SPECIAL ORDINANCE
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA-ISAAC, DIAZ AND MERANTE:
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AN ORDINANCE OF THE CITY OF YONKERS, NEW YORK DECLARING THE FINDINGS OF THE CITY WITH RESPECT TO THE PROPOSALS RECEIVED FOR THE FINANCING OF THE CITY’S ENERGY PERFORMANCE CONTRACT WITH HONEYWELL INTERNATIONAL, INC., AND MAKING CERTAIN OTHER DETERMINATIONS IN CONNECTION THEREWITH.
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The City of Yonkers, in the City Council convened, hereby ordains and enacts:
Section 1. Following the solicitation of proposals, the City of Yonkers (the “City”) received proposals from two (2) firms to provide financing for a the cost of the energy conservation measures to be implemented under the Energy Performance Contract, entitled “Honeywell Agreement,” that the City has heretofore entered into with Honeywell International, Inc. (the “Agreement”).
Section 2. Following a discussion of the City Council, and based upon the written recommendation received from Capital Markets Advisors, LLC., the City’s Municipal Advisor, it is hereby determined that the proposal received from Huntington National Bank, or one of its subsidiaries, affiliates or assigns (the “Lessor”) is hereby accepted, subject to the negotiation of one or more lease purchase agreements approved by Corporation Counsel.
Section 3. The Commissioner of Finance and Management Services, acting on behalf of the City and with the advice of counsel, is hereby authorized to negotiate, enter into, execute, and deliver one or more lease purchase agreements (the “Equipment Lease”) with the Lessor, and is further authorized to negotiate, enter into, execute, and deliver such other documents relating to the Equipment Lease (including, but not limited to, escrow agreements). All other related contracts and agreements necessary and incidental to the Equipment Lease are hereby authorized, and such documents shall be filed in the office of the Commissioner of Finance and Management Services and made available for public inspection.
Section 4. The aggregate original principal amount of the Equipment Lease shall not exceed $28,100,000 and shall bear interest and mature as set forth in the Equipment Lease.
Section 5. The City’s obligations under the Equipment Lease shall be subject to annual appropriation or renewal by the City Council of the City as set forth in the Equipment Lease and the City’s obligations under the Equipment Lease shall not constitute a general obligation of the City or indebtedness under the Constitution or laws of the State of New York.
Section 6. The proceeds of the Equipment Lease may be applied to reimburse the City for expenditures made after the effective date of this resolution for the purpose for which said proceeds are authorized, or on or prior to such date in accordance with Treasury Regulation Section 1.150-2 of the United States Treasury Department. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department.
Section 7. The Commissioner of Finance and Management Services is hereby authorized to take any and all other actions necessary in connection with the Agreement, the Equipment Lease, and all matters related thereto.
Section 8. This ordinance shall take effect immediately.