01-11-96-C-9 - Resolution - 01/11/1996( so[ution
Number:1-11-96-C-9
WHEREAS, the City of College Station (the "Lessee"), desires to enter into that certain Lease-Purchase
Agreement dated as of danuary 11, 1996 by and between City of College Station, as Lessee and
Associates Commercial Corporation as Lessor, for the purpose of financing (2) Two Articulated Dump
Trucks and (1) One Track Excavator. The City desires to levy, for each year in which "Lease Payments"
(as defined in the Lease-Purchase Agreement) come due, an ad valorem tax within the limits prescribed by
law that is sufficient (together with other funds lawfully available to the City and applied to the purpose) to
provide timely payment of the Lease Payments payable during such year. The City desires to designate the
City Manager and Director of Finance as authorized signers of the Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION:
Section 1. That the city will enter into a Lease-Purchase Agreement with Associates
Commercial Corporation for the purpose of financing (2) Two Articulated Dump Trucks and (1) One
Track Excavator.
Section 2. That the Lease-Purchase Agreement dated as of danuar.¥ 11, 1996
by and between the City of College Station and Associates Commercial Corporation is designated by the
City as a tax exempt obligation as described in section 103 of the Internal Revenue Code of 1986.
Section 3. That, for each year in which Lease Payments come due, there is hereby
levied an ad valorem tax within the limits prescribed by law that is sufficient (together with other funds
lawfully available to the City and applied to the purpose) to provide timely payment of the Lease Payments
payable during such year.
Section 4. That the City will designate the City Manager and Director of Finance, as
authorized signers of the Lease-Purchase Agreement date as of danuar¥ 11, ~ 996 by and
between the City of College Station and Associates Commercial Corporation.
PASSED AND APPROVED by the City Council of the City of College Station on the 11 th
day of d^NU^R¥ 19 96
ATTEST:
Co~.~ie Hooks. C/ty Secre..'m-y
City of College Station, Texas
City of College Station, Texas