HomeMy WebLinkAboutResolution 17-051 Resolution 17-051
Resolution Authorizing The
Execution of Equipment Lease — Purchase Agreement
Be It Resolved by the City Council of the City of Brookings, South Dakota as follows:
Whereas, for the purpose of financing the acquisition of a Daktronics
Display/Scoreboard, the City of Brookings desires to execute a Lease-Purchase
Agreement in the principal amount not exceeding $294,000, and
Whereas, PNC Equipment Finance, LLC will act as Lessor under said Lease; and
Whereas, the Lease with PNC Equipment Finance, LLC will bear interest and will
contain options to purchase the equipment by the City of Brookings, and annual lease
payments will be subject to annual appropriation or renewal by the City Council and
shall not constitute general obligations of the City or indebtedness under the
Constitution or laws of the State of South Dakota, and
Whereas, this Resolution shall take effect immediately upon its adoption and approval.
Now, Therefore, It Is Hereby Resolved by the City Council of the City of Brookings,
South Dakota, as follows:
A. That the City of Brookings enter into an Equipment Lease-Purchase
Agreement with PNC Equipment Finance, LLC to acquire an Indoor
Daktronics LED Video Board Together with all attachments, tooling,
accessories, appurtenances and additions thereto; and
B. That the Mayor, City Clerk, City Manager and City Attorney are
authorized to execute a Equipment Lease-Purchase Agreement with
PNC Equipment Finance, LLC and the required lease financing
documents in accordance with this Resolution.
Passed and approved on the 9th day of May, 2017.
CITY OF BROOKINGS
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,�`�� T: Keith W. Corbett, Mayor
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i Thornes, City Clerk