16-11C Authorizing Equipment Leases

Home Browse Search

(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 the Leased Property and the Equipment Leases constitute "public obligations" as defined in Chapter 133.01(GG), Ohio Revised Code. Section 2. That the Director of Finance acting on behalf of the City is hereby authorized to negotiate, enter into, execute, and deliver one or more Equipment Leases in the form approved by the Director of Law. The Director of Finance is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Equipment Leases (including, but not limited to, escrow agreements) as the Director of Finance deems necessary and appropriate. All other related contracts and agreements necessary and incidental to the Equipment Leases are hereby authorized. By a written instrument signed by the Director of Finance, the Director of Finance may designate specifically identified officers or employees of the City to execute and deliver agreements and documents relating to the Equipment Leases on behalf of the City. Section 3. The aggregate original principal amount of the Equipment Leases shall not exceed $6,600,000 The payments under the Equipment Leases shall include interest at the rates determined in accordance with KeyBank's proposal, but in no event to exceed an annual rate of 6 %. The Equipment Leases shall be for the term or terms selected by the Director of Finance, in accordance with KeyBank's proposal, but in no event to exceed 10 years. The Equipment Leases shall contain such options to purchase by the City as set forth in KeyBank's proposal and the Equipment Leases, and approved by the Director of Finance. Section 2. That the Clerk of Council is hereby directed to send certified copy of this Ordinance to KeyBank, Mailcode: OH-01-27-1711,127 Public Square, 17 "' Floor, Cleveland, OH 44114, attn: Kevin P. Scott. Section 3. All formal actions of this Council relating to the enactment of this Ordinance were taken in an open meeting of this Council, and the deliberations of this Council and any of its committees that resulted in those formal actions, were meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Ohio Revised Code. Section 4. That this Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the usual daily operation of the City for the reasons set forth and defined in the preamble to this Ordinance, and provided it receives the affirmative vote of at least five (5) members of Council, this Ordinance shall take effect and be in force immediately upon its adoption by the Council and approval by the Mayor otherwise, it shall take effect and be in force after the earliest period allowed by law.