HomeMy WebLinkAboutRes. 01.07- Water, Increase in Hook-up FeesFORM OF AUTHORIZING RESOLUTION NO. ~~~'~
BY THE COUNCIL:
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF
REXBURG, IDAHO, AUTHORIZING THE EXECUTION AND DELIVERY
OF A MUNICIPAL LEASE-PURCHASE AGREEMENT AND RELATED
DOCUMENTS WITH RESPECT TO THE BUILDING AND LAND FROM
UP&L FOR ANEW CITY OFFICE BUILDING; AUTHORIZING THE
EXECUTING 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, IDAHO (the "Lessee"), a body politic and
corporate 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 lease
property for the benefit of the Lessee and its inhabitants and to enter into contracts with respect
thereto; and
WHEREAS, the Lessee desires to purchase a building and land from UP&L to convert
into new city office building and for the Lessee to perform essential governmental functions; and
WHEREAS, in order to fund such property and improvements, the Lessee proposes to
enter into that certain Municipal Lease Purchase Agreement (the "Agreement") and related
documents provided in the Agreement with Wells Fargo Brokerage Services, LLC (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 Agreement and the related
documents as provided in the Agreement for the funding to be therein described on the terms and
conditions therein provided;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED by the governing body
of THE CITY OF REXBURG, IDAHO as follows:
Section 1. Approval of Documents.
The form, terms and provisions of the Agreement and the related documents as provided
in the Agreement are hereby approved in substantially the forms presented at this meetin ,with
such insertions, omissions and changes as shall be approved by the ~ of the
Lessee, the execution of such documents being conclusive evidence of suc approval; and the
of the Lessee is hereby authorized and directed to execute the
Agreement an all related documents and to deliver the Agreement and all related documents
FORM OF AUTHORIZING RESOLUTION -PAGE 1
(including Exhibits) to the respective parties thereto.
Section 2. Other Actions Authorized.
The officers and employees of the Lessee shall take all action necessary or reasonably
required by the parties to the Agreement and all related documents to carry out, give effect to and
consummate the transactions contemplated thereby (including without limitation the execution
and delivery of Acceptance Certificates, IRS Forms and any tax certificate and agreement and all
other documents as contemplated in the Agreement) 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 Agreement.
Section 3. No General Liability.
Nothing contained in this Resolution, the Agreement any related document or any other
Instrument shall be construed with respect to the Lessee as incurring a pecuniary liability or
charge upon the general credit of the Lessee or against its taxing power, nor shall the breach of
any agreement contained in this Resolution, the Agreement, any related documents or any other
instrument or document executed in connection therewith impose any pecuniary liability upon
the Lessee or any charge upon its general credit or against its taxing power, except to the extent
that the rental payments or purchase payments payable under the Agreement are special limited
obligations of the Lessee as provided in the Agreement.
Section 4. Appointment of Authorized Lessee Representatives.
The ~ G and of the Lessee
are each hereby designat d to act as authorized represent fives of the Le ee for purposes of the
Agreement and all related documents until such time as the governing body of the Lessee shall
designate any other or different authorized representative for purposes of the Agreement and all
related documents.
Section 5. Qualified Tax-Exempt Obligation.
The Lessee hereby represents that the Lessee (including all "subordinate entities" of the
Lessee within the meaning of Section 265(b)(3)(E) of the Code) reasonably anticipates not to
issue in the 2001 calendar year obligations bearing interest exempt from federal income taxation
under Section 103 of the Code (other than "private activity bonds" as defined in Section 141 of
the Code) in an amount greater than $10,000,000.00. Pursuant to Section 265(b)(3) of the Code,
the Lessee hereby specifically designates the obligations under the Agreement as a "qualified
tax-exempt obligation" with the meaning of Section 265(b)(3)(B) of the Code.
Section 6. 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,
FORM OF AUTHORIZING RESOLUTION -PAGE 2
or provision shall not affect any of the remaining provisions of this Resolution.
Section 7. Repealer.
All orders and resolutions or parts thereof, inconsistent herewith, are hereby
repealed to the extent only of such inconsistency. This repealer shall not be construed as
reviving any order, resolution or ordinance or part thereof.
Section 8. Effective Date.
This Resolution shall be effective immediately upon its approval and adoption.
ADOPTED AND APPROVED by the governing body of the Lessee thi ~f~i day of
~ ~ '~ ~~ , 2001.
LESSEE: THE CITY OF REXBURG, IDAHO
By: ,~-
Pri Name: ,ALL ~ ~ ~ lC Tl~~ ~' ~
Title: ~u,~;~,~
ATTEST:
By: ~ ~~ 0
Printed Name: ~,~l,C j//~1 ltJf~S !J ~%~
Title: ~,~,f~~ ~~~,
s
APPROVED as to form:
r
ttorney
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