Resolution 11577CITY OF ALAMEDA RESOLUTION NO. 11577
AUTHORIZING EXECUTION OF LEASE AND OPTION
AGREEMENT WITH SECURITY PACIFIC MERCHANT BANK
FOR GEOBASED PERMIT SYSTEM
WHEREAS, the City Council, at its October 4, 1988
meeting, reviewed a report from the Acting Public Works Director
regarding the need for a Geobased Permit System; and
WHEREAS, the cost to implement this system, including
hardware and software costs, is estimated to be $280,000; and
project
in this
WHEREAS, a common method of financing
is through a lease-purchase contract; and
WHEREAS, Security Pacific Merchant Bank
field and offers the most favorable terms;
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Alameda that the City Manager is hereby authorized and
directed to execute, for and on behalf of the City, The Security
Pacific Merchant Bank Municipal Lease and Option Agreement and any
related documents necessary to the consummation of the Municipal
Lease and Option Agreement.
this type of
is experienced
BE IT FURTHER RESOLVED, that the City Council of the
City of Alameda hereby represents that the reasonably anticipated
amount of qualified tax-exempt obligations which have been and
will be issued by the City does not exceed $10,000,000 for the
calendar year within which this Municipal Lease and Option
Agreement is entered and hereby designates this Municipal Lease
and Option Agreement is to be a "qualified tax-exempt obligation"
pursuant to Section 265(b)(3) of the Internal Revenue Code.
c.
I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by
the Council of the City of Alameda in adjourned regular
meeting assembled on the 20th of October, 1988,
by the following vote to wit:
AYES: Councilmembers Arnerich, Camicia, Monsef, Thomas
and President Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said City this 21st day of
October, 1988.
City Clerk of the City of Alameda