HomeMy WebLinkAboutRES 1983-030 CITY OF GRAPEVINE
RESOLUTION NO. g3-30
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING THE DIRECTOR OF FI-
NANCE TO ENTER INTO AND EXECUTE A CERTAIN MUNICI-
PAL LEASE AND OPTION AGREEMENT BY AND BETWEEN THE
CITY AND MUNICIPAL FUNDING CORPORATION OF AMERICA,
LEASE NO. M-11567
WHEREAS, the City Council awarded a contract for the purchase of an
IBM System/36 Computer System to IBM Corporation by Resolution No. 83-24,
passed by the City Council on June 7, 1983; and
WHEREAS, the City Council desires to enter into a lease agreement with
an option to purchase the IBM System/36 Computer (the "Computer") in an
effort to facilitate the financing of the purchase of the Computer; and
WHEREAS, a Municipal Lease and Option Agreement, Lease No. M-11567,
(the "Agreement") has been proposed by Municipal Funding Corporation of
America under which the Municipal Funding Corporation of America would
purchase the Computer from IBM Corporation and lease the Computer to the
City for an initial term of one year, renewable for two additional one year
terms, and under which the City would have an option to purchase the Computer
at the end of the initial term or any renewal term; and
WHEftEAS, the City Council has reviewed and studied the Agreement and
finds and concludes that the Agreement does offer favorable terms and
conditions for the lease and purchase of the Computer; and
WHEREAS, the City is agreeable to entering into the Agreement with
Municipal Funding Corporation of America, as modified.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Grapevine, Texas:
� Section 1. That all of the matters contained in the preamble are found
to be true and correct and are incorporated herein as if copied in their entirety.
Section 2. That the City Council does hereby authorize, instruct and
direct the Director of Finance to enter into and execute the Agreement with
Municipal Funding Corporation of America, as modified.
Section 3. That this resolution shall take effect from and after its
passage.
PASSED this 16th day of Auqust , 1983.
W
Mayor, City of Grapevine, Texas
ATTEST:
' ; �. ) 2LZz.-%
�°'" Crt Secretary
[SEAL]
City Attorney