HomeMy Public PortalAbout1998_12_08_R275 The Town o~
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED December 8, 1998
98-275 ADOPTED December 8, 1998
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
EQUIPMENT LEASE/PURCHASE FINANCING AGREEMENT, AND
RELATED INSTRUMENTS, WITH CRESTAR BANK
WHEREAS, the budget for fiscal year 1999 provided for the lease/purchase of equipment
such as police cars, pick-up and dump trucks, telephone equipment 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 Equipment
Lease/Purchase Agreement (the "Agreement") with Crestar Bank; 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 November 30, 1998, bids were received from seven financial institutions in
response to the IFB; and
WHEREAS, Lessee proposes to enter into the Agreement with Crestar Bank substantially in
the form proposed to the town as a part of their bid dated November 30, 1998; 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 Crestar Bank met all conditions
of the IFB and was the lowest responsive and responsible bid received.
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RESOLUTION - LEASE/PURCHASE WITH CRESTAR BANK
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 in the amount of $664,750 with Crestar Bank with a final
maturity five years from the date of closing at an annual cost of $144,055.23.
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.
SECTION 111. 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
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RESOLUTION - LEASE/PURCHASE WITH CRESTAR BANK
amended and remains in full force and effect and further certifies that the Equipment
Lease/Purchase Agreement is the same as presented at said meeting of the Town Council of the
Town of Leesburg.
PASSED this 8th day of December, 1998.
ATTEST:
Clerk of Council
/J,"arnes E. Clem, Mayor
Town of Leesburg
The undersigned certifies that the foregoing is a true
and correct copy of Res~z!,~tion'98-275adopted at a
legally convened meeting of the Leesburg Town Council
Barbara A. Markland, Clerk of Council
Town of Leesburg, Virginia
R:MASLEASE