HomeMy WebLinkAbout2015-15 Resolution 2015-15
Resolution Approving 5-year Lease Financing Terms
WHEREAS: The Town of Pulaski, Virginia ("Town") has previously determined to
undertake a CIP project for the lease purchase of two (2) new 3/ton trucks, and the Town
Manager has now presented a proposal for the financing of such Project.
BE IT THEREFORE RESOLVED, as follows:
1. The Town hereby determines to finance the Project through US Bancorp, in
accordance with the proposal dated July 24, 2015. The amount financed shall not exceed
$53,699.30, the annual interest rate (in the absence of default or change in tax status)
shall not exceed 2.02%, and the financing term shall not exceed 5 years from closing.
2. All financing contracts and all related documents for the closing of the
financing (the "Financing Documents") shall be consistent with the foregoing terms. All
officers and employees of the Town are hereby authorized and directed to execute and
deliver any Financing Documents, and to take all such further action as they may
consider necessary or desirable, to carry out the financing of the Project as
contemplated by the proposal and this resolution.
3. The Town Manager is hereby authorized and directed to hold executed
copies of the Financing Documents until the conditions for the delivery of the Financing
Documents have been completed to such officer's satisfaction. The Town Manager is
authorized to approve changes to any Financing Documents previously signed by Town
officers or employees, provided that such changes shall not substantially alter the intent
of such documents or certificates from the intent expressed in the forms executed by
such officers. The Financing Documents shall be in such final forms as the Town
Manager shall approve, with the Town Manager's release of any Financing Document
for delivery constituting conclusive evidence of such officer's final approval of the
Document's final form.
4. The Town shall not take or omit to take any action the taking or omission of
which shall cause its interest payments on this financing to be includable in the gross
income for federal income tax purposes of the registered owners of the interest payment
obligations. The Town hereby designates its obligations to make principal and interest
payments under the Financing Documents as "qualified tax-exempt obligations" for the
purpose of Internal Revenue Code Section 265(b)(3).
5. All prior actions of Town officers in furtherance of the purposes of this
resolution are hereby ratified, approved and confirmed. All other resolutions (or parts
thereof) in conflict with this resolution are hereby repealed, to the extent of the conflict.
This resolution shall take effect immediately.
NOW, THEREFORE be it RESOLVED by the Town Council of the Town of Pulaski,
Virginia sitting in regular session this 4th day of August 2015, that the Town shall
proceed forward with the proposed lease finance proposal with US Bancorp..
This resolution is effective upon adoption and is here by adopted by the duly recorded
vote of the Town Council of the Town of Pulaski, Virginia this 4th day of August 2015 as
follows:
Heather L. Steele Aye H.M. Kidd Aye
Gregory C. East Aye James A. Radcliffe Aye
David L. Clark Aye Lane R. Penn Aye
THE TOWN OF PULASKI, VIRGINIA
BY:
Jeffr= '+ orrell
M. e
ATTES :
. (51
Shawn M. Utt
Town Manager