59-07 Chase Equipment Leases - Laserfiche WebLink

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ORDINANCE NO 59-07 Antonio, Butler, Demro, Dever, FitzGerald, Madigan, Seelie. AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least five (5) members elected to Council otherwise, it shall take effect and be in force after 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 ("Lessee"). WHEREAS, the Lessee is a political subdivision of the State in which Lessee is located (the "State") and is duly organized and existing pursuant to the constitution and laws of the State; and WHEREAS, pursuant to applicable law, the City Council of the City of Lakewood ("Governing Body") is authorized to acquire, dispose of and encumber real and personal property, including, without limitation, rights and interests in property, leases and easements necessary to the functions or operations of the Lessee; and WHEREAS, the Governing Body hereby finds and determines that the execution of one or more lease-purchase agreements ("Equipment Leases") in the principal amo?~t not exceeding the amount stated below principal Amount for the purpose of acqu~nng the property generally described in Schedule A ("Property") and to be described more specifically in the Equipment Leases is appropriate and necessary to the functions and operations of the Lessee WHEREAS; Chase Equipment Leasing Inc ("Lessor") is expected to act as the lessor under the Equipment Leases; and WHEREAS; the Lessee may pay certain capital expenditures in connection with the Property prior to its receipt of proceeds of the Equipment Leases ("Lease Purchase Proceeds") for such expenditures and such expenditures are not expected to exceed the Principal Amount; and WHEREAS, the U,S Treasury Department regulations do not allow the proceeds of a tax-exempt borrowing to be spent on working capital and the Lessee shall hereby declare its official intent to be reimbursed for any capital expenditures for Property from the Lease Purchase Proceeds; and WHEREAS, this Council by a vote of at least five (5) members elected thereto 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 I1[, SECTONS 10 and 13 of the SECOND AMENDED CHARTER 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 depadments and divisions Now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO' Section 1 That the Director of Finance ( "Authorized Representative") acting on behalf of the Lessee is hereby authorized to negotiate, enter into, execute, and deliver one or more Equipment Leases in the form approved by the Director of Law Each Authorized Representative acting on behalf of the Lessee is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Equipment Lease (including, but not limited to, escrow agreements) as the Authorized Representative deems necessary and appropriate All other related contracts and agreements necessary and incidental to the Equipment Leases are hereby authorized Section 2. By a written instrument signed by any Authorized Representative, said Authorized Representative may designate specifically identified officers or