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CITY COUNCIL OF THE CITY OF PLEASANTON <br />ALAMEDA COUNTY, CALIFORNIA <br />RESOLUTION NO. 05- <br /> <br />RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A <br />LEASE/PURCHASE AGREEMENT WITH BANK OF AMERICA FOR <br />GOLF COURSE MAINTENANCE EQUIPMENT <br /> <br />WHEREAS, the grow-in phase of the Callippe Preserve Golf Course continues to accelerate; <br /> and <br /> <br />WHEREAS, <br /> <br />the golf course operator, CourseCo, has prepared a list of equipment (Exhibit A) <br />required for both the remaining grow-in period and regular maintenance of the <br />golf course once it is open for play; and <br /> <br />WHEREAS, <br /> <br />at the City's request, CourseCo solicited lease rates from three (3) companies to <br />finance the proposed equipment and Bank of America submitted the more <br />favorable leasing terms, offering the City a rate of 3.39% for a five year equipment <br />lease/purchase agreement requiring quarterly payments of $38,083; and <br /> <br />WHEREAS, the equipment becomes the property of the City at the end of the five year lease <br /> term. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: <br /> <br />The City Manager is authorized to execute a lease/purchase agreement with Bank <br />of America to purchase maintenance equipment for Callippe Preserve Golf Course <br />consistent with the terms detailed above. <br /> <br />Section 2: This resolution shall become effective immediately upon its passage and adoption. <br /> <br /> I HEREBY CERTIFY THAT THE FOREGOING WAS DULY AND <br />REGULARLY ADOPTED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON, AT <br />A MEETING HELD ON MAY 3, 2005 BY THE FOLLOWING VOTE: <br /> <br />AYES: <br />NOES: <br />ABSENT: <br />AB STAIN: <br /> <br /> <br />