HomeMy WebLinkAboutRes 1990-33RESOLUTION NO. 1990 -33
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE TOWN OF FOUNTAIN HILLS, MARICOPA COUNTY, ARIZONA
RATIFYING THE EXECUTION OF CERTAIN DOCUMENTS BY AND
BETWEEN THE TOWN AND VALLEY BANK LEASING, INC. FOR
THE LEASE /PURCHASE OF A STREET SWEEPER.
WHEREAS, on August 2, 1990 the Town Council unanimously authorized
the lease purchase of a street sweeper and;
WHEREAS, on August 2, 1990 the Town Council unanimously authorized
the selection of VALLEY BANK LEASING INC. to assist the
Town in the financing of the lease purchase;
NOW THEREFORE be it resolved by the Mayor and Common Council of the
Town of Fountain Hills, Maricopa County, Arizona as
follows:
SECTION 1. That the Town enter into a Lease Purchase Agreement
with Valley Bank Leasing, Inc. ( "Lessor ") dated as of the 6th day
of December, 1990 in the form presented to this meeting, for
acquisition of the use and possession of ONE (1) ATHEY MOBIL
SWEEPER AHL -2, SIN 1A9C23DR9LR059098 described therein for an
aggregate cost (including return on investment at the rate of
7.59% per annum) of $120,565.00. Payable over a period of FIVE (5)
years in accordance with the terms of such an Agreement, subject to
the right of the Municipality to terminate and cancel such
Agreement and the Municipality's obligations thereunder on each
June 30th during the term of the Agreement and subject to the right
of the Municipality to acquire such ONE (1) ATHEY MOBIL SWEEPER
AHL -2, SIN 1A9C23DR9LR059098 at such times and on such terms as set
forth in the agreement.
SECTION 2. That the Mayor, Town Manager and Town Clerk are
authorized, empowered and directed to execute and deliver said
Agreement and such other documents as may be necessary or
appropriate, together with changes therein as said officers shall
deem necessary and desirable and take such other actions as may be
necessary or appropriate to consummate the above described
transaction and to perform fully and timely all of the Towns
Q� 1
agreements and obligations in connection therewith.
SECTION 3. That in connection with this Resolution, all
actions taken by said officers of the Town with respect thereto
44✓ prior to the date hereof be, and they hereby are, ratified and
confirmed.
SECTION 4. That LESSOR may rely on this Resolution until
notified of revocation thereof in writing and all actions taken by
the said officers of the Town in accordance with this Resolution
prior to the LESSOR's receipt of such notice of revocation may
always be relied upon by LESSOR.
PASSED AND ADOPTED by the Mayor and Common Council of the Town of
Fountain Hills, Arizona this 6th day of December, 1990.
ATTEST:
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Cassie B. Hansen
Town Clerk
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William E. Farrell
Town Attorney
REVIEWED BY:
Paul L. Nordin
Town Manager
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Jo . Cutillo
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