HomeMy WebLinkAboutRES 01-245 RESOLUTION NO. 01-245
BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BEAUMONT:
WHEREAS,the City of Beaumont intends to acquire equipment and other property,
hereinafter called "PROPERTY", as generally described below:
Two (2) Street Sweepers One (1) Landfill Compactor
One (1) Excavating and Grading Machine One (1) Dozer
One (1) Combination Ladder and Pumper Truck One (1) Crane
Four (4) Cab and Chassis Equipped with 14 Cubic One (1) Track Hoe
Yard Dump Bodies
Two (2) Pothole Patching Machines One (1) Generator
and,
WHEREAS, the City of Beaumont may pay certain capital expenditures in
connection with the Property prior to its receipt of proceeds of the lease-purchase
agreement(s) described below for such expenditures; and,
WHEREAS, the City of Beaumont reasonably anticipates that it will make
expenditures with respect to the Property in the principal amount not exceeding the
amount stated above for which the Lessee may or expects to enter into one or more
Lease-Purchase Agreements with a financial institution; and,
WHEREAS, Treasury Department and Internal Revenue Services Regulations do
not allow the proceeds of a tax-exempt borrowing to be spent on working capital.
NOW THEREFORE BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
Section 1.
The City of Beaumont finds and determines that the foregoing recitals are true and
correct.
Section 2.
This resolution is adopted by the City of Beaumont for the purpose of establishing
compliance with the requirements of Section 1.150-2 of Treasury Regulations. This
Resolution does not bind the City of Beaumont to make any expenditure, incur any
indebtedness, or proceed with the purchase of the Property.
Section 3.
The City of Beaumont expects the City of Beaumont will pay certain capital
expenditures in connection with the Property prior to the receipt of the Lease Purchase
Proceeds for the Property.
Section 4.
The City of Beaumont hereby declares the City of Beaumont's official intent to use
the Lease Purchase Proceeds to reimburse itself for Property expenditures.
Section 5.
This Resolution shall take effect from and after its adoption.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 16th day of
October, 2001.
�-�%-3- All �Rs�
- Mayor -
The undersigned Clerk of the above-named City of Beaumont certifies and attests that the
undersigned has access to the official records of the City of Beaumont, that the foregoing
resolutions were duly adopted by the City of Beaumont at a meeting of the City of
Beaumont and that such resolutions have not been amended or altered and are in full
force and effect on the date stated below.
/ter
Barbara Liming, City Clerk i 0 »�
i