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RESOLUTION NO. 14-2019 <br />A RESOLUTION OF THE BOARD OF PUBLIC WORKS FOR THE CITY OF SOUTH <br />BEND, INDIANA, APPROVING A TAX-EXEMPT LEASE -PURCHASE AGREEMENT <br />WITH PNC EQUIPMENT FINANCE, LLC <br />WHEREAS, the City of South Bend ("City"), a political subdivision of the state of Indiana, <br />is authorized by law to acquire and own interests in real and personal property; and <br />WHEREAS, the City of South Bend Board of Public Works ("Board"), on behalf of the <br />City, has the authority under the laws of the state of Indiana to purchase, acquire, lease, and <br />encumber real and personal property as necessary to carry out the functions or operations of the <br />City; and <br />WHEREAS, the Board has determined that a need exists for the acquisition and financing <br />of certain property ("Property") described in the Lease Agreement with PNC Equipment Finance, <br />LLC and the Certificate of Acceptance (together, the "Lease"), attached hereto and incorporated <br />herein as Exhibit A, for the benefit of the City's operations; and <br />WHEREAS, the Board hereby finds and determines that the execution of the Lease for the <br />purpose of acquiring and financing the Property in the amount not exceeding the amount stated in <br />the Lease is appropriate and necessary. <br />NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Board of Public <br />Works as follows: <br />1. The Lease Agreement with PNC Equipment Finance, LLC, substantially in the <br />form and substance submitted as of this meeting, is hereby approved. <br />2. The Board hereby authorizes Daniel Parker, in his capacity as Controller of the City <br />of South Bend, Indiana, to act on behalf of the Board to execute any documents to effect the intent <br />of the Board in connection with the Lease Agreement with PNC Equipment Finance, LLC. <br />3. The City's obligations under the Lease shall be subject to annual appropriation as <br />set forth in the Lease. <br />4. This Resolution shall be in full force and effect after its adoption by the City of <br />South Bend Board of Public Works. <br />