HomeMy WebLinkAbout05-82 - Lease for Financing & Acquisition of Computer Hardware & Software (Police Department)ZMCLOXIIgo] aZia]
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, AUTHORIZING THE
EXECUTION AND DELIVERY OF A LEASE FOR THE
FINANCING AND ACQUISITION OF COMPUTER
HARDWARE AND SOFTWARE FOR PHASE TWO OF THE
POLICE DEPARTMENT COMPUTER SYSTEM
REPLACEMENT PROJECT, AUTHORIZING CERTAIN
ACTIONS IN CONNECTION THEREWITH
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, the City of Costa (the "City") is a municipal corporation duly
organized and existing under and pursuant to the Constitution and laws of the State of
California; and
WHEREAS, the City desires to provide for financing in the approximate amount
of $3,000,000.00 for the acquisition of computer hardware/software for the Police
Department, Phase II (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a
cost-effective lease purchase financing arrangement at a 3.80% interest rate.
NOW, THEREFORE, it is resolved by the City Council of the City of Costa Mesa
as follows:
SECTION 1. Lease with Option to Purchase. The Mayor, City Manager or the
Director of Finance (each, an "Authorized Officer") is hereby authorized to enter into a
Lease with Option to Purchase (the "Lease") with the Corporation to finance the
Property, subject to approval as to form by the City Attorney.
SECTION 2. Attestations. The Clerk or other appropriate City officer are hereby
authorized and directed to attest the signature of the Authorized Officer, and to affix and
attest the seal of the City, as may be required or appropriate in connection with the
execution and delivery of the Lease.
SECTION 3. Other Actions. An Authorized Officer and other officers of the City
are each hereby authorized and directed, jointly and severally, to take any and all
actions and to execute and deliver any and all agreements, documents and certificates
which they may deem necessary or advisable in order to carry out, give effect to and
comply with the terms of this Resolution and the Lease. Such actions are hereby
ratified, confirmed and approved.
SECTION 4. Qualified Tax -Exempt Obligations. The Lease is hereby designated
as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the
Internal Revenue Code of 1986, as amended (the "Code"). The City, together with all
subordinate entities of the City, do not reasonably expect to issue during the calendar
year in which the Lease is issued more than $10,000,000 of obligations which it could
designate as "qualified tax-exempt obligations" under Section 265(b) of the Code.
SECTION 5. Reimbursement of Prior Expenditures. The City declares its official
intent to be reimbursed from the proceeds of the Lease approved hereby for a
maximum principal amount of $3,000,000.00 of expenditures occurring no earlier than
sixty days prior to the adoption of this Resolution. All reimbursed expenditures will be
capital expenditures as defined in Section 1.150-1(b) of the Federal Income Tax
Regulations.
SECTION 6. Effect. This Resolution shall take effect immediately upon its
passage.
PASSED AND ADOPTED this 6th day of December, 2005, by the following vote:
ATTEST:
d
Dep City Clerk of the City of Costa Mesa
e /
Mayor of the City of Costa Mesa
APPROVED AS TO FORM:
Ci Attorn y
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, Deputy City Clerk and ex -officio Clerk of the City Council of the City
of Costa Mesa, hereby certify that the above and foregoing Resolution No.
ns-82was duly and regularly passed and adopted by the said City Council at a
regular meeting thereof held on the 6h day of December, 2005, by the following roll call
vote:
AYES: Mansoor, Bever, Dixon, Foley, Monahan
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the
City of Costa Mesa this 7"' day of December, 2005.
De" City Clerk and ex -officio Clerk of
the City Council of the City of Costa Mesa