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RESOLUTION NO. 1104 OF 2017

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RESOLUTION AUTHORIZING EXECUTION OF EQUIPMENT LEASE-PURCHASE AGREEMENT WITH BANCORPSOUTH EQUIPMENT FINANCE, A DIVISION OF BANCORPSOUTH BANK FOR THE PURPOSE OF LEASE-PURCHASING CERTAIN EQUIPMENT
WHEREAS, in connection with solid waste collection, the City of Ruston, Louisiana (the “City” or “Lessee”) desires to enter into an Equipment Lease-Purchase Agreement (the “Agreement”) with BancorpSouth Equipment Finance, a division of BancorpSouth Bank (the “Lessor”) for the purpose of purchasing the equipment as described therein for the total cost specified therein (collectively the “Equipment”) and to purchase such other equipment from time to time in the future upon appropriate approval;
WHEREAS, it is in the best interest for the City that the City acquire the Equipment pursuant to an in accordance with the terms of the Agreements; and
WHEREAS, the City desires to designate the Agreement as a qualified tax-exempt obligation of the City for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986 (the “Code”);
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF RUSTON, LOUISIANA:
§1. The City enter into the Agreement with Lessor and the Mayor is authorized to execute the Agreement.
§2. The Agreement will be executed in calendar year 2017.
§3. The Lessee reasonably anticipates that no portion of the Equipment identified in the Agreement will not be used (directly or indirectly) in a trade or business carried on by any person other than a governmental unit, except for such use as a member of the general public.
§4. The Lessee reasonably anticipates that no portion of the rental payments identified in the Agreement (a) is secured, directly or indirectly, by property used or to be used in a trade or business carried on by a person other than a governmental unit, except for such use as a member of the general public, or by payments in respect of such property; or (b) is to be derived from payments (whether or not to Lessee) in respect of property or borrowed money used or to be used for a trade or business carried on by any person other than a governmental unit.
§5. Lessee hereby designated the Agreement as a qualified tax-exempt obligation for purposes of Section 265(b) of the Code.
§6. Lessee reasonably anticipates that the total amount of tax-exempt obligations (other than private activity bonds) to be issued by Lessee during calendar year 2017 will not exceed $10,000,000.
§7. For purposes of this Resolution, the amount of tax-exempt obligations stated as either issued or designated as qualified tax-exempt obligations includes tax-exempt obligations issued by all entities deriving their issuing authority from Lessee or by an entity subject to substantial control by Lessee, as provided in Section 265(b)(3)(E) of the Code.
§8. The Mayor is further authorized for and on behalf of the Board of Aldermen and the Lessee to do all things necessary in furtherance of the obligations of the Lessee pursuant to the Agreement, including execution and delivery of all other documents necessary or appropriate to carry out the transactions contemplated thereby in accordance with the terms and provisions thereof.
§9. This Resolution shall become effective upon final adoption and signature of the Mayor.
Said Resolution having been read and considered by a quorum of the Board of Aldermen, on motion to adopt by Alderwoman Carolyn Cage, seconded by Alderwoman Angela Mayfield, a record vote was taken and the following result was held:
YEA: ALDERWOMAN CAROLYN ELMORE CAGE ALDERMAN JEDD LEWIS
ALDERWOMAN ANGELA R. MAYFIELD
ALDERMAN JIM PEARCE
ALDERMAN BRUCE SIEGMUND
NAY: NONE
ABSENT: NONE WHEREUPON, the presiding officer declared the above Resolution duly adopted in the full on this 6th day of February, 2017.
ATTEST:
EMMETT GIBBS, CLERK
RONNY WALKER, MAYOR
1td:February 10, 2017

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