05/15/12 Board of Public Works Minutes

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AGENDA REVIEW SESSION MAY 10, 2012 156 The Agenda Review Session of the Board of Public Works was convened at 10:35 a.m. on Thursday, May 10, 2012, by Board Member Donald E. Inks, with Board Member Kathryn E. Roos present. Board President Gary Gilot was absent. Also present was Attorney Cheryl Greene. Board of Public Works Clerk, Linda M. Martin, presented the Board with a proposed agenda of items presented by the public and by City Staff. ADOPT RESOLUTION NO. 25- 2012 --- A RESOLUTION OF THE BOARD OF WORKS OF THE CITY OF SOUTH BEND AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER LEASE AGREEMENT AND OTHER DOCUMENTS RELATED TO THE STREET SEWER AND WASTEWATER DEPARTMENTS' EQUIPMENT Upon a motion made by Ms. Roos, seconded by Mr. Inks and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION 25 -2012 A RESOLUTION OF THE BOARD OF WORKS OF THE CITY OF SOUTH BEND AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER EQUIPMENT LEASE - PURCHASE AGREEMENT WITH PNC EQUIPMENT FINANCE, LLC, AS LESSOR, AND SEPARATE LEASE SCHEDULES THERETO AND ESCROW AGREEMENT FOR THE ACQUISITION, PURCHASE, FINANCING AND LEASING OF CERTAIN EQUIPMENT WITHIN THE TERMS HEREIN PROVIDED; AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND AUTHORIZING ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION WHEREAS, the City of South Bend (the "Lessee "), a body politic and corporate duly organized and existing as a political subdivision, municipal corporation or similar public entity of the State of Indiana is authorized by the laws of the State of Indiana to purchase, acquire and lease certain equipment and other property for the benefit of the Lessee and its inhabitants and to enter into contracts with respect thereto; and WHEREAS, the Lessee, 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 the Board has determined that a true and very real need exists for the acquisition, purchase and financing of certain property consisting of public works equipment (collectively, the "Equipment ") on the terms herein provided; and WHEREAS, in order to acquire such Equipment, the Lessee proposes to enter into that certain Master Equipment Lease - Purchase Agreement (the "Master Lease ") with PNC Equipment Finance, LLC, as lessor (the "Lessor"), substantially in the proposed form presented to the Board at this meeting, and separate Lease Schedules thereto substantially in the form attached to the Master Lease and a separate Escrow Agreement substantially in the proposed form presented to the Board at this meeting; and WHEREAS, the Board deems it for the benefit of the Lessee and the efficient and effective administration thereof to enter into the Master Lease and the separate Lease Schedules relating thereto from time to time as provided in the Master Lease and an Escrow Agreement for the purchase, acquisition, financing and leasing of the Equipment to be therein more specifically described on the terms and conditions provided therein and herein; NOW, THEREFORE, BE IT AND IT IS HERBY RESOLVED BY THE GOVERNING BODY OF THE LESSEE AS FOLLOWS: Section 1. It is hereby found and determined that the terms of the Master Lease (including the form of Lease Schedule, Payment Schedule and Escrow Agreement attached thereto), in the form presented to this meeting, are in the best interests of the Lessee for the acquisition, purchase, financing and leasing of the Equipment. Section 2. The form, terms and provisions of the Master Lease (including the form of Lease Schedule, Payment Schedule and Escrow Agreement attached thereto) are hereby approved in the forms presented at this meeting, with such insertions, omissions and changes as shall be approved by the City Controller or his designee of the Lessee (the "Authorized