HomeMy WebLinkAbout2012-04-03-R • RESOLUTION o1019�;- V-3'K
LEASE-PURCHASE NO.001-0606565-301
DATED AS OF MARCH 8,2012
A resolution authorizing the negotiation, execution, and delivery of Lease-Purchase
Agreement No. 001-0606565-301 dated March 8,2012 (the"Lease"), in the principal count
of$214,047.15,between City of Batesville, 500 E. Main Street,Batesville,Arkansas 72501
and TCF Equipment Finance,Inc., 11100 Wayzata Boulevard Suite#801 Minnetonka,
Minnesota 55305; providing 25 Monthly lease payments of 24 @$3,431.13 followed by 1 @
$144,482.00 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 Iand
WHEREAS,Lessee is duly authorized by applicable law4o 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 BATESVILLE
ARKANSAS:
Section 1. The Mayor and 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 Batesville 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$214,047.15 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
Oobligation of Lessee or indebtedness of Lessee within the meaning of the Constitution and laws
M
• 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 calender 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 3'day of April, 2012.
Lessee: City of Batesville By: Mayor
Attest: D� ,City Clerk
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