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R-03-45 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA <br />AUTHORIZING THE LEASE FINANCING OF CERTAIN EQUIPMENT. <br /> <br /> WHEREAS, the City Council of the City of Portsmouth, Virginia ("City") has <br />determined that it is necessary and advisable to acquire certain equipment, including waste <br />management refuse trucks and certain telecommunications equipment (the "Additional <br />Eqnipment") for the City and to obtain financing for the Additional Equipment through one or <br />more amendments to the Financing Lease described below; <br /> <br /> WHEREAS, the City entered into an Equipment Lease Purchase Agreement (the <br />"Financing Lease") with Banc of America Leasing and Capital, LLC (the "Lessor") on December <br />8, 2000; and <br /> <br /> WHEREAS, the Lessor is willing to amend the Financing Lease to include the financing <br />of the Additional Equipment. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> Terms of Financing. The City Manager and the City's Chief Financial Officer, or either <br />of them, is authorized and directed to negotiate one or more amendments to the Financing Lease <br />(the "Amendments") with the Lessor that such officers, or either of them, determine to be in the <br />best interest of the City, provided that the maximum aggregate principal amount of the <br />Amendments shall not exceed $2,055,000, and the term of each Amendment shall not be longer <br />than ten years. The City Manager and the Chief Financial Officer. or either of them, are <br />authorized to execute and deliver any such Amendment, and, if mqnired, the Clerk or any <br />Deputy Clerk of the City Council is authorized to affix the seal of the City to any such <br />Amendment and to attest such seal. <br /> <br /> 1. Authorization and Execution of Third Addendum The City Council authorizes <br />and directs the City Manager and the Chief Financial Officer of the City, or either of them, to <br />execute on behalf of the City, the Third Addendum to the Financing Lease, in the form on file <br />with the Chief Financial Officer in the principal amount of $655,000 to finance the acquisition of <br />waste management trucks. If required, the Clerk or any Deputy Clerk of the City Council is <br />authorized and directed to affix or to cause to be affixed the seal of the City to the Third <br />Addendum and to attest such seal. Such officers or their designees are authorized to execute and <br />deliver on behalf of the City such instruments, documents or certificates, and to do and perform <br />such things and acts, as they shall deem necessary or appropriate to carry out the transactions <br />authorized by this Resolution or contemplated by any Amendment, including, the Third <br />Addendum; and all of the foregoing, previously done or performed by such officers or agents of <br />the City, are in all respects approved, ratified and confirmed. <br /> <br /> 2. Nature of Obligations. The obligation of the City to make payments under the <br />Financing Lease is subject to appropriation each year by the City Council. Nothing m th/s <br />Resolution, any Amendments or the Financing Lease shall constitute a debt or a pledge of the <br />faith and credit of the City. <br /> <br />-1- <br /> <br /> <br />