HomeMy WebLinkAboutRes 1991-33I
� I r
Qw� RESOLUTION NO. 1991 -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 BK -250D CRACK SEALER AND A 1991 FORD
F -800.
WHEREAS, on August 2, 1990 the Town Council unanimously
authorized the lease purchase of a crack sealer and;
WHEREAS, on August 2, 1990the 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 19th day
of June,. 1991 in the form presented to this meeting, for
acquisition of the use and possession of ONE (1) BK 250D CRACK
SEALER SIN 21491 and ONE (1) NEW 1991 FORD F -800 (VIN:
1FDXK84P4MVA16723)described therein for an aggregate cost
(including return on investment at the rate of 7.5899% per annum)
of $62,272.68. 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) BK 250D CRACK SEALER SIN 21491
and ONE (1) NEW 1991 FORD F -800 (VIN: 1FDXK84P4MVA16723) 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
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
prior to the date hereof be, and they hereby are, ratified and
confirmed.
r
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 9th day of July, 1991.
ATTEST:
Cassie B. Hansen
Town Clerk
APPROVED AS TO FORM :
William E. Farrell
Town Attorney
REVIEWED BY:
Paul L. Nordin
Town Manager
�O-
Joh�n/M. Cutillo
Mayl6r