07/09/07 Board of Public Works Minutes

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`V"; REGULAR MEETING JULY 9, 2007 ADOPT RESOLUTION N0. 26-2007 - A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA BOARD OF PUBLIC WORKS APPROVING A LEASE/PURCHASE FINANCING WITH CHASE EQUIPMENT LEASING, INC. RELATED TO THE L.E.D. TRAFFIC SIGNAL ENERGY SAVINGS PROJECT Upon a motion made by Mr. Gilot, seconded by Mr. Littrell and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION N0.26-2007 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA BOARD OF PUBLIC WORKS APPROVING ALEASE/PURCHASE FINANCING WITH CHASE EQUIPMENT LEASING, INC. RELATED TO THE L.E.D. TRAFFIC SIGNAL ENERGY SAVINGS PROJECT WHEREAS, the City of South Bend, Indiana, Board of Public Works (the "Board") is the contracting body for the City of South Bend, Indiana (the "City") pursuant to Indiana Code § 36-9-6; and WHEREAS, on the South Bend Common Council, the legislative body of the City, has heretofore approved an agreement with Johnson Controls, Inc. related to a Guaranteed Energy Savings Contract for traffic signals with Johnson Controls, Inc. ("Energy Savings Project"); and WHEREAS, the City intends to enter into alease/purchase financing agreement with Chase Equipment Leasing, Inc. ("Chase") related to the Energy Savings Project, the terms said financing are set forth at Exhibit A attached hereto and incorporated herein; and 1 WHEREAS, the Board approves and endorses the lease/purchase financing as , described at Exhibit A and hereby expresses its desire to enter into alease/purchase agreement with Chase and any other documents recommended by legal counsel as necessary to effect such transaction (collectively, the "Documents"); and WHEREAS, the Board recognizes that the Documents are currently being reviewed and revised by legal counsel and further recognizes that time is of the essence in order to proceed with the L.E.D. Traffic Signal Project WHEREAS, the Board desires to approve the Documents once they are in a form acceptable to legal counsel and to authorize the Mayor of the City (the "Mayor") and/or the City Controller (the "Controller") and/or the Assistant City Controller (the "Assistant Controller") to execute the Documents and to approve and execute any other documentation deemed necessary or advisable by legal counsel to complete the transactions contemplated herein. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: 1. The Board hereby approves the lease/purchase transaction with Chase Equipment Leasing, Inc. and authorizes legal counsel to complete the final form of documentation necessary to effect the transaction including, but not limited to, a lease/purchase agreement. 2. The Board further ratifies any and all actions of the Mayor, the Controller, the Assistant Controller and/or any member of the Board or employee of the City related to the execution and delivery of the Documents described in this Resolution. 3. The Board hereby approves the form, terms and provisions of the lease/purchase agreement. The Board further authorizes the Mayor, the Controller and/or Assistant Controller to execute and/or attest said documents, with such insertions, omissions and changes as shall be approved by the Mayor, the Controller and/or the Assistant Controller, respectively, executing the same, the execution and/or attestation of