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<br />t_, ,. <br /> <br />April 12, 2005 <br /> <br />commencing on the twenty-ninth day of July 2005 and on the <br />twenty-ninth day every three months thereafter until said principal <br />and interest are fully paid, at which time SunTrust shall convey title <br />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 April 12, 2005 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 April 29, 2005 <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 $427,575.00, with interest <br />thereon at the rate of 3.5% per annum, to SunTrust Bank in 20 <br />consecutive quarterly installments of not more than $23,397.08 <br />each commencing on the twenty-ninth day of April 2005 and on the <br />twenty-ninth day every three months thereafter until said principal <br />and interest are fully paid, at which time title to said equipment shall <br />vest in the City. <br /> <br />There being no further business to come before Council during their work <br /> <br />session meeting, upon motion by Council Member Roop, duly seconded, by unanimous <br /> <br />vote, Mayor Cobbe declared the meeting adjourned at 2:16 P. M. <br /> <br />~v').f~ <br /> <br />John than B. Phillips <br />Clerk of Council <br /> <br />#C~#L <br /> <br />Mayor <br />