06-40
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RESOLUTION NO. 06-40
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA, ESTABLISHING THE CITY'S INTENT TO
REIMBURSE CERTAIN PROJECT COSTS INCURRED
WITH PROCEEDS OF FUTURE TAX-EXEMPT
FINANCING; PROVIDE CERTAIN OTHER MATTERS
IN CONNECTIOIN THEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the city of Clearwater, Florida (the
"Issuer") has determined that the need exists to acquire certain items of equipment
during the 2006-2007 fiscal years;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CLEARWATER, FLORIDA THAT:
SECTION 1. AUTHORITY. This resolution (hereinafter called the
"Resolution") is adopted pursuant to the provisions of the Florida Constitution,
Chapter 166, Florida Statutes, and other applicable provisions of law.
SECTION 2. DECLARATION OF INTENT. The Issuer hereby expresses
its intention to be reimbursed from proceeds of a future tax-exempt financing for
capital expenditures to be paid by the Issuer in connection with the acquisition of
equipment as set forth in the Issuer's 2006-2007 fiscal year budget, as amended
and supplemented from time to time (the "Project"). The Issuer intends on
acquiring each item of equipment constituting a portion of the Project with funds
then on deposit in the Issuer's bank account, and within a reasonable time
thereafter refinancing such purchases within lease purchase financing with Sun
Trust Leasing Corporation pursuant to a master lease purchase agreement. It is
not reasonably expected that the total amount of the Project will exceed
$7,000,000. This resolution is intended to constitute a "declaration of official
intent" within the meaning of Section 1.150-2 of the Income Tax Regulations.
SECTION 3. SEVERABILITY. If anyone or more of the provisions of
this Resolution shall for any reason be held illegal or invalid, such illegality or
invalidity shall not affect any other provision herein and the remaining provisions
shall be construed and enforced as if such illegal or invalid provisions had not
been contained therein.
SECTION 4. REPEALING CLAUSE. All resolution or orders and parts
therof in conflict herewith to the extent of such conflicts, are hereby superseded
and repealed.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption. PASSED AND ADOPTED this 20th day of July,
2006.
:f~y~
o...-.f'rank V. Hibbard
Mayor
Approved as to form:
Pamela K. Akin
City Attorney
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SUNTRUST LEASING CORPORATION
AMENDMENT NO. ....Q1
AMENDMENT TO LEASE DOCUMENTS
July 20, 2006
THIS AMENDMENT TO LEASE DOCUMENTS dated as of this 20th day of Julv, 2006 (this "Amendment"), by and
among SUNTRUST LEASING CORPORATION, its successors and assigns ("Lessor"), and THE CITY OF
CLEARWATER. FLORIDA its successors and permitted assigns ("Lessee"), amend that certain Master Lease
Aareement, dated as of October 16. 2003. and all of the other documents and agreements entered into in connection
therewith, as amended or otherwise modified (hereinafter collectively referred to as the "Lease Documents"). The
capitalized terms used herein but not otherwise defined herein shall have the respective meanings given them in the
Master Lease Aareement or the other documents referred to therein.
1. In accordance with Article III Section 3.1 Term, The City of Clearwater wants to extend the term of the
contract by one (1) year of the contact from October 1, 2006 thru September 30, 2007.
2. All other terms and conditions remain unchanged.
3. The term is hereby extended through September 30,2007.
4. Lessee hereby represents and warrants to Lessor that each of the Lease Documents constitute legal, valid
and binding obligations of Lessee, enforceable against Lessee in accordance with the terms thereof.
5. This Amendment shall hereafter amend and constitute a part of each of the Lease Documents referenced
herein. Except as expressly provided herein, the terms and conditions of each such Lease Document remains
unmodified and in full force and effect. This Amendment shall be governed by and in accordance with the laws of the
State of Florida.
BY:
Name:
Title:
Date:
SunTrust Leasing Corporation
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onald<Keo
Vice President
This is counterpart No.2 of 2 serially numbered, manually executed counterparts of
this document. To the extent that this Lease Agreement constitutes chattel paper
under the Uniform Commercial Code, a security interest in this Lease Agreement
~y be created through the transfer and possession of Counterpart No. lonly,
WIthout the need to transfer possession of any other original or counterpart or copy
of thIs Lease Agreement or any original or counterpart or copy of any exhibits,
addenda, schedules, certificates, riders or other documents and instruments executed
and delivered in connection with this Lease Agreement.
Countersigned:
City of Clearwater, Florida
Frank V. Hibbard
Mayor
By:
William B. Horne II
City Manager
Approved as to form:
Attest:
Pam Akin
City Attorney
Cynthia E. Goudeau
City Clerk