Resolution - 8255RESOLUTION NO. 8255
A RESOLUTION OF THE CITY COU14CIL OF THE CITY OF WEST
• COVINA APPROVING THE LEASE/PURCHASE AGREEMENT WITH GE
CAPITAL FLEET SERVICES FOR THE FINANCING OF THE ACQUISITION
OF TWO FIRE PUMPER TRUCKS.
•WHEREAS,
the City
of West Covina has committed
to purchase two
fire pumper trucks
for aiding
in providing fire suppression
services to its
•
citizens; and
WHEREAS,
the City
of West Covina desires to finance
the acquisition
of two fire pumper
trucks by
using the lease/purchasing method
of financing.
NOW, THEREFORE, BE
IT RESOLVED by the City of West Covina, California
as follows:
Section 1. The Mayor is authorized to execute the Lease/Purchase
Agreement between the City of West Covina and GE Capital Fleet Services for
the financing of the acquisition of two fire pumper trucks.
Section 2. Pursuant to Section 265(b)(3)(B)(ii) of the Internal
Revenue Code of 1986 (the Code), the City of West Covina hereby specifically
designates the lease as a "qualified tax-exempt obligation" for purposes
of Section 265(b)(3) of the Code. In compliance with Section 265(b)(3)(D)
of the Code, the City of West Covina hereby represents, that the issues will
not designate more than $10,000,000 of obligations issued by the City of
West Covina in the calendar year during which the lease is executed and
delivered as such "qualified tax-exempt obligation."
Section 3. In compliance with the requirements of Section
265(b)(3)(C) of the Code, the City of West Covina hereby represents that
the issues (including all "subordinate entities" of the City of West Covina
within the meaning of Section 265(b)(2)(E) of the Code) reasonably anticipates
not to issue in the calendar year during which the lease is executed and
delivered, 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.
Section 4. Lease with Option to Purchase Agreement, a copy of
which is attached as Exhibit A, is hereby adopted and approved in its entirety.
Section 5. The City Clerk shall certify to the adoption of this
resolution and thenceforth and thereafter the same shall be in full force
and effect.
APPROVED AND ADOPTED THIS 24th day of October, 1988.
. 6layor
ATTEST:
V l�
City Clerk
•
0
RESOLUTION NO. 8255
•
I HEREBY CERTIFY that the
.duly adopted by the City Council of
meeting thereof held on the 24th day
of the Council:
• AYES: COUNCILMEMBERS: Tarozzi, N
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
APPROVED AS TO FORM:
28/70firetrkreso
0
•
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October 24, 1988
going Resolution No. 8255 was
City of West Covina at a regular
October 1988, by the following vote
, Lewis, Bacon, Manners
ty Cler