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· 7O <br /> <br /> TUESDAY, APRII j 27, 1999 <br /> <br />this Ordinance, certified by the Clerk of the Council, shall be filed with the Clerk of the Circuit Court of the <br />City of Martinsvilte, Virginia. <br /> <br /> Council next considered adoption of a Resolution authorizing a five-year Equipment Lease/Purchase <br />Agreement with Patrick Henry National Bank for $1,021,700. Mr. Reynolds explained that this was a <br />master lease-purchase strategy being applied to the acquisition of up to $1,021,700 in items of equipment, as <br />recommended by the City' s financial consultants. He also noted that this financing strategy had already been <br />included in the proposed budget, that it was the most cost effective approach, that the debt would become <br />part of the City' s general debt obligation, and that the notes were bank qualified. Council Member Roop <br />asked why this was being done as a part of the existing budget as opposed to puffing it into the new budget, <br />and was told that this was debt already provided for in the existing budget, and that most of the items to be <br />acquired were already in the City' s possession. Mr. Reynolds closed by stating that the interest rate would <br />be very favorable, at about 4%. Council then voted to adopt the following resolution authorizing a five-year <br />Equipment Lease/Purchase Agreement with Patrick Henry National Bank by the following vote, all <br />members voting: <br />Vote: 5-0 <br /> <br />Yeas: (5) Crabtree, Dallas, Haskell, Roop, Teague. <br /> <br />Nays: (0) None <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF MARTINSVILLE, VIRGINIA APPROVING <br />EQUIPMENT LEASE PURCHASE AGREEMENT <br /> <br /> At a duly called meeting of the City Council of the City of Martinsville, Virginia (the "City <br />Council") held in accordance with all applicable legal requirements, on the 271h day of April, 1999, the <br />following resolution was introduced and adopted. <br /> <br /> W!tEREAS, the City Council has determined (i) that a need exists for the equipment (the <br />"Equipment") described in that certain proposed Lease Agreement (as hereinafter defined); (ii) that the <br />Equipment is essential to the governmental functions of the City Council; and (iii) that it reasonably expects <br /> <br /> <br />