HomeMy WebLinkAbout2009-12-01-R RESOLUTION NO. c e!60
A RESOLUTION AUTHORIZING AND APPROVING EXECUTION 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 acquisition of the Equipment described in the Lease Agreement and
Lease Supplement 1 with 1St Source Bank presented to this meeting; and
WHEREAS the City of Batesville has taken the necessary steps, including any
legal bidding requirements, under applicable law to arrange for the acquisition 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 acquisition 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 $30,000,000.00 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 day of 4 , C , 2009
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Attest:
Denise M. Johnston, City Clerk