HomeMy WebLinkAboutVII (E) Discussion/Action re: Lease-Purchase of Heavy Equipment Agenda 1-05-99
Item VII E
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER
S. SCOTT VANDERGRIFT
Ocoee COMMISSIONERS
o� CITY OF OCOEE DANNY HOWELL
.�.` r •• O 150 N.LAKESHORE DRIVE SCOTT ANDERSON
p OCOEE,FLORIDA 34761-2258 SCOTT A.GLASS
NANCY J.PARKER
V. }.f.s (407)656-2322
J' CITY MANAGER
Gp G000` ELLIS SHAPIRO
TIIIEWEO UMIII
TO: The Honorable Mayor and City Commissioners
FROM: Joyce Meridith, Buyer
DATE: December 23, 1998
RE: Lease-Purchase of Heavy Equipment
The budget for Fiscal Year 98/99 included the lease-purchase of (7) seven pieces of heavy
equipment for the Public Works Department, as per the attached listing. The total cost for all of
the equipment is $341,594.00.
Staff contacted Suntrust Bank, Florida League of Cities, and Commercial & Municipal Capital
for non-bank qualified financing. Based upon a lease term of (4) four years: Suntrust Bank
interest rate is 4.90%, Florida League of Cities is 4.90%, and CMC interest rate is 4.95%.
Therefore, it was determined that Suntrust Bank/Florida League of Cities offered the best interest
rate. Please see the attached quotes. It should be noted here that the leasing program offered by
the Florida League of Cities is through Suntrust Bank for non-bank qualified financing.
The City currently has a Master Lease-Purchase Agreement with Suntrust Bank. These new
purchases will be effected through schedule attachments to the Master Lease-Purchase
Agreement.
RECOMMENDATION
It respectfully is recommended that the City Commission approve the Lease-Purchase
Agreement, which we will receive upon delivery of equipment, between the City and Suntrust
Bank and authorize execution thereof by the Mayor and City Clerk and further authorize the
Mayor and City Clerk to execute all documents necessary to consummate the transaction
contemplated by the Agreement.
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FACSIMILE COVER SHEET
SUNTRUST BANK, CENTRAL FLORIDA, N.A.
CORPORATE EQUIPMENT LEASING
P. O. BOX 3010
200 S. ORANGE AVENUE, ORLANDO FL 32801
Fax Number (407) 237-6704
or SD 220.6704
TO: 17,pA) C4 /
COMPANY: - 0P--
FAX
-FAX NUMBER: 14th) 4,j4 r -9 0
DATE: / ')-- yT '
PAGES (including cover sheet): 2--
SENT FROM:
[Colby Burbank [ ] David E. Crow [ ] Tom Gordon
[ ] Steve Lavender [ ] Chris Soler [ ] Lila Rogers
[ ] Molly Carrera [ ] Fiona Peltier [ ] Gini Ashbaugh
COMMENTS: a - yay,� �-,V
l -
IF YOU HAVE ANY PROBLEMS RECEI ING THIS FAX, PLEASE CALL
(407) 237 38
or SD 220-4838
ItIWPFI $L W M'AXCOV9E.WPO
Z /T #`2E9L999LOt '-VN AD )111e9 ` Ndf'O:ZT: 96-6Z-ZT :A9 ,LN3S
12/29/98 11:23 FL LEAUE OF CITIES - 4076567835 NO.081 P001/001
Florida League of Cities
Municipal Lease-Purchase Program
Mark Sittig,Marketing Manager
Financial Services Department
marksittigeflcjties.com
(800)616-1513 ext 276
REQT,TEST FOR RATE QUOTE Fax: (850) 222-3806,276
Name of Municipality: CA ' ; 41+11)N5A6 Ck17..iek ----..
Equipment Description: '"s ' ''r
Amount: X ?4 594
, .
Requested Term:
Payment Frequency:
Monthly
Quarterly %/'
Semi-Annual
Annual
sank Qualified? Yes No
C1 Remarks/Notes: "1- .. 4VE. ort ch. a( .
Rate: a.9t p-, Date: i 4l
(Fleal rate to be established at
funding,equal to 86.5%of like term Treasury)
THIS IS NOT A COMMITMENT-SUBJECT TO CREDIT APPROVAL
301 S.Bronough St.,Suite 300. • P.O.Box 1757 • Tallahassee,FL 32302-1757 • (850)222-9684 • FAX(850)222-3806
LOAN AMORTIZATION
Single Loan
Prepared Dec-29-1998 11:42 by Colby Burbank
Template filename sato lcloan
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Comment City of Ocoee
Average Iitb
Average tact 4.900000009
starting deht interest 4 ending
0144C7 d:uo balance takedowns service 4,90000% principal balance
/X) Feb-01-99 0.0C 341,5,4.W 23 54.19 0.00 23,354.19 318,239,81
May-01-99 3L8,239.8t�_... 3,898.44 19,45535 298,784.116
q � Aug-U1-99 298,784.06 0.00 23,354.19 3,660.10 19.694,08 279,089.97
!/-f1/�1 Nov-01-99 279,089.97 0.00 23,354.19 3,418.85 19.93534 259,154.64
341.594.00 93,416,76 10,977.39 82,439.36
..0d....-.....-- Ecb-01-00 259,154.(4 0.00 23,354,19 3,174.64 20,179.55 238,975.09
May-01-00 238,975.00 0.00 23,354,19 2,927.44 20 426.74 218,548.35
Aug-01-00 718,548.35 0.00 23,351.19 2,677. 22 20,676. 97 197,871.37
Nor-01-00 197,871.37 0.00 23,354,19 2,423.92 20,930.27 176,941.11
0.011 93,416.76 11,203.23 82,213,53
Feb-01-01 176,941.11 0.00 23,354,19 2,167.53 21,186.66 155,754.45
May-01-01 155,754.45 0.00 23,351,19 1,907.99 21,446.20 134,308.25
Aug-01-01 134,308.25 0.00 23,354.19 1,645.28 21,708.9) 112,599.34
Nov-01-01 112,599.34 (1.00 23,354.19 1,379.34 21,974.85 90,624.49
•
0.00 93,416.76 7,100,14 86,31642
Fcb-0102 90,624.49 0.00 23,354.19 1,110.15 22,244.04 68,380.45
May-01-02 68,380.45 0.00 23,354.19 837.60 22,516.53 45,863.92
Aug-01-02 45,863.92 0.00 23,354.19 561,83 22,792,36 23,071.56
Nov-01-02 23,071.56 0.00 23,354.19 282.61 23,071,56 0.00
0.00 93,416,76 2,7)2.27 90,624.49
'1'O T A L 341,594.00 373,667.03 32,073.03 341,594.00
Super I'kl IMP 7.03 financial model Page I Ivory Consulting Corporation
Z /Z #:2E9L999LOt ..-VN J3 )1112g isn.ljunS = WdtO:ZI: 96-6Z-Zi :Ag 103
12-23-1998 4:47PM FROM CMC 813 258 9333 P_ 1
C M C
1304 DeSoto Avenue. Suite 304, Tampa, Florida 33606
800-287-5155 813-258-9888 fax: 813-258-9333
Date: 12/23/98
Pages: 2
To: Joyce Meredith
City of Ocoee
Fax Phone: 407-656-7835
From: Brad Meyers
Commercial & Municipal Capital, LLC
Subject: Lease Amortization
Joyce:
Thanks for the opportunity, let me know if I can be of further assistance.
Brad Meyers
12-23-1998 4:47PM FROM CMC 813 258 9333 P. 2
12/23/1998 Page 1
City of Ocoee; Various Heavy Equipment Lease Pricing
Compound Period - Quarterly
Nominal Annual Rate.... : 4.950 %
Effective Annual Rate ... : 5.043 %
CASH FLOW DATA
Event Start Date - Amount Number Period End Date
1 Loan 01/15/1999 341,594.00 1 w
2 Payment 01/15/1999 23,375.08 16 Quarterly 10/15/2002
AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year
_ Date _ Payment_ Interest Principal Balance
Loan 01/15/1999 341,594.00
1 01/15/1999 23,375.08 0.00 23,375.08 318,218.92
2 04/15/1999 23,375.08 3,937.96 19,437.12 298,781.80
3 07/15/1999 23,375.08 3,697.43 19,677.65 279,104.15
4 10/15/1999 23,375.08 3,453.92 19,921.16 259,182.99
5 01/15/2000 23,375.08 3,207.39 20,167.69 239,015.30
6 04/15/2000 23,375.08 2,957.82 20,417.26 218,598.04
7 07/15/2000 23,375.08 2,705.15 20,669.93 197,928.11
8 10/15/2000 23,375.08 2,449.36 20,925.72 177,002.39
9 01/15/2001 23,375.08 2,190.41 21,184.67 155,817.72
10 04/15/2001 23,375.08 1,928.25 21,446.83 134,370.89
11 07/15/2001 23,375.08 1,662.84 21,712.24 112,658.65
12 10/15/2001 23,375.08 1,394.15 21,980.93 90,677.72
13 01/15/2002 23,375.08 1,122.14 22,252.94 68,424.78
14 04/15/2002 23,375.08 846.76 22,528.32 45,896.46
15 07/15/2002 23,375.08 567.97 22,807.11 23,089.35
16 10/15/2002 23,375.08 285.73 23,089.35 0.00
Grand Totals 374,001.28 32,407.28 341,594.00
Commercial & Municipal Capital, LLC/Brad Meyers 800-287-5155