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December 30, 2003 <br /> <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 December 30, 2003 that the <br /> aforesaid transaction be, and it hereby is, approved in its entirety; <br /> 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 December 31, 2003, <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 not more than $127,000.00, with interest <br /> thereon at the rate of 3.25% per annum, to SunTrust Bank in 60 <br /> consecutive monthly installments of not more than $2,296.16 each <br /> commencing on the fifth day of February 2004 and on the fifth day <br /> of each succeeding month thereafter until said principal and interest <br /> are fully paid, at which time title to said equipment shall vest in the <br /> City. <br /> <br /> There being no further business to come before Council during their work <br />session meeting, upon motion by Council Member Ferrill, duly seconded, by unanimous <br />vote, Mayor Teague declared the meeting adjourned at 1:22 P. M. <br /> <br />Clerk of Council <br /> <br />M. Gene Teague <br />Mayor <br /> <br /> <br />