(A resolution authorizing execution of police vehicles lease purchase documents)
WHEREAS, the City of Hood River is a municipal corporation in the State of Oregon (the “State”) and exists pursuant to the Constitution and laws of the State;
WHEREAS, pursuant to applicable law, the City Council 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 City;
WHEREAS, the City Council previously approved the purchase of two Ford Crown Victoria police vehicles (“Police Vehicles”) in the total amount of approximately $70,000, to be financed pursuant to a lease- purchase agreement;
WHEREAS, it is necessary to execute the lease-purchase agreement in form acceptable to the City Attorney in order to complete the purchase of the Police Vehicles;
NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:
1. Either Steve Everroad, Finance Director, or Bruce Ludwig, Police Chief, (each an “Authorized Representative”) is hereby authorized to negotiate, enter into, execute, and deliver the lease-purchase agreement, including all other related documents and agreements, in substantially the form presented under cover of letter dated April 13, 2007, from Auto Leasing Specialists, LLC, as Lessor, including all attachments and all other related documents and agreements (collectively, the “Lease”), as approved by the City Attorney.
2. The aggregate original principal amount of the Lease shall not exceed the amount of $69,579.00 and shall bear interest at the rate set forth in the Lease and the Lease shall contain such options to purchase by the City as set forth therein.
3. The City’s obligations under the Lease is subject to annual appropriation or renewal by the City Council as set forth in the Lease, and the City’s obligations under the Lease are not general obligations of the City or indebtedness under the Constitution or laws of the State.
4. As to the Lease, the City reasonably anticipates that it will not issue tax-exempt obligations in excess of the amount permitted by state law and the City’s Charter (ORS 287.004 and 223.295; City of Hood River Charter, Chapter X, Section 39) (other than “private activity bonds that are not “qualified 501(c)(3) bonds”) during the fiscal year in which the Lease is issued and hereby designates the Lease as a qualified tax-exempt obligation for purposes of Section 265(b) of the Internal Revenue Code of 1986, as amended.
Approved by the Hood River City Council the 29th day of May, 2007, to take effect immediately.
Linda Streich, Mayor
Jill Rommel, City Recorder