1974/09/25 Council Minutes - Laserfiche WebLink

374 September 25,1974 Agreement and Lease(the',ease)under Which the ComPanY shali be obligated to acquire,construct,install and equip the Project 1,-S,- and to lease the Project to the City for at least the term of the bonds a.the City shall be obligated to pay to the Company • b.• a single lease rental payment equal to the cost of acquiring, ' • constructing,installing and equipping the Project and of issuing , the bonds and related expenses,PROVIDED the cost of the acquisi- tion,construction,installation and equipment of the Project in- eluded in computing the rental under the Lease shall not exceed the amount deemed to be used to provide sewage or solid waste .. disposal facilities and air or;eater pollution control facilities under Section 103(c)(4)(E)and(F)of the Internal Revenue Code • • • of 1954,as amended,and the Treasury Regulations thereunder; (ii)it will enter into the Lease and will enter into a long- term sublease for the leasing by the Company(or by another entity • bY the ComPany;of the Project,the revenues and receipts from which will•be sufficient to pay the principal of and premium,if any,and interest on such revenue bonds as tbe •• same shall become due and payable; (iii)it will adopt such orders and resolutions and authorize the execution and delivery • • of such instruments a.the taking of such actions as may be • necessary or advisable for the authorization,issuance and sale • of such revenue bonds and the execution and delivery of the Lease and 1100007138(iv) it will take or cause to be taken . • • such other actions as may be required to implement the aforesaid, • or as it may deem appropriate in pursuance thereof.provided 1 that all of the foregoing shall be authorized by law and shall 4 be mutually acceptable to the City and the Company. • Section 3. The action taken by the City at this meeting is hereby declared to be an affirmative official action of the City taken toward the issuance of its revenue bonds to provide the Project,within the meaning of Section 1.103-8(0)(5)(111)of the Income Tax Regulations under the Internal Revenue Code of 1334,as amended. Section 4. This Resolution shall take effect immediately. • Roll was called with all Councilmen voting yes. Motion Carried • GRANT AMENDMENT DELETED Moved by Councilman Gipson,seconded by Councilman%inch to delete 33771130 regarding 1177 amen3mentto.tbeImP131grant on buses from the agenda as requested by the administrations Roll was called with all Councilmen voting yes. Motion Carried BIDS REJECTED Moved by Councilman Kinch,seconded by Councilman Langus to reject all bids received for the City vehicle wash facility,a.request the administration to return with the recommendation on re-bidding • by November 13. • Roll was called with all Councilmen voting yes excePt COunciimen Gipson who voted no. •. . Motion Carried •