Resolution No 19-2019 - 2019 Vehicle and Equipment Lease Financing

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RESOLUTION NO. 19-2019 A RESOLUTION OF THE BOARD OF PUBLIC WORKS FOR THE CITY OF SOUTH BEND, INDIANA, APPROVING THE TAX-EXEMPT LEASE PURCHASE FINANCING PROPOSAL OF KEY GOVERNMENT FINANCE, INC. WHEREAS, the City of South Bend (the "City"), a political subdivision of the state of Indiana, is authorized by law to acquire and own interests in real and personal property; and WHEREAS, the City of South Bend Board of Public Works (the "Board"), on behalf of the City, has the authority under the laws of the state of Indiana to purchase, acquire, and lease property; and WHEREAS, the Board has determined that a need exists for the acquisition and financing of certain property for the benefit of the City's operations; and WHEREAS, in order to acquire such property, the Board desires to enter into the necessary agreement(s) and/or lease schedule(s) as are determined appropriate to consummate the tax- exempt financing offered by Key Government Finance, Inc. (the "Lessor") under its proposal dated May 17, 2019 (the "Proposal"), attached hereto as Exhibit A. NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Board of Public Works as follows: The terms of the Lessor's Proposal are hereby approved. 2. The Board hereby authorizes Daniel Parker, in his capacity as City Controller of the City of South Bend, Indiana, or his designee, to act on behalf of the Board to formalize the terms of the financing, as they are substantially presented in the Proposal, and to execute any documents necessary to effect the same. 3. This Resolution shall be in full force and effect after its adoption by the City of South Bend Board of Public Works. [Signature page follows.]