HomeMy WebLinkAboutCC RESO 95-124RESOLUTION NO. 95-124
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE A LEASE -PURCHASE
AGREEMENT WITH GOVERNMENT CAPITAL CORPORATION, AND
AN ESCROW AGREEMENT WITH GOVERNMENT CAPITAL
CORPORATION AND CENTRAL BANK AND TRUST COMPANY,
AND TO EXECUTE OTHER RELATED DOCUMENTS RELATING TO
THE PROCUREMENT OF A 75' QUINT FIRE TRUCK
WHEREAS, the City Council of the City of National City has determined to
purchase one 75' Quint Fire Truck from Central States Fire Apparatus, Inc.; and
WHEREAS, the total cost of said equipment is $357,353.00, with $160,000.00
being paid with CDBG funds; and
WHEREAS, it is proposed that the remaining $197,353.00 cost of the equipment
be paid pursuant to a Lease -Purchase agreement with Government Capital Corporation; and
WHEREAS, in order to enter into said Lease -Purchase agreement, it is also
necessary to execute an Escrow Agreement with Government Capital Corporation and Central
Bank and Trust Company, and to execute other related documents.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City that the Mayor is hereby authorized to execute a Lease Purchase agreement with
Government Capital Corporation, and to execute an Escrow Agreement with Government Capital
Corporation and Central Bank and Trust Company, and to execute such other related documents
necessary to complete the subject transaction.
BE IT FURTHER RESOLVED that the Lease -Purchase agreement dated as of
August 1, 1995, by and between the City and Government Capital Corporation is designated by
the City as a "qualified tax exempt obligation" for the purposes of Section 265((b)(3) of the
Internal Revenue Code of 1986, as amended.
PASSED and ADOPTED this 1st day of August, 1995.
ATTEST:
Lodi Anne Peoples, C'ty Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney
George H. W`aters, Mayor