Title
Authorizing the execution and delivery of a Master Equipment Lease/Purchase Agreement dated January 9, 2015 and a Separate Lease Schedule with respect to the acquisition, purchase, financing and leasing of certain local area network equipment and software; authorizing the execution and delivery of documents required in connection therewith; and authorizing the taking of all other actions necessary to the consummation of the transactions contemplated by this resolution.
Body
WHEREAS, CITY OF SAINT PAUL, MINNESOTA (the "Lessee"), a home rule charter city duly organized and existing as a political subdivision, municipal corporation or similar public entity of the State of Minnesota, is authorized by the laws of the State of Minnesota to purchase, acquire and lease personal property for the benefit of the Lessee and its inhabitants and to enter into contracts with respect thereto; and
WHEREAS, the Lessee desires to purchase, acquire and lease certain local area network equipment and software constituting personal property necessary for the Lessee to perform essential governmental functions (the "Equipment"); and
WHEREAS, the Lessee has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the acquisition of the Equipment; and
WHEREAS, in order to acquire such equipment, the Lessee proposes to enter into that certain Master Equipment Lease/Purchase Agreement (the "Agreement") and separate Lease Schedules from time to time as provided in the Agreement with BANC OF AMERICA PUBLIC CAPITAL CORP (the "Lessor"), the form of which has been presented to the governing body of the Lessee at this meeting; and
WHEREAS, by entering into the Agreement, the Lessee will exercise the powers under the City's home rule charter and Minnesota Statutes, Section 465.71, as amended; and
WHEREAS, the governing body of the Lessee deems it for the benefit of the Lessee and for the efficient and effective administrat...
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