1238 Ambulance Purchase

CITY OF ELGIN, OREGON RESOLUTION 1238 (2007)

A RESOLUTION OF THE CITY COUNCIL AUTHORIZING A LEASE/PURCHASE OF AN AMBULANCE

WHEREAS, the City of Elgin is a political subdivision of the State of Oregon in which City of Elgin is located (the “State”) and is duly organized and existing pursuant to the Constitution and laws of the State of Oregon.

WHEREAS, pursuant to applicable law, the City Council of the City of Elgin (“Governing Body”) is authorized to acquire, dispose of and encumber real and personal property, including, without limitation, rights and interest in property, leases and easements necessary to the functions or operations of the City of Elgin.

WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Master Lease-Purchase Agreements (“Leases”) in the principal amount not exceeding the amount stated above for the purpose of acquiring the property (“Equipment”) to be described in the Leases is appropriate and necessary to the functions and operations of the City of Elgin.

WHEREAS, Oshkosh Capital (“Lessor”) shall act as Lessor under said Leases.

NOW, THEREFORE, Be It Ordained by the Governing Body of the City of Elgin:

Section 1.  Either one of the Mayor OR Recorder/Administrator (each an “Authorized Representative”) acting on behalf of the City of Elgin, is hereby authorized to negotiate, enter into, execute, and deliver one or more Leases in substantially the form set forth in the document presently before the Governing Body, which document is available for public inspection at the office of the City of Elgin.  Each Authorized Representative acting on behalf of the City of Elgin is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Lease as the Authorized Representative deems necessary and appropriate.  All other related contracts and agreements necessary and incidental to the Leases are hereby authorized.

Section 2.  By a written instrument signed by any Authorized Representative, said Authorized Representative may designate specifically identified officers or employees of the City of Elgin to execute and deliver agreements and documents relating to the Leases on behalf of the City of Elgin.

Section 3.  The aggregate original principal amount of the Leases shall not exceed the amount stated above and shall bear interest as set forth in the Leases and the Leases shall contain such options to purchase by the City of Elgin as set forth therein.

Section 4.  The City of Elgin’s obligations under the Leases shall be subject to annual appropriation or renewal by the Governing Body as set forth in each Lease and the City of Elgin’s obligations under the Leases shall not constitute general obligations of the City of Elgin or indebtedness under the Constitution or laws of the State of Oregon.

Section 5.  As to each Lease, the C ity of Elgin reasonably anticipates to issue not more than $10,000,000 of tax-exempt obligations (other than “private activity bonds” which are not “qualified 501(c)(3) bonds”) during the fiscal year in which each such Lease is issued and hereby designates each Lease as a qualified tax-exempt obligation for purposes of Section 265(b) of the Internal Revenue Code of 1986, as amended.

Section 6.  This resolution shall take effect immediately upon its adoption and approval.

PASSED AND ADOPTED this 9th day of October 2007.