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(b) KeyBank is the lessor under the Equipment Leases in accordance with its <br />proposal. <br />(c) The City is entering into the Equipment Leases in accordance with its power <br />and authority under the Ohio Revised Code, the Ohio Constitution, and its Charter, to <br />acquire the Leased Property and the Equipment Leases constitute "public <br />obligations" as defined in Chapter 133.01(GG), Ohio Revised Code. <br />Section 2. That the Director of Finance acting on behalf of the City is hereby <br />authorized to negotiate, enter into, execute, and deliver one or more Equipment <br />Leases in the form approved by the Director of Law. The Director of Finance is <br />hereby authorized to negotiate, enter into, execute, and deliver such other documents <br />relating to the Equipment Leases (including, but not limited to, escrow agreements) <br />as the Director of Finance deems necessary and appropriate. All other related <br />contracts and agreements necessary and incidental to the Equipment Leases are <br />hereby authorized. By a written instrument signed by the Director of Finance, the <br />Director of Finance may designate specifically identified officers or employees of the <br />City to execute and deliver agreements and documents relating to the Equipment <br />Leases on behalf of the City. <br />Section 3. The aggregate original principal amount of the Equipment Leases <br />shall not exceed $4,650,000 The payments under the Equipment Leases shall include <br />interest at the rates determined in accordance with KeyBank's proposal, but in no <br />event to exceed an annual rate of 6 %. The Equipment Leases shall be for the term or <br />terms selected by the Director of Finance, in accordance with KeyBank's proposal, <br />but in no event to exceed 10 years. The Equipment Leases shall contain such options <br />to purchase by the City as set forth in KeyBank's proposal and the Equipment Leases, <br />and approved by the Director of Finance. <br />Is hereby amended to read as follows: <br />Section 1. This Council makes the following findings and determinations: <br />(a) It is appropriate and necessary to the functions and operations of the City, to <br />enter into one or more lease - purchase agreements (the "Equipment Leases ") in the <br />principal amount not exceeding $6,600,000, for the purpose of acquiring the vehicles, <br />equipment, and other personal property generally described in Exhibit A to this <br />ordinance (the "Leased Property ") and to be described more specifically in the <br />Equipment Leases. <br />(b) KeyBank is the lessor under the Equipment Leases in accordance with its <br />proposal. <br />