Reso 2021-004 Exec and Delivery of Equipment Lease Purchase Agmt WPCP

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RESOLUTION THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2021-004 RESOLUTION OF THE CITY OF SAN LEANDRO CITY COUNCIL AUTHORIZING THE EXECUTION AND DELIVERY OF AN EQUIPMENT LEASE/PURCHASE AGREEMENT WITH RESPECT TO THE ACQUISITION, FINANCING AND LEASING OF CERTAIN EQUIPMENT FOR THE PUBLIC BENEFIT; 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 (APPROVAL TO FINANCE ENERGY CONSERVATION AND RESILIENCY EQUIPMENT TO BE INSTALLED AT THE CITY'S WATER POLLUTION CONTROL PLANT FOR $8,893,876.20) WHEREAS, the City of San Leandro (the "City"), a charter city duly organized and existing under the Constitution and laws of the State of California, is authorized by the laws of the State of California to purchase, acquire and lease personal property for the benefit of the City and its inhabitants and to enter into contracts with respect thereto; and WHEREAS, the City desires to acquire and lease certain equipment constituting personal property necessary for the City to perform essential governmental functions and/or functions incidental thereto at the Water Pollution Control Plant in the estimated amount of $8,045,781 (the "Equipment"); and WHEREAS, in order to finance the acquisition and installation of the Equipment, the City proposes to enter into an Equipment Lease/Purchase Agreement (the "Agreement") with Banc of America Public Capital Corp (or one of its affiliates), as lessor (the "Lessor"), an Escrow and Account Control Agreement (the "Escrow Agreement") with the Lessor and Bank of America, National Association (or one of its affiliates), as escrow agent, and a Memorandum of Understanding (the "MOU") with the Lessor and Climatec LLC, the forms of which have been presented to this City Council at this meeting; and WHEREAS, this City Council deems it for the benefit of the City and for the efficient and effective administration thereof to enter into the Agreement and the Escrow Agreement, and the other documentation related to the financing of the Equipment for the acquisition and leasing of the Equipment on the terms and conditions therein provided; WHEREAS, the information required to be obtained and disclosed by the City Council with respect to the Agreement by Government Code Section 5852.1 is set forth in the staff report accompanying this Resolution. NOW, THEREFORE, BE IT and it is Hereby RESOLVED by the City Council of the City of San Leandro as follows: Section 1. Findings and Determinations. It is hereby found and determined that the terms of the Agreement, in the form presented to the City Council at this meeting, are in the best interests of the City for the acquisition, financing and leasing of the Equipment.