16-11B to Amend 16-11A Equipment Leases

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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 ofthe 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 ofthe Equipment Leases shallnot exceed $4,100,000. 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. Is hereby amended to read as follows: Section 1. This Council makes the following findings and determinations (a) It is appropriate and necessary to the functions and operations ofthe City, to enter into one or more lease-purchase agreements (the "Equipment Leases") in the principal amount not exceeding $4,650,000, 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 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 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 La~v. 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 Ciry to execute and deliver agreements and documents relating to the Equipment Leases on behalf of the City. Section 3. The aggregate original principal amount ofthe Equipment Leases shall not exceed $4,650,000 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