18-3029 FY 2018 Capital Lease Agreement with SunTrust Equipment Fiannce & Leasing Corp. Schedules 20 & 21

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RESOLUTION 18-3029 A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER LEASE AGREEMENT NO. 00592 WITH SUNTRUST EQUIPMENT FINANCE & LEASING CORPORATION, EQUIPMENT SCHEDULES NO. 20 AND 21, AND ESCROW AGREEMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY, AND EFFECTIVE DATE. WHEREAS, the City of Casselberry ("the City") desires to lease purchase new replacement equipment as herein described in Equipment Schedules No. 20 and 21 to the Master Lease Agreement ("Lease") No. 00592 dated October 12, 2000 between SunTrust Equipment Finance & Leasing Corp. and the City, the form of which has been made available for review by the governing body of the City prior to this meeting; and WHEREAS, the equipment is essential for the City to perform its governmental functions; and WHEREAS, the funds made available under the Lease will be deposited with SunTrust Bank ("Escrow Agent") pursuant to an Escrow Agreement between the Lessor, the City and Escrow Agent and will be applied to the acquisition of the equipment in accordance with said Escrow Agreement; and WHEREAS, the City has satisfied the legal requirements, including those relating to any applicable bidding requirements, to arrange for the acquisition of the equipment and the execution and delivery of the Lease and Escrow Agreement; and WHEREAS, the City proposes to enter into the Lease with SunTrust Equipment Finance & Leasing Corp. and the Escrow Agreement with Lessor and Escrow Agent substantially in the forms presented at this meeting. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOW: SECTION 1. The Mayor of the City of Casselberry is hereby authorized to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and to do or cause to be done any and all other acts and things necessary or proper for carrying out this resolution and the Lease and the Escrow Agreements for Schedules 20 and 21 (collectively the "Financing Documents") with SunTrust Equipment Finance & Leasing Corp. SECTION 2. It is hereby found and determined that the terms of the Financing Documents in substantially the forms presented at this meeting and incorporated in this resolution are in the best interests of the City for the acquisition of the equipment.