Res 38-04RESOLUTION NO. 38-04
RESOLUTION AUTHORIZING THE REIMBURSEMENT
OF ORIGINAL EXPENDITURES WITH PROCEEDS OF
FINANCING.
WHEREAS, a duly called meeting was called of the governing body of Lessee held in
accordance with all applicable legal requirements, including open meeting laws, on the _18TH day
of_May 18, 2004_:
WHEREAS, the governing body of the CITY OF DF, I,KAY BEACH ("Lessee") has
approved the terms and conditions of a Master Lease Agreement (the "Lease") with SunTrust Leasing
Corporation ("Lessor") pursuant to which Lessor will finance Lessee's acquisition of certain
equipment (the "Equipment") described in Equipment Schedule No. 01 to the Master Lease; and
WHEREAS, Lessee intends to apply certain proceeds of the Lease to the reimbursement of
expenditures previously made by Lessee from the General Construction Fund (the "Expenditures') in
connection with the acquisition of the Equipment.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF
LESSEE AS FOI.I.OWS:
Section 1. It is hereby determined and approved that (i) the proceeds of the Lease shall be
used for two IBM iSeries Servers and Software (ii) the maximum principal amount of the obligations
expected to be incurred in connection with such project is $581,420 and (ih') certain proceeds of the
Lease be paid to the Lessee as reimbursement for the Expenditures.
Section 2. The proper officers of Lessee be, and each of them hereby is, authorized and
directed to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and
other documents and to do or cause to be done any and all other acts and things necessary or proper
for carrying out this resolution.
The undersigned further certifies that the above resolution has not been repealed or amended
and remains in full force and effect.
Date: May 18, 2004
CITY OF DELRAY BEACH
Lessee
Name: Jeff Perlman
Title: Mayor
Attested By: ~~
Name: Barbara Gatito
Title: City. Clerk
2 RESOLUTION NO. 38-04
To:
From:
Subject:
Date:
MEMORANDUM
City Commission
David T. Harden, City Manager
Resolution # 38-04
May 10, 2004
Resolution #38-04 authorizes the reimbursement of original expenditures with proceeds
of lease purchase financing of the IBM iSeries equipment and software totalling
$581,420.
Tax law requires a reimbursement resolution for expenses that will be reimbursed by
borrowed proceeds after 60 days or more. The closing on the lease pumhase
agreement will be 69 days past the payment to Midrange Support and Services for the
equipment requiring the passing of the attached resolution.
I recommend approval of Resolution# 38-04.
MEMORANDUM
To: David T. Harden, City Manager
From:,~,,~y Rebecca S. O'Connor, Treasurer
Thru: Joseph M. Safford, Director of Finance
Subject: Resolution # 38-04
Date: May 10, 2004
In connection with the SunTrust Master Lease Agreement, I recommend approval of the
attached Resolution# 38-04. Resolution #38-04 authorizes the reimbursement of
original expenditures with proceeds of lease purchase financing of the IBM iSeries
equipment and software totalling $581,420.
Tax law requires a reimbursement resolution for expenses that will be reimbursed by
borrowed proceeds after 60 days or more. The closing on the lease purchase
agreement will be 69 days past the payment to Midrange Support and Services for the
equipment requiring the passing of the resolution. The delay is primarily due to the fact
that the RFP had to be re-bid.
RESOLUTION NO. 38-04
At a duly called meeting of the governing body of Lessee held in accordance with all applicable legal requirements, including
open meeting laws, on the _18TH__ day of_May 18, 2004__ the following resolution was introduced and adopted:
RESOLUTION AUTHORIZING THE REIMBURSEMENT OF ORIGINAL
EXPENDITURES WITH PROCEEDS OF FINANCING.
WHEREAS, a duly called meeting was called of the governing body of Lessee held in accordance with all applicable legal
requirements, including open meeting laws, on the _18TH__ day of_May 18, 2004_:
WHEREAS, the governing body of the CITY OF DELRAY BEACH ("Lessee") has approved the terms and conditions of a
Master Lease Agreement (the "Lease") with SunTrust Leasing Corporation ("Lessor") pursuant to which Lessor will finance Lessee's
acquisition of certain equipment (the "Equipment") described in Equipment Schedule No. 01 to the Master Lease; and
WHEREAS, Lessee intends to apply certain proceeds of the Lease to the reimbursement of expenditures previously made by
Lessee from the General Construction Fund (the "Expenditures") in connection with the acquisition of the Equipment.
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF LESSEE AS FOLLOWS:
Section 1. It is hereby determined and approved that (i) the proceeds of the Lease shall be used for two IBM iSeries
Servers and Software (ii) the maximum principal amount of the obligations expected to be incurred in connection with such project is
$581,420 and (iii) certain proceeds of the Lease be paid to the Lessee as reimbursement for the Expenditures.
Section 2. The proper officers of Lessee be, and each of them hereby is, authorized and directed to execute and deliver
any and all papers, instruments, opinions, certificates, affidavits and other documents and to do or cause to be done any and all other acts
and things necessary or proper for carrying out this resolution.
The undersigned further certifies that the above resolution has not been repealed or amended and remains in full force and effect.
Date: May 18, 2004 CITY OF DELRAY BEACH
Lessee
By:.
Name: Jeff Periman
Title: Mayor_
Attested By:
(Signature of Secretary, Board Chairman or
other member of the Governing Body)
Name: Barbara Garito
Title: City Clerk
RES. NO. 38-04