HomeMy WebLinkAboutResolution No 2024 - 03 Police Department Equipment Lease AuthCity of Rexburg Police Department Equipment Lease Authorization
Resolution No 2024 - 03
A RESOLUTION OF THE GOVERNING BODY OF REXBURG
CITY, AUTHORIZING THE EXECUTION AND DELIVERY OF AN
MUNICIPAL LEASE -PURCHASE AGREEMENT WITH RESPECT
TO THE ACQUISITION, FINANCING AND LEASING OF CERTAIN
EQUIPMENT FOR THE PUBLIC BENEFIT WITHIN THE TERMS
PROVIDED HEREIN; AUTHORIZING THE EXECUTION AND
DELIVERY OF DOCUMENTS REQUIRED IN CONNECTION
THEREWITH; AND AUTHORIZING THE TAKING OF ALL OTHER
ACTIONS NECESSARY TO THE CONSUMMATION OF THE
TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION.
WHEREAS, the City of Rexburg (the "Lessee'), a city duly organized and existing
as a political subdivision, municipal corporation or similar public entity of the
State of Idaho, is authorized by the laws of the State of Idaho to acquire, finance
and lease personal property for the benefit of the Lessee and its inhabitants and
to enter into contracts with respect thereto; and
WHEREAS, the Lessee desires to acquire, finance and lease certain equipment up
to $5oo,000 in total equipment financed constituting personal property
necessary for the Lessee to perform essential governmental functions (the
"Equipment"); and
WHEREAS, in order to acquire such Equipment, the Lessee proposes to enter into
Municipal Lease -Purchase Agreements (the "Agreements') with Financial Pacific
Leasing, Inc. DBA Umpqua Bank Equipment Leasing & Finance (or one of its
affiliates), as lessor, (the "Lessor'), the form of which has been presented to the
governing body of the Lessee at this meeting; and
WHEREAS, the governing body of the Lessee deems it for the benefit of the
Lessee and for the efficient and effective administration thereof to enter into the
Agreements and the other documentation relating to the acquisition, financing
and leasing of the Equipment to be therein described on the terms and conditions
therein and herein provided;
Now, THEREFORE, BE IT AND IT IS HEREBY RESOLVED by the governing body
of the Lessee as follows:
Section 1. Findings and Determinations. It is hereby found and
determined that the terms of the Agreements, in the form presented to the
governing body of Lessee at this meeting, are in the best interests of the Lessee for
the acquisition, financing and leasing of the Equipment.
Section 2. Approval of Documents; Designation as Bank Qualified. The
form, terms and provisions of the Agreements are hereby approved in substantially
the forms presented at this meeting, with such insertions, omissions and changes
as shall be approved by the City Council of Rexburg of the Lessee or other members
of the governing body of the Lessee executing the same, the execution of such
documents being conclusive evidence of such approval; and the Mayor of Rexburg
of the Lessee is hereby authorized and directed to execute, and the City Clerk of the
Lessee is hereby authorized and directed to attest, the Agreements and any related
Exhibits attached thereto and to deliver the Agreements (including such Exhibits)
to the respective parties thereto [, and the City Clerk of the Lessee is hereby
authorized to affix the seal of the Lessee to such documents].
Section 3. Other Actions Authorized. The officers and employees of the
Lessee shall take all action necessary or reasonably required by the parties to the
Agreements to carry out, give effect to and consummate the transactions
contemplated thereby (including the execution and delivery of a Final Acceptance
Certificate, escrow agreements, disbursement requests and any tax certificate and
agreement, as contemplated in the Agreements) and to take all action necessary in
conformity therewith, including, without limitation, the execution and delivery of
any closing and other documents required to be delivered in connection with the
Agreements, including designation of the Agreements as "qualified tax-exempt
obligations" under Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as
amended, if requirements for such designation can be met.
Section 4. Appointment of Authorized Lessee Representatives. The Chief
Finance Officer and the Mayor of the Lessee are each hereby designated to act as
authorized representatives of the Lessee for purposes of the Agreements and any
escrow agreements until such time as the governing body of the Lessee shall
designate any other or different authorized representative for purposes of the
Agreements or any escrow agreement.
Section 5. Severability. If any section, paragraph, clause or provision of
this Resolution shall for any reason be held to be invalid or unenforceable, the
invalidity or unenforceability of such section, paragraph, clause or provision shall
not affect any of the remaining provisions of this Resolution.
Section 6. Repealer. All bylaws, orders and resolutions or parts thereof,
inconsistent herewith, are hereby repealed to the extent only of such inconsistency
with respect to this Resolution. This repealer shall not be construed as reviving
any bylaw, order, resolution or ordinance or part thereof.
Section 7. Effective Date. This Resolution shall be effective immediately
upon its approval and adoption.
ADOPTED AND APPROVED by the governing body of the Lessee this loth day of
March 2024.
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ATTEST:
By: Vl
Printed: Name: Deborah Lovejo�
Title: City Clerk
THE CITY OF REXBURG,
as lessee
By:
P ted N e: Jerry Merrill
Title: Mayor