HomeMy WebLinkAbout25-87 RESOLUTIONRESOLUTION NO.
25-87
SCAN N.Epii
A RESOLUTION DESIGNATING THE CITY'S APRIL 7,
1987 COMPUTER LEASE WITH LEASEMARK AS A
QUALIFIED TAX-EXEMPT OBLIGATION.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS (the "Issuer"):
Section 1. Recitals and Authorization. The Issuer, as
lessee, has heretofore entered into a Lease with Option to
Purchase Agreement dated as of April 7, 1987 (the "Lease"), with
Leasemark, as Lessor. It is hereby determined that it is neces-
sary and desirable and in the best interest of the Issuer to enter
into the Lease for the purposes therein specified, and the
execution and delivery of the Lease by the Issuer are hereby
approved, ratified and confirmed.
Section 2.
tion. Pursuant
Code of 1986 (the
nates the Lease
purposes of §265(b)
Designation as Qualified Tax -Exempt Obliga-
to §265(b)(3)(B)(ii) of the Internal Revenue
"Code"), the Issuer hereby specifically desig-
as a "qualified tax-exempt obligation" for
(3) of the Code.
Section 3. Issuance Limitation. In compliance with
the requirements of §265(b)(3)(C) of the Code, the Issuer hereby
represents that the Issuer (including all "subordinate entities"
of the Issuer within the meaning of §265(b)(3)(E) of the Code)
reasonably anticipates not to issue in the calendar year during
which the Lease is executed and delivered, obligations bearing
interest exempt from federal income taxation under §103 of the
Code (other than "private activity bonds" as defined in §141 of
the Code) in an amount greater than $10,000,000.
PASSED AND APPROVED this 7 day of April
•
APPROVED
By:
Thidimhigsj
, 1987.
Mayo FW441.--61-6-rj