Resolution 2020-32RESOLUTION NO. 2020-32(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS, HEREBY
AUTHORIZING THE EXECUTION OF A MASTER TAX-EXEMPT LEASE PURCHASE
AGREEMENT IN THE TOTAL AMOUNT OF $3,333,667.00 AND RELATED INSTRUMENTS,
AND AUTHORIZING THE CITY MANAGER OF THE CITY OF WYLIE TO EXECUTE
ANY NECESSARY DOCUMENTS.
WHEREAS, the City of Wylie has a need to purchase water meter equipment, installation
and related items for the implementation of Energy Performance Savings Contract #W2019-92-E;
and
WHEREAS the City of Wylie ("Lessee") desires to finance the amount of $3,333,667.00 for
a period of ten (10) years through a Master Tax -Exempt Lease Purchase Agreement (collectively, the
"Agreement") with All American Investment Group, LLC ("Lessor") for the purposes of financing
the purchase of water meter equipment, installation and related items; and
WHEREAS, the City of Wylie has deemed the Equipment essential for the performance of
its governmental functions; and
WHEREAS, the City of Wylie desires to designate this Agreement as a qualified tax
exempt obligation of the City for the purposes of Section 265 (b)(3) of the Internal Revenue Code
of 1986, as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WYLIE, TEXAS:
SECTION 1: The City Manager of the City of Wylie, Texas is hereby authorized to
execute on behalf of the City Council of the City of Wylie, Texas, the finance agreement and any
related necessary documents, as a qualified tax exempt obligation.
SECTION 2: This Resolution shall take effect immediately upon its passage.
DULY PASSED AND APPROVED by the City Council of the City of Wylie, Texas on
this the 23rd day of June, 2020.
ATTEST TO:
TINA LINK, Deputy City Secretary
Resolution No. 2020-32(R) EXECUTION OF A MASTER TSE AGREEMENT IN THE TOTAL AMOUNT
OF $3,333,667.00