HomeMy WebLinkAbout2022-R-02 - Financing Agreement - SCBA and Heart Monitors RESOLUTION NO. 2022-R-02
A RESOLUTION REGARDING A FINANCING AGREEMENT FOR THE PURPOSE OF PROCURING
SCBA/RESPIRATORY PROTECTION SYSTEM, HEART MONITORS,AND EQUIPMENT.
WHEREAS the City of Stephenville desires to enter into a certain Financing Agreement, by and
between Government Capital Corporation and the City of Stephenville, for the purpose of financing
SCBA/Respiratory Protection System, heart monitors, and Equipment; and
WHERAS the City of Stephenville desires to designate this Agreement as a "qualified tax-exempt
obligation"of the City of Stephenville for the purposes of Section 265(b) (3)of the Internal Revenue Code
of 1986, as amended; and
WHEREAS the City of Stephenville desires to designate the City Manager as an authorized signer
of the Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF STEPHENVILLE:
SECTION 1.
That the City of Stephenville enters into a Financing Agreement with Government Capital Corporation for
the purpose of procuring SCBA/Respiratory Protection System, heart monitors and Equipment.
SECTION 2.
That the Financing Agreement, by and between the City of Stephenville and Government Capital
Corporation 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 the City Manager, as an authorized signer of the Financing
Agreement, by and between the City of Stephenville and Government Capital Corporation.
SECTION 4.
That should the need arise, if applicable, the City will use loan proceeds for reimbursement of
expenditures related to the Property, within the meaning of Treasury Regulation § 1.150-2, as
promulgated under the Internal Revenue Code of 1986, as amended.
PASSED AND APPROVED this the 1st day of February, 2022.
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Resolution No. 2022-R-02 Page 1 of 2
Reviewed by All Barnes,
City Manager
Randy Thomas, City Attorney
Approved as to form and legality
Resolution No. 2022-R-02 Page 2 of 2