RESO 1991-02 - Fire Truck FinanceRESOLUTION NO. 91-2,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, RELATING TO LEASE WITH OPTION TO
PURCHASE AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, that:
SECTION 1: Recitals and Authorization. The Issuer, as Lessee, has heretofore
entered into a Lease with Option to Purchase Agreement dated as of
January 21, 1991, (the Lease), with GE Capital Public Finance, Inc.,
as Lessor. It is hereby determined that it is necessary and
desirable and in the best interests of the Issuer to enter into the
Lease for the purposes of obtaining the Equipment shown on the Lease
as Equipment A -, and the execution and delivery of the Lease by the
Issuer and the financing of the acquisition of such Equipment Group
are hereby approved, ratified and confirmed.
SECTION 2: Designation as Qualified Tax - Exempt Obligation. Pursuant to the
Internal Revenue Code of 1986 as amended (the Code), the Issuer
hereby specifically designates the Lease and Equipment Group A- as
a "qualified tax - exempt obligation" for purposes of Section 265 of
the Code. The Issuer hereby represents that the Issuer (and any
subordinate entities to or entities acting on behalf of the Issuer)
will not designate more than $10,000,000 of obligations issued by
the Issuer in the calendar year during which the Lease is executed
and delivered as such "qualified tax - exempt obligations."
SECTION 3: Issuance Limitation. The Issuer hereby represents that the Issuer
(and any subordinate entities to or entities acting on behalf of the
Issuer) reasonably anticipates not to issue in the calendar year
during which the Lease is executed and delivered, obligations
bearing interest exempt from federal income taxation under Section
103 of the Code (other than "private activity bonds" as defined in
Section 141 of the Code) in an amount greater than $10,000,000.
Executed this 22c(day of
1991.
THE CITY OF HUNTSVILLE
W. H. Hodges, Mayor
ATTEST:
th DeShaw, City Secretary
APPROVED AS TO FORM: