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RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, APPROVING FORM AND THE TERMS, CONDITIONS AND PROVISIONS OF AN • EQUIPMENT LEASE PURCHASE AGREEMENT 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) The City has entered into an agreement to purchase nine police cruisers and related equipment for an aggregate purchase price of not to exceed $255,400, to be financed from moneys to be advanced to the City by SunTrust Bank under an Equipment Lease Purchase Agreement (the "Equipment Lease Purchase Agreement") by and between SunTrust Bank, as Lessor, and the City, as Lessee. (b) The Council has determined to approve the form of the Equipment Lease Purchase Agreement and the terms, conditions and provisions of the Equipment Lease Purchase Agreement and to authorize the execution and delivery of the Equipment Lease Purchase Agreement for the purpose of financing the purchase price of the equipment described in Section 1(a). • SECTION 2. Approval of Form and Terms Conditions and Provisions of Equipment Lease Purchase Agreement Authorizing Execution of Equipment Lease Purchase Agreement. (a) The Council hereby approves the form and the terms, conditions and provisions of the Equipment Lease Purchase Agreement and authorizes the Chief Operating Officer/Chief Financial Officer to execute and deliver the Equipment Lease Purchase Agreement to SunTrust Bank in such form, together with such changes as he shall approve on advice of counsel (which may be the City Attorney or Bond Counsel to the City), such approval to be conclusively evidenced by his execution of the Equipment Lease Purchase Agreement, it being understood that the rental payments payable by the City under the Equipment Lease Purchase Agreement in each fiscal year of the City shall be subject to appropriation of moneys for such purpose by the Council from time to time. (b) The Council hereby determines that the financing effected by the City under the Equipment Lease Purchase Agreement is contemplated to be and is hereby designated as a "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986. its adoption. SECTION 3. Effectiveness of Resolution. This resolution shall take effect upon Approved by Council • December 7, 2009 C of City Council