1323RESOLUTION NO.1323
A RESOLUTION REGARDING THE LEASING OF POLICE VEHICLES
RECITALS;
1.The City Council of the City of Moses Lake has determined that a true and
very real need exists for the acquisition of the equipment described in
the Municipal Lease and Option Agreement presented to the City Council.
2.The City Council of the City of Moses Lake has taken the necessary steps,
including any legal binding requirements,under applicable law,to ar
range for the acquisition of such equipment.
RESOLVED:
1.The City Council of the City of Moses Lake has determined that the terms
of said Municipal Lease and Option Agreement are in the best interests of
the City of Moses Lake for the acquisition of such equipment and the City
of Moses Lake designates and confirms the following persons to execute
and deliver,and to witness (or attest)respectively,the Security
Pacific Merchant Banking Group Municipal Lease and Option Agreement and
any related documents necessary to the consummation of the transactions
completed by the Municipal Lease and Option Agreement.
2.The City of Moses Lake certifies that it does reasonably anticipate that
not more than $10 million of "qualified tax exempt obligations"(as the
term is defined in Section 265(b)(3)(D)of the Internal Revenue Code,as
amended by the Tax Reform Act of 1986,(the "Code"))will be issued it
and any subordinate entities during 1987.
3.The City of Moses Lake agrees that pursuant to tax legislation,and in
according with Section 265(b)(3)(D)of the Code it will by resolution
designate this issue as comprising a portion of the $10 million in aggre
gate issues to be designated as "qualified tax exempt obligations"
eligible for the exception contained in Section 265(b)(3)(D)of the Code
allowing for an exception to the general rule of the Code which provides
for a total disallowance of a deduction for interest expense allocable to
the carrying of tax exempt obligations.
4.Joseph K.Gavinski,City Manager,is authorized to execute the Municipal
Lease and Option Agreement and Walter Fry,Finance Director,is au
thorized to attest or witness on the Municipal Lease and Option Agreement
the signature of Joseph K.Gavinski.
Adopted by the City Council on May 12,1986
ATTEST/
City Clerk