HomeMy WebLinkAboutAGENDA REPORT 1992 0520 CC REG ITEM 11E N'+•Y4E, /loo . 10
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ACTION: I /4 J. i
TO: The Honorable City Council 0� , +)
FROM: Lillian E. Kellerman, City Clerk By — ---s:4 . .
DATE: May 14, 1992 (for CC meeting of 5/20/92)
SUBJECT: CONSIDER PURCHASE AGREEMENT FOR OPTICAL DISK IMAGING AND
TEXT PROCESSING SYSTEM
BACKGROUND
At its meeting of December 4, 1991, the Council authorized the
lease/purchase of an Optical Disk Imaging and Text Processing
System from Decision Management Company for a total price not to
exceed $75,000. The Council appropriated $13, 111. 39 for lease
payments for FY91/92 ; the lease payments to be appropriated with
the FY92/93 budget would be $17, 353 . 32.
Since the Council's authorization in December, staff has attempted
to finalize a lease/purchase through Access Public Finance.
Attached is the final schedule of lease payments as determined by
the leasing company at an interest rate of 8 . 495% (initially the
leasing company offered 7.995%) .
Various revisions to the language of the lease were negotiated by
staff during the last five months but we were unable to come to
agreement on the need for an Opinion of Counsel as an exhibit to
the lease agreement. The City Attorney has estimated that an
Opinion of Counsel letter in the format requested by the leasing
company will cost approximately $7, 000 -- almost 10% of the cost of
the lease.
Considering the additional $7, 000 to be added to the cost of
obtaining the lease, and the interest charges over the life of the
lease/purchase of $16, 928. 60, staff would like direction from
Council as to whether the Optical Disk System should be acquired as
a conventional purchase or if additional funds should be
appropriated for the completion of the Opinion of Counsel exhibit
so that the lease/purchase agreement can be finalized.
RECOMMENDATION
Direct staff as deemed appropriate.
Attachments: Schedule of Payments Exhibit
Opinion of Counsel Exhibit
PAUL W. LAWRASON JR. JOHN E.WOZNIAK SCOTT MONTGOMERY BERNARDO M. PEREZ ROY E. TALLEY JR.
Mayor Mayor Pro Tem Councilmember Councilmember Councilmember
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EXHIBIT C
OPINION OF LESSEE'S COUNSEL
(Please furnish in this form on Attorney's Letterhead)
ACCESS PUBLIC FINANCE, INC.
501 Second Street, Suite 330
San Francisco, California 94107
Lessee: City of Moorpark
Date of Agreement:
Gentlemen:
As counsel for City of Moorpark ("Lessee"), I have examined duly executed originals of the
Municipal Lease and Option Agreement (the "Agreement") dated February 1, 1992, between Lessee and
Access Public Finance, Inc. ("Lessor"), and based upon the examination and upon such other examination
as I have deemed necessary or appropriate, I am of the opinion that:
1. Lessee is a public body corporate and politic, legally existing under the laws of the State
of California.
2. The Agreement has been duly authorized, executed and delivered by Lessee, pursuant to
constitutional, statutory and/or home rule provision which authorizes this transaction and
Resolution No. attached as Exhibit A to the Agreement.
3. The Agreement is a legal, valid and binding obligation of Lessee, enforceable in
accordance with its terms. In the event the Lessor obtains a judgement against Lessee
in money or damages, as a result of an event of default under the Agreement, Lessee will
be obligated to pay such judgement.
4. Applicable public bidding requirements have been complied with.
5. To the best of my knowledge, no litigation is pending or threatened in any court or other
tribunal, state or federal, in any way questioning or affecting the validity of the resolution
or the Agreement.
6. The signatures of the officers of Lessee which appear on the Agreement are true and
genuine; I know said officers and know them to hold the offices set forth below their
names.
7. The Lessee is a political subdivision within the meaning of Section 148 of the Internal
Revenue Code and the related regulations and rulings and that the portion of payments
identified as deferred interest charges to maturity, upon receipt, will not be includable in
Federal gross incomes under statutes, regulations, court decisions and rulings existing on
the date of this opinion and consequently, will be exempt from present Federal income
taxes and income tax of the State of California.