HomeMy WebLinkAbout2012-01-03-R RESOLUTION NO. 1
A RESOLUTION AUTHORIZING THE
MAYOR AND CITY CLERK
OF BATESVILLE, ARKANSAS, TO ENTER
INTO AN ADMINISTRATIVE AGREEMENT
WITH THE WHITE RIVER PLANNING AND
DEVELOPMENT DISTRICT, INC.
WHEREAS, The City of Batesville, Arkansas, anticipates funding from the Arkansas
Economic Development Commission(AEDC)for a disaster project to construct a new
Workforce Training Center; and
WHEREAS, Batesville,Arkansas requires assistance to identify and implement the
regulations pertaining to the said grant; and
WHEREAS, it will be necessary for the Mayor and City Clerk to act in connection with
the Administrative Agreement;
NOW,THEREFORE, IT IS RESOLVED that the City Council of Batesville,Arkansas
hereby declares that the Mayor and City Clerk be authorized to execute an agreement with the
White River Planning and Development District, Inc.,to provide administrative services to the
City. Such costs and contract formats to be pre-approved by AEDC and all such costs to be paid
by AEDC from the grant.
ENTERED this day of 92012.
Mayor
City Clerk
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RESOLUTION #2012-01-04-R
LEASE-PURCHASE NO. 001-0606565-300
DATED AS OF January 18, 2012
A resolution authorizing the negotiation, execution, and delivery of Lease-
Purchase Agreement No. 001-0606565-300 dated January 18, 2012 (the
"Lease"), in the principal amount of $248,006.00, between City of Batesville,
500 E. Main Street, Batesville, AR 72501 and TCF Equipment Finance, Inc.,
11100 Wayzata Blvd Suite #801 Minnetonka, Minnesota 55305; providing 24
Monthly lease payments of $4,226.30 and Monthly lease payment of
$161,204.00 each from legally available funds; and prescribing other details in
connection therewith.
WHEREAS, City of Batesville, (the "Lessee") is a Municipalities duly
organized and existing pursuant to the Constitution and laws of the State of
Arkansas and
WHEREAS, Lessee is duly authorized by applicable law to acquire such items of
personal property as are needed to carry out its governmental functions and to
acquire such personal property by entering into lease-purchase agreements,
and
WHEREAS, Lessee hereby finds and determines that the execution of a Lease
for the purpose of leasing with the option to purchase the property designated and
set forth in Exhibit A to the Lease is appropriate and necessary to the function and
operations of the Lessee; and
WHEREAS, TCF Equipment Finance, Inc., Minnetonka, Minnesota (the "Lessor"),
duly organized, existing, and in good standing under the laws of the State of
Minnesota, shall act as Lessor under said Lease; and
WHEREAS, the Lease shall not constitute a general obligation indebtedness of
the Lessee within the meaning of the Constitution and laws of the State;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BATESVILLE, ARKANSAS
Section 1. The Mayor or the City Clerk acting on behalf of Lessee, are hereby
authorized to negotiate, enter into, execute, and deliver the Lease and related
documents in substantially the form as presently before the City Council,
which Lease is available for public inspection at the offices of Lessee.
Section 2. The Lease shall be in the principal amount of $248,006.00 bearing
interest as set forth in Exhibit C of the Lease; said Lease to contain an option to
purchase by the Lessee as therein set forth.
Section 3. The Lessee's obligations under the Lease shall be expressly subject
to annual appropriation by Lessee; and such obligations under the Lease shall
not constitute a general obligation of Lessee or indebtedness of Lessee within the
meaning of the Constitution and laws of the State of Arkansas.
Section 4. All other related contracts and agreements necessary and incidental to
the Lease are hereby authorized.
Section 5. Lessee reasonably anticipates to issue not more than $10,000,000 of
tax-exempt obligations (other than "private activity bonds" which are not
"qualified 501(c)(3) bonds") during the current calendar year and hereby
designates the Lease as a "qualified tax-exempt obligation" for purposes of
Section 265(b) of the Internal Revenue Code of 1986, as amended.
Section 6. This resolution shall take effect immediately upon its
adoption and approval.
ADOPTED AND APPROVED this 24th day of January, 2012.
APPROVED:
Rick Elumbaugh, Mayor
ATTEST:
Denise M. Johnston, Ci y Clerk