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RESOLUTION OF THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA, APPROVING THE FORM <br />AND TERMS, CONDITIONS AND PROVISIONS OF A <br />MASTER LEASE/PURCHASE AGREEMENT BETWEEN <br />CONTINENTAL HERITAGE FINANCIAL CORPORATION, AS <br />LESSOR, AND THE CITY OF CHARLOTTESVILLE, <br />VIRGINIA, AND AUTHORIZING THE EXECUTION AND <br />DELIVERY THEREOF <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA, AS FOLLOWS: <br />SECTION 1. Approval of Form of Master Lease/Purchase <br />Agreement and Terms, Conditions and Provisions Thereof; <br />Authorization of Execution and Delivery Thereof. The form of the <br />Master Lease/Purchase Agreement (the "Lease/Purchase Agreement"), <br />between Continental Heritage Financial Corporation, as Lessor (the <br />"Lessor"), and the City of Charlottesville, Virginia, as Lessee, <br />presented to and filed with the minutes of the meeting of this <br />Council at which this resolution is being adopted, and the terms, <br />conditions and provisions thereof are hereby approved, and the <br />City Manager and Clerk of Council of the City are hereby <br />• authorized and directed to execute and deliver the Lease/Purchase <br />Agreement in such form together which such changes as shall be <br />approved by such officials upon advice of counsel to the City <br />(including the City Attorney and Bond Counsel to the City), such <br />approval to be conclusively evidenced by their execution thereof. <br />The City Manager is hereby authorized to determine the definitive <br />details of the lease/purchase of equipment to be effected pursuant <br />to such Lease/Purchase Agreement, such Agreement to be for a term <br />of not to exceed 6 years and to finance equipment in an <br />aggregate principal amount (based on cost) of not to exceed <br />$800,000 at a "True" interest cost to the City of not to <br />exceed 7.5 %. <br />SECTION 2. Designation of "Qualified Tax Exempt <br />Obligations". The obligations of the City under the <br />Lease/Purchase Agreement are hereby designated as "qualified <br />tax-exempt obligations" under Section 265(b)(2) of the Internal <br />Revenue Code of 1986, as amended. <br />SECTION 3. Effectiveness of Resolution. This <br />resolution shall take effect upon its adoption. <br />Approved by Council <br />June 6, 1988 <br />• rk of ounci <br />88-6-30 <br />