Minutes 08/12/2003 - Laserfiche WebLink

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Au,qust 12, 2003 The City Manager and the Chief Financial Officer, or either of them, are authorized to execute and deliver any such Amendment, and, if required, the Clerk or any Deputy Clerk of the City Council is authorized to affix the seal of the City to any such Amendment and to attest such seal. 1. Authorization and Execution of Third Addendum. The City Council authorizes and directs the City Manager and the Chief Financial Officer of the City, or either of them, to execute on behalf of the City, the Third Addendum to the Financing Lease, in the form on file with the Chief Financial Officer in the principal amount of $655,000 to finance the acquisition of waste management trucks. If required, the Clerk or any Deputy Clerk of the City Council is authorized and directed to affix or to cause to be affixed the seal of the City to the Third Addendum and to attest such seal. Such officers or their designees 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 any Amendment, including, the Third Addendum; 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. 2. Nature of Obli.qations. The obligation of the City to make payments under the Financing Lease is subject to appropriation each year by the City Council. Nothing in this Resolution, any Amendments or the Financing Lease shall constitute a debt or a pledge of the faith and credit of the City. 3. Reimbursement. The City Council adopts this declaration of official intent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse advances made or to be made by the City to pay the costs of the Project from the proceeds of its debt or other financing. The maximum amount of debt or other financing expected to be issued for the Additional Equipment is set forth in paragraph 1. adoption." Effective Date. This Resolution shall take effect on the date of its Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 03 - 275 - Adoption of a resolution authorizing the issuance of a revenue anticipation finance mechanism in the form of a Revenue Anticipation Note (RAN) or a line of credit in the amount of $10,000,000. The Code of Virginia allows localities to borrow money and issue notes in anticipation of collection of the taxes and revenues for the locality for the current year in advance of grants and reimbursements due the locality from the federal or state government. Recommendation: · Adoption of a resolution authorizing the issuance of a revenue anticipation finance mechanism in the form of a Revenue Anticipation Note (RAN) or a line of credit in the amount of $10,000,000 should the City need short-term cash flow. Purpose and Need: · The approval of this accompanying resolution will authorize the City Manager and the Chief Financial Officer to issue proposals to secure a revenue anticipation finance mechanism should the City experience short-term cash flow needs as has been the case in past years. Staff will evaluate the costs/benefits of a traditional RAN versus a line of credit where funds can be drawn as needed and then the line repaid as cash balances return to adequate levels. · Sections 15.2-2629 and 15.2-2630 of the Code of Virginia allows localities to borrow money and issue notes in anticipation of collection of the taxes and revenues for the locality for the current year and in advance of grants and reimbursements due the locality from the federal or state government.