Minutes 12/12/2006 - Laserfiche WebLink

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December 12. 2006 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 certain 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 Obliqations. 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 the City shall not be obligated to make any payments under the Master Lease, as amended, except from money appropriated by Council of the City for such purpose. 4. Effective Date. This Resolution shall be effective upon its adoption." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 06 - 569 - Adoption of an ordinance accepting a grant in the amount of $38,838 from the Virginia Department of Motor Vehicles and appropriating said amount in the FY 2006- 2007 Grants Fund Budget for traffic enforcement by the Police Department. Vision Principles: Bold New Directions, Life Long Learning Community, and Thriving Neighborhoods and a Sense of Community. Background: . The Portsmouth Police Department (PPD) has received grant funding in the amount of $38,838 from the Department of Motor Vehicles (DMV). These funds will be used for Comprehensive Driving Under the Influence (DUI), Speed, Passenger Vehicle and Commercial Motor Vehicle (CMV) Occupant Restraint Enforcement. . The funds received will enable Portsmouth Police to provide overtime payment and equipment to be utilized by law enforcement in the areas of Comprehensive DUI, Speed, Passenger Vehicle and CMV Occupant Restraint Enforcement. Discussion: . The Portsmouth Police Department desires to increase the seatbelt usage by CMV's significantly and to also reduce traffic crashes with the potential of injuries and death through educational efforts, enforcement and building of partnerships.