HomeMy WebLinkAboutCouncil Resolutions 1844 RESOLUTION NO. `c
A RESOLUTION REPEALING RESOLUTION NO. 1836 AND AUTHORIZING A
LEASE PURCHASE AGREEMENT WITH GOVERNMENT CAPITAL
CORPORATION FOR THE PURPOSE OF FINANCING POLICE VEHICLE
Recitals:
A. 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.
B. On June 26, 2025 the City Council approved Resolution 1836 authorizing a Lease
Purchase Agreement for a new police vehicle. The Resolution contained an error in
the total cost of the Lease Purchase Agreement.
C. The purpose of this Resolution is to repeal Resolution 1836, and to authorize a Lease
Purchase Agreement in an amount not to exceed $117,122.93.
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 $117,122.93 (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.
Section 5.
That Resolution No. 1836 approved on June 26, 2026 is hereby repealed.
Passed by the Council and signed by me in authentication of its passage this 14th
Day of August 2025.
L4g
Council President if Hernandez
ATTEST:
City Recorder
Resolution No.( ; August 14, 2025