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RESOLUTION NO. 8180 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS AUTHORIZING THE EXECUTION AND DELIVERY OF AN EQUIPMENT LEASE/PURCHASE AGREEMENT, AND OTHER INSTRUMENTS, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, the City of Redlands (the "Lessee"), a body politic and corporate duly organized and existing as a general law city and political subdivision of the State of California, is authorized by the laws of the State of California to lease personal property for the benefit of the Lessee and those it provides services to and to enter into contracts with respect thereto; and WHEREAS, the Lessee desires to lease and/or finance certain vehicles and equipment constituting personal property necessary for the Lessee to perform essential governmental functions in an amount not more than $3,614,377.68 (the "Equipment"); and WHEREAS, in order to acquire such Equipment, the Lessee proposes to enter into a Payment Schedule (together with the Equipment Schedules and all related exhibits, schedules, and certificates, the "Lease Agreements") under an existing Master Equipment Lease -Purchase Agreements with Holman Capital Corporation (the "Lessor") and one Escrow Agreement (together the Disbursement/Payment Request Form and Acceptance Certificate, the "Escrow Agreement") with the Lessor and an escrow bank/agent as the parties may mutually agree on; and WHEREAS, the Lessor has agreed to assign all of its rights, title and interest in and to the Equipment, the Lease Agreements and the Escrow Agreement (collectively and together with any related certificates, exhibits, deliverables, or other documents provided in connection therewith, the "Transaction Documents") to an assignee and the Lessee has consented and acknowledged to the foregoing; and WHEREAS, the Lessee's City Council, as 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 lease of the Equipment to be therein described on the terms and conditions therein provided; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as follows: Section 1. Approval of Documents. The governing body of the Lessee hereby authorizes and directs Paul T. Barich, the Mayor of the City of Redlands, and such other persons as he may delegate (the "Designated Officers"), and each of them individually, for and in the name of and on behalf of the Lessee, to: (a) review, negotiate and approve the form of such Transaction Documents, the parties thereto, and all the terms and provisions contained therein, and (b) execute and deliver the Transaction Documents, in such forms and with such changes, 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 1 IAResolutions\Res 8100-8199\8180 Holman Capital Lease Purchase.doc