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R-00-55 A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE LEASE FINANCING OF CERTAIN VEHICLES AND OTHER EQUIPMENT IN THE MAXIMUM PRINCIPAL AMOUNT OF $8,800,000. WHEREAS, the Council of the City of Portsmouth, Virginia ("City") has determined that it is necessary and advisable to acquire certain vehicles, including government vehicles, refuse tracks and equipment, maintenance vehicles and public safety vehicles and certain equipment, including certain computer and telecommunications equipment and fire, rescue and emergency services equipment ("Project") for the City and to obtain fmancing for the Project through a financing lease providing financing for the Project in the maximum principal amount of $8,800,000 ("Lease"). NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia as follows: 1. Proposals to Provide Financing. The City Manager and the City's Chief Financial Officer, or either of them, is authorized and directed to solicit proposals to provide financing for the Project and to accept the proposal that such officers, or either of them, determine to be in the best interest of the City, provided that the maximum principal amount of the financing shall nor exceed $8,800,000, the interest rate used to calculate the interest component of rental payments under the Lease shall not exceed 8% and the term of the Lease shall not be longer than seven years. 2. Authorization and Execution of Documents. The City Council authorizes and directs the City Manager and the Chief Financial Officer of the City, or either of them, to execute on behalf of the City, the Lease, and, if required, the Clerk or any Deputy Clerk of the City Council is authorized and directed to affix or to cause to be affixed the seal of the City to the Lease and to attest such seal. Such officers or their designees are authorized to execute and deliver on behalf of the City such instruments, documents or certificates, and to do and perform such things and acts, as they shall deem necessary or appropriate to carry out the transactions authorized by this Resolution or contemplated by the Lease; and all of the foregoing, previously done or performed by such officers or agents of the City, are in all respects approved, ratified and confn'med. 3. Nature of Obligations. The obligation of the City to make payments under the Lease is subject to appropriation each year by the City Council. Nothing in this Resolution orthe Lease shall constitute a debt or a pledge of the faith and credit of the City. 4. Reimbursement. The City Council adopts this declaration of officialintent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse advances made or to be made by the City to pay the costs of the -1-