Legislation # 06-0364 Enactment Number none
Type Resolution Effective Date none
Introduction Date 6/14/2006
Title Resolution Authorizing the Execution and Delivery of Amendment No. 1 to Acquisition Fund and Account Control Agreement
 
Legislation History 06-0364
DateNotice Of ActionDescription
6/14/2006 Approved Items 1 through 4 and 7 through 18 on the Consent Agenda. Item 5 was deferred in Council's afternoon session and Item 6 was pulled by Councilwoman Leary.
6/2/2006 Received By Clerk's Office
 
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Legislation Text 06-0364

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 06-0364

 

Enactment Number: -

 

Resolution Authorizing the Execution and Delivery of Amendment No. 1 to Acquisition Fund and Account Control Agreement

 

RESOLUTION

WHEREAS, the governing body of the City of Hampton, Virginia (the Lessee), authorized the execution and delivery of an Acquisition Fund and Account Control Agreement, together with all related documents, instruments and schedules (the Acquisition Fund Agreement) on March 9, 2005, in connection with the leasing by the Lessee of certain equipment from Banc of America Leasing & Capital, LLC, as lessor (the Lessor); and

WHEREAS, the Lessor and the Lessee have agreed to amend the second paragraph of the Acquisition Fund Agreement to allow the disposition of funds in the escrow fund established thereunder to be used to purchase leased equipment on or before April 1, 2007 rather than the original equipment purchase cutoff date of April 1, 2006.

NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF LESSEE AS FOLLOWS:

Section 1. The execution and delivery of an amendment to the Acquisition Fund Agreement in the form attached as Exhibit A to this resolution is hereby approved. The City Manager of the Lessee and any other officer of the Lessee who shall have power to execute contracts on behalf of the Lessee be, and each of them hereby is, authorized to execute, acknowledge and deliver Amendment No. 1 to the Acquisition Fund Agreement (the Amendment) with any changes, insertions and omissions therein as may be approved by the officers who execute the Amendment, such approval to be conclusively evidenced by such execution and delivery of the Amendment.

Section 2. The proper officers of the Lessee be, and each of them hereby is, authorized and directed to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and to do or cause to be done any and all others acts and things necessary or proper to carry out this resolution and the Amendment.

 

Adopted at the regular meeting of the City Council of the City of Hampton,

 

Virginia held on June 14, 2006.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council