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TUESDAY, APRIL 28, 1992 <br />Council considered authorizing the City Manager to execute a five-year, <br />annually renewable, loan agreement with Patrick Henry National Bank to <br />finance the purchase of computer equipment. It was noted that at the <br />January 14, 1992 Council meeting, Council authorized the City Manager <br />to execute a five-year lease-purchase agreement with Wang Computers. <br />Subsequent to this approval, bids were taken on both a lease-purchase <br />arrangement and a simple loan. The best bid received was for a simple <br />loan from Patrick Henry National Bank which carried a 5.5% fixed <br />interest rate. Upon motion, duly seconded and by unanimous vote, <br />Council authorized the City Manager to sign the five-year, annually <br />renewable, loan agreement with Patrick Henry National Bank in the <br />amount of $206,474.14. City Manager Reynolds and members of Council <br />expressed appreciation to Richard D. Fitts, Director of Finance, and <br />his staff for their work in obtaining and installing the new computer <br />equipment. <br /> <br />Councilman Oakes asked the City Manager to review what actions the City <br />could take to protect its interests with regard to the proposed 35 acre <br />development in Henry County adjacent to Mountain Road in the City. <br /> <br />In response to a question by Vice-Mayor Groden, Mr. Reynolds stated <br />that he would be reviewing the City's insurance program in the future, <br />including the insurance consultants. <br /> <br />Mayor McClain announced that Council would hold a special meeting on <br />May 7, 1992 beginning at 3:30 P.M. for the purpose of conducting a <br />budget work session. <br /> <br />In accordance with Section 2.1-344(A) of the CODE OF VIRGINIA (1950, <br /> <br /> <br />