RESOLUTION 2020-03 – Finance for Equipment (Police Cars)

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Related Area: | Administration | | Police | | Property |
Related Elkins Municipal Code (EMC):
Related Year:| 2020 |

Ordinance #: 2020-03

A RESOLUTION REGARDING A FINANCING AGREEMENT FOR THE PURPOSE OF PROCURING “VEHICLES AND RELATED EQUIPMENT”.

WHEREAS, City of Elkins desires to enter into that certain Financing Agreement, by and between Government Capital Corporation and City of Elkins, for the purpose of procuring “Vehicles and related equipment”. The City desires to designate this Agreement as a “qualified tax exempt obligation” of the City for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended. City of Elkins desires to designate the Mayor, as an authorized signer of the Agreement.

NOW THEREFORE, BE IT RESOLVED BY CITY OF ELKINS:

Section 1. That the City enters into a Financing Agreement with Government Capital Corporation for the purpose of procuring “Vehicles and related equipment”.

Section 2. That the Financing Agreement, by and between City of Elkins and Government Capital Corporation is designated by the City as a “qualified tax exempt obligation” for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended.

Section 3. That City of Elkins designates the Mayor, as an authorized signer of the Financing Agreement, by and between City of Elkins and Government Capital Corporation.

Section 4. That should the need arise, if applicable, the City will use loan proceeds for reimbursement of expenditures related to the Property, within the meaning of Treasury Regulation § 1.150-2, as promulgated under the Internal Revenue Code of 1986, as amended.