Laserfiche WebLink
June 11, 2002 <br /> <br />obligate the City of Martinsville to repay the aforesaid indebtedness <br />in thirty-six (36) consecutive monthly installments of Nine Thousand <br />Six Hundred Sixty Dollars and Eighty-Nine Cents ($9,660.89) each <br />commencing on the 14th day of July, 2002 and on the 14th day of <br />each succeeding month thereafter until said principal and interest <br />are fully paid on June 14, 2005, at which time SunTrust Bank shall <br />convey title to said equipment to the City; and <br />WHEREAS, SunTrust Bank has requested that this transaction be <br />approved by a resolution of City Council, and that the execution of <br />the lease-purchase agreement between SunTrust Bank and the <br />City be specifically authorized; now, therefore <br />BE IT RESOLVED by the Council of the City of Martinsville, <br />Virginia, in regular session held on June 11, 2002 that the aforesaid <br />transaction be, and it hereby is, approved in its entirety; and <br />BE IT FURTHER RESOLVED that the City Manager be, and he <br />hereby is, authorized and directed to enter into that certain <br />equipment lease-purchase agreement dated June 14, 2002 <br />between SunTrust Bank, as Lessor, and the City of Martinsville, <br />Virginia, as Lessee, obligating the City of Martinsville, Virginia to <br />repay the principal sum of $332,204.00, with interest thereon at the <br />rate of 3% per annum, to SunTrust Bank in 36 consecutive monthly <br />installments of $9,660.89 each commencing on the 14th day of July, <br />2002, and on the 14th day of each succeeding month thereafter until <br />said principal and interest are fully paid on June 14, 2005, at which <br />time title to said equipment shall vest in the City. <br /> <br />Council considered the need to meet in Closed Session. In accordance with <br /> <br />Section 2.1-344 (A) of the Code of Virginia (1950, and as amended) and upon motion <br /> <br />by Council Member Dallas, duly seconded, and by unanimous recorded vote, Council <br /> <br />convened in Closed Session, for the purpose of discussing the following matter: <br /> <br />Appointments/Reappointments to various Boards/Commissions, as <br />authorized by Subsection 1. <br />1. Transportation Safety Commission <br />2. West Piedmont Planning District Board of Commissioners <br />Personnel matter regarding a public officer, as authorized by <br />Subsection 1. <br /> <br />Council recessed and convened as the Martinsviile Redevelopment and Housing <br /> <br />Authority. <br /> <br /> <br />