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• RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, APPROVING A REVOLVING LINE OF CREDIT IN THE AMOUNT OF $2,000,000 BY AND BETWEEN THE CITY AND SUNTRUST BANK BE IT RESOLVED BY THE COUNCIL OF THE .CITY OF CHARLOTTESVILLE, VIRGINIA: SECTION 1. Findings and Determinations. The Council (the "Council') of the City of Charlottesville, Virginia (the "Council') hereby finds and determines as follows: (a) On October 2, 2000, the Council adopted a resolution, entitled "RESOLUTION AUTHORIZING A REVOLVING LINE OF CREDIT OF $1,500,000 FROM SUNTRUST BANK AND APPROVING A LEASE -PURCHASE AGREEMENT FOR $818,000 WITH SUNTRUST BANK" (the "October 2, 2000 Resolution"), (i) approving a Letter Agreement, dated August 30, 2000 (the "2000 Letter Agreement'), by and between the City and SunTrust Bank for a revolving line of credit in the amount of One Million Five Hundred Thousand Dollars ($1,500,000) (the "2000 Revolving Line of Credit') and the terms, conditions and provisions of the 2000 Letter Agreement; and (ii) approving an Equipment Lease Purchase Agreement, dated October 2, 2000, by and between the City and SunTrust Bank in an • aggregate principal amount not to exceed $818,000 for the purpose of financing firefighting equipment. • (b) On May 7, 2001, the Council adopted a resolution supplementing the October 2, 2002 Resolution, entitled "RESOLUTION SUPPLEMENTING A RESOLUTION ADOPTED BY THE COUNCIL ON OCTOBER 2, 2000, ENTITLED "RESOLUTION AUTHORIZING A REVOLVING LINE OF CREDIT OF $1,500,000 FROM SUNTRUST BANK AND APPROVING A LEASE -PURCHASE AGREEMENT FOR $818,000 WITH SUNTRUST BANK" (the "May 7, 2001 Resolution"), for the purpose of confirming that the October 2, 2000 Resolution contemplated that all financings effected by the City under the 2000 Revolving Line of Credit from time to time would be in the form of Equipment Lease Purchase Agreements with SunTrust Bank, which may be executed and delivered by the City Manager or any Deputy or Assistant City Manager on behalf of the City from time to time without further action by the Council, and that the rental payments payable by the City under any such Equipment Lease Purchase Agreements in each fiscal year of the City would be subject to appropriation of moneys for such purpose by the Council from time to time, and further that all financings effected by the City through Equipment Lease Purchase Agreements entered into under the Revolving Line of Credit were contemplated to be and were designated as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986. (c) The City proposes to enter into a Letter Agreement, dated July 24, 2002 (the "2002 Letter Agreement'), by and between the City and SunTrust Bank, approving a new revolving line of credit in the amount of Two Million Dollars ($2,000,000)(the "2002 Revolving 403520.1 025083 RES