Resolution No. 50 - Approving Master Equipment Lease PNC Finance

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RESOLUTION NO.50-2016 A RESOLUTION OF THE BOARD OF PUBLIC WORKS FOR THE CITY OF SOUTH BEND, INDIANA APPROVING THE MASTER EQUIPMENT LEASE -PURCHASE AGREEMENT AND RELATED SCHEDULES WITH PNC EQUIPMENT FINANCE, LLC WHEREAS, the City of South Bend Board of Public Works ("Board") is the contracting body for the City of South Bend, Indiana ("City") and the Board has the authority under the laws of Indiana to purchase, acquire and lease property; and WHEREAS, the Board have determined that a need exists for the purchase and subsequent financing of certain property for the benefit of the City's operation; and WHEREAS, in order to acquire such property, the Board has entered into a certain Master Equipment Lease -Purchase Agreement and Related Schedules including the Escrow Agreement with PNC Equipment Finance, LLC in the form attached and incorporated hereto at Exhibit A; and WHEREAS, time is of the essence in this matter. NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Board of Public Works as follows: 1. The Master Equipment Lease -Purchase Agreement and Related Schedules including the Escrow Agreement substantially in the form and substance submitted as of this meeting with PNC Equipment Finance, LLC is hereby approved. 2. The Board hereby authorizes John Murphy, in his capacity as Controller of the City of South Bend, Indiana to act on behalf of the Board in executing any documents to effect the intent of the Board in connection with the Master Equipment Lease - Purchase Agreement with PNC Equipment Finance, LLC. 3. This Resolution shall be in full force and effect after its adoption by the City of South Bend Board of Public Works. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana held on OCTOBER 25, 2016, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND, BOARD OF PUBLIC WORKS Gary Gilot, President