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CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2003 -
A RESOLUTION AUTHORIZING LEASE PURCHASE FINANCING
OF CAPITAL EQUIPMENT FOR THE CITY
WHEREAS, Minnesota Statutes, Section 465.71, authorizes a statutory city to lease
real or personal property with an option to purchase under a lease purchase
agreement; and
WHEREAS, the City desires to acquire certain capital equipment (Trackless
Snowblower /Plow with Attachments (the "Equipment")) pursuant to a lease purchase
agreement for a term of five years, with the final payment being due on or before
January 15, 2009, with substantially equal annual tease payments; and
WHEREAS, a form of lease purchase agreement between the City and 1 St Source Bank
in Indianapolis, Indiana (the "Lease. Purchase Agreement ") has been prepared and is
on file with the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rosemount,
Minnesota as follows:
1 Subject to the provisions of paragraphs 2 and 3 hereof, the Lease Purchase
Agreement, in substantially the form submitted, is hereby approved, and the
Mayor and City Clerk are authorized to execute the Lease Purchase Agreement
and any and all other documents necessary to consummate the transaction
contemplated by the Lease Purchase Agreement.
2. The amount of rental payments under the Lease Purchase Agreement shall not
exceed a principal component of $74,257.13 and the interest rate on the
principal component shall not exceed 3.53 %. The Mayor and City Clerk are
hereby delegated the authority to establish the amount of the principal
component and the interest rate on the interest component of the rental
payments, and the execution of the Lease Purchase Agreement by the Mayor
and City Clerk shall be conclusive evidence, of the establishment and acceptance
thereof by the City.
3. The Lease Purchase Agreement and related documents may include such
modifications thereof, deletions therefrom and additions thereto as may be
necessary or appropriate and approved by Kennedy and Graven, Professional
Association, acting as Legal Counsel, prior to the execution of the documents,
and the execution of such documents by the appropriate officer or officers of the
City of Rosemount herein authorized shall be conclusive evidence of the
approval of such documents in accordance with the terms hereof.
RESOLUTION 2003 -
4. In the event of the disability or resignation or other absence of the Mayor or City
Clerk, such other officers of the City who may act on their behalf shall, without
further act or authorization of the City Council, do all things and execute all
instruments and documents 'required under the Lease Purchase agreement to be
done or to be executed by such absent or disabled officials.
ADOPTED this 16"' day of December, 2003.
William H. Droste, Mayor
ATTEST:
Linda J. Jentink, City Clerk
CERTIFICATION
I hereby certify that the foregoing is a true and correct copy of a resolution presented to
and adopted bX the City Council of Rosemount at a duly authorized meeting thereof,
held on the 16 day of December, 2003, as disclosed by the records of said City in my
possession.
(SEAL)
Linda J. Jentink, Rosemount City Clerk
Motion by: Seconded by:
Voted in Favor:
Voted Against:
Members Absent: