HomeMy WebLinkAboutVII(G2) Resolution No. 98-06, Supplemental Amendment No.2 Agenda 4-7-98
Item VII G 2
RESOLUTION NO. 98- 06
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA APPROVING
SUPPLEMENTAL AMENDMENT NO. 2 TO A MASTER LEASE/PURCHASE
AGREEMENT WITH SUNTRUST BANK, CENTRAL FLORIDA, NATIONAL
ASSOCIATION AND DESIGNATING IT AS A QUALIFIED TAX-EXEMPT
OBLIGATION
WHEREAS, the City has heretofore entered into a certain
Master Lease-Purchase Agreement dated as of October 27, 1997 (the
"Lease" ) with .SunTrust Bank, Central Florida, National Association
( "Lessor") ; and
WHEREAS, the City desires to lease additional equipment
from Lessor pursuant to and subject to the 'terms and conditions of
the Lease.
•
NOW, THEREFORE, the City Commission of the City of Ocoee,
Florida hereby adopts the following resolutions :
RESOLVED, that the City enter into a certain supplemental
amendment to the Lease with Lessor in substantially the form
attached hereto and by this reference made a part hereof (the
"Supplemental Amendment No. 2") and that the City lease Equipment
from Lessor pursuant to the terms of such Lease and Supplemental
Amendment No. 2 ; and that the Mayor and the City Clerk of the City
be and hereby are authorized and directed in the name and on behalf
of the City to execute the Supplemental Amendment No. 2 with Lessor
in substantially the form presented at this meeting, with such
changes therein and additions thereto as shall be approved by such
officers who execute the same, and such execution shall be
conclusive evidence that each such document so executed has been
authorized and approved by this vote.
FURTHER RESOLVED, that the City Commission of the City of
Ocoee, Florida finds that a true and very real need exists for the
acquisition of the Equipment described in the Supplemental
Amendment No. 2 and that such acquisition is in the best interests
of the City of Ocoee .
FURTHER RESOLVED, that the City Commission of the City of
Ocoee, Florida finds that the City of Ocoee has taken the necessary
steps, including compliance with any applicable legal bidding
requirement, under applicable law to arrange for the acquisition of
such equipment .
FURTHER RESOLVED, that the obligations of the City under
the Supplemental Amendment No. 2 be hereby designated, pursuant to
Section 265 (b) (3) (D) of the Internal Revenue Code of 1986, as
amended (hereinafter called the "Code") , as comprising a portion of
the $10, 000, 000 . 00 in aggregate issues which may be designated as
"Qualified Tax-Exempt Obligations" eligible for the exception to
the general rule of the Code which provides for a total
disallowance of a deduction for interest expense allocable to the
carrying of tax-exempt obligations.
FURTHER RESOLVED, that the Mayor and the City Clerk of
the City be and hereby are authorized to execute and deliver such
other instruments and take such other actions as they shall deem
necessary and desirable for the purpose of carrying out these
resolutions and consummating the transactions contemplated by the
Supplemental Amendment No. 2 .
9
FURTHER RESOLVED, that the foregoing resolutions shall
remain in full force and effect until written notice of their
amendment or rescission shall have been received by Lessor and that
receipt of such notice shall not affect any action taken by Lessor
prior thereto.
FURTHER RESOLVED, that the Clerk of the City be and
hereby is authorized and directed to certify to the Lessor the
foregoing resolutions and that the provisions thereof are in
conformity with the charter of the City.
PASSED and ADOPTED, this day of April, 1998 .
ATTEST: APPROVED:
•
Jean Grafton, City Clerk S. Scott Vandergrift, Mayor
(SEAL)
FOR USE AND RELIANCE ONLY BY • APPROVED BY THE OCOEE
THE CITY OF OCOEE, FLORIDA. CITY COMMISSION AT A
APPROVED AS TO FORM AND LEGALITY MEETING HELD ON THE
this day of , 1998. DATE INDICATED ABOVE
UNDER AGENDA ITEM NO.
FOLEY & LARDNER .
By:
City Attorney
C:\W P51\DOGS\SMC\OCOEE\RFSOLIJTI.214/1/98I 18W 014l SMC:gm