R2017-21 Purchase Two Dump Trucks from Mack Sales & Services

Home Browse Search

determined by the City Treasurer [insert title of officials] of the Lessee (the `Authorized Officers") executing the same, the execution of such documents being conclusive evidence of such approval. The Authorized Officers of the Lessee are each hereby authorized and directed to sign and deliver the Master Lease, each Lease Schedule thereto, each Payment Schedule relating thereto and any related exhibits attached thereto if and when required; provided, however, that, without further authorization from the governing body of the Lessee, (a) the aggregate principal component of Rent Payments under all Leases entered into pursuant to the Master Lease shall not exceed $331,508.00 [insert financing amount]; (b)the maximum term under any Lease entered into pursuant to the Master Lease shall not exceed 10 years; and (c)the maximum interest rate used to determine the interest component of Rent Payments under each Lease shall not exceed the lesser of the maximum rate permitted by law or ten percent (10%) per annum. The Authorized Officers may sign and deliver Leases to the Lessor on behalf of the Lessee pursuant to the Master Lease on such terms and conditions as they shall determine are in the best interests of the Lessee up to the maximum aggregate principal component, maximum term and maximum interest rate provided above. The foregoing authorization shall remain in effect for a period of two years from the date hereof during which the Authorized Officers are authorized to sign and deliver Leases pursuant to the Master Lease on the terms and conditions herein provided and to be provided in each such Lease. Section 3. The Authorized Officers and other officers and employees of the Lessee shall take all action necessary or reasonably required to carry out, give effect to and consummate the transactions contemplated by the Master Lease and each Lease Schedule (including, but not limited to, the execution and delivery of the certificates contemplated therein, including appropriate arbitrage certifications)and to take all action necessary in conformity therewith, including,without limitation,the execution and delivery of any closing and other documents required to be delivered in connection with the Master Lease and each Lease Schedule. Section 4. If any section,paragraph,clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable,the invalidity or unenforceability of such section,paragraph,clause or provision shall not affect any of the remaining provisions of this Resolution. Section 5. Effective Date. This Resolution shall be effective immediately upon its approval and adoption. ADOPTED AND APPROVED by the Board of the Lessee this February 21,2017. The undersigned further certifies that the above Resolution has not been repealed or amended and remains in full force and effect and further certifies that the Master Lease (including the form of Lease Schedule and Payment Schedule attached thereto)are the same as presented at said meeting of the governing body of Lessee,excepting only such changes, insertions and omissions as shall have been approved by the officers who executed the same. n Date: vut l°.t c�, ,20 t i [SEAL] ^' (Secretary/Clerk)