HomeMy WebLinkAboutResolution 96-16
RESOLUTION NO. 96-16
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA APPROVING A
SUPPLEMENTAL AMENDMENT TO AN EQUIPMENT LEASE/PURCHASE
AGREEMENT WITH FORD MOTOR CREDIT COMPANY AND DESIGNATING
IT AS A QUALIFIED TAX-EXEMPT OBLIGATION
WHEREAS, the City has heretofore entered into a certain
Florida Equipment Lease-Purchase Agreement (Lease No. 36895) dated
as of March 10, 1993 ("the Equipment Lease") with Ford Motor Credit
Company ("Lessor"); and
WHEREAS, the City desires to lease additional equipment
from Lessor pursuant to and subject to the terms and conditions of
the Equipment Lease.
NOW, THEREFORE, the City commission of the City of Ocoee,
Florida hereby adopts the following resolutions:
RESOLVED, that this City enter into a certain
supplemental amendment to the Equipment Lease with Lessor in
sUbstantially the form attached hereto and by this reference made
a part hereof ("the Supplemental Amendment") and that this City
lease equipment from Lessor pursuant to the terms of such Equipment
Lease and Supplemental Amendment; and that the Mayor and the City
Clerk of this City be and hereby are authorized and directed in the
name and on behalf of this City to execute the Supplemental
Amendment 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 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
requirements, under applicable law to arrange for the acquisition
of such equipment.
FURTHER RESOLVED, that the obligations of the City under
the Supplemental Amendment 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
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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
this 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 comtemplated by the
Supplemental Amendment.
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 this 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 this City.
ADOPTED this Ol~ day of ~__, 1996.
ATTEST:
APPROVED:
CITY OF OCOEE, FLORIDA
55 -pf- ;) ttuJ . ff
s. Scott Vandergri~
( SEAL)
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA.
APPROVR AS TO FO~\\~D LEGALITY
this ~ day of ~' 1996
FOLEY ~NER APPROVED BY THE OCOEE CITY
n COMMISSION AT A MEETING
O / /J ~() 4" 14-1) HELD ON THE DATE INDICATED
By: _ ~ I y~ ABOVE UNDER AGENDA ITEM
City Attorney NO. 1)/ JJ
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