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URDlflAllCE 2011-04 AN ORDINANCE AUTHORIZING $28,000,000 IN EQUIPMENT AND VEHICLE LEASE OBLIGATIONS OF THE CITY UNDER A NEW MASTER LEASE AGREEMENT. WHEREAS, the City of Portsmouth, Virginia (the "City") entered into a Master Lease Agreement dated as of April 30, 2004 (the "Original Master Lease"), between the City and Banc of America Public Capital Corp, as successor to Banc of America Leasing & Capital LLC (the "Lessor"), as amended by the First Amendment to Master Lease Agreement dated as of December 14, 2006 (the "First Amendment" and together with the Original Master Lease, the "Existing Master Lease"), between the City and the Lessor, to provide for the various equipment and vehicle needs of the City. WHEREAS, approximately $7.8 million of existing equipment and vehicle lease obligations (the "Existing Obligations") are outstanding under the Existing Master Lease. WHEREAS, the City's multi-year Capital Improvement Program identifies approximately $1 7.3 million of equipment and vehicle leasing needs in fiscal years 2011 through 2015, including approximately 324 different pieces of equipment and vehicles (the "New Equipment"). WHEREAS, on August 24, 2010, the City Council adopted an ordinance appropriating $4 million in the fiscal year 2011 city garage fund from its fund balance to provide funds for the purchase of equipment and vehicles and declaring the intent of the City to reimburse itself from the proceeds of obligations of the City, and the administration of the City (the "Administration") has made equipment and vehicle purchases pursuant to such ordinance. WHEREAS, the Administration, in consultation with Davenport & Company LLC, the City's financial advisor (the "Financial Advisor"), requested proposals from several financial institutions for a new master lease agreement (the "New Master Lease") between the City and