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144 <br /> <br />provisions of Sections 15.1-1399.10 through 15.1-1399.17 of <br />the Virginia Code and the applicable regulations, to cover <br />the issuance of the Bonds. <br /> <br /> 5. This resolution shall take effect immediately upon <br />its adoption° <br /> <br />RESOLUTION: AUTHORIZING LEASE-PURCHASE AGREEMENT FOR VEHICLES <br />AND EQUIPMENT <br /> <br /> Mr. O'Connell stated that staff recommended Council <br />authorization of the Lease-Purchase agreement for acquiring <br />major equipment and school buses for which funding has <br />previously been approved in the budget in the Equipment <br />Replacement Fund. Mr. O'Connell stated that the City would <br />own the equipment and vehicles at the end of the six-year <br />lease. <br /> <br /> On motion by Mrs. Gleason, seconded by Dr. Hall, <br />council unanimously approved the resolution authorizing the <br />Lease-Purchase Agreement~for vehicles and equipment. <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA, AS FOLLOWS: <br /> <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 <br />the Master Lease/Purchase Agreement (the "Lease/Purchase <br />Agreement"), between Continental Heritage Financial <br />Corporation, as Lessor (the "Lessor"), and the City of <br />Charlottesville, Virginia, as Lessee, presented to and filed <br />with the ~minutes of the meeting of this Council at which this <br />resolution is being adopted, and the terms, conditions and <br />provisions thereof are hereby approved, and the City Manager <br />and Clerk of Council of the City are hereby authorized and <br />directed to execute and deliver the Lease/Purchase Agreement <br />in such form together which such changes as shall be approved <br />by such officials upon advice of counsel to the City <br />(including the City Attorney and Bond Counsel to the City, <br />such approval to be conclusively evidenced by their execution <br />thereof. The City Manager is hereby authorized to determine <br />the definitive details of the lease/purchase of equipment to <br />be effected pursuant to such Lease/Purchase Agreement, such <br />Agreement to be for a term of not to exceed 6 years and to <br />finance equipment in an aggregate principal amount (based on <br />cost) of not to exceed $800,000 at a "True" interest cost to <br />the City of not to exceed 7.5%. <br /> <br /> SECTION 2. Designation of "Qualified Tax Exempt <br />Obligations." The obligations of the City under the Lease/ <br />Purchase Agreement are hereby designated as "qualified tax- <br />exempt obligations" under Section 265(b)(2) of the Internal <br />Revenue Code of 1986, as amended. <br /> <br /> SECTION 3. Effectiveness of ResolutiOn. This resolution <br />shall take effect upon its adoption. <br /> <br />RESOLUTION: GRANTINGEASEMENT TO VIRGINIA POWER AT RIVANNA PARK <br /> <br /> On motion by Mr. Barnes, seconded by Mr. Towe, Council <br />unanimously approved the resolution granting an easement to <br />Virginia Power at Rivanna Park. <br /> <br /> BE IT RESOLVED by the Council of the City of <br />Charlottesville, Virginia that the Mayor is hereby authorized <br />to execute on behalf of the City the following document, in <br />form approved by the City Attorney: <br /> <br />Right of way agreement with Virginia Power dated <br />June 3, 1988 for a fifteen foot (15') easement <br />in connection with-underground utilities at <br />Rivanna Park. <br /> <br /> <br />