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HomeMy WebLinkAbout4198 Resolution - Lease with PNC Bank for Three Fire TrucksRESOLUTION NO. 4198 Municipality/Lessee: The City of Pasco, Washington Principal Amount Expected to Be Financed: $2.724.255.71 WHEREAS, the City of Pasco is a political subdivision of the State of Washington and is duly organized and existing pursuant to the Constitution and laws of the State; WHEREAS, pursuant to RCW 35A.13.230, the City Council of the City of Pasco is authorized to acquire, dispose of and encumber real and personal property, including, without limitation, rights and interest in property, leases and easements necessary to the functions or operations of the City; WHEREAS, the City Council of the City of Pasco hereby finds and determines that the execution of one or more Lease -Purchase Agreements ("Leases") in the principal amount not exceeding the amount stated above for the purpose of acquiring the property ("Equipment") to be described in the Leases is appropriate and necessary to the functions and operations of the City of Pasco; and WHEREAS, PNC Bank, National Association shall act as Lessor under said Leases. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON that: Section 1. The City Manager acting on behalf of the City of Pasco, is hereby authorized to negotiate, enter into, execute, and deliver one or more Leases in substantially the form set forth in the document presently before the City Council, which document is available for public inspection at the office of the City of Pasco Clerk. The City Manager acting on behalf of the City of Pasco is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Lease as the City Manager deems necessary and appropriate. All other related contracts and agreements necessary and incidental to the Leases are hereby authorized. Section 2. By a written instrument signed by the City Council, said City Manager may designate specifically identified officers or employees of the City of Pasco to execute and deliver agreements and documents relating to the Leases on behalf of the City of Pasco. Section 3. The aggregate original principal amount of the Leases shall not exceed the amount stated above and shall bear interest as set forth in the Leases and the Leases shall contain such options to purchase by the City of Pasco as set forth therein. Section 4. The City of Pasco's obligations under the Leases shall be subject to annual appropriation or renewal by the City Council as set forth in each Lease and the City of Pasco's obligations under the Leases shall not constitute general obligations of the City of Pasco or indebtedness under the Constitution or laws of the State. Resolution — Lease with PNC Bank - 1 Section 5. This Resolution shall take effect immediately upon its adoption and approval. the City Council of the City of Pasco, Washington this 5th day of July, 2022. Blanche Barajas Mayor ATTEST: 1 Debra Barham, CMC City Clerk Resolution — Lease with PNC Bank - 2 APPROVED AS TO FORM: Kerr F son Law, PLLC Ci ttorneys CERTIFICATION I, the undersigned, City Clerk of the City of Pasco, Washington (the "City"), hereby certify as follows: 1. The attached copy of Resolution No. L4 k 118, (the "Resolution") is a full, true and correct copy of a Resolution duly adopted at a regular meeting of the City Council of the City of Pasco held at the regular meeting place thereof on as that Resolution appears on the minute book of the City; and the Resolution will be in full force and effect immediately following its adoption; and 2. A quorum of the members of the City Council was present throughout the meeting and a majority of the members voted in the proper manner for the adoption of the Resolution. IN WITNESS WHEREOF, I have hereunto set my hand this day of 2022. Notary Public State of Washington KRYSTLE LYNN SHANKS MY COMMISSION EXPIRES January 5, 2024 Commission # 157246 Resolution — Lease with PNC Bank - 3 CITY OF PASCO, WASHINGTON Krystle §hanks, CMC Deputy City Clerk