HomeMy WebLinkAbout2011-08-01-R RESOLUTION NO. 050 1 —GL770 Ll<�
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Date of Agreement April 16, 2009
A RESOLUTION AUTHORIZING AND APPROVING THE EXTENSION OF AN
EQUIPMENT LEASE-PURCHASE AGREEMENT WITH 1ST SOURCE BANK
FOR THE PURPOSE OF LEASE-PURCHASING CERTAIN EQUIPMENT
WHEREAS the City of Batesville has determined that a true and very real need
exists for the extension of the Equipment described in the Lease Agreement and
Lease Supplement 2 with 1St Source Bank presented to this meeting; and
WHEREAS the City of Batesville has taken the necessary steps under applicable
law to arrange for the extension of such Equipment.
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of
Batesville, Arkansas that the terms of said Lease Agreement are in the best
interests of the City of Batesville for the extension of such Equipment, and the
City of Batesville designates and confirms the Mayor and City Clerk to execute
and deliver, and to attest respectively, the Lease Agreement and any related
documents necessary to the consummation of the transactions contemplated by
the Lease Agreement.
FURTHERMORE BE IT RESOLVED, that the City Council of the City of
Batesville, Arkansas hereby represents that the reasonable anticipated amount
of qualified tax-exempt obligations which have been and will be issued by the
City of Batesville does not exceed $10,000,000.00 for the calendar year within
which this Lease Agreement is to be "qualified tax-exempt obligation" pursuant to
Section 265 (b) (3) of the Internal Revenue Code.
Adopted this 9th day of August, 2011
Rick Elumbeugh, Nfayor
Attest:
Denise M. Johnston, C y Clerk
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