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77 <br /> <br />A RESOLUTION DESIGNATING A LEASE PURCHASE IN CONNECTION WITH <br />THE ACQUISITION OF ADDITIONAL RADIO COMMUNICATION EQUIPMENT AS <br />A QUALIFIED TAX EXEMPT OBLIGATION FOR THE PURPOSES OF SECTION <br />265 (b) (3) OF THE INTERNAL REVENUE CODE OF 1986. <br /> <br /> WHEREAS, the City desires to acquire additional radio <br />communication equipment designated as Motorola 800 MHZ <br />Smartnet Communications System; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth, Virginia, <br />hereby determInes that it is in the best interest of the City <br />to enter into an equipment lease purchase agreement for the <br />acquisition of said radio communication equipment; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth, Virginia, <br />has further been requested to designate the equipment lease <br />purchase agreement as a "qualified tax exempt obligation" for <br />the purposes of the Internal Revenue Code of 1986; and <br /> <br /> WHEREAS, neither the City of Portsmouth nor any of its <br />subordinate entities has issued or expects to issue in excess <br />of Five Million ($5,000,000.00) Dollars aggregate amount of <br />aualified tax exempt obligations during calendar year 1988 as <br />evidenced by the attached certifications of the City of <br />Portsmouth and its subordinate entities, made a Dart hereof; <br />and <br /> <br /> WHEREAS, pursuant to Section 265 (b) (3) of the Internal <br />Revenue Code of 1986, it is determined that it is qppropriate <br />to so designate the equipment lease purchase agreement for the <br />acquisition of said radio communication equipment as a <br />qualified tax exempt obligation. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that it hereby designates nhe <br />equipment lease purchase agreement for the acquisition of a <br />Motorola 800 MHZ Smartnet Communications System as a qualified <br />tax exempt obligation for the purposes of Section 265 (b) (3) <br />of the Internal Revenue Code of 1986, and further determines <br />that the equipmenn lease purchase agreemenn is not a private <br />activity bond as defined by the Internal Revenue Code. <br /> <br /> BE IT FURTHER RESOLVED that the Council of the City of <br />Portsmouth, Virginia further certifies that neither the City <br />of Portsmouth nor any of its subordinate entities have issued <br />or reasonably expect to issue in excess of Five Million <br />($5,000,000.00) Dollars aggregate amount of qualified tax <br />exempt obligations during the calendar year 1988 and further <br />agrees not to designate more than Five Million ($5,000,000.00) <br />Dollars aggregate amount of qualified tax exempt obligations <br /> <br /> <br />