A RESOLUTION TO AUTHORIZE PREPAYMENT OF CAPITAL LEASE AGREEMENT WITH THE FAUQUIER BANK FOR FINANCING OF COUNTY-OWNED PROPERTY LOCATED AT 320 HOSPITAL DRIVE, WARRENTON, VIRGINIA
WHEREAS, Fauquier County is the owner of certain property situate in the Town of Warrenton, Fauquier County, Virginia, containing 5.6951 acres, more or less, designated as PIN #6974-94-8523, further described as the County office building located at 320 Hospital Drive, which was acquired by Deed recorded in Deed Book 771 at page 260 among the Fauquier County land records; and
WHEREAS, Fauquier County entered into certain agreements with The Fauquier Bank as lender (Prime Lease dated February 12, 1997, and recorded in Deed Book 772 at page 414; and Lease Agreement dated February 12, 1997, and recorded in Deed Book 772 at page 420) in order to finance the 320 Hospital Drive property; and
WHEREAS, the Lease Agreement with The Fauquier Bank dated February 12, 1997, provides for a maturity date of February 1, 2007, but permits prepayment on or after February 1, 2002, upon 30 days prior notice to The Fauquier Bank; and
WHEREAS, based upon review of the repayment terms and provisions of the said Lease Agreement with The Fauquier Bank dated February 12, 1997; the County’s cash reserve status; and current investment earnings on the County’s cash funds, the Fauquier County Finance Director has determined that prepayment of the Lease Agreement with The Fauquier Bank will result in substantial savings to the County and recommends that the Board of Supervisors consider prepayment action; now, therefore, be it
RESOLVED by the Fauquier County Board of Supervisors this 19th day of April 2004, That the County Administrator be, and is hereby, authorized to take all actions necessary, including the use of County fund balance, to prepay to The Fauquier Bank all sums due and owing by the County of Fauquier under that certain Lease Agreement dated February 12, 1997.