Res 014-2016 2/2/2016RESOLUTION NO. 14-2016
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A
LEASE/PURCHASE AGREEMENT WITH RESPECT TO THE ACQUISITION,
PURCHASE, FINANCING AND LEASING OF CERTAIN EQUIPMENT FOR THE
PUBLIC BENEFIT; AUTHORIZING THE EXECUTION AND DELIVERY OF THE
AGREEMENT AND RELATED DOCUMENTS; 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 in habitants
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 Bank 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 docu mentation 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 F ALLS, TEXAS:
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 $17,000,000, with
such insertions, omissions and changes as shall be approved by the City Manager, 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 eff ect 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 Assistant City Manager/CFO
and Finance Dir ector of the City are each hereby designated to act as authorized representatives of the
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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. Repealer. All byla ws, orders and resolutions or parts thereof, inconsistent
herewith, are hereby repealed to the extent only of such inconsistency. This repealer shall not be
construed as reviving any bylaw, order, resolution or ordinance or part thereof.
Section 7. Effective Date. This Resolution shall be effective immediately upon its approval and
adoption.
(Execution page follows)
ADOPTED, APPROVED AND EFFECTIVE this 2nd day of February, 2016.
Mayor
City of Wichita Falls, Texas
City Secretary
City of Wichita Falls, Texas
(CITY SEAL)