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WHEREAS, to maintain the lowest possible cost of the Project, Alpine Bank will initially <br />lease the Project at a taxable rate until the date on or after August 27, 2018 when the City <br />requests in writing a conversion to a tax- exempt rate and receives a tax - exempt opinion as to the <br />interest payments made hereunder (the "Conversion Date "); <br />WHEREAS, prior to such Conversation Date, Alpine Bank shall retain ownership of the <br />Project; and <br />WHEREAS, after the Conversion Date, the Project shall bear interest at a tax - exempt rate <br />and the City shall be deemed owner of the Project subject to its payment of lease payments as set <br />forth herein; and <br />WHEREAS, for the purpose of providing funds for the construction of the Project, the <br />Council has determined to enter into this Lease and Lease Purchase Agreement for the 606 solar <br />panels (as more specifically described in Exhibit A hereto, the "Leased Property") with Alpine <br />Bank; and <br />WHEREAS, the obligation of the City to pay Base Rentals and Additional Rentals (both <br />as hereinafter defined) hereunder shall be from year to year only; shall constitute currently <br />budgeted expenditures of the City; shall not constitute a mandatory charge or requirement in any <br />ensuing budget year; and shall not constitute a general obligation or a multiple -fiscal year direct <br />or indirect debt or other financial obligation whatsoever of the City within the meaning of any <br />constitutional or statutory limitation or requirement concerning the creation of indebtedness, nor <br />a mandatory payment obligation of the City in any ensuing fiscal year beyond any fiscal year <br />during which this Lease shall be in effect; and <br />WHEREAS, the financing of the Financed Project (as hereafter defined), and the <br />execution, performance and delivery of this Lease, have been authorized, approved and directed <br />by the Council by an ordinance finally passed and adopted by the Council; <br />NOW, THEREFORE, for and in consideration of the mutual promises and covenants <br />herein contained, the parties hereto agree as follows: <br />ARTICLE I <br />DEFINITIONS <br />Section 1.01. Terms Defined in Preamble and Recitals. The following terms shall <br />have the meanings set forth in the preamble and recitals hereto: <br />Alpine Bank Lease <br />Charter Leased Property <br />City Program <br />Council Utility <br />Section 1.02. Additional Definitions. The following additional terms shall have the <br />meanings specified below: <br />2 <br />4812 - 2161 -1294 9 <br />