3604_
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RESOLUTION NO.3604
A RESOLUTION AUTHORIZING THE EXECUTION OF AN EQUIPMENT LEASE
AGREEMENT WITH BANK OF THE WEST
RECITALS:
1.WHEREAS,the governing body ofLessee has determined thata trueand very real need exists for the
acquisition ofthe Equipment described in theEquipment LeaseAgreement presented to this meeting;and
2.WHEREAS,the governing body of Lessee has taken the necessary steps,including any legal bidding
requirements, underapplicable law to arrange for the acquisition ofsuch Equipment.
RESOLVED:
1.By the governing body of Lessee thatthetermsofsaid Equipment Lease Agreement are in the best
interest of Lessee forthe acquisition ofsuch Equipment,and the governing bodyof Lessee designates
andconfirmsthatthe persons indicated below are authorized toexecute and deliver the Equipment Lease
Agreement andanyrelated documents necessarytotheconsummation ofthetransactions contemplated
by the Equipment Lease Agreement.
2. Thatpursuantto Section 265 (b)3 (D)ofthe Internal Revenue Code,as amended, the governing body
ofLessee hereby designates this Equipment Lease Agreement as comprising a portion ofthe$10million
in aggregate issues designated as "qualified tax-exempt obligations"eligible for the exception to the
general rule of the Code which provides for a total disallowance of a deduction for interest expense
allocabletothe carryingoftax-exempt obligations.The governingbodyofthe Lessee furthercertifiesthat
itdoes notreasonably contemplates issuingmore than $10,000,000 of"qualified tax-exempt obligations,"
as defined in the Code,during the current fiscal year.
3.That Dave Ruffin,Chief of Police,is authorized to execute the Equipment Lease Agreement.
4.The undersigned further certifies that the above resolution has not been repealed or amended and
remains in full force and effect and further certifies that the above and foregoing Equipment Lease
Agreement is the same as presented at said meeting of the governing body of Lessee.
Adopted by the City Council on April 12,2016.
ATTEST:/?Todd Voth,Mayor
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W.Robert Taylor,Finirice Director