HomeMy WebLinkAboutCouncil Resolutions 1836 RESOLUTION NO. I t-)*i
A RESOLUTION AUTHORIZING A LEASE PURCHASE AGREEMENT WITH
GOVERNMENT CAPITAL CORPORATION FOR THE PURPOSE OF
FINANCING POLICE VEHICLE
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 Point, for the purpose of
financing a Police Vehicle.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 is authorized to enter into a Lease Purchase Agreement with
Government Capital Corporation for the purpose of financing Police Vehicles in an amount
not to exceed $102,152.24 (equipment cost+ 10% contingency).
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's 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.
Resolution No.1'- ; Oetober-K-2O24 21p, 2 C2
Passed by the Council and signed by me in authentication of its passage this 26th
Day of June 2025.
Council President Robf Hernandez
ATTEST:
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City Recorder
Resolution No. 1?3L ; Qetober 1-0 20224 ionsz ,2Lc, 2C-2 S