Presenter
Presented by Mr. Motznik
Title
Resolution amending Resolution 632 of 2002 to provide for an agreement with Baruch & Company for the purpose of financing the City's lease/purchase of a seasonal support structure to be used to operate the Mellon Park tennis center.
Body
Whereas Resolution 632 of 2002 authorizes the City to enter into a finance Agreement with American Express Business Finance ("AMEX") to finance the lease/purchase of a Seasonal Support Structure from a qualified vendor; and
Whereas, during negotiations of the finance Agreement, it was determined that, inter alia:
1. Baruch and Company, a company specializing in providing tax-exempt financing to municipal entities acquiring equipment, is a business partner of AMEX; and
2. Baruch and Company will actually be entering into the finance Agreement with the City rather than AMEX; and
3. Payments will be made to Baruch and Company or its assignee semi-annually rather than annually.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1 of Resolution No. 632, effective October 3, 2002, which presently reads:
Section 1. The Mayor and the Director of the Department of Parks and Recreation, on behalf of the City of Pittsburgh, are hereby authorized to enter into an Agreement, in a form approved by the City Solicitor, with American Express Business Finance (AMEX), a qualified finance company for the purpose of financing the lease/purchase of a Seasonal Support Structure which will be used in the operation of the Mellon Park Tennis Center within the Department of Parks and Recreation at a total cost not to exceed Four Hundred Ninety Eight Thousand Seven Hundred Sixty One Dollars and Sixty Two Cents ($498,761.62). The City's obligation to AMEX shall be Four Hundred Ninety Eight Thousand Seven Hundred Sixty One Dollars and Sixty Two Cents ($498,761.62) subject to and contingent upon annual appropriation of funds, which are chargeable to and paya...
Click here for full text