Title
Resolution - Approval of Fleet Vehicles, Computer Equipment and Software Leasing Agreement - R Kruger
Other Info
Submitted By: Robyn Miller on behalf of R Kruger Department: Financial Services Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
Pedernales Electric Cooperative, Inc. (the "Cooperative") has determined that it is in the best interest of the Cooperative to obtain a lease financing facility, in an amount not to exceed $10,000,000, pursuant to the terms of a Master Lease Agreement (the "Master Lease Agreement") to be entered into between the Cooperative and First American Equipment Finance ("FAEF"); and
The obligations of the Cooperative with respect to the Master Lease Agreement will be evidenced by one or more Equipment Schedule(s) and will be secured by the those vehicles and technology software and hardware ultimately leased under the facility; the Master Lease Agreement together with any Equipment Schedule(s) are each to be considered a "Lease" and a "Finance Lease" pursuant to the Uniform Commercial Code; and
The Board has been presented with the principal terms of the lease financing facility and desires to delegate to the Authorized Officers (as defined herein) to negotiate and approve the final forms of the Leasing Documents (as defined herein) setting forth such terms, and hereby finds that it is in the best interest of the Cooperative to authorize and approve the execution and delivery of such Leasing Documents.
Body
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE: that the Cooperative obtain the lease financing facility from FAEF t, subject to approval of the final terms of such document by one or more Authorized Officers;
BE IT FURTHER RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Cooperative enter into the Master Lease Agreement and Equipment Schedule(s) as appropriate to evidence and secure the obligations of the Cooperative with res...
Click here for full text