2008-03-03-R - Laserfiche WebLink

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RESOLUTION NO.CO. RESOLUTION AUTHORIZING AND APPROVING EXECUTION OF AN EQUIPMENT LEASE-PURCHASE AGREEMENT WITH BANCORPSOUTH EQUIPMENT FINANCE, A DIVISION OF BANCORPSOUTH BANK FOR THE PURPOSE OF LEASE-PURCHASING CERTAIN EQUIPMENT WHEREAS, the City Council of the City of Batesville, the Governing Body(the "Governing Body") of City of Batesville, Arkansas (the "Lessee"), acting for and on the behalf of the Lessee hereby finds, determines and adjudicates as follows: 1. The Lessee desires to enter into an Equipment Lease-Purchase Agreement with the Exhibits attached thereto in substantially the same form as attached hereto as Exhibit"A" (the "Agreement") with BancorpSouth Equipment Finance, a division of BancorpSouth Band (the "Leassor") for the purpose of presently purchasing the equipment as described therein for the total cost specified therein(collectively the "Equipment") and to purchase such other equipment from time to time in the future upon appropriate approval; 2. The Lessee is authorized pursuant to "The City and County Government Development Bond and Short-Term Financing Amendment"to the Constitution of the State of Arkansas to • acquire tangible personal property with an expected useful life of more than one (1) year by Lease-Purchase agreement and pay interest thereon by contract for a term not to exceed five (5) years; 3. It is in the best interest of the residents served by Lessee that the Lessee acquire that Equipment pursuant to and in accordance with the terms of the Agreement; and 4. It is necessary for the Lessee to approve and authorize the Agreement. 5. The Lessee desires to designate the Agreement as a qualified tax-exempt obligation of Lessee for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986 (the "Code"). NOW, THEREFORE, BE IT RESOLVED by this Governing Body for and on behalf of the Lessee as follows: Section 1. The Agreement and exhibits attached thereto in substantially the same form as attached hereto as Exhibit "A"by and between the Lessor and the Lessee is hereby approved and Mayor is hereby authorized and directed to execute said Agreement on behalf of the Lessee. Section 2. The Agreement is being issued in calendar year 2008. Section 3. Neither any portion of the gross proceeds of the Agreement nor the Equipment identified to the Agreement shall be used (directly or indirectly) in a trade or business carried on by any person other than a governmental unit, except for such use as a member of the general public.