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Home My WebLink About4.f. Resolution Authorizing Lease Purchase Financing for Community Center Equipment & Furnishings . , , � CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: February 15, 1994 AGENDA ITEM: Resolution Authorizing �ease Purchase AGENDA SECTION: Financing for Community Center Equipment & Furnishings Consent I PREPARED BY: Jeff May, Finance Director AGENDA �� ATTACHMENTS: Resolution APP ED Y F►ttached for your consideration is a resolu#ion autharizing the City of Rosemount to enter into a master iease for the acquisition of certain equipment and furnishings for the Community Center. At the February 1 st meeting, the Council gave approval, by motion, authorizing the same thing. Bond Counsel has advised us that there should be a formal resolution passed giving us this authorization. The attached resolution accomplished this task. RECOMMENDED ACTION: Motion to approve A RESOL.UTION AUTHORIZING LEASE PURCHASE FINANCING OF FURNISHINGS AND EQUIPMENT FOR COMMUNITY CENTER AND ENTERING INTO MASTER LEASE WITH LESSOR Cf3RPORATI�N. COUNCIL ACTION: . � . � GITY OF ROSEMOUNT DAKOTA C�UNTY, MINNESOTA RESOLUTIQN 1994 - A RESOLUTtON AUTHORIZING LEASE PURCHASE FINANCING OF FURNISHINGS AND fQUIPMENT FOR COMMUNITY CENTER AND EN7ERlNG iNTO MASTER L�ASE WITH LESSOR CORPORATION WHEREAS, Minnesota Statutes, Sectian 465.71, authorizes a statutory city to Iease real or personal property witM an option to purchase under a lease purchase agreement; and WWEREAS, the City Council by motion on February 1, 1994, gave preliminary approvai for the City o# Rosemount to secure lease purchase financing of certain #urnishings and equipment for the Community Center and the aggregate purchase price of said furnishings and equipment shall not exceed 598,000; and WHEREAS, a #orm of master lease and other financing documents for said transaction (the "Lease Purchase Financing Documents") are on file with the City of Rosemount; and WHEREAS, it is proposed that either FB5 tnvestment Services, Inc. ("FBS1�1"� ar a, National ss ' " " serve as the lessor corporatian under the Lease Purchase Financing Documents, based on whichever entity makes the most favorable proposal to the City af Rosemount. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount hereby approves the Lease Purchase Financing Documents in substantialty the form submitted, subject to change as hereinafter provided, and authorizes solicitation of proposals from FBSISI and Norwest to serve as lessor corporation in the transaction, to accept on behalf of the City fihe proposal deemed mast favorable to the City and to execute on behalf of the City the Lease Purchase Financing Documents; and BE IT FURTHER RESOLVED, that in the event of the disability or resignation or other absence of the Mayor or the Clerk of the City of Rasemount, such other officers of the City who may act on their behalf shall, without further act or authorization of the City Council, do afl things and execute all instruments and documents required under the Lease Purchase Financing Docurnents to be done or to be executed by such absent or disabled officials; and that execution of the Lease Purchase Financing Documents may include such modifications thereof, deletions therefrom and additions thereto as may be necessary or appropriate and approved by Briggs and Morgan, Pro#essional Association, acting as Bond CounseJ, prior to the execution of the documents and that execution of any instrument by the appropriate officer or officers of the City of Rosemount herein authorized shalt be } R t ` t . . . . . . . conciusive evidence of the approval of such documents in accardance with the terms hereof. ADOPTED this 15th day of February, 1994. E.B. McMenomy, Mayor ATTEST: Susan M, Walsh, City Clerk Motion by: Seconded by: Voted in favor: Voted Against: 2 , • CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 1994 - A RESOLUTION AUTHORIZlNG LEASE PURCHASE FINANCING OF FURNISHINGS AND EQUIPMENT FOR GOMMUNITY CENTER AND ' ENTERING INTO MASTER LEASE WITH LESSOR CORPORATION 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 Council by motion on February 1, 1994, gave preliminary approval for the City of Rosemount to secure lease purchase financing of certain furnishings and equipment for the Community Center and the aggregate purchase price of said furnishings and equipment shall not exceed 598,000; and WHEREAS, a form of master lease and otMer financing documents for said transaction (the "Lease Purchase Financing Documents") are on file with the City of Rosemount; and WHEREAS, it is proposed that either FBS Investment Services, Inc. ("FBStSI") or Norwest Investment Services ("NtSI"} serve as the lessor corporation under the Lease Purchase Financing bocuments, based on whichever entity makes the most favorable proposal to the City of Rosemount. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount hereby approves the Lease Purchase Financing Documents in substantially the form submitted, subject to change as hereinafter provided, and authorizes solicitation of proposals from FBSISI and NISI to serve as lessor corporation in the transaction, to accept on behalf of the City the proposal deemed most favorable to the City and to execute on behalf of the City the Lease Purchase Financing Documents; and BE IT FURTHER RESOLVED, that in the event of the disability or resignation or other absence of the Mayor or the Clerk of the City of Rosemount, such ather 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 Financing Documents to be done or to be executed by such absent or disabled officials; and that execution of the Lease Purchase Financing Documents rnay include such modifications thereof, deletions therefrom and additions thereto as may be necessary or appropriate and approved . by Briggs and Morgan, Professional Association, acting as Bond Counset, prior to the execution of the documents and that execution of any instrument by the appropriate officer or officers of the City of Rosemount herein authorized shall be . . . . . . . . 1� . , .. � ; . conclusive evidence of the approval of such documents in accordance with the terms hereof. ADOPTED this 15th day of February, 1994. E.B. McMenomy, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded by: Vote,d in favor: Voted Against: