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CI7Y
Presented by
Council File # ��� � J�
Green Sheet # �Q�� � Q
RESOLUTION �
SAINT PAUL, MINNESOTA
WHExEas, the adopted 2005 budget provided for the payments associated with the lease of police vehicles; and
WxEREws, favorable interest rates make it advantageous for the City to enter into a lease ageement for these
vehicles; and
WHEREAS, the Council authorized the execution of a Lease-Purchase Master Agreement on CF-04-621; and
WHEREps, the Council authorized the execution of Schedule 3 to the Lease-Purchase Master Agreement on
CF-OS-562; and
WHEREas, the budget must be amended to record the capital lease and authorize the spending of the proceeds; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the City Charter, does certify that there are funds of
$1,000,000 available for appropriation in excess of those estimated in the 2005 Budget; and
WHEREAS, the Mayor recommends the following changes to the 2005 Budget:
General Fund Current Bud¢et Chanees
Financing Plan
001-04001-6205 Capital Lease
Total Changes to Financing
$ 0 $1.000,000
0 $I,000,000
Amended Bud�et
$1,000.000
$1,000,000
Spending Plan
001-04001-0821 Cars $ 300,350 $1,000,000 $1,300,350
All Other Activity Spending 1,729,053 0 1 729 053
Total Changes to Spending $2,029,403 $1,000,000 $3,029,403
THEREFORE, BE IT RESOLVED, that the Cit}� Council approves these changes to the 2005 Budget.
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� Green Sheet Green Sheet Green Sheet Green Sheet �
Green Sheet Green Sheet
tY�-'l'�'] _
DepartmenUofficelcouncil:� Datelni[iated: vv �
pD — PoliceDeparrment 22-JUL-0S Green Sheet NO: 3027480
Contact Person 8 Phone• DeDar6nent Sent To Person Inkial/Date
ChiefJohnHarrington � 0 li D rtmeot PoliceDe arlmen
266-5588 �� 1 olice D arhnent De artmm[ Director
Must Be on Council Agenda by (Date): Number Z � ttorne Ci Attome ✓
For
RoUting 3 r's Office Ma or/Assistant
Order 4 ou cil Council
5 i Clerk Ci Clerk
6 olice De artment P li De artment
Total # of Signffiure Pages _(Clip All Locations for Signature)
Action Requested:
Signamres on the attached council resolurion amending the 2005 £mancing and spending plan for paymenu associated with the lease
ofpolicevehicles. �
Recommendations: Approve (A) or Reject (R): Personal Service Contracts Must Mswer the Following Questions:
Planning Commission 1. Flas this persoNfirm ever worked under a contract for this department?
CIB Committee Yes No
Civil Service Commission 2. Has this person/firm ever been a ciry employee?
Yes No
3. Does this personffirm possess a skill not normally possessed by any
current city employee? ,
Yes No
Explain all yes answers on separate sheet and attach to green sheet
Initiating Problem, Issues, Opportunity(Who, What, When, Where, Why):
The City Council authorized the execurion of a I.ease-Purchase Master Agreement on council file #04-621 and Schedule 3 to the Lease-
Purchase Master Agreement on council file #OS-562. The 2005 budget must be amended to record the capitallease and authorize the
spending of the proceeds. - � �
AdvantaqeslfApproved:
Ability to use proceeds from the capital lease.
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DisadvantaqeslfApproved: C
None. JuL 2 ` 7 2QO:l
��` /�TTORNE�
Disadvantages If Not Approved:
The 2005 budget will not be correct for the capitai lease.
Total Amount of ��Q��� CosURevenue Budgeted:
Transaction:
Funding Source: Capital Lease Activitv Number: 0400'I
Fi nancial Information:
(Explain)
Present�d By
Council File #1 os ` ���'
Green Sheet# , ��Cc� �� _
tzESOt�ur�oN �y"13�L
CITY � SAINT PAEJL, MINNESQTA � �
�eferced Ta Gommittee: Date
I ATiT$(1Riz]�VG T'H�+ EX�+CU'TTOl� UC� SCffEDii�.,E �CD. 3
2 TO A MASTER EQiJFPMEN'f LEA5E
3 WHEI2EAS, pursuant to a ivSaster Equigment Lease-Purchasa Aoreemt:tttt (the "I,ease-
4 P`urchass �grcemenP'J by and bctwccn Banc of Amcrica Leasuig & Capitai, LLC, as lessor fthe
5 "LESSar"l, and the City of Saint °aul, Minnesota (ihe "City"), as le�see, data�l as of ) u1y i, 2004,
5 the, CSty may over the naxt four }ears enter into indi�idual tax-exempt leases far the purchase of
7 capital equipmez�t; and
8 WF�.REAS, there has been prepared aad is before tius meeting Schedule of Property \To.
9 3("Schedule No. 3") w the Leas�Purchase A�eemznt, wlxich provides for a Iease in the a**youunt
10 of appmximately $i of pubiic safety vchictes fox the City of Sair.t Faai.'s i'oticc
1 I Dep�utmen4 (the "Pc'oje�i"); azid
12 '4VHFSiEAS, in entering inta Schedule Wo. 3, the City is eacacising pe�wers ur:der its
I3 home rule charter and pows�s graated by h3innesata Statues, Section 4G5,72; and
14 WF�REAS, Schedulc No. 3 is subycet W annual non-ap�rropriaLion, and the City has ihe
1> right to teaminate Schedule Na. 3 at the eud of any fiscai yeax during fts term:
1 fi NOW, THEREFORE, BE IT RESOLVE� by the Covncil of the City of Saint Paul,
l7 Minnes�ia, as fvllows:
S 8 1. Aunroval of I3acumeuCS. Schedule Nb. 3 is hereby agproved in substantiaily the
I9 forrns su�imitted, witta such deletions, complecaons, and ehanges therei.2 as�re necessary and
2Q appropriate and approvecT hy the Cify Attorney. Thc Ma�ror or eacecutiue assistant to Phe ivla}vr
2I :xn& thc Dircctor of the Dffice of Financial Serviccs are hereby authorizcd and directed to execute
22 Sehednla No. 3, and sucra other dncuments as are coniemplated thereby or necessar}+ in
73 connection tlxerc.witia.
� 2. Pu�ose. Schedule No. 3 sL provide fiuids for thz acquisition of the Praject.
25 3. Pre�ayuient; Purchase. Scheduie N¢. 3 shall be subject 1,n grepaymeai. at ttae
2( optican a� #he Ciry. The City shal! have the ogtion to purchase any equipment acquired pur�uant
27 to Schedula iVo. 3 for �1.00 at the end o£the fuit term of Schedule 1Va. 3.
�8 �. Re�stration: Transfer. The Dircetor oi Yhe Officc of Financial S�rviccs is heroby
29 anPointed the City's regisirar with res�7ect to Scheeule No. 3. The Ci�v urill aause to be kept a
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rdr v
c�5 -'?3 a
i regist:r in wluch the regjsrzaz sha;l pmy�de for tfie re�istrauon o* Schedule No. 3 and the
2 registration of traacfers of Schedule No. 3.
3 Schedule ?Qa. 3 shaL be registezed in the name of the payee on the books of the registraz
� initially and wnan noti�e of any ttansfer or assi�nment is receivcd. The Ciry and rea strat may
� txeat the registered owner of Schedule No. 3 as the person exctusively eatitled to exercise all the
6 ri�h� and powers of the owaer.
7 fihe registnr �sca}• require payment of a sum sufficiart io caver any taac or other
8 goveaaanenta! charge payable %a connection wiffi the transfer of Schedule No. 3.
9 5_ Treatment of Re�stared Chmer. The City and registrar may treat the pexson in
10 whosc name Schedute No. 3 is re�stercd as ths osvner of Schedule No. 3 for the purpose of
1 i receiving payments thereoa and £or all other purposes whatsoevar, and neither tha City nor the
12 registrar shall he affected by notice to the contrary.
13 6. No Funds: Atbitrace. Until expended on the 1'roject, the praceeds of Schedule
l�d 2vo. 3 sha11 be hsld in the custody of the Lessor pursuant to an Escrow Agrecnaent. Payments on
15 Schedule No. 3 sha11 be made fmm annual appropriatians, and mdneys to make such pa}�men?
16 shall not be sA�regaYed in any special fund.
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No portion oi the proceeds of Scheciuie No. � sha12 be used directiy or indirectly to
acquire higher yielding investmevts or to replace funds �vhich were used direcity ar in.directly to
acquire hi�ner yiclding inv�stmants, exeept {i) for a reasonabie tenzporar,� perio@ untif such
proceeds are needed for the pu.*pGSe for which Schedule �tio. 3 is eziteced into, an8 (2) in additian
to thc abav� icc an amount nnt greater tkxan. �1�0,00a. Ttr tlus effeet, any groceeds of Sclleciuie
No, 3 and any sums from time ta time lxeld in any City acoount which wi11 be useti to make
payments an Scbeduie No. 3 in exczss nf amounts wluch under ther�-�applzeabie €edcra] arbitrage
regnlations may be investaci wit�uut regard as to yieid shail not t�e invcs�ed at a yield in �xcess af
tR�e ap�Iicable yeld xesirscHona imposed by said arbitrage regulations an such investments afrer
taking into account aay appIieabie °tempo*ary psaiods" or "minor partian" made available under
the federal arlaitrage reguiaticros. In addition, the pmceeds a£ Sehedule Nv. 2 aud mancys used
to make payments oa Schedule No. 3 shali nat oe invested in obligations ar d�pasits issue� by,
gu:ua�teed by ar inseured by the i7nited States or any agency or instrumentality t�ereaf i� and to
tY�e r^.xteni that such inves�nart wauld cause Schedule No. 3 to be "fedexally guaranteed" within
the mesning of Section 149(b7 ssf the federal Internai Reveu-ae (�ode of 1986, as acnended (tha
��Cade"
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33 7. No Generai,�6lit?at'son Pledge: Initial Apnronrialion. Schedule l�io. 3 is not a
34 ;eneral obLigaYson ofthe CYty but ratuer is payable from amounYs to be annually appxopriated,
35 and the full faiih, crcclit snd taximg powers af the City shall not 6e and are r.at pl�ged. By other
?6 actions taken v��ith re8pect to the 2b05 budget the City Council has appropriztecl moneys to make
37 the gaymencs due an $cheduae No. 3 in 24Q5.
38 �,. Records and Certifi�;ates. The officers of the �4ty are hereby authorized end
39 directeci tn prepaze and =uxnish to the Lessor, and to #he attormeys approving khe legality of
1732ti55v2
05-7�
1 Snhedule No. 3, certified copies of ait proceedings and reco*ds of the City relating w Schedule
2 A`a. 3 aud to the finaxxcial conditien znd affairs otthe City, anc3 such other affidaviis, certificates
3 and informalion as aze required to show the facks iclatin� to the legal;ty and marketability of
4 Sthedute No. 3 as the same appear from +.he books and records vnder their custody and ccmrm] Qr
5 as orherwise irnown to Them, and aIl such certified copies, certineates, acd affidavits, iacIuding
6 any herstofore fiumshed, shall be daemed repr�sentat�ans of the City as to the facta rccited
? thereia.
$ 9. Nceative Covenants as w Use of Proceec�s and Project_ The Czty hereby
9 covena.nts not ta use Yhe proceeds of Schedule No. 3 or to use the Project, or ta cau5a or permit
I O them to be used, or ta enter inta any defsrred payment artangemenYs for fhe cost of the Praject, in
11 such a manner as ta cause Schedule No. 3 to be a"private activity bond" within the meaning of
12 Sections I03 and 141 thraug,h I50 ofthe Code. The City reasonahly expects that no actions wz11
23 be taken over the fem7 of Schedule Na_ 3 that wauld causa it to be a private activity bond, and
14 the avcragc ter_n of Schedule No. 3 is not longer than reasonabiy necessazy fox the gov�entai
k� purpose of 5chedule No. 3. The City hereby coveaants not to use the pmczeds af Schedule No.
16 3 in such 2 mannex as to cause Scl�edule No. 3 to bc a"hed�e bond" within the meazain� of
17 5sctian 149(�) ePthe Code.
18 10, ,'�ax-Exemnt StaLUS of S:,heduie �io. 3; ;iebate; Electians. The City shald comply
! 9 w�ith the requirements necessary+ under the Code to establish and maintain the exclusion fram
20 grass income vnder Seotion T Q3 of the Cade af the iz�texest aib Schedu3e No. 3, including, wfihout
21 limitation, requirements relating co te�xporary periods for invcstments, lirnitations on amounts
22 invested at a yield greater'han the yicld on Schedule No. 3 azfd LhE ��bate pf exrs„ss inc%estment
23 �arnings to �.he United 5tates.
?4 if any elections arc ava±lablc now on c�rcafter with respect eu arbitrage or rebate mattars
25 raPaling to Schedule No. 3, tue Mayar, Clerk, Treasuaee aad Dircctor of the Of�ice af Financzal
Zo aexvices or any of theari, aa'e bereby �uthoriaed azd directed to make such electeons as ihey deem
2? necessary, appropriate o* desirabYe in ctrmzection with Schedule 3do. 3, and all such elecricros
28 shail be, and shait be deemed and treated as, elections of the City.
'19 1?. Ne Desi�nation as Qualifrec� Tax-Exempt Qbti�a#ion. Sc:�edule No. 3, tagather
30 w�ith other obligations to be issued by the Cit,y in 2t}f35, exceeds in azuount thase which may be
31 qualified as "quafified tax-exempt obligazions" within the �axzaning of Section 265(b)(3} af the
3? �ode, ancP hence is not designaCed for such po�pose.
33. 12. Severabilitv. If any section, �aragr�ph or provision of This resolutian shall be h�i�
34 to be invalid or uueforceable For any reascsn, the invatidiCy or unenforceability of such secrion,
35 paragraph, ar pmvision stxaII not affect any of the remaining provisians uf tTsis resolurion.
t7,_tt,svz
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1 13. Heac'an�s. Tieadings in ihis resolution are included for canvenience of rezerence
? araIy and are not a part hereof, and shail nnt limit or define the meaning of any provision hezeto.
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Adopted by
Adoption Ci
By _�
A¢provetl b
ev- r..._�
i�r3zt�r,s�z
�sent Requssted by �epartment of:
� ffi of Firtancia S ntices �
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�'Yin� �„ �//d-�:
aail Secretary
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TpTRL F.��
Council File # O� 6 3i
Presented By
Referred To
Greea Sheet # �t u����
F2ESOLUTION �5- 3 a
CITY OF SAINT PAUL, MINNESOTA �
w�
Committee: Date
AUTHORIZIi�TG THE EX�CUTION OF A MASTEI2 LEASE
Td MEET ONGOING NEEDS FOR CAPITAL EQUIP1VfENT FINANCING
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VJHEREAS, the Office of Finaaciat Services (OF5) has determined that various City of Saint
Paul departments will need to replace essential capital equipment over the next &ve years to maintain a
high level of service to citizeus and that taY exempt lease financing is one potentiaI financing opfion for
such equipment; and
WHEREAS, OFS has solicited proposals for a Master Lease to provide taY-exempt lease
financing and the Banc of America has proposed the most favorable terms; and
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WHEREAS, a Master Equipment Lease-Purchase Agreement (the "Lease-Purchase
AgreemenP� by and between Bank af America as lessor (the "Lessor"), and the City as lessee has been
prepared and is before this meeting; and
WHEREAS, Equipment (as defined in the Lease-Purchase Agreement) will be leased pursnant
to separate Leases (as defined in the Lease- Purchase Agreement) consisting of a Schedule of specific
Equipment with a sspecific schedule of rental payments (as defined in the Lease-Purchase Agreement;
and '
R'HEREAS, in entering into the Lease-Purchase Agreement, the City is exercising powers
under its home rule charter and powers granted by Minnesota Statues, Section 465.71; and
WHEREAS, the Lease -Purchase Agreement and Leases aze subject to annuaF non-
appropriation, and the City has the right to tezminate the Lease-Purchase Agreement at the end of any
fiscal year during its term; and
VJHEREAS, the Leas�Purchase Agreement will be used on an as-needed basis, and the various
departments replacing the equipment will budget funds far making the payments on the Leases enterint
into pursuant to the Lease-Purchase Agreement:
NOW, TI3F.REFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minuesota
as foIIows:
1. Master Lease-Purchase As�eement. The Lease-Purchase Agreement is hereby approved in
substantially the form submitted, with such deletions, completions, and changes therein as aze
necessary and appzopriate and approved by the City Attomey. The Mayor or Executive Assistant to the
Mayor and ihe Director ofthe Office of �'inancial Services are hereby authorized and directed to
execute the Lease-Purchase Agreement, any Leases , and such other documents as aze contemplated
thereby or necessary in connection therewith.
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3 The Director of the Office of F'vianoiai Services shall be responsible for the ougoing
4 adminisiralion aad monitoring of the Lease- Piu�chase Ageement and shall deternvne the type and
5 scope of equipmeut ta be acquited Yhrough Leases ente�ed iuto pissuant to the Lease-Purchase
6 Agreement
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2. Puroose.. The Leas�Purchase Agreement shalt provide funds far the acquisition of essentiat
capital equipment and Leases as may be needed by the vazious City depac4ments and offices ta provide
services to Saiat Paul cifizens.
3. PrepaymenC Ruchase. The Lease-Pu�chase Agteement shall be sub}ect to prepayment at the
option of the City. The City shall have the option to purchase any equipment acquired pursuant to the
Lease-Purchase Agceement and Leases for $1.00 at the end of the fiill term for each equipment I.ease.
4. Retdstration: Transfer. The Treasurer of the City is hereby appointed the registrar with
respect to the I.eases entered into pursuant to the Lease Puxchase Ageement. The City will cavse to be
kept a register in which the regishar shall provide for the registration of the Leases and the registraxion
of transfers of the Leases.
The I.eases sha11 be registered in the name of the payee on the books of the re�istraz initialty and
when notice of any transfer or assignment is received. The City and registrar may treat tfie registered
owner of the L,ease as the person exclusively entifled to exercise ali tlie rights and powers of the owner.
The registrar may require payment of a sum sutYicient to cover any taz or other govemmental
chazge payable in connection with the transfer of the I,ease..
5. Treafinent of Reeistered Owner. The City and registrar may treat the person in whose name
the Lease is registered as the owner of the Lease for the purpose of xeceiving payments thereon and for
all other purposes whatsoever, and neither the City nor the registrar shall be affected by notice to the
contrary.
6. No Funds: Arbitra2e. Until expended on a Lease, the proceeds of the Lease- Purchase
Agreement shall be held in the custody of the Lessor pursuant to an Escrow Agreement. Payments on
the Lease-Purchase Ageement shall be made from annual appropriations, and moneys to make such
payment shail not be segregated ia any special fund. Moneys to make payments on the Lease-Purchase
Agreement sha11 be provided by the various depart�neuts acquiring the Eqnipment.
No portion of the proceeds of the Lease-Purchase Agreement shall be used directly or indirectly
to acquire higher yielding investtnents or to replace funds which were used direcfly or indirectly to
acquire higher yielding invesiments, except (1) for a reasonable temporary period until such proceeds
are needed for the purpose for which fhe Lease is entered into, and (2) in addition to the above in an
amount not greater than $100,000. To this effect, any proceeds af the Lease-Purchase Agreement and
any suins from time to time heid in any City account which will be used to make payments on the
L.ease-Purchase Agreement in excess of amounts which under then-appiicable federal azbitrage
regulations may be invested without regards to yield shalt not be invested at a yield in excess of the
applicable yield restrictions imposted by said arbitrage regulations on such investments after taking into
account any applicable temporazy periods" or "minor portion" made availabie under the federal
azbitrage regulations. In addifion, the proceeds of the Lease-purchase agreement shatl not be invested
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in obligations or deposits issued by, guazanfeed by or insured by the United States or any agency or
insh�umentality thereof if and to the extent thai such invesiment would cause the I.ease-P�chase
Agreement to be "fedeially guaranteed" within the meaning of Section 149 (b) of the federal Intemal
Revenue Code of 1986, as amended (the "Code'�.
�. No Generat Obli�afion Pled�e-_ Initiai Appropriatio� 'The Lease-Purchase Agreement and
Leases are not general obfigations of the City but rather are payable from amounLs #o be annvaFly
appropriated, and ihe full faith, credit and fa.zing powers of the City shall not be and are n01 Dledged.
Payment amounts and frequency of the I,eases for any and all equipment shaFl be established in
individual Leases.
8. Records and Certiftcates. The officers of the City are hereby authorized and directed 40
prepare and fumish to tfie L.essor, and to the attorneys approving the legality of the Lease-Purchase
Agreement and Leases, certified copies of all proceedings and records of the City relating to the F,ease-
Aschase Agreement and Leases and to the financial condition and affairs of the City, and suoh other
affidavits, certificaies and informafion as are required ta show the facts relating to the legality and
mazkeYability of the Lease-Purchase Agreement and Leases as the same appear from the books and
records under their custody and contro] or as othenuise laiown to them and all such certified copies,
certificates, and affidavits, including any heretofore fiunished shall be deemed representations of the
City as to the facts recited therein.
9. Negative Covenants as to Use of Proceeds. And Equipment The Cily hereby covenants not to
use the proceeds of the I.ease-Purchase Agreemeni and I.eases or the Equipment and Leases or to cause
or permit them to be used, or to enter into any deferred payment arrangements for the cost of the
equipment in such a manner as to cause the Lease-Ptuchase Agreement or Leasest o be "ptivate
activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. The City
reasanably expects that no actions will be taken over the term of the Lease Purchase Agreement or
Leases that wouId cause them to be private activity bonds, and the auerage term of the Leaso-Purchase
Agreement and I,eases is not longer than reasonably necessary foz the govenunental purpose of the
I,ease-Purchase Agreement. The City hereby covenants not to use the proceeds of the I,ease-Purchase
Agreement and Leases in such a manner as to cause the Lease-Purchase Agreement or Leases to be
"hedge bonds" within the meaning of Section 149 (g) of the Code.
10. Tax-Exempt Status of the Lease-Purchase A�eement and Leases: Rebate; Elections. The
Cily shall comply with the requirements necessary under the Code to establish and maintain the
exclusion from gross income under Section 103 of the Code of the interest on the L,ease-Purchase
Agreement and Leases, including without limitaiion requirements relaring to temporazy periods for
investments, limitations on amounts invested at a yield greater than yield on the appropriate Lease, and
the rebate of excess investment Pamings to the United States.
If any elections ate available now ox hereafter vaith zespect to azbitrage or rebate matteis zelating
to the Lease Purchase Agreemeni and I,eases, the Mayor City Clerk, Treasurer, and Duector of the
Office of Financial Ssrvices, or any of them, are hereby authorized and directed to make such elecfions
as they deem necessary, appropriate or desirable in connecfion with the Lease- Purchase Agreement and
I,eases and all such elections shall be, and sha31 be deemed and treated as, elections of the City.
11. No Dasienarion as Qaalified Tax-Exem�t Obli a� tions• The Lease-Purchase Agreement and
Leases , together with other obligatioas issued by the City in 20d4 and other yeazs, are expected to,
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eacceed in amounf those which may be qualified as "qualified taY-exempt obligations" witl�in the
meaning of Section 265 (b�3) of the Cale, and hence aze not designated for such purpose.
12. Severabilitv. If any section, pazagraph or pmvision of tUis resolution sliall be helfl to be
invalid or uneforceable for any reason, the invalidity or unenforceability of such section, paragiaph, or
provision shall not a$ect any of the remaining provisions of this resolution.
13_ xeadinQS. Headings in ttus resolution are included £or com�enience of reference only and are
not a part hereof, aad shatl not Iimit or define the meaning of any provision hereto.
Adopted by Council: Date ���iJs�
Adoption Ce�tiified by Council Secretary
BY� - �7i�n�� /�,�YCd.�J
App
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Requested b� Office of Financial Services
t
Sy:
Form Approved by City Aitomey