HomeMy WebLinkAbout2016-R-17 - Fire Truckn RESOLUTION No. 2016-R-17
IRESOLUTION REGARDING A LEASE PURCHASE AGREEMENT
FOR THE PURPOSE OF FINANCING A "FIRE TRUCK"
WHEREAS, the City of Stephenville desires to enter into that certain Lease -Purchase Agreement
dated as of October 4, 2016, by and between City of Stephenville and Texas Bank, for the purpose of
financing a "Fire Truck"; and
WHEREAS, the City desires to designate this Agreement as a "qualified tax exempt obligation" of
the City for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended; and
WHEREAS, the City desires to designate Walter G. Wood, Director of Finance and Administration,
as an authorized signer of the Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE:
Section 1. That the City enters into a Lease Purchase Agreement with Texas Bank for the purpose
of financing a "Fire Truck".
Section 2. That the Lease Purchase Agreement dated as of October 4, 2016, by and between the
City and Texas Bank is designated by the City of Stephenville as a "qualified tax exempt obligation" for the
purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended.
Section 3. That the City of Stephenville designates Walter G. Wood, Director of Finance and
Administration, as an authorized signer of the Lease Purchase Agreement dated as of October 4, 2016 by
and between the City of Stephenville and Texas Bank.
PASSED AND APPROVED by the City Council of the City of Stephenville in a meeting held on the
4tn day of October, 2016.
_. L�j,
Jerry I W on II, Mayor
A
Cindy 101ford, City Secoory
Reviewed by Patrick C. idges,
City Admi ' for
f 1 Approved as to form and legality by
!I 11 Randy Thomas, City Attorney