HomeMy WebLinkAboutResolution - 3750 STATE OF CALIFORNIA) RESOLUTION NO. 3750
COUNTY OF RIVERSIDE )
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN
JACINTO, AUTHORIZING THE EXECUTION AND DELIVERY OF
A LEASE AGREEMENT, AND AUTHORIZING CERTAIN
ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of San Jacinto (the "City") is a municipal corporation organized and
existing under and pursuant to the laws of the State of California; and
WHEREAS, the City desires to provide for financing in the approximate amount of
$911,595.25 for the acquisition of two combination cleaning vehicles for the Wastewater and
Storm Water divisions (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-
effective five year lease purchase financing arrangement at a 3.85% interest rate and attached
hereto as Exhibit A;
NOW, THEREFORE, it is resolved by the City Council of the City of San Jacinto as
follows:
SECTION 1. Lease Agreement. The City Manager, Finance Director or a designee (each,
an "Authorized Officer") is hereby authorized to enter into a Lease Agreement (the "Lease") with
the Corporation to finance the Property, subject to approval as to form by the City Attorney.
SECTION 2. Attestations. The City Clerk or other appropriate City officer is hereby
authorized and directed to attest the signature of the Authorized Officer as may be required or
appropriate in connection with the execution and delivery of the Lease.
SECTION 3. Other Actions. The Authorized Officer and other officers of the City are each
hereby authorized and directed, jointly and severally, to take any and all actions and to execute
and deliver any and all agreements, documents and certificates which they may deem
necessary or advisable in order to carry out, give effect to and comply with the terms of this
Resolution. Such actions are hereby ratified, confirmed and approved.
SECTION 4. Qualified Tax-Exempt Obligations. The Lease is hereby designated as
"qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended (the "Code"). The City, together with all subordinate
entities of the City, do not reasonably expect to issue during the calendar year in which the
Lease is issued more than $10,000,000 of obligations which it could designate as "qualified tax-
exempt obligations" under Section 265(b) of the Code.
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SECTION 5. Effect. This Resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this 5th day of March, 2019, by the following vote:
AYES: Ledezma, Lopez, Utz
NOES:
ABSENT: Kotyuk, Ruiz
ABSTAIN:
City of San Jacinto
(2 ua'�-2= �e�
Russ Utz, Mayor
ATTE
n I alton, City Clerk
APPROV D AS TO FORM:
Best Bey r LLP
Mich el J. Ma rer, City Attorney
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STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO)
CERTIFICATE
I, Angela Walton, City Clerk of the City of San Jacinto, do hereby certify that the
foregoing Resolution No. 3750 was passed, approved, and adopted at the Regular Meeting of
the San Jacinto City Council held on the 5th day of March 2019.
AYES: Ledezma, Lopez, Utz
NOES:
ABSENT: Kotyuk, Ruiz
ABSTAIN:
WITNESS MY HAND AND OFFICIAL SEAL this 51h day of March 2019.
0 4rnel t4Cityer
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Exhibit A
Payments; Quarterly in arrears 5 Years 3 . 85%
PMT Due Date Rental To To Purchase
# Payment Principal Interest Option
1 $50, 325.81 $41, 551 .71 8, 774 . 10 887, 444 .41
2 50, 325.81 41, 951 . 64 8, 374 . 17 844, 653 .74
3 50, 325.81 42, 355 . 43 7, 970.38 801, 451 .20
4 50, 325.81 42, 763 . 10 7, 562 .71 757, 832 .84
5 50, 325.81 43, 174 . 69 7, 151 . 12 713, 794 . 65
6 50, 325.81 43, 590 .25 6, 735 . 56 669, 332 . 60
7 50, 325 .81 44, 009. 80 6, 316 . 01 624, 442 . 60
8 50, 325. 81 44, 433 . 40 5, 892 . 41 579, 120 .53
9 50, 325. 81 44, 861 . 07 5, 464 . 74 533, 362 .24
10 50, 325. 81 45, 292 . 86 5, 032 . 95 487, 163 . 53
11 50, 325. 81 45, 728 . 80 4, 597 . 01 440, 520 . 15
12 50, 325. 81 46, 168. 94 4, 156. 87 393, 427 . 83
13 50, 325. 81 46, 613 .32 3, 712 . 49 345, 882 .24
14 50, 325. 81 47, 061 . 97 3, 263.84 297, 879. 04
15 50, 325.81 47, 514 . 94 2, 810.87 249, 413 .80
16 50, 325.81 47, 972 .27 2, 353.54 200, 482 .08
17 50, 325.81 48, 434 . 01 1, 891 .80 151, 079.39
18 50, 325.81 48, 900 . 18 1, 425 . 63 101, 201 .21
19 50,325. 81 49, 370 . 85 954 . 96 50, 842 . 94
20 50, 325.81 49, 846.02 479 .79 0 . 00
TOTALS: �, 006, 516.20 911 595 .25 $94, 920 . 95