ORD. 1985-215-205 · Ordinance

Authorizing the Director of Finance, for and on behalf of the City of Richmond, to execute a modified agreement made with Central Fidelity concerning financing of certain machinery and equipment purchased by the City on an installment plan pursuant to section 7.02 (f) of the Charter of the City of Richmond, and to execute notes in conjunction therewith, said agreement entered into pursuant to adoption of Ordinance No. 84-288-256 on November 19, 1984, modification to provide for adjustment of interest rates should federal tax laws or regulations be amended concerning the general level of corporate tax rates, allowance of interest preferences to banks concerning deductibility of expenses in carrying tax-exempt obligations, and to enable Central Fidelity Bank to preserve its net interest margin on moneys loaned to the City of Richmond pursuant to the agreement.