Resolution - 2008-34RESOLUTION NO. 2008-34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA CALIFORNIA AUTHORIZING THE EXECUTION AND
DELIVERY OF AN EQUIPMENT SCHEDULE NO. 05, AN ESCROW
AGREEMENT, AND RELATED INSTRUMENTS, AND DETERMINING
OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the governing body of the City of West Covina ("Lessee") desires to obtain
certain equipment (the "Equipment") described in Equipment Schedule No. 05 to the Master
Lease Agreement dated October 25, 2002 (collectively, the "Lease") with SUNTRUST
EQUIPMENT FINANCE & LEASING CORPORATION, the form of which has been available
for review by the governing body of Lessee prior to this meeting; 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 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 and the Escrow Agreement with the Escrow Agent substantially in the forms
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 the Escrow
Agreement (collectively, the "Financing Documents") in the forms presented to this meeting and
incorporated in this resolution are in the best interests of Lessee for the acquisition of the
Equipment.
Section 2. The Financing Documents and the acquisition and financing of the Equipment,
in the amount of $3,050,000, under the terms and conditions as described in the Financing
Documents are hereby approved. The Director of Finance 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 Financing Documents with any
changes, insertions and omissions therein as may be approved by the officers who execute the
Financing Documents, such approval to be conclusively evidenced by such execution and
delivery of the Financing Documents. The City Clerk 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 Financing Documents 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 Financing Documents.
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 Sections 265(b)(3) of the Code.
Resolution No. 2008- 34
Page 2
APPROVED AND ADOPTED on this 3`d day of June 2008.
Mayor Sherri Lane
ATTEST:,
City Clerk,Laurie Carrico
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby certify
that the foregoing resolution was duly adopted by the City Council of the City of West Covina,
California, at a regular meeting thereof held on the 3 a day of June 2008, by the following vote of
the City Council:
AYES:
NOES:
ABSENT: Hernandez
ABSTAIN: None
APPROVED AS TO FORM:
City Attorney A old Alvarez-Glasman
Herfert, Sanderson, Touhey, Lane
None
City Clerk urie Carrico