HomeMy WebLinkAboutReso 1998-18941 RESOLUTION NO. 18941
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING A LEASE-PURCHASE PLAN TO FINANCE
THE COST OF PROJECT GG152 MAINFRAME/FISCAL SYSTEM
THROUGH THE CALEASE PUBLIC FINANCING CORPORATION
(CALEASE), AUTHORIZING THE DIRECTOR OF FINANCE TO
EXECUTE THE AGREEMENT AND APPROVING PROJECT
APPROPRIATIONS BASED ON THE PROCEEDS FROM THE
LEASE-PURCHASE FINANCING PLAN
WHEREAS, concurrently herewith the City Council is approving agreements with Bi-
Tech Software, Inc. and Data General Corporation for the acquisition and implementation of
an Integrated Financial Information System related to CIP Project GG152 Mainframe/Fiscal
System (the "IFAS Project"); and
WHEREAS, since current revenues are inadequate to concurrently fund the I FAS Project
and other critical projects on a cash basis, staff has investigated a lease-purchase financing
option available from financing companies affiliated with both major vendors and from
CaLease Public Funding Corporation (CaLease), a non-profit public benefit corporation
established for the sole purpose of acting as Lessor in lease-purchase transactions as part of
the California Statewide Community Development Authority's Financing Program, which is
sponsored by the League of California Cities and the California State Association of Counties;
and
WHEREAS, approval is requested for a lease-purchase financing agreement with
CaLease for the purchase and implementation of the IFAS Project on the terms presented.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby approve a Lease-Purchase Plan to finance the cost of Project GG 152-Mainframe/Fiscal
System through the CaLease Public Financing Corporation (CaLease) on the terms presented,
pursuant to lease purchase financing agreement ("Agreement" on file with the City Clerk as
Document No. CQ98-51.
BE IT FURTHER RESOLVED that the Director of Finance is hereby authorized to execute
such Agreement on behalf of the City of Chula Vista.
BE IT FURTHER RESOLVED that, to implement the IFAS Project financing, the City
Council does hereby approve (1) the transfer of $272,205 of previously appropriated project
funds to a newly established Debt Service Fund to be used to partially fund the first year of
the debt service on the lease-purchase Agreement) and (2) the appropriation of $1,749,885
of anticipated lease-purchase financing proceeds.
Presented by Approved as to form by
inanrc PDire 'tor ci, ny
Resolution 18941
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 31st day of March 1998, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley~Mayor
ATTEST:
~uthelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18941 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 31st day of March,
1998.
Executed this 31st day of March, 1998.
City Clerk