19980210 r-98-09RESOLUTION NO. R-98- 9
A RESOLUTION AUTHORIZING THE ENTRY INTO A SCHEDULE
TO 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 (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"), as authorized by Resolution 97-41; and
WHEREAS, because of the delay of closing and because the transaction will be an additional
Schedule of Payments, Schedule III to the Master Equipment Lease Purchase Agreement, (the
"Schedule") with First Union National Bank, the successor to Signet Leasing and Financial
Corporation, this additional authorization is necessary; and
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 Schedule and ratifies
the action previously taken to do so; 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 Schedule and any related documents necessary to the
consummation of the transaction on behalf of the City.
ADOPTED this 10th day of February, 1998.
Attest:
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