RESOLUTION 2015-01  AI RESOLUTION AUTHORIZING AND APPROVING EXECUTION OF A CONTRACT  WITH BANCORPSOUTH EQUIPMENT FINANCE, Al DIVISION OF  BANCORPSOUTH BANK  WHEREAS, Mayor and City Council, the Governing Body (the "Governing Body") of City of Fayette, Alabama (the "Buyer"), acting for and on the behalf of the Buyer hereby finds, determines and adjudicates as  follows: 1.  The Buyer desires to enter into an Contract with the Exhibits attached thereto in substantially the  same form as attached hereto as Exhibit' "A" (the' "Contract") with BancorpSouth Equipment Finance, a division of BancorpSouth Bank ("Seller") for the purpose ofpresently purchasing the equipment as described therein for the  total cost specified therein (collectively the Equipment'). pursuant to an in accordance with the terms ofthe Contract; and  2. Itis in the best interest of the residents served by Buyer that the Buyer acquire the Equipment  3. Itisi necessary for Buyer to approve and authorize the contract.  4.  The Buyer desires to designate the Contract as qualifiedtax-exempt obligation ofl Buyer for purposes  of Section 265(b)(3) oft the Internal Revenue Code of 1986 (the "Code").  NOW, THEREFORE, BE IT RESOLVED by this Governing Body for and on behalf of the Buyer as Section 1. The Contract and Exhibits attached thereto in substantially the same: form as attached hereto as Exhibit "A" by and between the Seller and the Buyeri is hereby approved, and Mayor Ray Nelson (the' "Authorized  follows:  Officer") is hereby authorized and directed to execute said Contract on behalf of the Buyer. Section 2. The Delivery Order is being issued in calendar year 2014.  Section 3. Neither any portion of the gross proceeds of the Contract nor the Equipment identified to the Contract shall be used (directly or indirectly) in a trade or business carried on by any person other than a  governmental unit, except for such use as ai member oft the general public.  Section 4. No portion oft the rental payments identified in the Contract (a) is secured, directly ori indirectly, by property used or to be used in a trade or business carried on by a person other than a governmental unit, except for such use as a member of the general public, or by payments in respect ofs such property; or (b)ist to be derived from payments (whether or not to. Buyer) ini respect of property or borrowed money used or to be usedi for at trade or  business carried on by any person other than a governmental unit.    Section 5. No portion of the gross proceeds of the Contract are used (directly or indirectly) to make or Section 6. Buyer hereby designates the Contract as aqualified tax-exempt obligation forj purposes ofSection Section 7. In calendar year 2014, Buyerl has designated 5490,000ofbmxcvmp obligations@including the Contract) as qualified tax-exempt obligations. Including the Contract herein SO designated. Buyer will not designate more than $10,000,000 of obligations issued during calendar year 2014 as qualified tax-exempt  finance loans to persons other than governmental units.  265(b) of the Code.  obligations.  Section 8. Buyer reasonably anticipates that the total amount oftax-exempt obligations (other than private Section 9. For purposes oft this resolution, the amount oft tax-exempt obligations stated as eitherissued or designated as qualified tax-exempt obligations including tax-exempt obligations issued by all entities deriving their issuinga authority from Buyer or by an entity subject to substantial control by Buyer as provided in Section 265(b)(3)  activity bonds) to be issued by Buyer during calendar year 2015 will not exceed $10,000,000.  of the Code.  Section 10. The. Authorized Officer is further authorized for an on behalf oft the Governing Body and the Buyer to do all things necessary in furtherance oft the obligations oft the Buyer pursuant to the Contract, including execution and delivery ofa all other documents necessary or appropriate to carry out the transactions contemplated  thereby in accordance with the terms and provisions thereof.  DONE this the  day of. January, 2015.  Mayor  ATTEST:  City Clerk