19961008 r-96-46-aRESOLUTION NO. R-96-46A
A RESOLUTION AUTHORIZING 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
non-escrow lease/purchase transaction, whereby the various items of
Equipment can be financed by separate schedules under a single line
of credit, is in the best interests of the City; and
WHEREAS, to this end, the City desires to enter into a Master
Equipment Lease/Purchase Agreement with Signet Leasing and
Financial Corporation to finance the purchase of the foregoing
Equipment ("Agreement"), which Agreement shall be in substantially
the form presented at this meeting; and
WHEREAS, the City in good faith anticipates that the necessary
funds for such purposes will be appropriated and made available in
the future; and
WHEREAS, for each schedule of Equipment, the City will take
the necessary steps, pursuant to state and local public procurement
requirements, for the acquisition of the Equipment; 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 1996 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, subject to
final review and approval of the Agreement as to form by the City
Attorney, for the purposes specified therein; and
BE IT FURTHER RESOLVED that the City hereby affirms and
confirms that the Equipment is essential to the function of the
City and the services provided to its constituents, that the City
has an immediate need for the Equipment which is not temporary or
expected to diminish in the foreseeable future, that the City will
use the Equipment for the purpose of performing one or more of its
governmental or proprietary functions consistent with the
permissible scope of its authority; 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
R-96-46A
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BE IT FURTHER RESOLVED that the City authorizes the Mayor of
the City and the Director of Finance for the City to execute and
deliver the Agreement and any related documents necessary to the
consummation of the transactions contemplated by the Agreement on
behalf of the City, provided that the Agreement and related
documents have been finally approved as to form by the City
Attorney.
ADOPTED this 8th day of October, 1996.
Mayor
ATTEST:
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.
~y C~erk
Cfty of Fairfax, Virginia
Ayes:
Nays:
Absent:
City Council Members Coughlan,
Mershon, Rasmussen and Silverthorne.
None.
None.
Greenfield,
Lyman,