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Line of Credit"), upon the terms, conditions and provisions set forth in the 2002 Letter <br />• Agreement. <br />SECTION 2. Approval of 2002 Letter Agreement and 2002 Revolving Line of <br />Credit. The Council hereby approves the 2002 Letter Agreement and the terms, conditions and <br />provisions thereof and the 2002 Revolving Line of Credit in the amount of Two Million Dollars <br />($2,000,000) contemplated by the 2002 Letter Agreement. The Council hereby further <br />determines that all financings effected by the City under the 2002 Revolving Line of Credit from <br />time to time shall be in the form of Equipment Lease Purchase Agreements with SunTrust Bank, <br />which may be executed and delivered by the City Manager or any Deputy or Assistant City <br />Manager on behalf of the City from time to time without further action by the Council, and that <br />the rental payments payable by the City under such Equipment Lease Purchase Agreements in <br />each fiscal year of the City shall be subject to appropriation of moneys for such purpose by the <br />Council from time to time. The Council further determines that all financings effected by the <br />City through Equipment Lease Purchase Agreements entered into under the 2002 Revolving Line <br />of Credit are contemplated to be and are hereby designated as "qualified tax-exempt obligations" <br />for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986. <br />SECTION 3. Effectiveness of Resolution. This resolution shall take effect upon <br />its adoption. <br />Approved by Council <br />September 16, 2002 <br />• <br />Cl k of City Council <br />• -2- <br />403520.1 025083 RES <br />