agenda regular business meeting wr satz school june 25 ... - Holmdel

AGENDAREGULAR BUSINESS MEETINGW. R. SATZ SCHOOLJUNE 25, 2013 8:00 PM9kkk.Approval of Lease Agreement with Monmouth County Improvement AuthorityResolved:That the Board approve Lease Agreement with Monmouth CountyImprovement Authority as follows:A RESOLUTION OF THE TOWNSHIP OF HOLMDEL BOARD OF EDUCATION,HOLMDEL, NEW JERSEY APPROVING THE FORM AND AUTHORIZING THEEXECUTION AND DELIVERY OF A LEASE AGREEMENT WITH THE MONMOUTHCOUNTY IMPROVEMENT AUTHORITY TO FINANCE THE ACQUISITION OFCERTAIN CAPITAL EQUIPMENT WHICH WILL BE LEASED BY THE MONMOUTHCOUNTY IMPROVEMENT AUTHORITY TO THE TOWNSHIP OF HOLMDEL BOARDOF EDUCATION, APPROVING THE FORM AND AUTHORIZING THE EXECUTIONAND DELIVERY OF A LETTER OF REPRESENTATION IN CONNECTION WITH THEISSUANCE AND DELIVERY OF THE MONMOUTH COUNTY IMPROVEMENTAUTHORITY’S CAPITAL EQUIPMENT POOLED LEASE REVENUE BONDS, SERIES2013 AND AUTHORIZING THE SCHOOL BUSINESS ADMINISTRATOR TO DO ALLOTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH THEISSUANCE, SALE AND DELIVERY OF SUCH BONDSWHEREAS, the Township of Holmdel Board of Education (the “Board”) desires to lease andpermanently finance the cost of acquisition of certain capital equipment as set forth in ScheduleA (the “Equipment”)(Attachment 9-kkk) from The Monmouth County Improvement Authority(the “Authority”); andWHEREAS, the Authority will provide for the financing of the cost of the acquisition of theEquipment by the issuance of its Capital Equipment Lease Revenue Bonds, Series 2013(Township of Holmdel Board of Education Project) in an aggregate principal amount not toexceed $866,000 (the “Bonds”) payable from rentals by the Board pursuant to a Lease andAgreement by and between the Board and the Authority; andWHEREAS, the Township of Holmdel, New Jersey, and the County of Monmouth, NewJersey, will each unconditionally and irrevocably guaranty the punctual payment of theprincipal of and the interest on the Bonds; andWHEREAS, there has been prepared and submitted to the Board forms of (a) a Lease andAgreement by and between the Board and the Authority, to be dated as of the first day of themonth of the date of delivery of the Bonds (the “Agreement”); and (b) a Letter ofRepresentation to be dated the date of delivery of the Bonds (the “Letter of Representation”);NOW, THEREFORE, BE IT RESOLVED BY THE TOWNSHIP OF HOLMDEL BOARDOF EDUCATION AS FOLLOWS:Section 1.That the Agreement, in the form presented to this meeting, be and the same is herebyapproved, and the School Business Administrator is hereby authorized to execute theAgreement, with such additions, deletions or modifications as such officer shall approve, andto deliver the same to the Authority, such approval to be conclusively evidenced by theexecution and delivery thereof.45