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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 05-027 <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, 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, at the City's request, CourseCo solicited lease rates from three companies to <br /> finance the proposed equipment and Bank of America submitted the most <br /> favorable leasing terms, offering the City a rate of 3.39% for a five year equipment <br /> lease/purchase agreement, requiting 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: The City Manager is authorized to execute a lease/purchase agreement with Bank <br /> of America to pumhase 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 /> <br />