Resolution 11354CITY OF ALAMEDA RESOLUTION NO. 11354
DESIGNATING EQUIPMENT LEASE
AS QUALIFIED TAX-EXEMPT OBLIGATION
WHEREAS, the City Council has adopted Resolution
No. 11343 authorizing the open market purchase of various
pieces of equipment for the Public Works Department; and
WHEREAS, the City Council has adopted Resolution
No. 11339 authorizing the execution of a lease purchase
agreement with First Interstate Leasing, Inc. to fund certain
pieces of said equipment; and
WHEREAS, under the provisions of the Tax Reform Act
of 1986 the City must adopt a resolution designating the lease
as a qualified tax-exempt obligation in order for the lessor
to utilize the tax-exempt status of the lease.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Alameda that pursuant to Section 265 (b) (3) (B) (ii)
of the Internal Revenue Code of 1986 (the Code), the City of
Alameda (the Issuer) hereby specifically designates the Lease
as a "qualified tax-exempt obligation" for purposes of Section
265(b) (3) of the Code. In compliance with Section 265(b) (3)
(D) of the Code, the Issuer hereby represents that the Issuer
will not designate more than $10,000,000 of obligations issued
by the Issuer in the calendar year during which the Lease is
executed and delivered as such "qualified tax-exempt
obligations" and
BE IT FURTHER RESOLVED that in compliance with the
requirements of Section 265(b) (3) (C) of the Code, the Issuer
hereby represents that the Issuer reasonably anticipates not to
issue in the calendar year during which the Lease is executed and
delivered, obligations bearing interest exempt from federal
income taxation under Section 103 of the Code in an amount greater
'than $10,000,000.
the undersigned, hereby certify that the foregoing
Zesolution was duly and regularly adopted and passed by
the Council of the City of Alameda in regular meeting
assembled on the 1st of December, 1987,
by the following vote to wit:
AYES: Councilmembers Haugner, Monsef, Thomas and
President Corica - 4.
NOES: None.
ABSENT: Councilmember Camicia - 1.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said City this 2nd day of
December, 1987.
.e)
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City Clerk of the City of Alameda