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RESOLUTION NO.23-2018 <br />A RESOLUTION OF THE BOARD OF PUBLIC WORKS FOR THE CITY OF SOUTH <br />BEND, INDIANA APPROVING THE TAX-EXEMPT LEASE <br />PURCHASE FINANCING PROPOSAL OF <br />PNC EQUIPMENT FINANCE, LLC <br />WHEREAS, the City of South Bend Board of Public Works ("Board") for the City of South <br />Bend, Indiana ("City") has the authority under the laws of Indiana to purchase, acquire and lease <br />property; and <br />WHEREAS, the Board have determined that a need exists for the purchase and financing of <br />certain property for the benefit of the City's operation; and <br />WHEREAS, in order to acquire such property, the Board has entered into a certain Master <br />Equipment Lease -Purchase Agreement, dated May 15, 2012, along with all subsequent amendments <br />and schedules, with PNC Equipment Finance, LLC.; and <br />WHEREAS, the Board deems it for the benefit of the City and the efficient and effective <br />administration thereof to enter into Lease Schedules as provided in the Master Lease -Purchase <br />Agreement for the purchase, acquisition, financing and leasing of the property more specifically <br />described in the Proposal of PNC Equipment finance, LLC, dated April 30, 2018 (the "Proposal"), <br />attached and incorporated hereto at Exhibit A; and <br />WHEREAS, time is of the essence in this matter. <br />NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Board of Public <br />Works as follows: <br />1. The terms of the Proposal by PNC Equipment finance, LLC, substantially in the <br />form and substance submitted as of this meeting, are hereby approved. <br />2. The Board hereby authorizes Jennifer Hockenhull, in her capacity as Controller of the <br />City of South Bend, Indiana, to act on behalf of the Board in formalizing the terms of <br />the financing described in the Proposal and executing any documents to effect such <br />financing. <br />This Resolution shall be in full force and effect after its adoption by the City of South <br />Bend Board of Public Works. <br />ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana <br />held on May 8, 2018, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, <br />Indiana 46601, <br />