1989-10 Amends Res. 38-88 Master LeaseRESOLUTION N0. 10-89
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA, AMENDING
RESOLUTION N0. 38-88 BY CHANGING THE MASTER LEASE FROM A 1988 "QUALIFIED
TAX-EXEMPT OBLIGATION" TO A 1989 "QUALIFIED TAX-EXEMPT OBLIGATION".
' WfiEREAS, the Village of North Palm Beach, Florida (hereinafter called the
"Governmental Entity"), has heretofore entered into a master lease-purchase
agreement (the "Master Lease-Purchase Agreement"), wherein the Governmental
Entity agreed to lease-purchase certain equipment (hereinafter called the
"Equipment"), from Southeast Bank Leasing Company (the "Lessor"), a Florida
corporation; and
WHEREAS, the Governmental Entity, in Resolution No. 38-88, designated the
Master Lease-Purchase Agreement as a "qualified tax-exempt obligation" for the
calendar year 1988 for the purposes of Section 265(b)(3) of the Internal Revenue
Code for 1986, as amended, and any regulations promulgated thereunder (the
"Code"); and
WHEREAS, the Equipment was not delivered in the Calendar year 1988, and
interest did not begin to accrue in the calendar year 1988; and
WHEREAS, it is now necessary and desirable to designate the A reement as a
"qualified tax-exempt obligation" for the purposes of Section 265~b)(3) of the
Code for the calendar year 1989.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. Section 3 of Resolution No. 38-88 is hereby amended in
its entirety to rea as follows:
"Section 3. For the purposes of Section 265(b)(3)
of the Code, the Governmental Entity hereby designates
the lease-purchase obligation identified on the Schedule
to which this Resolution is attached (and by this reference
made part hereof) in connection with the Master-Lease-Purchase
Agreement to which the aforesaid Schedule is attached as a
"qualified tax-exempt obligation" for the calendar year 1989."
Section 2. All other provisions of Resolution No. 38-88 shall remain
in full force a-effect as originally adopted.
Section 3. The Mayor and all other officials and officers of the
GovernmentaT~n~y are hereby authorized, directed and instructed to take all
necessary steps and execute any and all necessary documents in order to carry
out the full intent and purpose of this Resolution.
Section 4. This Resolution shall take effect immediately upon
passage.
PASSED AND ADOPTED THIS 23RD DAY OF FEBRUARY 1989.
ATTEST:
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