CC RES 1992-047RESOLUTION NO. 92-47
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES IN SUPPORT OF A LEASE AGREEMENT BETWEEN
JOHN HANCOCK INSURANCE AND THE PALOS VERDES
PENINSULA TRANSIT AUTHORITY, J.P.A.
WHEREAS, at a duly called meeting of the City Council held on the 19th day of May,
1992 the following resolution was introduced and adopted.
WHEREAS, the City Council, as a member of the Palos Verdes Peninsula Transit
Authority JPA, has determined that a true and very real need exists for the acquisition of the
Equipment described in the Municipal Lease and Option Agreement presented to this meeting, and
WHEREAS, the governing body of City, as a member of the Palos Verdes Peninsula
Transit Authority JPA, has taken the necessary steps, including any legal bidding requirements,
under applicable law to arrange for the acquisition of such Equipment.
THEREFORE, BE IT RESOLVED THAT: the City Council, as a member of the Palos
Verdes Peninsula Transit Authority JPA, agrees that the terms of said Municipal Lease and Option
Agreement are in the best interests of the City and the Palos Verdes Peninsula Transit Authority
JPA for the acquisition of such Equipment, and the City Council designates and confirms the
Mayor to execute and deliver, and to witness (or attest), repectively, the Municipal Lease and
Option Agreement and any related documents necessary to the consummation of the transactions
contemplated by the Municipal Lease and Option Agreement.
FURTHER, BE IT RESOLVED THAT: the City Council, as a member of the Palos Verdes
Peninsula Transit Authority JPA, hereby represents that the reasonably anticipated amount of
qualified tax- exempt obligations which have been and will be issued by the Lessee doen not exceed
$10,000,000 for the calendar year within which this Municipal Lease and Option Agreement is to
be "qualified tax- exempt obligation" pursuant to Section 265 (b) (3) of the Internal Revenue Code.
PASSED, APPROVED AND ADOPTED this 19th day May, 19
4m A
a r
ATTTEST:
City J lerk
State of California )
County of Los Angeles )SS
City of Rancho Palos Verdes )
I, JO PURCELL, City Clerk of the City of Rancho Palos Verdes, hereby certify that the
above Resolution No. 92 -47 was duly and regularly passed and adopted by the said City Council
at a regular meeting thereof held on May 19, 1992.
City Clerk-f) City of Rancho Palos Verdes
staffrpt:5 /19/92 muni lease 2 vans