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• C Lo 0 T-03-' 7495 70570-003 <br /> RESOLUTION AUTHORIZING AND APPROVING EXECUTION <br /> OF AN EQUIPMENT LEASE-PURCHASE AGREEMENT WITH <br /> BANCORPSOUTH EQUIPMENT FINANCE,A DIVISION OF BANCORPSOUTH <br /> BANK <br /> FOR THE PURPOSE OF LEASE-PURCHASING CERTAIN EQUIPMENT <br /> U IEREAS,the The City Council of The City of Batesville, Arkansas, the Governing <br /> Body (the "Governing Body") of City of Batesville, Arkansas (the "Lessee"), acting for and on <br /> the behalf of the Lessee hereby finds,determines and adjudicates as follows: <br /> 1. The Lessee desires to enter into an Equipment Lease-Purchase Agreement with the <br /> Exhibits attached thereto in substantially the same form as attached hereto as Exhibit "A" (the <br /> "Agreement") with BancorpSouth Equipment Finance, a division of BancorpSouth Bank (the <br /> "Lessor")far the purpose of presently purchasing the equipment as described therein for the total <br /> cost specified therein (collectively the "Equipment") and to purchase such other equipment from <br /> time to time in the future upon appropriate approval; <br /> 2. The Lessee is authorized pursuant to "The City and County Government Development <br /> Bond and Short-Terra Financing Amendment" to the Constitution of the State of Arkansas to <br /> acquire tangible personal property with an expected useful life of more than one (1) year by <br /> Lease-Purchase agreement and pay interest thereon by contract for a tenn not to exceed five(5) <br /> years; <br /> 3. It is in the best interest of the residents served by Lessee that the Lessee acquire the <br /> Equipment pursuant to and in accordance with the terms of the Agreement;and <br /> 4. It is necessary for the Lessee to approve and authorize the Agreement. <br /> 5. The Lessee desires to designate the Agreement as a qualified tax-exempt obligation of <br /> Lessee for purposes of Section 265(b)(3)of the Internal Revenue Code of 1986(the"Code"). <br /> NOW.THEREFORE, BE IT RESOLVED by this Governing Body for and on behalf of the <br /> Lessee as follows: <br /> Section 1. The Agreement and Exhibits attached thereto in substantially the same form as <br /> attached hereto as Exhibit"A" by and between the Lessor and the Lessee is hereby approved and <br /> (the "Authorized Officer") is hereby authorized and directed to execute <br /> said Agree ent on behalf of the Lessee. <br /> Section 2.The Agreement is being issued in calendar year CZ0 <br /> Section 3. Neither any portion of the gross proceeds of the Agreement nor the Equipment <br /> identified to the Agreement shall be used (directly or indirectly) in a trade or business carried on <br /> by any person other than a governmental unit, except for such use as a member of the general <br /> public. <br /> Section 4. No portion of the rental payments identified in the Agreement (a) is secured, <br /> directly or indirectly, by property used or to be used in a trade or business carried on by a person <br /> other than a governmental unit, except for such use as a member of the general public, or by <br /> payments in respect of such property; or (b) is to be derived from payments (whether or not to <br />