HomeMy Public PortalAbout1997_05_13_R114The Town o~
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED Nay 13, 1997
97-114
ADOPTED May 13, 1997
AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER
EQUIPMENT LEASE/PURCHASE FINANCING AGREEMENT, AND
RELATED INSTRUMENTS, WITH SIGNET LEASING AND FINANCIAL
CORPORATION
WHEREAS, the budget for fiscal year 1997 provided for the lease/purchase of equipment such as
police cars, pick-up and dump trucks, and computers; and
WHEREAS, the Town Council of the Town of Leesburg ("Lessee") has determined that a true
and very real need exists for the equipment (the "Equipment") described in the Master Equipment
Lease/Purchase Agreement (the "Agreement") with Signet Leasing and Financial Corporation; and
WHEREAS, Lessee has taken the necessary steps, including those relating to any applicable legal
bidding requirements, to arrange for the acquisition of the Equipment; and
WHEREAS, an Invitation for Bids was released to various financial institutions seeking bids for
the equipment lease/purchase; and
WHEREAS, on April 30, 1997, bids were received from six financial institutions in response to
the IFB; and
WHEREAS, Lessee proposes to enter into the Agreement with Signet Leasing and Financial
Corporation substantially in the form proposed to the town as a part of their bid dated April 30, 1997; and
WHEREAS, Lessee reasonably anticipates that it will not issue tax-exempt obligations in the face
amount of more than $10,000,000 during the current calendar year; and
WHEREAS, it was determined that the bid received from Signet Leasing and Financial
Corporation met all conditions of the IFB and was the lowest responsive and responsible bid received.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager is hereby authorized and directed to execute an equipment
lease/purchase agreement with Signet Leasing and Financial Corporation at an annual cost of
$139,940.53.
SECTION II. It is hereby found and determined that the terms of the Agreement in the form
proposed in the bid and incorporated in this resolution are in the best interests of Lessee for the acquisition
of the Equipment.
A RESOLUTION:
-2-
AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER
EQUIPMENT LEASE/PURCHASE FINANCING AGREEMENT...
SECTION III. The Agreement is hereby approved. The Town Manager is authorized to execute,
acknowledge and deliver the Agreement with any changes, insertions and omissions therein as may be
necessary to be conclusively evidenced by such execution and delivery of the Agreement. The Town
Manager shall have the power to do so, and is authorized to affix the official seal of Lessee to the
Agreement and attest the same.
SECTION IV. The Town Manager is, authorized and directed to execute and deliver any and all
papers, instruments, opinions, certificates, affidavits and other documents and to do or cause to be done
any and all other acts and things necessary or proper for carrying out this resolution and the Agreement.
SECTION V. Lessee hereby designates the Agreement as a "qualified tax-exempt obligation"
within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The
undersigned further certifies that the above resolution has not been repealed or amended and remains in
full force and effect and further certifies that the Master Equipment Lease/Purchase Agreement is the
same as presented at said meeting of the Town Council of the Town of Leesburg.
PASSED this 13t:h day of I~ay ,1997.
ATTEST:
Clerk of Council
J~ames E. Clem, Mayor
Town of Leesburg
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