HomeMy WebLinkAboutRES 81-118 R E S O L U T I O N
WHEREAS, on March 4, 1981, bids were received for
lease/purchase financing of equipment; and,
WHEREAS, the low bid was submitted by Dexel Leasing
Corporation, which bid an interest rate of nine (9%) percent at
96.5% of par; and,
WHEREAS, the low bidder Dexel Leasing Corporation,
requires an opinion of recognized bond counsel that the interest
portion of each lease rental payment is exempt from federal income
taxation and that the lease rental payments are valid and legally
binding obligations of the City; and,
WHEREAS, the City Council is of the opinion that the bid
of Dexel Leasing Corporation should be accepted subject to receipt
opinion of bond counsel;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the bid dated March 4, 1981 of Dexel Leasing Corporation for
lease/purchase financing of equipment is accepted subject to
opinion of bond counsel;
BE IT FURTHER RESOLVED that the City Manager be, and he
is hereby, authorized to employ the firm of Vinson & Elkins to
serve as bond counsel for the transaction.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the ��, day of e,I , 1981.
rte.
Mayo r -