Res 075-2018 Lease Purchase Agreement LED Street Lighting 7/17/2018
Resolution No. 75-2018
Resolution authorizing the execution of a 15-year lease/purchase
agreement in the amount of $2,895,784 with respect to the financing
of LED Street Lighting Conversion for the public benefit; authorizing
the execution and delivery of the agreement and related documents
with Banc of America Public Capital Corpfor the acquisition of
financing for the project; and resolving other matters relating to the
subject
WHEREAS, the City of Wichita Falls, Texas (the "City"), is authorized by the
laws of the State of Texas to purchase, acquire and lease personal property for the
benefit of the City and its inhabitants and to enter into contracts with respect thereto;
and,
WHEREAS, the City desires to purchase, acquire and lease certain equipment
constituting personal property necessary for the City to perform essential governmental
functions (the "Equipment"); and,
WHEREAS, in order to acquire such equipment, the City proposes to enter into
that certain Lease/Purchase Agreement (the "Agreement") with Banc of America Public
Capital Corp (or one of its affiliates) (the "Bank"), the form of which has been presented
to the City Council at this meeting; and,
WHEREAS, the City Council hereby finds and determines that it is necessary
and in the best interest of the City, and for the efficient and effective administration
thereof, to enter into the Agreement and the documentation relating to the financing of
the Equipment for the purchase, acquisition and leasing of the equipment to be therein
described on the terms and conditions therein provided.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS: THAT:
Section 1. Approval of Documents. The form, terms and provisions of the
Agreement are hereby approved in substantially the forms presented at this meeting at
a cost not to exceed $2,895,784, with such insertions, omissions and changes as shall
be approved by the City Attorney, the execution of such documents being conclusive
evidence of such approval; and the City Manager is hereby authorized and directed to
execute the Agreement and any related Exhibits attached thereto and to deliver the
Agreement (including such Exhibits) to the respective parties thereto.
Section 2. Other Actions Authorized. The officers and employees of the City
shall take all action necessary or reasonably required by the parties to the Agreement
to carry out, give effect to and consummate the transactions contemplated thereby
(including the execution and delivery of Acceptance Certificates and any tax certificate
and agreement, as contemplated in the Agreement) and to take all action necessary in
conformity therewith, including, without limitation, the execution and delivery of any
closing and other documents required to be delivered in connection with the
Agreement.
Section 3. No General Liability. Nothing contained in this Resolution, the
Agreement nor any other instrument shall be construed with respect to the City as
incurring a pecuniary liability or charge upon the general credit of the City or against its
taxing power, nor shall the breach of any agreement contained in this Resolution, the
Agreement or any other instrument or document executed in connection therewith
impose any pecuniary liability upon the City or any charge upon its general credit or
against its taxing power, except to the extent that the payments payable under the
Agreement are special limited obligations of the City as provided in the Agreement.
Section 4. Appointment of Authorized City Representatives. The Deputy City
Manager and Finance Director of the City are each hereby designated to act as
authorized representatives of the City for purposes of the Agreement until such time as
the governing body of the City shall designate any other or different authorized
representative for purposes of the Agreement.
Section 5. Severability. If any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of
the remaining provisions of this Resolution.
Section 6. Effective Date. This Resolution shall be effective immediately upon
its approval and adoption.
ADOPTED, APPROVED AND EFFECTIVE this 17th day of July, 2018.
______________________________
M A Y O R
ATTEST:
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City Clerk