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<br />such financial institution pursuant to which the City may refinance the Existing Obligations and <br /> <br /> <br />enter into lease obligations for the New Equipment. <br /> <br /> <br />WHEREAS, in response to its request, the City received several proposals for the New <br /> <br /> <br />Master Lease, which proposals have been presented to this meeting. <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br /> <br /> <br />CITY OF PORTSMOUTH, VIRGINIA: <br /> <br /> <br />1. The City Manager and the Chief Financial Officer, either of whom may act, are <br /> <br /> <br />authorized to accept the proposal for the New Master Lease that he or she determines to be in the <br /> <br /> <br />best interest of the City, in consultation with the Financial Advisor. The City Manager and the <br /> <br /> <br />Chief Financial Officer are authorized to negotiate, execute, and deliver on behalf of the City the <br /> <br /> <br />New Master Lease upon terms and conditions substantially in the form set forth in the accepted <br /> <br /> <br />proposal; provided, however, that (i) the aggregate of the principal components of the rental <br /> <br /> <br />payments under the New Master Lease shall not exceed $28,000,000 and (ii) each piece of <br /> <br /> <br />equipment or vehicle shall be leased for a term not to exceed the lesser of its expected useful life <br /> <br /> <br />or fifteen years. <br /> <br />2. The City Manager and the Chief Financial Officer, either of whom may act, and <br /> <br />such officers and agents as they may designate, are authorized to execute and deliver on behalf <br /> <br />of the City such instruments, documents, or certificates, and to do and perform such things and <br /> <br />acts, as they shall deem necessary or appropriate to carry out the transactions authorized by this <br /> <br />ordinance or contemplated by the New Master Lease, and all of the foregoing, previously done <br /> <br />or performed by such officers or agents of the City, are in all respects approved, ratified and <br /> <br />confirmed. <br /> <br />2 <br />