2020-058 Master Equipment Lease Purchase Agreement RESOLUTION 2020-58
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ENCINITAS
AUTHORIZING ENTERING INTO A NEW LEASE UNDER A MASTER
EQUIPMENT LEASE PURCHASE AGREEMENT AND THE EXECUTION
AND DELIVERY OF RELATED INSTRUMENTS, AND DETERMINING
OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the City Council of the City of Encinitas ("Lessee") has determined
that a true and very real need exists for the 2020 Pierce Arrow Triple Combination Pumper
Fire Engine (the "Apparatus") described in the proposed Master Equipment Lease
Purchase Agreement (the "Agreement") by and between Pinnacle Public Finance, Inc.
(the "Lessor") and the City of Encinitas (the "Lessee"), as presented at this meeting; and
WHEREAS, Lessee has taken the necessary steps, including those relating to any
applicable legal bidding requirements, to arrange for the acquisition of the Apparatus; and
WHEREAS, Lessee has taken legal possession and ownership of the Apparatus,
effective August 14th, 2020; and
WHEREAS, Lessee has tendered payment in full to the Apparatus vendor, South
Coast Fire Equipment Inc., as of September 11, 2019, in the amount of$737,623; and
WHEREAS, on July 10, 2019, the City Council of Lessee declared its intent to
issue tax-exempt financing related to the acquisition of the Apparatus; and
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WHEREAS, Lessor has submitted a Proposal for the financing of the Apparatus,
in response to Lessee's Request for Proposals; and
WHEREAS, Lessor and Lessee previously negotiated and entered into the
Agreement on May 25, 2011; and
WHEREAS, the Agreement allows for additional equipment to be financed under
the terms of the Agreement by execution of additional Schedules, with each Schedule
referred to as a "Lease"; and
WHEREAS, Lessee proposes to enter into a new Lease pursuant to the
Agreement with Lessor to finance the Apparatus purchase, in substantially the form as in
Attachment 4 of the Agenda Report.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Encinitas that it
is hereby found and determined that the terms of the Lease pursuant to the Agreement,
in the form presented at this meeting and incorporated in this Resolution, are in the best
interests of Lessee, to provide long-term financing for the acquisition of the Apparatus.
BE IT FURTHER RESOLVED that the Lease is hereby approved and the City
Manager and/or the City Treasurer of the City of Encinitas are hereby authorized to
execute, acknowledge and deliver the Lease with any required changes, insertions and
omissions therein as may be approved by the City Attorney; such approval to be
conclusively evidenced by such execution and delivery of the Lease, and that the City
Clerk of Lessee is hereby authorized to affix the official seal of Lessee to the Lease and
attest the same.
PASSED, APPROVED AND ADOPTED this 12th day of August, 2020 by the City
Council of the City of Encinitas, State of California.
Catherine Blakespear, Mayor
ATTEST:
Kathy Hollywood, City Clerk
APPR VED AS TO FORM:
ie E. De aney, C ttorney
CERTIFICATION: I, Kathy Hollywood, City Clerk of the City of Encinitas, California, do
hereby certify under penalty of perjury that the foregoing Resolution was duly adopted at
a regular meeting of the City Council on the 12th day of August, 2020 by the following
vote:
AYES: Blakespear, Hinze, Hubbard, Kranz, Mosca
NOES: None
ABSENT: None
ABSTAIN: None
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Kathy Hollywood, City Clerk