Title
RESOLUTION of the City of San Leandro City Council Authorizing the Execution and Delivery of an Equipment Lease/Purchase Agreement with Respect to the Acquisition, 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 (approval to finance energy conservation and resiliency equipment to be installed at the City's Water Pollution Control Plant for $8,893,876.20)
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 acquire and lease certain equipment constituting personal property necessary for the City to perform essential governmental functions and/or functions incidental thereto at the Water Pollution Control Plant in the estimated amount of $8,045,781 (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 Banc of America Public Capital Corp (or one of its affiliates), as lessor (the "Lessor"), an Escrow and Account Control Agreement (the "Escrow Agreement") with the Lessor and Bank of America, National Association (or one of its affiliates), as escrow agent, and a Memorandum of Understanding (the "MOU") with the Lessor and Climatec LLC, 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...
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