91-18 v RESOLUTION NO. 91-18
A RESOLUTION OF THE CITY OF ATLANTIC BEACH
SUPPLEMENTING CERTAIN PROVISIONS OF RESOLUTION
NO. 91-3 PASSED BY THE CITY COMMISSION ON
JANUARY 28, 1991; MAKING CERTAIN FINDINGS WITH
RESPECT TO QUALIFYING A MASTER LEASE-PURCHASE
AGREEMENT AS A TAX EXEMPT OBLIGATION PURSUANT
TO SECTION 265 (B) (3) OF THE INTERNAL REVENUE
CODE; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF ATLANTIC BEACH,
FLORIDA AS FOLLOWS:
SECTION 1. DEFINITIONS. The following terms shall have
the following meanings herein, unless the text otherwise expressly
requires. Words importing singular number shall include the plural
number in each case and vice versa, and words importing persons
shall include firms and corporations. Capitalized terms not
otherwise defined herein shall have the meaning assigned to such
terms in the Lease Agreement.
"City" means the City of Atlantic Beach, Florida.
"Code" means the Internal Revenue Code of 1986, as
amended.
"Lease Agreement" means the Master Lease-Purchase
Agreement dated as of July 12 , 1991 between Sun Bank, National
Association, as the Lessor and the City as the Lessee.
SECTION 2 . FINDINGS. It is hereby found and determined
that the City approved, by Resolution 91-3 passed on January 28,
1991, the execution of the Lease Agreement. The City Commission
now hereby finds that it reasonably expects that it and its
subordinate entities will not issue tax-exempt obligations of more
than $10, 000, 000 during the current calendar year and therefore may
designate the Lease Agreement as a "qualified tax-exempt
obligation" within the meaning of Section 265 (b) (3) of the Internal
Revenue Code of 1986, as amended ("Code") and therefore desires to
supplement such resolution.
SECTION 3 . AUTHORITY FOR THIS RESOLUTION. This
Resolution is enacted pursuant to the provisions of the Municipal
Home Rule Powers Act and other applicable provisions of law.
SECTION 4 . BANK ELIGIBILITY. The City does hereby
designate the Lease Agreement as a "qualified tax-exempt
obligation" pursuant to the requirement of Section 265 (b) (3) of the
Code. The City does not reasonably anticipate issuing "qualified
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tax-exempt obligations" as defined in the Code during the 1991
calendar year in an aggregate amount greater than $10, 000, 000.
SECTION 5. APPROVAL OF LEASE AGREEMENT. The City hereby
approves the execution of the Lease Agreement.
SECTION 6. REPEAL OF INCONSISTENT RESOLUTIONS. All
resolutions of the City or parts thereof in conflict with the
provisions of this Resolution are, to the extent of such conflict,
hereby superseded and repealed.
SECTION 7 . EFFECTIVE DATE. This Resolution shall take
effect immediately upon its adoption.
PASSED by the City Commission of Atlantic Beach, Florida,
this 24th day of June, 1991.
Attt/ee/s�t: n A / 1.4ii
K..„ /„..)
MAUREEN KING, ity erk WILLIAM I. GULLI • R.
Mayor, Presiding • ! cer
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Approved as to form and
correctnes=:
C. J
.. `T'� , Esq.
City At . y
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