16-11 Enter equipment leases w/ Key Bank

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 4/4/11. ORDINANCE NO. 16-11 By: Anderson,. Bullock, Juris, Madigan., Nowlin, Powers, Smith. AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least five (5) members of Council, or otherwise, to take effect and be in force at the earliest period allowed by law, to authorize the Director of Finance to enter into Equipment Leases in forms approved by the Director of Law on behalf of the City of Lakewood ("City"). WHEREAS, the City is an Ohio political subdivision and is organized and existing under the Constitution and laws of Ohio and its Charter; and WHEREAS, in accordance with applicable law, including without limitation its home rule authority under Ohio Constitution Article XVIII, the City has the power to acquire personal property, including without limitation, acquisition by lease-purchase agreement; and WHEREAS, the City has requested proposals for the lease-purchase acquisition of certain property, and the authorized representatives of the City have determined that the proposal of KeyBank, Key Government Finance, Inc., its affiliates, successors, or assigns (together, "KeyBank") is the most resporisive and responsible proposal; WHEREAS, this Council by a vote of at least five (5) members thereof determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTONS 10 and 13 of the SECOND AMENDED CI~ARTER OF THE CITY OF LAKEWOOD, and that' it is necessary for the immediate preservation of the public property, health and safety, .and to provide for the usual daily operation of municipal departments in that these equipment leases are necessary for the operation of various departments and divisions. Now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. This Council makes the following findings and determinations: (a) It is appropriate and necessary to the functions and operations of the City, to enter into one or more lease-purchase agreements (the "Equipment Leases") in the principal amount not exceeding $3,500,000, for the purpose of acquiring the vehicles, equipment, and other personal property generally described in Exhibit A to this ordinance (the "Leased Property") and to be described more specifically in the Equipment Leases. (b) KeyBank is expected to be the lessor under the Equipment Leases in accordance with its proposal. (c) The City is entering into the Equipment Leases in accordance with its power and authority under the Ohio Revised Code, the Ohio Constitution, and its Charter, to acquire