Resolution No 57-2018 - 2018 Vehicle and Equipment Lease Financing #2

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RESOLUTION NO. 57-2018 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, APPROVING TAX-EXEMPT LEASE -PURCHASE FINANCING WITH U.S. BANCORP GOVERNMENT LEASING AND FINANCE, INC. WHEREAS, the City of South Bend Board of Public Works ("Board") of the City of South Bend, Indiana ("City"), has the authority under the laws of the State of Indiana to purchase, acquire, and lease property; and WHEREAS, the Board has determined that a need exists for the purchase and financing of certain property for the benefit of the City's operations; and WHEREAS, in order to acquire such property, the Board desires to enter into the necessary agreement(s) and/or lease schedule(s) as are determined appropriate to consummate the tax-exempt financing offered by U.S. Bancorp Government Leasing and Finance, Inc. (the "Lessor") under its proposal dated October 11, 2018 (the "Proposal"), attached hereto as Exhibit A; and NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Board of Public Works as follows: 1. The terms of the Lessor's Proposal are hereby approved. 2. The Board hereby authorizes Benjamin Dougherty, in his capacity as Deputy City Controller of the.City of South Bend, Indiana, to act on behalf of the Board to formalize the terms of the financing, as they are substantially presented in the Proposal, and to execute any documents necessary to effect the same. 3. This Resolution shall be in full force and effect after its adoption by the City of South Bend Board of Public Works. [Signature page follows.]