HomeMy WebLinkAboutResolution 2016-10 05/02/2016 RESOLUTION No. 2016-10
A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER INTO A 5-YEAR,
TAX EMEMPT,LEASE PURCHASE AGREEMENT WITH PNC EQUIPMENT FINANCE
TO FINANCE THE PURCHASE OF A NEW FIRE PUMPER
Municipality/Lessee: City of Springfield
Principal Amount Expected To Be Financed: $593,108.00
WHEREAS, the Lessee is a municipal corporation of the State in which Municipality is located (the
"State") and is duly organized and existing pursuant it's home rule charter.
WHEREAS, pursuant to applicable law, the governing body of the Municipality ("Governing Body") is
authorized to acquire, dispose of and encumber real and personal property, including, without limitation,
rights and interest in property, leases and easements necessary to the functions or operations of the
Municipality.
WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Master
Lease-Purchase Agreements ("Leases") in the principal amount not exceeding the amount stated above
for the purpose of acquiring the property ("Equipment") to be described in the Leases is appropriate and
necessary to the functions and operations of the Municipality.
WHEREAS, PNC Equipment Finance, LLC ("Lessor") shall act as Lessor under said Leases.
NOW, THEREFORE, Be It Ordained by the Governing Body of the Municipality:
Section 1. Either one of the City Manager Gino Grimaldi OR designee (each an "Authorized
Representative") acting on behalf of the Municipality, is hereby authorized to negotiate, enter into,
execute, and deliver one or more Leases in substantially the form set forth in the document presently
before the Governing Body, which document is available for public inspection at the office of the
Municipality. Each Authorized Representative acting on behalf of the Municipality is hereby authorized to
negotiate, enter into, execute, and deliver such other documents relating to the Lease as the Authorized
Representative deems necessary and appropriate. All other related contracts and agreements necessary
and incidental to the Leases are hereby authorized.
Section 2. By a written instrument signed by any Authorized Representative, said Authorized
Representative may designate specifically identified officers or employees of the Municipality to execute
and deliver agreements and documents relating to the Leases on behalf of the Municipality.
Section 3. The aggregate original principal amount of the Leases shall not exceed the amount stated
above and shall bear interest as set forth in the Leases and the Leases shall contain such options to
purchase by the Municipality as set forth therein.
Section 4. The Municipality's obligations under the Leases shall be subject to annual appropriation or
renewal by the Governing Body as set forth in each Lease and the Municipality's obligations under the
Leases shall not constitute general obligations of the Municipality or indebtedness under the Constitution
or laws of the State.
Section 5. RESERVED.
Section 6. This resolution shall take effect immediately upon its adoption by the City Council and
approval by the Mayor.
Adopted by the Council of the City of Springfield by a vote of 6 for and 0 against
The undersigned Secretary/Clerk of the above-named Municipality hereby certifies and attests that the
undersigned has access to the official records of the Governing Body of the Municipality, that the
foregoing resolutions were duly adopted by said Governing Body of the Municipality at a meeting of said
Governing Body and that such resolutions have not been amended or altered and are in full force and
effect on the date stated below.
Mayor
ATTEST:
City Recorder
Print Name: t4 ri w -so
Date: ��4'Z-aO /b
REVIEWED&APPROVED
AS TO FORM
DATE: 2c>j 16
OFFICE OF CITY ATTORNEY
RESOLUTION NO. 2016-10