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REGULAR MEETING <br />America. He reported they emp <br />part -time employees and this p <br />additional permanent employee. <br />motion to adopt the resolution <br />Council Member Washington. Th <br />call vote of nine ayes. <br />OCTOBER 14, 1996 <br />y 95 full -time employees and five <br />ject will allow them to hire one <br />Council Member Coleman made a <br />seconded by Council Member <br />resolution was adopted by a roll <br />RESOLUTION NO. 2414 -96 A RESOLUTION OF THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, <br />CONCERNING THE ACQUISITION BY LEASE OF <br />CERTAIN EQUIPMENT ESSENTIAL TO THE <br />OPERATIONS OF THE CITY <br />Whereas, the Common Council of the City of South Bend, <br />Indiana, has determined that a true and very real need exists for <br />the acquisition of the Equipment described in the Master <br />Equipment Lease ( "Lease Agreement") between 1st Source Bank <br />( "Lessor "), and the City of So th Bend, Indiana ( "Lessee ") <br />presented to the Common Counci at the meeting of the Common <br />Council on the date noted here - nbelow; and <br />Whereas, the Common Council of the City of South Bend, <br />Indiana has determined that the Board of Public Works of the City <br />of South Bend, Indiana has taken the necessary legal steps, <br />including satisfaction of any legal bidding requirements, under <br />Indiana law to arrange for the acquisition of the Equipment. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA as follows: <br />1. That the terms of sai <br />interests of the City of South <br />of such Equipment, and the Com <br />Bend, Indiana, designates and <br />execute and delivery, and to w <br />respectively, the Lease Agreem <br />necessary to the consummation <br />the Lease Agreement. <br />i Lease Agreement are in the best <br />Bend, Indiana for the acquisition <br />non Council of the City of South <br />-lonfirms the following persons to <br />fitness the execution and delivery, <br />ant and any related documents <br />3f the transactions contemplated by <br />Party to Execute Lease Agreeme t: Party to Attest to the <br />Execution of Lease: <br />John E. Leszczynski, President Angela K. Jacob, Clerk <br />Board of Public Works Board of Public Works <br />2. That the Common counc. <br />represents that the reasonably <br />tax - exempt obligations which h <br />City of South Bend, Indiana doi <br />calendar year within which thi <br />exempt obligation" pursuant to <br />Internal Revenue Code. <br />it of the City of South Bend hereby <br />anticipated amount of qualified <br />3ve been and will be issued by the <br />as not exceed $10,000,000 for the <br />s Lease Agreement is to be a "tax <br />Section 265 (b) (3) of the <br />3. This Resolution shall be in full force and effect from <br />and after its adoption by the Common Council and approval by the <br />Mayor. <br />Zsl Roland Kell <br />Member of the Common council <br />A public hearing was held on t <br />Rinard, Deputy City Controller <br />resolution. He indicated this <br />of the equipment for the polic <br />indicated this lease arrangeme <br />period of five years and they <br />Victoria and 35 Chevrolet Lumi <br />tax - exempt obligations which h <br />City does not exceed $10,000,0 <br />e resolution at this time. Jeff <br />made the presentation for the <br />resolution deals with the finance <br />to have take home cars. He <br />t would be $3,343,950 over a <br />Ill purchase 122 Ford Crown <br />a. He reported that the qualified <br />ve been and will be issued by the <br />0 for the calendar year. Joyce <br />