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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 r 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 8 Kathy Hollywood, City Clerk