AN ORDINANCE PROVIDING FOR THE APPROVAL AND RATIFICATION OF RESOLUTION NUMBER 1200 REGARDING THE LEASE PURCHASE AGREEMENTS FOR THE WATER PLANT
NOW THEREFORE, BE IT ORDAINED by the Board of Alderman of the City of Rich Hill, Missouri that resolution number 1200 adopted and approved by the Board of Alderman on February 28, 2005 is hereby ratified and approved as follows:
WHEREAS, the Lessee is entering a Lease Purchase Agreement (“Lease”) dated March 1, 2005, with UMB Banc Leasing Corp.;
WHEREAS, Lessee has carefully reviewed its financing requirements for the current calendar year and reasonably expects that it will not issue more than ten million dollars ($10,000,000) of tax-exempt obligations during the calendar year;
NOW, THEREFORE, BE IT RESOLVED, that the Lessee be, and hereby is, authorized to enter into the Lease with UMB Bank Leasing Corp. for a period of 5 years, and be it further
RESOLVED, that an official of the Lessee be, and hereby is, authorized, empowered and directed to sign on its behalf the Lease and any addenda, schedules, notes, UCC financing statements or other instruments issued under the provision of the Lease and any other instrument or document which may be necessary or expedient in connection with agreement upon or fulfillment of the provisions of the Lease, including but not limited to the Ground Lease.
RESOLVED, that pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, this Lease be and hereby is designated a “qualified tax-exempt obligation” includable within the ten million dollars ($10,000,000) of the aggregate issues designated as “qualified tax-exempt obligations” for the calendar year within which this Lease is entered into.
RESOLVED, that Lessee shall not designate more than ten million dollars ($10,000,000) of tax-exempt obligations during the current calendar year as qualified tax-exempt obligations and Lessee, together with its subordinate entities, does not reasonably expect to issue more than ten million dollars $10,000,000) of tax-exempt obligations during the current calendar year.
EFFECT OF INVALIDITY ON ANY PART OR ORDINANCE
The invalidity of any section, clause, sentence or provision of this ordinance shall not affect the validity of any other part of this Ordinance which would then be given effect not withstanding such invalid part or parts.
EFFECTIVE DATE
This ordinance shall be in full force and effect from and after its passage and approval as provided by law.
READ TWO TIMES AND PASSED THIS 8TH DAY OF March, 2005.
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Sharon Miller, Mayor Pro Tem
ATTEST:
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Rose Entrikin, City Clerk
Ayes: Turner, Heckadon, Miller
Nays: None
Tammy Williamsand Don Steuck was absent
CERTIFICATION BY THE CLERK
STATE OFMISSOURI )
) AS
COUNTYOFBATES )
I,Rose Entrikin, Clerk of the CITY OF RICH HILL, in the County and State aforesaid, do hereby certify that the above and foregoing ordinance providing for is a true and correct copy of the Ordinance No.1227 duly adopted by the Board of Alderman of the CITY OF RICH HILL, Missouri at their regular meeting on the 8th day of March, 2005.
IN WITNESS WHEREOF, I hereby set my hand and affix the seal of the said City at my office in Rich Hill, Missouri.
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Rose Entrikin, Clerk ofCity of Rich Hill,Missouri
