19921110 r-92-54RESOLUTION NO. R-92-54
LEASE PURCHASE AGREEMENT AND DESIGNATION
AS QUALIFIED TAX-EXEMPT OBLIGATION
WHEREAS, the City of Fairfax, Virginia, is entering into a
Lease/Purchase Agreement with Bell Atlantic TriCon Government
Finance, Inc. (the "Lease") for the purpose of purchasing (i) cer-
tain tax assessment, billing and collections software, (ii) 150
Town Hall chairs, (iii) tennis court lights, and (iv) one (1) tub
grinder;
WHEREAS, the City has carefully reviewed its financing
requirements for the 1992 calendar year and reasonably expects that
it will not issue more than Ten Million Dollars ($10,000,000) of
tax-exempt obligations during said calendar year;
NOW, THEREFORE, BE IT RESOLVED that the City hereby determines
that it is necessary and desirable and in the best interests of the
City to enter into the Lease for the purposes therein specified,
and the execution and delivery of the Lease and all other documents
related thereto by the City are hereby approved, ratified and
confirmed; and
BE IT FURTHER RESOLVED, that pursuant to Section 265
(b) (3)(B) (i) of the Internal Revenue Code of 1986 (the Code), the
City hereby specifically designates the Lease as a "qualified tax-
exempt obligation" for purposes of Section 265(b) (3) of the Code.
In compliance with Section 265(b) (3)(D) of the Code, the City
hereby represents that the City will not designate more than
$10,000,000 of obligations issued by the City in the calendar year
during which the Lease is executed and delivered as such "qualified
tax-exempt obligations;" and
BE IT FURTHER RESOLVED, that in compliance with the require-
ments of Section 265(b)(3)(C) of the Code, the City hereby
represents that the City (including all "subordinate entities" of
the City within the meaning of Section 265(b)(3) (E) of the Code)
reasonably anticipates not to issue in the calendar year during
which the Lease is executed and delivered, obligations bearing
interest exempt from federal income taxation under Section 103 of
the Code (other than "private activity bonds" as defined in Section
141 of the Code) in an amount greater than $10,000,000. Attached
hereto as Exhibit A is a list of all such obligations issued by the
City (including any "subordinate entity") during such calendar
year.
ADOPTED this 10th day of November, 1992.
ATTEST:
C~ Cl~rk
R-92-54
EXHIBIT "A" TO RESOLUTION
Virginia Public School Authority $1,100,000.00