ADOPTED - SUBSTITUTE -
Agenda Item No. 20
Introduced by the
INGHAM
RESOLUTION
AUTHORIZING INSTALLMENT PURCHASE AGREEMENT
(ENERGY
CONSERVATION IMPROVEMENTS)
RESOLUTION #04-246
At a
regular meeting of the
Board of Commissioners of the County of
PRESENT: __________________________________________________________________
__________________________________________________________________
ABSENT: ___None_______________________________________________________________
The following resolution was made by Commissioner Swope and seconded by Commissioner Schafer:
WHEREAS, pursuant to resolution #04-006 adopted by the Board on February 2, 2004 (the “Preliminary Resolution”), the Board determined that it was in the best interest of the County of Ingham, Michigan (the “County”) to negotiate with Trane, a Division of American Standard Inc. (“Trane”), for a proposal for the acquisition and installation of energy conservation improvements to be made in various facilities of the County designed to provide the County with energy and operational cost savings; and
WHEREAS, Trane has provided the County with a proposal (the “Energy Proposal”) to make such improvements (the “Improvements”) in the 55th District Court Building, the Youth Center, the Human Services Building, the Ingham County Jail, the Courthouse and Hilliard Building, the Grady Porter Building, the Veteran’s Memorial Building and the Animal Control Building (the “Facilities”); and
WHEREAS,
in the Preliminary Resolution the Board authorized the
WHEREAS, the County Controller, with the assistance of the County Treasurer, solicited and received financing proposals from Fifth Third Securities, Comerica Bank, National City Bank of the Midwest and Banc One Leasing Corporation; and
WHEREAS, the County Controller and the County Treasurer have determined that the proposal (the “Financing Proposal”) of Banc One Leasing Corporation (“Banc One”) provides the most advantageous terms to the County; and
WHEREAS, a form of Installment Purchase Agreement (the “Contract”), together with a related form of Assignment, have been presented to the Board for approval in order to provide for the financing of the Improvements pursuant to the terms of the Financing Proposal;
ADOPTED- SUBSTITUTE –
Agenda Item No. 20
RESOLUTION #04-246
NOW, THEREFORE, BE IT RESOLVED THAT:
1. It is found to be necessary and desirable for the County to finance the acquisition and installation of the Improvements pursuant to the terms of the Contract.
2. The County pledges its limited tax full faith and credit for the payment of its obligations under the Contract. The Board shall include in its budget and pay the sum or sums necessary each year to meet the payments due pursuant to the provisions of the Contract.
3. The assignment of the Agreement by Trane to Banc One pursuant to the form of Assignment
submitted to the Board, with such additions to, deletions from or changes to
such form not materially adverse to the County as the County Controller may
approve, is approved. The County
Controller, at any time after the successful negotiation of the final contract
with Trane entered into in order to memorialize the
terms of the Energy Proposal, is authorized to execute and deliver the Contract
in substantially the form submitted to the Board with such additions to,
deletions from or changes to such form not materially adverse to the County as
the County Controller may approve. The
Agreement shall be in an aggregate purchase price of not to exceed $1,700,000
and shall be payable as to principal and interest as approved by the
4. The Board designates the Contract as a “qualified tax exempt obligation” for the purpose of deduction of interest expense by financial institutions under the provisions of the Internal Revenue Code of 1986, as amended (the “Code”). The County covenants to comply with all provisions of the Code (together with regulations promulgated under the Code) necessary to maintain the exclusion of interest on the Contract from gross income for federal income tax purposes.
5. The Chairman of the Board, the County Clerk, the County Treasurer, the County Controller and other County officials or employees as may be necessary are severally authorized to execute and deliver such documents, instruments and certificates as are necessary or desirable to consummate the transactions described in the Contract and the Assignment and to maintain the exclusion of interest on the Contract from gross income for federal income tax purposes.
6. The aggregate useful lives of the Improvements are determined to be at least ten years.
YEAS: _______________________________________________________________________
NAYS: Commissioner Nevin
ABSTAIN:
None________________________________________________________
RESOLUTION DECLARED ADOPTED
STATE OF
)ss
ADOPTED – SUBSTITUTE –
Agenda Item No. 20
RESOLUTION #04-246
I certify that I am the fully qualified and acting Clerk of the County of Ingham, Michigan, and that the attached resolution is a true and complete copy of a resolution adopted at a regular meeting of the Board of Commissioners of the County of Ingham, Michigan, held on the 24th day of August, 2004, the original which is on file in my office and is available to the public. Public notice of such meeting was given in compliance with Act 267, Public Acts of Michigan, 1976, as amended.
Ingham
FINANCE: Yeas: Lynch, Grebner, Dedden, De Leon, Thomas
Nays: None Absent: Minter Approved