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ORDINANCE NO. 79-08 BY: Antonio, Bullock, Butler, Dever, <br />Madigan, Powers, Summers. <br />AN ORDINANCE to take effect immediately provided it receives the affirmative <br />vote of at least five (5) members elected to Council otherwise, it shall take effect and be in <br />force after the earliest period allowed by law, to authorize the Director of Finance to enter <br />into Equipment Leases in forms approved by the Director of Law on behalf of the City of <br />Lakewood ("Lessee"). <br />WHEREAS, the Lessee is a political subdivision of the State in which Lessee is <br />located (the "State") and is duly organized and existing pursuant to the constitution and <br />laws of the State: and <br />WHEREAS, pursuant to applicable law, the City Council of the City of Lakewood <br />("Governing Body") is authorized to acquire, dispose of and encumber real and personal <br />property, including, without limitation, rights and interests in property, leases and <br />easements necessary to the functions or operations of the Lessee; and <br />WHEREAS, the Governing Body hereby finds and determines that the execution of <br />one or more lease-purchase agreements ("Equipment Leases") in the principal amount not <br />exceeding the amount stated below principal Amount") for the purpose of acquiring the <br />property generally described in Exhibit A ("Property")and to be described more specifically <br />in the Equipment Leases is appropriate and necessary to the functions and operations of <br />the Lessee. <br />WHEREAS, SunTrust Equipment Finance & Leasing Corp. ("Lessor") is expected to <br />act as the lessor under the Equipment Leases; and <br />WHEREAS, the Lessee may pay certain capital expenditures in connection with the <br />Property prior to its receipt of proceeds of the Equipment Leases ("Lease Purchase <br />Proceeds") for such expenditures and such expenditures are not expected to exceed the <br />Principal Amount; and <br />WHEREAS, the U.S. Treasury Department regulations do not allowthe proceeds of <br />atax-exempt borrowing to be spent on working capital and the Lessee shall hereby declare <br />its official intent to be reimbursed for any capital expenditures for Property from the Lease <br />Purchase Proceeds; and <br />