City of Seymour, Texas

No. 1487 – RESOLUTION REGARDING A FINANCING AGREEMENT FOR THE PURPOSE OF PROCURING A MOTOR GRADER AND MISC EQUIPMENT

Aug 30, 2023

RESOLUTION NO. 1487

A RESOLUTION REGARDING A FINANCING AGREEMENT FOR THE
PURPOSE OF PROCURING A “MOTOR GRADER AND MISCELLANEOUS EQUIPMENT”.

WHEREAS, the City of Seymour desires to enter into certain Lease –Purchases Agreement No. 8883, by and between the City of Seymour and Government Capital Corporation, for the purpose of financing a “Motor Grader” and,

WHEREAS, The City of Seymour desires to designate this Agreement as a “qualified tax exempt obligation” of the City of Seymour for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended, and

The City of Seymour desires to designate Steve Biedermann, City Administrator, as an authorized signer of the Agreement.

NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SEYMOUR:

Section 1. That the City of Seymour enters into a Financing Agreement with Government Capital Corporation for the purpose of financing a Motor Grader. procuring a “BACKHOE and Miscellaneous Equipment”.

Section 2. That the Financing Agreement, by and between the City of Seymour and Government Capital Corporation is designated by the City of Seymour as a “qualified tax exempt obligation” for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, as amended.

Section 3. That the City of Seymour designates the City Administrator, as an authorized signer of the Financing Agreement, by and between the City of Seymour and Government Capital Corporation.

Section 4. That should the need arise, if applicable, the City of Seymour will use loan proceeds for reimbursement of expenditures related to the Property, within the meaning of Treasury Regulation § 1.150-2, as promulgated under the Internal Revenue Code of 1986, as amended.

This Resolution has been PASSED and APPROVED by the Council of the City of Seymour in a meeting held on 21st day of November, 2019.

City of Seymour, TX Witness Signature

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Name: _________

Title: Mayor

Name: ________

Title: City Secretary