Title
RESOLUTION Authorizing the Execution and Delivery of an Equipment Lease/Purchase Agreement with Respect to the Acquisition, Purchase, Financing and Leasing of Certain Equipment for the Public Benefit; Authorizing the Execution and Delivery of Documents Required in Connection Therewith; and Authorizing the Taking of All Other Actions Necessary to the Consummation of the Transactions Contemplated by this Resolution.
Body
Whereas, the City of San Leandro (the "City"), a charter city duly organized and existing under the Constitution and laws of the State of California, is authorized by the laws of the State of California to purchase, acquire and lease personal property for the benefit of the City and its inhabitants and to enter into contracts with respect thereto; and
Whereas, the City desires to purchase, acquire and lease certain equipment with a cost not to exceed $5,500,000 constituting personal property necessary for the City to perform essential governmental functions and/or functions incidental thereto, such as LED lighting, HVAC and other energy and water efficiency equipment to be installed at various locations in the City (the "Equipment"); and
Whereas, in order to finance the acquisition and installation of the Equipment, the City proposes to enter into an Equipment Lease/Purchase Agreement (the "Agreement") with Bank of America, National Association, and an Escrow and Account Control Agreement (the "Escrow Agreement") with Bank of America, National Association, as escrow agent, the forms of which have been presented to this City Council at this meeting; and
Whereas, this City Council deems it for the benefit of the City and for the efficient and effective administration thereof to enter into the Agreement and the Escrow Agreement, and the other documentation related to the financing of the Equipment for the purchase, acquisition and leasing of the Equipment on the terms and conditions there...
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