HomeMy WebLinkAboutRES-11661 MASTER LEASE PURCHASE AGREEMENT WITH PNC BANK FOR THE AQUISITION & FINANCING OF A PIERCE ENFORCER SEARCH & RESCUE APPARATUSRESOLUTION NO. 11661
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ORANGE APPROVING THE
EXECUTION AND DELIVERY OF A MASTER
LEASE-PURCHASE AGREEMENT WITH PNC
BANK, NATIONAL ASSOCIATION, FOR THE
ACQUISITION AND FINANCING OF A
PIERCE ENFORCER URBAN SEARCH AND
RESCUE APPARATUS AND AUTHORIZING
RELATED ACTIONS.
Principal Amount Expected To Be Financed: $1,931,606.50
WHEREAS the City of Orange("City")is a general law city and municipal corporation
of the State of California, duly organized and existing pursuant to the Constitution and laws of
the State of California; and
WHEREAS pursuant to applicable law, the City Council of the City ("City Council")
is authorized to acquire,dispose of,and encumber real and personal property,including,without
limitation, rights and interests in property, leases, and easements necessary to the functions or
operations of the City; and
WHEREAS the City Council hereby finds and determines that the execution of one or
more Master Lease-Purchase Agreements and related schedules and addendums (collectively,
the"Leases") for a Pierce Enforcer Urban Search and Rescue Apparatus for the City of Orange
Fire Department in the principal amount not exceeding the amount stated above for the purpose
of acquiring the property ("Equipment") to be described in the Leases is appropriate and
necessary to the functions and operations of the City, including the provision of fire and
emergency response services; and
WHEREAS,PNC Bank,National Association("Lessor")shall act as Lessor under said
Leases; and
WHEREAS, the City Council previously approved the acquisition of the equipment
and related financing on January 13, 2026, including approval of the purchase through the
HGACBUY cooperative purchasing program and authorization to execute related financing
documents.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange
as follows:
Section 1. City Manager, Mayor, or a designee (each an "Authorized Representative"), is
hereby authorized to execute and deliver,one behalf of the City,one or more Leases,consistent
with the terms approved by the City Council on January 13, 2026.
Each Authorized Representative is further authorized to execute such certificates, agreements,
and related documents and take such actions as necessary to implement the Leases and lease-
purchase financing approved by the City Council.
Any related agreements that materially alter the City's financial obligations shall require City
Council approval.
Section 2. By a written instrument signed by any Authorized Representative, said Authorized
Representative may designate specifically identified officers or employees of the City to
execute and deliver agreements and documents relating to the Leases on behalf of the City.
Section 3. The aggregate original principal amount of the Leases shall not exceed the amount
stated above and shall bear interest as set forth in the Leases and the Leases shall contain such
options to purchase by the City as set forth therein, subject to appropriation and compliance
with applicable California law and consistent with the terms approved by the City Council.
Section 4. The City's obligations under the Leases shall be subject to annual appropriation by
the City Council as set forth in each Lease and the City's obligations under the Leases shall not
constitute general obligations of the City or indebtedness under the Constitution or laws of the
State of California.
Section 5. As to each Lease,the City reasonably anticipates to issue not more than$10,000,000
of tax-exempt obligations (other than "private activity bonds" which are not "qualified
501(c)(3) bonds") during the current calendar year in which each such Lease is issued and
hereby designates each Lease as a qualified tax-exempt obligation for purposes of Section
265(b) of the Internal Revenue Code of 1986, as amended.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the City Council of the
City of Orange hereby approves the master lease-purchase financing with PNC Bank,National
Association, and authorizes the execution of related documents consistent with this Resolution.
ADOPTED this 28th day of April, 2026
p
D iel R. Slater, Mayor, City of Orange
ATTEST:
Ltt-iitne.e..."\_____
Pamela Coleman, City Clerk, City of Orange
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APPROVED AS TO FORM:
Natha ie Adourian, Ci y Attorney, City of Orange
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ORANGE
I,PAMELA COLEMAN,City Clerk of the City of Orange,California,do hereby certify
that the foregoing Resolution was duly and regularly adopted by the City Council of the City of
Orange at a regular meeting thereof held on the 28th day of April,2026 by the following vote:
AYES: COUNCILMEMBERS: Bilodeau, Barrios, Dumitru,Tavoularis, Gutierrez,
Gyllenhammer, Slater
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
Pamela Coleman, City Clerk, City of Orange
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