3205u RESOLUTION NO.3205
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER
EQUIPMENT LEASE/PURCHASE AGREEMENT,AND RELATED INSTRUMENTS,AND
DETERMINING OTHER MATTERS IN CONNECTION THEREWITH
Recitals:
1.The governing body of the City of Moses Lake has determined that a true and very real
need exists for the equipment described in the proposed Master Equipment
Lease/Purchase Agreement with Pinnacle Public Finance presented at this meeting.
2.Lessee has taken the necessary steps,including those relating to any applicable legal
bidding requirements,to arrange for the acquisition ofthe equipment.
3.Lessee proposes to enter into the agreement with Pinnacle Public Finance substantially in
the form presented at this meeting.
4.Lessee reasonably anticipates that it and its subordinate entities willnot issue tax-exempt
obligations in the face amount of more than $10,000,000 during the current calendar year.
Resolved:
1.It is hereby found and determined that the terms of the agreement in the form presented
at this meeting and incorporated in this resolution are in the best interests of the City of
Moses Lake for the acquisition of the equipment.
2.The Financing Documents and the acquisition and financing of the equipment under the
terms and conditions as described inthe Financing Documents are hereby approved.The
CityManagerofthe Cityof Moses Lake and any other officerofthe Cityof Moses Lake who
shall have powerto execute contracts on behalf of the Cityof Moses Lake be, and each of
them hereby is, authorized to execute,acknowledge and deliver the agreement with any
changes,insertions and omissions therein as may be approved by the officers who execute
the agreement,such approval to be conclusively evidenced by such execution and delivery
of the agreement.The CityManagerof the Cityof Moses Lake and any other officerofthe
City of Moses Lake who shall have power to do so be, and each of them hereby is,
authorized to affix the officialseal of the City of Moses Lake to the agreement and attest
the same.
3. The properofficers of the Cityof Moses Lake be, and each of them hereby is, authorized
and directed to execute and deliverany and all papers, instruments, opinions, certificates,
affidavits and other documents and to do or cause to be done any and all other acts and
things necessary or proper forcarrying out this resolution and the agreement.
4. Pursuantto Section 265(b) of the Internal Revenue Code of 1986,as amended,the City
of Moses Lake hereby specifically designates the Lease as a "qualified tax-exempt
obligation"for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986,as
amended."
5. 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 within Master{,Equipment Lease/Purchase Agreement is the same as presented at said meeting of the
\'City Council of the City of Moses Lake.
RESOLUTION NO.3205
Page 2 January 25,2011
6.The City declares its intent to be reimbursed for any temporary advances from the
appropriate debt service fund to pay for any part of the equipment from proceeds of the
lease financing.
Adopted by the City Council on January 25,2011.
Joh-L^ne,Mayor
ATTEST:
mjL
Ronald R.Cone,Finance Director
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