Acquisition by Lease Between Master Equipment Lease and 1st Source Bank

Home Browse Search

RESOLUTION NO. ( 020 9_9-5 /- 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 Master Equipment Lease ( "Lease Agreement ") between 1st Source Bank ( "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, 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: Party to Attest to the John E. Leszczynski Execution of Lease: President, Board of Public Works Angela K. Jacobs, Clerk Board of Public Works 2. 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. 3. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED NOT APPROVED ADOPTED ,5- Filed in Clerk's Office Mar > > t IRENEOAMMCN C"CM K 90.®END,IN.