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RESOLUTION NO.1595
A RESOLUTION APPROVING THE EQUIPMENT LEASE/PURCHASE AGREEMENT WHEREBY U.
S.NATIONAL BANKOFWASHINGTON,NATIONAL ASSOCIATION,LEASE/PURCHASES CERTAIN
EQUIPMENTTO THE CITY OF MOSES LAKE;AND AUTHORIZINGTHE OFFICERS OF THE CITY
TO EXECUTE THE LEASE/PURCHASE AGREEMENT AND SUCH OTHER DOCUMENTS AND
CERTIFICATES AS MAY BE NECESSARY TO CARRY OUTTHE TRANSACTIONS CONTEMPLATED
BY THE AFOREMENTIONED AGREEMENT
RECITALS:
1.The Cityof Moses Lake,Washington is authorized under RCW 35.42.200 to .220,as amended,to enter
intolease purchase agreementsfor personal property without submission to thevotersofthe cityifthe
aggregate portions of lease payments over the term of the lease/purchase agreement which are
allocable to principal does not result ina total indebtedness of the cityin excess of one and one-half
percentof the taxable property of the cityas computed inaccordancewith RCW 39.36.030.
2. The city desires to lease/purchase the personal property set forth In Exhibit 3 of the Equipment
Lease/Purchase Agreement.
3. To accomplish the lease/purchasing of the equipment the city as lessee,will enter Into the Equipment
Lease/Purchase Agreement,dated February 1,1991,with U.S.National BankofWashington,National
Association,as lessor.
RESOLVED:
1.The Lease/Purchase Agreement is herebyapproved insubstantiallythe formsubmitted to and reviewed
by the Council with such changes therein as shall be approved by the representative of the city
executing said documents,said representative's execution thereof to be conclusive evidence of said
representative's approval. The term of the Lease/Purchase Agreement is five (5) years and the total
principal amount financed is $375,000.
2. The City Manager is authorized and directed to execute and deliver the Lease/Purchase Agreement on
behalf of and as the act and deed of the city.The Finance Director is authorized to attest the
Lease/Purchase Agreement.
3. The full faith,credit, and resources of the city are pledged irrevocablyfor payment of allrental payments
payable under the Lease/Purchase Agreement, and the city pledges to budget and appropriatefrom
annualtaxes and other revenues available to the citywithouta vote of the electors ofthe cityamounts
sufficient,together with other money legallyavailabletherefor, to pay from the General Fund or such
otheravailablefund all rentalpayments payable underthe Lease/Purchase Agreement as the same shall
become due.
4. The city shall,and the officersand agents of the city are hereby authorizedand directedto, take such
action,expend suchfunds and execute suchother documents,certificates,and instruments asmaybe
necessary ordesirable to carry outandcomply with the intent ofthisresolution andto carry out,comply
with,and perform theduties ofthecitywith respect tothe Lease/Purchase Agreement approved bythis
resolution.
5. The cityhas complied with the competitive bidding requirements of RCW 35.23.352.
6.All actions heretofore taken bythe city consistent with the provisions ofthis resolution areratified and
confirmed.
Adoptedby the City Council on February 12,1991.
ATTEST: