Acquisition by Lease for Certain Equipment Essential to City Operations not to exceed $10,000,000.00

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RESOLUTION NO. �396_ /V A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CONCERNING THE ACQUISITION BY LEASE OF CERTAIN EQUIPMENT ESSENTIAL, TO THE OPERATIONS OF THE CITY WHEREAS, the Common Council of the City of South Bend, Indiana, has determined that a true and very real need exists for the acquisition of the Equipment described in the Municipal Equipment Lease - Purchase Agreement ( "Lease Agreement ") between SAFECO Credit Company, Inc. ( "Lessor ") and the City of South Bend, Indiana ( "Lessee ") presented to the Common Council at the meeting of the Common Council on the date noted hereinbelow; and WHEREAS, Lessee has carefully reviewed its financing requirements for the current calendar year and reasonably expects that it will not issue more than ten million dollars ($10,000,000) of tax - exempt obligations during the calendar year; and WHEREAS, the Common Council of the City of South Bend, Indiana has determined that the Board of Public Works of the City of South Bend, Indiana has taken the necessary legal steps, including satisfaction of any legal bidding requirements, under Indiana law to arrange for the acquisition of the Equipment. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. That the terms of said Lease Agreement are in the best interests of the City of South Bend, Indiana, for the acquisition of such Equipment, and the Common Council of the City of South Bend, Indiana designates and confirms the following persons to execute and deliver, and to witness the execution and delivery, respectively, the Lease Agreement and any related documents necessary to the consummation of the transactions contemplated by the Lease Agreement. Party to Execute Lease Agreement: John E. Leszczynski, President Board of Public Works Party to Attest to the Execution of Lease: Angela K. Jacob, Clerk Board of Public Works 2. That pursuant to Section 265(b)(3) of the Internal Revenue Code, this Lease Agreement be and hereby is designated a "qualified tax - exempt obligation" includable within the ten million dollars ($10,000,000) of the aggregate issues designated as "qualified tax - exempt obligations" for the calendar year within which this Lease is entered into. 3. That the Common Council of the City of South Bend hereby represents that the reasonably anticipated amount of qualified tax - exempt obligations which have been and will be issued by the City of South Bend, Indiana does not exceed $10,000,000 for the calendar year within which this Lease Agreement is to be a "tax exempt obligation" pursuant to Section 265(b)(3) of the Internal Revenue Code. 4. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED 7 -0 - %� NOT APPROVED ADOPTED Member, C mmon Coun it Filed In Clerk's Office [Ei:il LOBETTAJ. DUDA CITY CLERK, SO. BEND, IN.