2006 Resolutions (2) - Laserfiche WebLink

Home Browse Search

R-06-67 RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE EXTENSION AND AMENDMENT OF ITS MASTER LEASE AGREEMENT DATED AS OF APRIL 30, 2004 WITH BANC OF AMERICA PUBLIC CAPITAL CORP. The City of Portsmouth, Virginia (the "City") entered into a Master Lease Agreement between the City and Banc of America Public Capital Corp, as successor to Banc of America Leasing & Capital LLC (the "Lessor") dated as of April 30, 2004 (the "Master Lease") to provide financing for various equipment for the City. The City has determined that it is in the best interests of the City to amend ccrtain terms of the Master Lease to provide financing in the amount of $4,500,000 for each of the fiscal years ending June 30, 2008 and June 30, 2009, to extend the Acquisition Period in accordance with the terms of the Master Lease and to make certain other amendments. Such amendments will be reflected in the First Amendment to Master Lease Agreement between the City and the Lessor (the "Amendment"). NOW, THEREFORE, BE IT RESOLVED THAT: 1. Amendment Approved. The Amendment is hereby approved. The City Manager and the City's Chief Financial Officer, or either of them, is authorized and directed to execute the Amendment on behalf of the City. 2. Authorization and Execution of Documents. The City Manager and the City's Chief Financial Officer, or either of them, and such officers and agents as they may designate, 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 Amendment and the Master 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 confirmed. 3. Nature of Obligations. Nothing in this Resolution, the Amendment, or any instrument, document, or certificate executed and delivered on behalf of the City to carry out the transactions authorized by this Resolution or contemplated by the Amendment shall constitute a debt of the City, and thc City shall not be obligated to make any payments under the Master Lease, as amended. except from money appropriated by Council of the City lor such purpose. 4. EITective Date. This Resolution shall be effective upon its adoption. ADOPTED by the Council of the City of POl1smouth, Virginia at a meeting held on December 12,2006 . Teste: City Clerk