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RESOLUTION NO. 22 SERIES 2011 A RESOLUTION APPROVING A FIRST AMENDMENT TO THE EXISTING EQUIPMENT LEASE AGREEMENT BETWEEN THE CITY OF LOUISVILLE, COLORADO, AND ZIONS CREDIT CORPORATION, SALT LAKE CITY, UTAH FOR LEASING OF A PHOTOVOLTAIC (PV) POWER SYSTEM IN THE CITY WHEREAS, pursuant to Ordinance No. 1584, Series 2010 and Resolution No. 76, Series 2010, both adopted on December 21, 2010, the City Council of the City of Louisville approved and determined to enter into an Equipment Lease Agreement and a Progress Funding Agreement with Zions Credit Corporation "Zions for funding of the design, engineering, procurement, permitting, construction, installation and commissioning of a Photovoltaic (PV) Power System "System in the City, with Zions to acquire such System and lease the same to the City; and WHEREAS, pursuant to Resolution No. 75, Series 2010, also adopted on December 21, 2010, the City Council of the City of Louisville approved and determined to enter into an Agreement with Bella Energy, Inc. "Bella for design, construction and installation of the System; and WHEREAS, pursuant to said enactments and agreements, Bella is undertaking work on the design, construction and installation of the System, and Zions is providing progress funding for such work; and WHEREAS, the Equipment Lease Agreement provides that the City shall pay a monthly rental payment to Zions, the amount of which is subject to adjustment upon determination of the interest rate at the time of commissioning of the System, and further provides that the City shall have the option to purchase the System on the fifth, tenth and twelfth anniversary dates of the Commencement Date of the Equipment Lease Agreement; and WHEREAS, the Equipment Lease Agreement further provides that Zions shall have and be solely responsible for obtaining any federal tax incentive grant associated with installation and commissioning of the System, and that the City shall execute those documents reasonably required by Zions with respect to Zions' securing of such federal tax incentives; and WHEREAS, in order to ensure compliance with applicable federal tax regulations pertaining to such federal tax incentives, Zions has requested an Amendment to the Equipment Lease Agreement to modify the purchase option prices for the City's option to purchase the System and, in connection therewith, to modify the estimated monthly rental payment; and WHEREAS, the City Council finds that the requested modifications to the Equipment Lease Agreement are reasonable and will have minimal effect of financing of the System, and that said modifications should be approved; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Resolution No. 22, Series 2011 Page 1 of 6