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<br />r--~ .. <br /> <br />April 12, 2005 <br /> <br />Member Clark moved to authorize the City Manager to execute said document; the <br /> <br />motion was duly seconded and carried by the following vote, with all members present <br /> <br />voting: Vote 3 - 0 - 1; Yeas (3) - Clark, Reynolds, Roop; Nays (0) - None; Abstention <br /> <br />.- <br /> <br />(1) - Cobbe, citing conflict of interest due to a professional relationship. <br /> <br />Council Member Roop moved to set a public hearing for April 26, 2005, on an <br /> <br />Edward Byrne Memorial Justice Assistance grant in the amount of $14,856 for the <br /> <br />Police Department; the motion was duly seconded and carried by the following vote, <br /> <br />with all members present voting: Vote 4 - 0; Yeas (4) - Clark, Cobbe, Reynolds, Roop; <br /> <br />Nays (0) - None. <br /> <br />Council considered adopting a Resolution required by SunTrust Bank in order to <br /> <br />secure five-year financing, not to exceed $427,575, to underwrite the cost for the <br /> <br />purchase of a Quint and authorizing the City Manager, Director of Finance & General <br /> <br />Services, and City Attorney to execute the required forms and assurances on behalf of <br /> <br />the City. Council Member Roop moved to adopt the following Resolution and authorize <br /> <br />said individuals to execute such documents; <br /> <br />-- <br /> <br />WHEREAS, the City of Martinsville issued a RFP seeking <br />proposals regarding the purchase of a Quint; and <br />WHEREAS, the City entered into negotiations with the lowest <br />bidder, The C. W. Williams & Company, Inc., for the purchase of <br />said Quint for a sum not to exceed $427,575; and <br />WHEREAS, the City has previously authorized the purchase of said <br />Quint as an element of the approved 2004-2005 budget; and <br />WHEREAS, SunTrust Bank has offered to finance said purchase <br />by reimbursing the City the amount thereof and taking from the City <br />a lease-purchase agreement in the total principal not to exceed <br />$427,575 bearing interest at the rate of three and fifty one- <br />hundreds per centum (3.5%) per annum, which lease-purchase <br />agreement will obligate the City of Martinsville to repay the <br />aforesaid indebtedness in twenty (20) consecutive quarterly <br />installments of not more than Twenty-three Thousand Three <br />Hundred Ninety-seven Dollars and Eight Cents ($23,397.08) each <br />