Town Office Building August 5, 2016
Selectmen’s Conference Room 12:00 P.M.
First Selectman Mailhos called the meeting to order at 12:05 PM. with Selectmen Kowalyshyn, Blessington and Business Manager Donna Latincsics.
• Award lease financing for $28,000 for 2016 Chevrolet Colorado for ACO
Donna sought bids from 7 financial companies; consisting of:
• Alliance Funding Group
• CalFirst National Bank
• First Niagra
• Key Government Finance, Inc.
• Municipal Leasing Consultants
• Signature Public Funding Corp
• Tax Exempt Leading Corp
We received no response from CalFirst, Alliance Funding, Key Government and First Niagra because they felt a 7 year lease is too long of a term. Tax-Exempt Leasing Corp. declined to bid.
Company Nominal Annual Rate Total Interest/Principal Total incl. closing costs
Signature Public Funding Corp 2.99% $30,800 $31,450
Municipal Leasing Consultants 4.71% $32,431 $33,581
Donna recommends going with Signature Public Funding Corp. at the rate of 2.99%.
Selectman Kowalyshyn moved to award the 7 year lease for the 2016 Chevrolet Colorado in the amount of $28,000 to Signature Public Funding Corp. for 2.99%
Selectman Blessington seconded the motion.
Vote: 3 Yes (Mailhos, Kowalyshyn & Blessington) 0 No.
• Adopt Form of Resolution Authorizing the Incurring of the Lease Obligation
Donna stated that as usual procedure, a Resolution must be adopted to identify the signature, equipment and cost of the lease. The Resolution will become part of the closing paperwork. She presented the Resolution to the Selectmen.
First Selectman Mailhos moved to adopt the resolution:
FORM OF RESOLUTION
RESOLUTION OF THE GOVERNING BODY OF THE TOWN OF WILLINGTON, CT, AUTHORIZING THE INCURRING OF LEASE OBLIGATIONS IN ANY AMOUNT NOT TO EXCEED $ 28,000.00 TO BE EVIDENCED BY THE EXECUTION AND DELIVERY OF A SCHEDULE UNDER THE EXISTING MASTER EQUIPMENT LEASE-PURCHASE AGREEMENT DATED AUGUST 20, 2015 WITH RESPECT TO THE ACQUISITION, PURCHASE, FINANCING, AND LEASING OF CERTAIN EQUIPMENT FOR THE PUBLIC BENEFIT; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION.
WHEREAS, the Town of Willington, CT (the “Lessee”), a body politic and corporate duly organized and existing as a political subdivision of the State of Connecticut, is authorized by the laws of the State of Connecticut to purchase, acquire, and lease personal property for the benefit of the Lessee and those it provides services to and to enter into contracts with respect thereto;
WHEREAS, the Lessee desires to purchase, acquire and lease certain equipment constituting personal property necessary for the Lessee to perform essential governmental functions; including without limitation various public safety equipment such as a 2016 Chevrolet Colorado with various attachments and all other equipment Lessee or its Designated Officers may deem necessary and/or desirable (the “Equipment”) in an amount not more than $ 28,000.00, and the Lessee hereby finds and determines that the realistic estimated useful life of the Equipment is at least seven (7) years.
WHEREAS, in order to acquire such Equipment, the Lessee proposes to enter into a Schedule under the existing Master Equipment Lease Purchase Agreement dated as of August 20, 2015 (together with the Equipment Schedule that will be dated at the time of signing the financing agreement and proceeds are disbursed and all related exhibits, schedules, and certificates attached thereto, the “Lease Agreement”) with Signature Public Funding Corp. (the “Lessor”) (collectively, the “Transaction Documents”), the forms of which have been presented to the Governing Body of the Lessee at this meeting;
WHEREAS, the Governing Body of the Lessee deems it for the benefit of the Lessee and for the efficient and effective administration thereof to enter into the Transaction Documents for the purchase, acquisition, and leasing of the Equipment to be therein described on the terms and conditions therein provided;
NOW, THEREFORE, BE IT RESOLVED AND ENACTED by the Governing Body of the Town of Willington, CT as follows:
Section 1. Approval of Documents. The Governing Body of the Lessee hereby approves the form, terms and provisions of the Transaction Documents in substantially the forms presented to this meeting and authorizes and directs Christina B. Mailhos, the First Selectman, and Donna Latincsics, the Business Manager, of the Town of Willington, CT, and such other persons as he/she/they may delegate (the “Designated Officers”), and each of them individually, for and in the name of and on behalf of the Lessee, to execute, attested, seal, and deliver the Transaction Documents, and any related Certificate, Exhibits, or other documents attached thereto substantially in such forms as presented herewith, together with such changes, modification, negotiations, insertions, revisions, corrections, or amendments as shall be approved by the
officer executing them. The execution of the foregoing by a Designated Officer shall constitute conclusive evidence of such officer’s and the Governing Body’s approval of any such changes, insertions, revisions, corrections, negotiations, or amendments to the respective forms of agreements presented to this meeting.
Section 2. Other Actions Authorized. The officers and employees of the Lessee shall take all action necessary or reasonably required by the parties to the Transaction Documents to carry out, give effect to, and consummate the transactions contemplated thereby (including the execution and delivery of Certificates of Acceptance and Disbursement/Payment Requests, Notice and Acknowledgements of Assignments, and any tax certificate and agreement, each with respect to and as contemplated in the Agreement and/or Escrow Agreement) and to take all action necessary in conformity therewith, including, without limitation, the execution and delivery of any closing and other documents required to be delivered in connection with the Transaction Documents. The Designated Officers and all
other officers and employees of the Lessee are hereby directed and authorized to take and shall take all action necessary or reasonably required in order to select, purchase, and take delivery of the Equipment. All actions heretofore taken by officers, employees, and agents of the Lessee that are in conformity with the purposes and intent of this resolution are hereby approved, confirmed, and ratified.
Section 3. No General Liability. Nothing contained in this Resolution, the Transaction Documents, nor any other instrument shall be construed with respect to the Lessee as incurring a pecuniary liability or charge upon the general credit of the Lessee or against its taxing power, nor shall the breach of any agreement contained in this Resolution, the Transaction Documents, or any other instrument or document executed in connection therewith impose any pecuniary liability upon the Lessee or any charge upon its general credit or against its taxing power, as provided therein.
Section 4. Appointment of Authorized Lessee Representatives. The Designated Officers are each hereby designated to act as authorized representatives of the Lessee for purposes of the Transaction Documents until such time as the Governing Body of the Lessee shall designate any other or different authorized representative for purposes of the Transaction Documents.
Section 5. Severability. If any section, paragraph, clause, or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Resolution.
Section 6. Repealer. All bylaws, orders, and resolutions or parts thereof, inconsistent herewith, are hereby repealed to the extent only of such inconsistency. This repealer shall not be construed as reviving any bylaw, order, resolution, or ordinance or part thereof.
Section 7. Qualified Tax Exempt Obligations. The Lessee, and its Governing Body, designate its obligations under the Lease Agreements as “qualified tax exempt obligations” as defined in and for the purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
Section 8. Effective Date. This Resolution shall be effective immediately upon its approval and adoption.
The foregoing Resolution was duly passed and adopted at a meeting of the Board of Selectmen (the “Governing Body”) of Town of Willington, CT held on August 5, 2016, by the following vote:
Selectman Blessington seconded the motion.
Vote: 3 Yes (Mailhos, Kowalyshyn & Blessington) 0 No.
Selectman Kowalyshyn moved to adjourn the meeting at 12:12 P.M.
Selectman Blessington seconded the motion.
Vote: 3 Yes (Mailhos, Kowalyshyn & Blessington) 0 No.
Respectfully submitted,
Robin Campbell
Robin Campbell
Administrative Assistant
Board of Selectmen
860-487-3100
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