19970923 r-97-41RESOLUTION NO. R-97-41
A RESOLUTION AMENDING AND EXTENDING THE
AUTHORIZATION FOR THE ENTRY INTO A MASTER EQUIPMENT
LEASE/PURCHASE AGREEMENT FOR THE
ACQUISITION OF CERTAIN PERSONAL PROPERTY
WHEREAS, the City of Fairfax, Virginia (the "City") has determined that a true
and very real need exists for the acquisition of buses for its CUE bus system and of
computer hardware and comprehensive software for City functions including, without
limitation, financial management, utility billing and collection, tax administration,
cashiering, inventory management, business license administration and meals tax
processing (collectively, the "Equipment"); and
WHEREAS, the City has determined, after review and consultation, that the
acquisition of the Equipment pursuant to a lease/purchase transaction, whereby the various
items of Equipment can be financed is in the best interests of the City; and
WHEREAS, to this end, the City has entered into a Master Equipment
Lease/Purchase Agreement with Signet Leasing and Financial Corporation to finance the
purchase of the foregoing Equipment ("Agreement"), which Agreement is substantially in
the form presented to the City Council on October 8, 1996 at which time the City by
Resolution No. R-96-46A authorized the transaction; and
WHEREAS, because of the delay of closing and because the transaction will be an
escrow transaction this additional authorization is necessary; and
WHEREAS, the City reasonably expects that it will not issue more than Ten
Million Dollars ($10,000,000) of tax-exempt obligations during the 1997 calendar year;
NOW, THEREFORE, BE IT RESOLVED by the City that the City hereby
determines that it is necessary and desirable and in the best interests of the City to enter
into the Agreement and ratifies the action previously taken to do so; and
BE IT FURTHER RESOLVED that the City intends that the Agreement be a
"qualified tax-exempt obligation" pursuant to Section 265(b)(3) of the Internal Revenue
Code of 1986, as amended (the "Code"); and
BE IT FURTHER RESOLVED that the City ratifies the execution by the Mayor
of the City and the Director of Finance for the City of the Agreement and any related
documents necessary to the consummation of the transaction on behalf of the City.
ADOPTED this 23rd day of September, 1997.
ATTEST:
(~~'Mayo~
R-97-41 -2
The undersigned further certifies that the foregoing Resolution has not been repealed or
amended and remains in full force and effect and further certifies that the foregoing and the
Equipment Lease/Purchase Agreement is the same as presented at the meeting of the City
of the City of Fairfax.
C~y of Fairfax, Virginia
Councilman Coughlan
Councilman Greenfield
Councilwoman Lyman
Councilman Mershon
Councilman Rasmussen
Councilman Silverthorne
Vote
Aye
Aye
Aye
Absent
Aye
Aye