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BOARD OF SUPERVISORS
~e COUNTY OF BUTTE; Sl-A~T~E OF CAI-IFQ~NIA
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Resolution N0. gg_126
RESOLUTION AUTHORIZING EXECUTION OF LEASE WITH OPTION TO PURCHASE
AGREEMENT FOR WELFARE MODULAR BUILDINGS
WHEREAS, the Board of Supervisors finds it in the public in-
terest to enter into a lease with an option to purchase agreement
with GELCO Financing Corporation in order to obtain additional
office space for the Welfare Department,
NOW, THEREFORE, BE TT RESOLVED by the Board of Supervisors:
1. That it is hereby determined that it is necessary and
desirable and in the best interests of the County to enter into
the Lease for the purposes of obtaining the equipment shown on
Exhibit A of the Lease, and the execution and delivery of the
Lease by the. Chief Administrative Officer and the financing of
the acquisition of such equipment is hereby approved, ratified
and confirmed.
2. Pursuant to Section 265(b)(3)(B)(i) of the Internal Revenue
Code of 1986 (the Code), the County hereby specifically desig-
'n~tes the Lease and the Equipment as a "qualified tax exempt
obligation" for purposes of sectionn 265fb)(3) of the. Code. In
compliance with Section 265(b)(3)(D) of the Code, the County
hereby represents that the it will not designate more than $
10,000,000 of obligations in the calendar year 1989 as such
"qualified tax exempt obligations."
3. In compliance with the requirements of Section 265(b)(3)(C)
of the Code, the County hereby represents that the County
(inlcuding alI "subardinate entities" of the county within the
meaning of Section 265(b)3fE) of the Code) reasonably anticipates
not to issue in the 1989 calendar year, obligations bearing in-
terest exempt from federal income taxation under Section 103 of
the Code (other than "private activity bonds" as defined in Sec-
tion 141 of the Code) in an amount greater than $ 10,000,000.
PASSED AND ADOPTED by the Butte County Board of Supervisors
this 29th day of August, 1989, by the following vote:
AYES. Supervisors Dolan, Mclnturf, McLaughlin, Vercruse and
Chairman Fulton
NOES : None
ABSENT : None
NOT VOTING : None
LEN F~jLTON, Chairman of the Butte County
Board of Supervisors
ATTEST:
WILL RANDOLPH,
Chief Adminis ative Officer and Clerk of the Board
By:
Deputy