
Section 4. Pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended (the
"Code "), Lessee hereby specifically designates the Lease as a "qualified tax- exempt obligation"
for purposes of Section 265(b)(3) of the Code.
The undersigned further certifies that the above resolution has not been repealed or amended and
remains in full force and effect and further certifies that the Lease executed on behalf of Lessee is
the same as presented at such meeting of the governing body of Lessee, excepting only such
changes, insertions and omissions as shall have been approved by the officers who executed the
same.
Ayes: Heffernan, O'Neil, Bromberg, Glover, Proctor, Mayor Ridgeway
Noes:
Absent: Adams
Abstain:
Adopted this 12th day of November _,2002
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City Clerk
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STATE OF CALIFORNIA }
COUNTY OF ORANGE
CITY OF NEWPORT BEACH }
I, LaVonne M. Harkless, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 2002 -72 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council, duly and regularly held on the 12th
day of November, 2002, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, O'Neil, Bromberg, Glover, Proctor, Mayor Ridgeway
Noes: None
Absent: Adams
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 13�h day of November, 2002.
(Seal)
City Clerk
Newport Beach, California