14-2028 Equipment Schedule No 6 to First Amended Master Lease Agreement with Suntrust Equipment Finance & Leasing Corp.ORDINANCE NO. 14-2028
AN ORDINANCE OF THE CITY OF LONGWOOD, FLORIDA.,
APPROVING AND AUTHORIZING THE EXECUTION ANID
DELIVERY OF EQUIPMENT SCHEDULE NO. 6 TO FIRST
AMENDED MASTER LEASE AGREEMENT WITH SUNTRUST
EQUIPMENT FINANCE & LEASING CORP., AN :ESCROW
AGREEMENT, AND RELATED INSTRUMENTS, AND
DETERMINING OTHER MATTERS IN CONNECTION
THEREWITH; PROVIDING FOR CONFLICTS, SEVERABILITY
AND AN EFFECTIVE DATE.
WHEREAS, the governing body of the City of Longwood, Florida ("Lessee" or "City")
desires to obtain certain equipment (the "Equipment") described in the Equipment. Schedule No.
06 to the First Amended Master Lease Agreement (collectively, the "Lease") with SUNTRUST
EQUIPMENT FINANCE & LEASING CORP. dated December 15, 2010, the form of which has
been available for review by the governing body of Lessee prior to adoption of this Ordinance;
and
WHEREAS, the Equipment is essential for the Lessee to perform its governmental
functions; and
WHEREAS, the funds made available under the Lease will be deposited with
SUNTRUST BANK (the "Escrow Agent") pursuant to an Escrow Agreement between Lessee
and the Escrow Agent (the Escrow Agreement") and will be applied to the acquisition of the
Equipment in accordance with said Escrow Agreement; and
WHEREAS, 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, Lessee proposes to enter into the Lease with SINTRUST EQUIPMENT
FINANCE & LEASING CORP. and the Escrow Agreement with the Escrow Agent substantially
in the forms attached to this Ordinance; and
WHEREAS, the City Commission finds that entering into and approving the Lease, the
Escrow Agreement and other related instruments generally in the forms attached to this
Ordinance (collectively, the "Financing Documents") are in the best interests of the Lessee for
the acquisition of the Equipment.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CIT:►' OF LONGWOOD, FLORIDA AS FOLLOWS:
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Section 1. Recitals. The above recitals are true and correct and constitute the City
Commission's findings.
Section 2. Approval. The Financing Documents and the acquisition and financing of
the Equipment under the terms and conditions as described in the Financing Documents attached
to this Ordinance are hereby approved. The Mayor and any other officer of the City of
Longwood who shall have the power to execute contracts on behalf of the City be, and each of
them hereby is, authorized to execute, acknowledge and deliver the Financing Documents with
any reasonable changes, insertions and omissions therein as may be approved by the officers
who execute the Financing Documents. The City Clerk of the City of Longwood and any other
officer of the City who shall have the power to do so be, and each of them hereby is, authorized
to affix the official seal of the City of Longwood to the Financing Documents and attest the
same. The proper officers of Lessee be, and each of them is, authorized and directed to execute
and deliver any and all'papers, instruments, opinions, certificates, affidavits and other documents
and to do or caused to be done any and all other acts and things necessary or proper for carrying
out this Ordinance and the Financing Documents.
Section 3. Qualified Tax -Exempt. Pursuant to Section 265(b) of the Internal Revenue
Code of 1986, as amended (the "Code"), Lessee hereby specifically designates the Lease as a
"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Code.
Section 4. Conflicts. If any Ordinances or parts of thereof are in conflict herewith, this
Ordinance shall control to the extent of the conflict.
Section 5. Severability. If any portion of this Ordinance is detennined to void,
unconstitutional, or invalid by a court of competent jurisdiction, the remainder of this Ordinance
shall remain in full force and effect.
Section 6. Effective Date. This Ordinance shall take effect upon its second reading and
final adoption by City Commission.
FIRST READING this =,day of !'/' I , A.D. 2014.
SECOND READING AND ADOPTION thisst-
day of i—/ / , A.D. 2014.
CITY COMMISSION
CITY OF NGWOOD, FLORIDA
Brian D. Sackett, Ma or
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ATTEST:
i belle Lo 13' Jerk
ise and reliance of the City of Longwood, Florida only.
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