HomeMy WebLinkAboutRes 2016-11-253 Bancorp Lease - Metering projectCITY OF ANNA, TEXAS
RESOLUTION NO. ~01 le-\ \ ·~ &53
A RESOLUTION OF THE CITY OF ANNA, TEXAS APPROVING AND AUTHORIZING THE
CITY MANAGER TO ACT ON THE CITY'S BEHALF IN EXECUTING A
LEASE/PURCHASE AGREEMENT WITH U.S. BANCORP GOVERNMENT LEASING AND
FINANCE, INC. FOR THE ADVANCED METERING INFRASTUCTURE PROJECT.
WHEREAS, the City Council previously approved the Fiscal Year 2017 budget which
included funding for the purchase of an advanced metering infrastructure system; and,
WHEREAS, the City Council has authorized the City Manager to execute a Master Project
Agreement with HD Supply, Ltd. for the purchase and installation of advanced metering
infrastructure (the "Project"); and, ·
WHEREAS, The City of Anna has reviewed options for funding the Project; and,
WHEREAS, based on City Staff's evaluation and feedback from the City's Financial Advisor,
the City Council finds that financing the Project through a Lease/Purchase Agreement with
U.S. Bancorp Government Leasing and Finance, Inc. is in the best interest of the City of
Anna; and,
WHEREAS, the City Council desires to authorize the City Manager to execute a
Lease/Purchase Agreement with U.S. Bancorp Government Leasing and Finance, Inc. for the
Project;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS, THAT:
Section 1. Recitals Incorporated.
The recitals above are incorporated herein as if set forth in full for all purposes.
Section 2. Authorization.
The City Council hereby approves the Master Tax-Exempt Lease/Purchase Agreement
attached hereto as Exhibit 1, and authorizes, ratifies and approves the City Manager's
execution of same. The City Manager is hereby authorized to execute all documents and to
take all other actions necessary to finalize, act under, and enforce the Lease/Purchase
Agreement.
PASSED AND APPROVED by the City Council of the City of Anna, Texas, on this 22nd day
of November 2016.