HomeMy WebLinkAboutCouncil Resolutions 1678 RESOLUTION NO. 8
A RESOLUTION REGARDING A LEASE PURCHASE AGREEMENT
FOR THE PURPOSE OF FINANCING "PUBLIC WORKS VEHICLES
AND EQUIPMENT"
Recitals:
City of Central Point desires to enter into that certain Lease-Purchase Agreement by
and between Government Capital Corporation and the City of Central,for the purpose
of financing"Public Works Vehicles and Equipment".The City of Central Point desires
to designate this Agreement as a "qualified tax exempt obligation" of the City of
Central Point for the purposes of Section 265 (b) (3) of the Internal Revenue Code of
1986, as amended. The City of Central Point desires to designate Chris Clayton, City
Manager, as an authorized signer of the Agreement.
Therefore,the City of Central Point resolves as follows:
Section 1,, That the City of Central Point enters into a Lease Purchase Agreement with
Government Capital Corporation for the purpose of financing "Public Works Vehicles and
Equipment" in an amount not to exceed $490,000.00.
Section 2. That the Lease Purchase Agreement by and between the City of Central Point and
Government Capital Corporation is designated by the City as a "qualified tax exempt
obligation" for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as
amended.
Section 3. That the City of Central Point will designate City Manager or the City Manager
designee, as an authorized signer of the Lease Purchase Agreement by and between the City
of Central Point and Government Capital Corporation as well as any other ancillary exhibit,
certificate, or documentation needed for the Agreement.
Section 4. That should the need arise, if applicable, the City will use loan proceeds for
reimbursement of expenditures related to the Property, within the meaning of Treasury
Regulation§ 1.150-2,as promulgated under the Internal Revenue Code of 1986,as amended.
Passed by the Council and signed by me in authentication of its passage this 8th
Day of July 2021.
Mayor Hank Williams
ATTEST
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City Recorder