10/10/11 Board of Public Works Minutes

Home Browse Search

REGULAR MEETING OCTOBER 10, 2011 330 ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana held on September 19, 2011 at 1308 County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND BOARD OF PUBLIC WORKS s/ Carl Littrell s/Thomas Price ATTEST: s/Linda Martin, Clerk RATIFY RESOLUTION NO. 66-2011 A RESOLUTION OF THE BOARD OF WORKS OF THE CITY OF SOUTH BEND AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER TAX-EXEMPT LEASE/PURCHASE AGREEMENT AND OTHER DOCUMENTS RELATED TO IP TELEPHONY SYSTEM Ms. Greene noted that the Board previously took action to authorize a Purchase Agreement and Lease for this project. She noted this is the formal Resolution she is asking the Board to ratify their previous approval on. Therefore, upon a motion made by Mr. Littrell, seconded by Mr. Price and carried, the following Resolution was ratified by the Board of Public Works: RESOLUTION NO. 66-2011 A RESOLUTION OF THE BOARD OF WORKS OF THE CITY OF SOUTH BEND AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER TAX-EXEMPT LEASE/PURCHASE AGREEMENT AND OTHER DOCUMENTS RELATED TO IP TELEPHONY SYSTEM (Unified Communications 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, the CITY OF SOUTH BEND ("Lessee") desires to obtain certain equipment (the "Equipment") described in Master Tax-Exempt Lease/Purchase Agreement and various documents related thereto (collectively, the "Lease") with KEY GOVERNMENT FINANCE, INC., the form of which Lease is attached hereto and incorporated herein as Exhibit "A" and has been available for review by the governing body of Lessee; and WHEREAS, the Equipment is essential for the Lessee to perform its governmental functions; and WHEREAS, the funds made available under the Lease will be deposited with KEYBANK NATIONAL ASSOCIATION (the "Escrow Agent") pursuant to an Escrow Agreement between Lessee and the Escrow Agent (the "Escrow Agreement") and will be applied to the acquisition of the Equipment in accordance with said Escrow Agreement; and WHEREAS, Lessee has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the acquisition of the Equipment; and WHEREAS, Lessee proposes to enter into the Lease with KEYBANK FINANCE, INC. and the Escrow Agreement with the Escrow Agent substantially in the forms presented to this meeting. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS FOR THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: Section 1. It is hereby found and determined that the terms of the Lease and the Escrow Agreement(collectively, the "Financing Documents") in the forms presented to this meeting and incorporated in this resolution are in the best interests of Lessee for the acquisition of the Equipment.