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CITY COUNCIL AGENDA ITEM NO. 14

Meeting Date: October 10, 2000

Subject/Title: A Resolution authorizing the Execution and Delivery of an Amendment to the Municipal Finance Corporation Equipment Lease

Submitted by: Anita Jones, Finance Department

Approved by: Jon Elam, City Manager


RECOMMENDATION
Passage of a resolution authorizing the execution and delivery of an amendment to the Municipal Finance Corporation Lease assignment of rights, the payment schedule and interest rate.

PREVIOUS ACTION
August 24, 1999, Resolution 99-191 was passed authorizing an equipment lease/purchase agreement with Municipal Finance Corporation.

August 22, 2000, Resolution 2132 was passed authorizing an amendment to the Municipal Finance Corporation equipment lease/purchase agreement for additional funds.

BACKGROUND
The lease was approved as a “bank qualified” financing which means that the city did not anticipate issuing tax-exempt obligations in the face amount of more than $10,000,000 in the current calendar year. The issuance of the CIFP-2000-1 bonds this year exceeds the $10,000,000 limit. Amendment to the lease/purchase agreement will reassign the lease to an individual investor, therefore changing the “bank qualified” status.

The financial impact of reassigning the lease is .25% on $466,000 which is approximately $5,100, spread over the five years remaining on the lease.


RESOLUTION NO.

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDMENT TO MUNICIPAL FINANCE CORPORATION EQUIPMENT LEASE PAYMENT SCHEDULE #99-102-AF


WHEREAS, the City of Brentwood finds it desirable to amend the rental payment schedule of Lease with Option to Purchase #99-102-AF dated as of August 24, 1999 (the “Lease”) at a 5.63% annual percentage rate in order to facilitate the refinancing and reassignment of the Lease;

NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF BRENTWOOD, DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS;

Section 1. The City Manager is hereby authorized to enter into all agreements, documents, and certificates to amend the rental payment schedule of the Lease including, but not limited to, an amendment to Lease Schedule #99-102-AF and signature and incumbency certificate.

Section 2. The City Manager is hereby authorized to take all other actions required to consummate the transaction contemplated hereby.

Section 3. This Resolution shall take effect from and after the date of its passage and adoption.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held October 10, 2000 by the following vote:

AYES: 
NOES: 
ABSENT: 

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
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E-mail allcouncil@brentwoodca.gov