HomeMy WebLinkAbout91-191
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RESOLUTION NO. 91-191
RESOLVED, that Mohave County is authorized to enter into a Lease
Purchase Agreement(s) (the "Agreement") with Valley Bank Leasing, Inc. ("LESSOR")
for the acquisition of the use and possession of data processing equipment (the
"Equipment") for an aggregate cost not to exceed $1,636,650 (not including
interest), payable over a period not to exceed five years, and in accordance with
the terms of the Agreement, subject to the right of the County to (i) terminate
and cancel such Agreement and the County's obligations on one date each year
during the term of the Agreement and (ii) acquire the Equipment at such times and
on such terms as may be set forth in the Agreement;
RESOLVED FURTHER, that each of the following officers of the County:
David J. Grisez, County Manager and Jeffrey S. Johnson, Assistant County
Manager/Financial Services Director are authorized, empowered, and directed to (i)
negotiate the terms of and execute and deliver the Agreement and such other
documents as may be necessary or appropriate, together with changes therein as
such officer shall deem necessary and desirable and (ii) take such other actions as
may be necessary or appropriate to consummate the transaction contemplated in
the Agreement and to cause the fuJll and timely performance of all of the County's
agreements and obligations in CtJnnection with the Agreement; such officer's
execution and delivery of the Agreement and other documents or the taking of such
actions to evidence such officer's approval of the document or action, respectively;
RESOLVED FURTHER, that in connection with the foregoing Resolutions, all
actions taken by the duly authorized officers of this County with respect to the
Agreement or the transactions to be evidenced by the Agreement prior to the date
of this Resolution be, and they hereby are, ratified and confirmed as the duly
authorized acts of the County;
RESOLVED FURTHER, that t.he County does hereby designate the Agreement
as a qualified tax -exempt obligation for purposes of Section 265(b) (3) (ii> of the
Internal Revenue Code of 198G, as amended; and
RESOLVED FURTHER. that t.he LESSOR may rely on these Resolutions until
notified of the revocation, amendment, or other modification in writing and all
actions taken by the duly authorized officers of this County in accordance with
these Resolutions prior to the LESSOR'S receipt of such notice shall be the duly
authorized actions of and binding and enforceable against the County and relied
upon by LESSOR.
PASSED APPROVED AND ADOPTED this 22nd day of July, 1991.
MOHA VE COUNTY BOARD OF SUPERVISORS
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Lois J. Hubb rd, Chairman
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Clerk