HomeMy WebLinkAbout1988-309-06.13.1988 RESOLUTION NO. 1988-309
RESOLUTION AUTHORIZING THE LEASE/PURCHASE AGREEMENT WITH
ILLINOIS COMPANY, INCORPORATED FOR PEABODY MYER MODEL
815C FOR THE CITY SEWER DEPARTMENT.
WHEREAS, the City of Waterloo has determined that a true and
very real need exists for the acquisition of the Equipment
described in the Lease/Purchase Agreement presented to this
meeting; and
WHEREAS, the City of Waterloo has taken the necessary steps,
including any legal bidding requirements, under applicable law to
arrange for the acquisition of such equipment.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, that the terms of said Lease/Purchase Agreement are in the
best interest of the City of Waterloo for the acquisition of such
equipment, and the City of Waterloo authorizes the Mayor Pro Tem
and Clerk/Auditor to execute and deliver the Lease/Purchase
Agreement and any related documents necessary to the consummation
of the transactions contemplated by the Lease/Purchase Agreement.
BE IT FURTHER RESOLVED BY THE CITY COUNCIL that pursuant to
Section 265 (b) 3 (D) of the Internal Revenue Code, as amended by the
Tax Reform Act of 1986 , the City of Waterloo hereby designates
this Lease/Purchase Agreement as comprising a portion of the $10
million in aggregate issues designated as "qualified tax-exempt
obligations" eligible for the exception contained in Section
265(b) 3 (D) of the Code allowing for an exception to the general
rule of the Code which provides for a total disallowance of a
deduction for interest expense allocable to the carrying of
tax-exempt obligations. The interest expense allocable to the
carrying of tax-exempt obligations. The City of Waterloo further
certifies that it does not reasonably contemplate issuing more
that $10 , 000, 000 of "qualified tax-exempt obligations" , as defined
in the Code, during 1987.
PASSED AND ADOPTED this 13th day of June, 1988 .
/e
Robert J. Brown, Mayor Pro Tem
ATTEST:
Lar P. urger, ,y erk/Auditor
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