HomeMy WebLinkAboutVI(D1) Resolution No. 96-33, Amending The Lease/Purchase Agreement With Ford Motor Credit And Designating As Tax Exempt Vehicles For Police/ Fire Departments AGENDA 12-17-96
Item VI D 1
RESOLUTION NO. 96-33
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA APPROVING A
SUPPLEMENTAL AMENDMENT TO AN EQUIPMENT LEASE/PURCHASE
AGREEMENT WITH FORD MOTOR CREDIT COMPANY AND DESIGNATING
IT AS A QUALIFIED TAX-EXEMPT OBLIGATION
WHEREAS, the City has heretofore entered into a certain
Florida Equipment Lease-Purchase Agreement amended (Lease No.
36895) dated as of March 10, 1993 ("the Equipment Lease") with Ford
Motor Credit Company ("Lessor") ; and
WHEREAS, the City desires to lease additional equipment
from Lessor pursuant to and subject to the terms and conditions of
the Equipment Lease.
NOW, THEREFORE, the City Commission of the City of Ocoee,
Florida hereby adopts the following resolutions:
RESOLVED, that this City enter into a certain
supplemental amendment to the Equipment Lease with Lessor in
substantially the form attached hereto and by this reference made
a part hereof ("the Supplemental Amendment") and that this City
lease equipment from Lessor pursuant to the terms of such Equipment
Lease and Supplemental Amendment; and that the Mayor and the City
Clerk of this City be and hereby are authorized and directed in the
name and on behalf of this City to execute the Supplemental
Amendment with Lessor in substantially the form presented at this
meeting, with such changes therein and additions thereto as shall
be approved by such officers who execute the same, and such
execution shall be conclusive evidence that each such document so
executed has been authorized and approved by this vote.
FURTHER RESOLVED, that the City Commission of the City of
Ocoee, Florida finds that a true and very real need exists for the
acquisition of the Equipment described in the Supplemental
Amendment and that such acquisition is in the best interests of the
City of Ocoee.
. FURTHER RESOLVED, that the City Commission of the City of
Ocoee, Florida finds that the City of Ocoee has taken the necessary
steps, including compliance with any applicable legal bidding
requirements, under applicable law to arrange for the acquisition
of such equipment.
FURTHER RESOLVED, that the obligations of the City under
the Supplemental Amendment be hereby designated, pursuant to
Section 265 (b) (3) (D) of the Internal Revenue Code of 1986, as
amended (hereinafter called the "Code") , as comprising a portion of
the $10, 000, 000 . 00 in aggregate issues which may be designated as
"Qualified Tax-Exempt Obligations" eligible for the exception to
the general rule of the Code which provides for a total
1
disallowance of a deduction for interest expense allocable to the
carrying of tax-exempt obligations.
FURTHER RESOLVED, that the Mayor and the City Clerk of
this City be and hereby are authorized to execute and deliver such
other instruments and take: such. other actions as they shall deem
necessary. and desirable for. the purpose of carrying out these, -
resolutions and consummating the transactions comtemplated by the
• Supplemental Amendment.
1uRTHER RESOLVED, 'that the foregoing resolutions shall
remain in full force- and effect until written' notice of their
amendment or rescission shall have "been received by Lessor and that
. receipt of such notice shall not affect any action taken by Lessor'
prior thereto.
FURTHER RESOLVED, that ' the Clerk of this City: be and
hereby is authorized and_ directed to certify to the Lessor the
foregoing resolutions and that the provisions thereof are in
conformity with the charter of this? 'City-.
ADOPTED this day of , 1996.
' ATTEST: APPROVED:
CITY OF OCOEE, FLORIDA
. Jean Grafton, City Clerk S. Scott Vandergrift, Mayor
(SEAL)
FOR USE AND RELIANCE ONLY' BY •
THE CITY OF OCOEE, FLORIDA.
APPROVED AS TO FORM AND LEGALITY
this day of , 1996
FOLEY & LARDNER - APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING
HELD ON THE DATE INDICATED
By ABOVE UNDER AGENDA ITEM
City Attorney NO.
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Page 1
SCHEDULE A-VI- EQUIPMENT LEASE-PURCHASE AGREEMENT
Lease No.36895
This Equipment Schedule dated as of 12/17/96, is being executed by Ford Motor Credit Company ('Lessor'), and City
of Ocoee('Lessee'), as a supplement to, and is hereby attached to and made apart of that certain Equipment Lease-
Purchase Agreement dated as of 3/10/93 ('Lease'), between Lessor and Lessee.
Lessor hereby leases to Lessee under and pursuant to the Lease, and Lessee hereby accepts and leases from Lessor
under and pursuant to the Lease, subject to and upon the terms and conditions set forth in the Lease and upon the
terms set forth below, and following items of Equipment:
QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) SUPPLIER
6 l 1997 Ford Crown Victoria P71 Police Sedans (Serial #'s ) Don Reid Ford,
Inc.
EQUIPMENT LOCATION: City of Ocoee
Police Department
150 N. Lakeshore Drive,
Ocoee, FL 34761-2258
Initial Term: 27 Months Commencement Date: 12/17/96 .
•
Periodic Rent: 9 Consecutive Quarterly Payments of$12,113.69 each (including interest), followed by one
final payment of$12,113.79 due under this Lease-Purchase Agreement. The Periodic Rent
Payment also include any applicable sales/use tax due and payable on the Lease Payment
Dates, set forth in Schedule A, Page 2
EXECUTED as of the date first herein set forth.
LESSEE: City of Ocoee LESSOR: Ford Motor Credit Company
•
By: By:
S. Scott Vandergrift W. Paul Rau
Title: Mayor Title: Supervisor, Municipal Financing
OPINION OF COUNSEL
The opinions expressed in the Opinion of Counsel dated 3/10/93 provided to Lessor shall apply to the Lease as
amended and Lessor may rely upon such opinion as ff it were addressed and had been delivered to Lessor on the
date hereof.
Attorney for Lessee
Paul Rosenthal
SCHEDULE A-VI Page 2
PAYMENT SCHEDULE
Lease No. 36895
Lease Lease
Payment Payment Lease Interest Principal • Concluding
Number Date Payment Portion Portion Payment
Commencement 12 / 17 / 1996 114, 624.00
1 1 / 15 / 1997 12,113.69 0.00 12,113.69 102,510.31
2 4 / 15 / 1997 12,113.69 1,281.38 10, 832.31 91, 678.00
3 7 / 15 / 1997 12,113. 69 1,145.98 10,967.71 80,710.29
4 10 / 15 / 1997 12, 113. 69 1,008.88 11,104. 81 69, 605.48
5 1 / 15 / 1998 12, 113. 69 870.07 11,243.62 58,361.86
6 4 / 15 / 1998 12,113. 69 729.52 11,384 .17 46,977. 69
7 7 / 15 / 1998 12,113.69 587.22 11,526.47 35,451.22
8 10 / 15 / 1998 12,113.69 443.14 11,670.55 23,780.67
9 1 / 15 / 1999 12,113. 69 297.26 11,816.43 11,964.24
10 4 / 15 / 1999 12,113.79 149.55 11,964.24 1.00
Totals 121,137.00 6,513.00 114, 624.00
=a,, 8038-G Information Return for Tax-Exempt Governmental Obligations
► Under Internal Revenue Code section 149(e) OMB No. 1545-a77.0
(Rev. May 1995) ► See separate Instructions. •
rosert Of`to . (Note:Use Farm axis-GC if to issue pnca is urnder3100.000.)
mornaJ Reporting Authority If Amended Return. check Mere ro I 1
1 Issuers name 2 Issuer's employer Identiflcsnan num r
City of Ocoee 59 6019764
3 Numoer and street(or P.O.box rf mail rs not delivered tn.saeet address) Room/suite 4 Report number
150 N. Lakeshore Drive C19 -
8 City, town,or post office, state. and Z1P code ' 6 Date of issue
Ocoee, FL 34761-2258 1 /15/97
. 7 Name of taus I 8 CUSP number
City of Ocoee
1r Type of Issue (check applicable box(es) and enter the issue price)
9 ❑ Education (attach schedule-see instructions) 9 S
10 ❑ Hearth and hospital (attach schedule-see instructions) 10
11 ❑ Transportation 11
12 ❑ Public safety • 12
13 ❑ Environment(inducting sewage bonds) 13
14 0 .Housing 14 •
15 0 Utilities 15
16 0 Other. Describe (see instructions) ► 16
17 If obligations am tax or other revenue anticipation bonds, check box I. 0
18 If obligations are in the form of a lease or installment sale. check box PO ❑ V�� /%ice
s, Description of Obligations
M I ed
atu ly daze Interest rite �i nos id)
naar+otion W �d Y�emld Net a+t.rer t
once a matarty average mammy cat
19 .Final maturity. I %I I % / %/
20 Entire issue ////� /f//f1//f,114,62 4.0 0 I• I 2 c years) ;_on %I %
Uses of Proceeds of Bond Issue (including underwriters' discount)
21 • Proceeds used for accrued interest 21 I
22 Issue price of entire issue (enter amount from line 20.column (c)) 22 I
23 Proceeds used for bond issuance costs(inducting imderWters' discount) 23 i
24 Proceeds used for credit enhancement 24 I
25 Proceeds allocated to reasonably required reserve or?solacement fund . 25 I
26 Proceeds used to currently refund prior issues • 28 I
27 Proceeop used to advance refund prior issues
28 Total (add lines 23 through 27) 128
29 Nonrefundinc proceeds of the issue (subtract line 28 from fine 22 and enter amount here). . 129 I
Part V t)r:ccription of Refunded Bonds (Complete this part only for refunding bonds.)
30 Enter the remaining weighted average maturity of the bands to be currently refunded . , . ► years
31 Enter the remaining weighted average maturity of the bonds to be advance refunded . . ► years
32 Enter the last date on which the refunded bonds wi be called ►
33 Enter the dates) the refunded bonds were issued ►
Part VI Miscellaneous
34 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . sal
35 Enter the amount of the bonds designated by the issuer tadersectim 255(b)(3)(B)(i)(11()(small issuer exception) 35
36a -Enter tine anouni of gross proceeds invested or to be invested it a garantaed investment contract(see instructions) 36a
b - Enter the final maturity date of the guaranteed investrnere contract . ► _ /
37 Pooled fma ings a Proceeds of this issue that are to be used to make loamy to other governmental units 37a
b If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► 0 and enter the name of the
issuer ► and the date of the issue ►
38 If the issuer has elected to pay a penalty in lieu of arbitrage rebate. check box . . ► ❑
39 If the issuer has identified a hedge, check box ► 0 -
ur eel"minim of beery,y,I decors the I have warmed des wain and ssamparying schedules and sutements,and m the bed of my knowledge .
and brief,they ere true.correct.and complete
Please S. Scott Vandergri ft
Sign • Mayor
e
Here •
g a of"muses atztnors or ad r* saartrm+n - Cute ,Type or print name and utte
For Paperwork Reduction Act Notice, see a page 1 of the moors car.No.663773S Fun, 8038-G .(Rev.5-95)
® Asa mi IN recyarlar paws .
•
Page 1
SCHEDULE A-VI' - EQUIPMENT LEASE-PURCHASE AGREEMENT
Lease No.36895
This Equipment Schedule dated as of 12/17/96, is being executed by Ford Motor Credit Company ('Lessor'), and City
of Ocoee('Lessee'), as a supplement to, and is hereby attached to and made a part of that certain Equipment Lease-
Purchase Agreement dated as of 3/10/93 ('Lease'), between Lessor and Lessee.
Lessor hereby leases to Lessee under and pursuant to the Lease, and Lessee hereby accepts and leases from Lessor
under and pursuant to the Lease, subject to and upon the terms and conditions set forth in the Lease and upon the
terms set forth below, and following items of Equipment:
QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) SUPPLIER
3 1997 Ford Explorers 4x2 (Serial #'s ) Don Reid Ford,
Inc.
EQUIPMENT LOCATION: City of Ocoee •
Police Department
150 N. Lakeshore Drive,
Ocoee, FL 34761-2258
Initial Term: 27 Months Commencement Date: 12/17/96
Periodic Rent: 9 Consecutive Quarterly Payments of$6,824.73 each (including interest), followed by one
final payment of$6,824.79 due under this Lease-Purchase Agreement. The Periodic Rent
Payment also include any applicable sales/use tax due and payable on the Lease Payment
• Dates, set forth in Schedule A, Page 2
EXECUTED as of the date first herein set forth.
LESSEE: City of Ocoee LESSOR: Ford Motor Credit Company
By: By:
S. Scott Vandergrift W. Paul Rau
Tale: Mayor Trtle: Supervisor, Municipal Financing
OPINION OF COUNSEL
The opinions expressed in the Opinion of Counsel dated 3/10/93 provided to Lessor shall apply to the Lease as
amended and Lessor may rely upon such opinion as if it were addressed and had been delivered to Lessor on the
date hereof_
Attorney for Lessee
Paul Rosenthal
SCHEDULE a-VII Page 2
PAYMENT SCHEDULE
Lease No. 36895
Lease Lease
Payment Payment Lease Interest Principal Concluding
Number Date Payment Portion Portion Payment
Commencement 12 / 17 / 1996 64,578.00
1 1 / 15 / 1997 6,824.73 0.00 6,824.73 57,753.27
2 4 / 15 / 1997 6,824.73 721.92 6,102.81 51, 650.46
3 7 / 15 / 1997 6, 824.73 645. 63 6, 179.10 45,471.36
4 10 / 15 / 1997 6,824.73 568.39 6,256.34 39,215.02
5 1 / 15 / 1998 6,824.73 490,196,334.54 32, 880.48
6 4 / 15 / 1998 6,824.73 411,016,413.72 26,466.76
7 7 / 15 / 1998 6, 824.73 330. 83 6,493.90 19,972.86
8 10 / 15 / 1998 6,824.73 249. 66 6,575.07 13,397.79
9 1 / 15 / 1999 6, 824.73 167.47 6,657.26 6,740.53
10 4 / 15 / 1999 6,824.79 84.26 6,740.53 1.00
Totals 68,247.36 3,669.36 64,578.00
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Page 1
SCHEDULE A-VIII - EQUIPMENT LEASE-PURCHASE AGREEMENT
Lease No.36895
This Equipment Schedule dated as of 12/17/96, is being executed by Ford Motor Credit Company ('Lessor), and City
of Ocoee('Lessee%, as a supplement to, and is hereby attached to and made a part of that certain Equipment Lease-
Purchase Agreement dated as of 3/10/93 ('Lease'), between Lessor and I pcsee.
Lessor hereby leases to Lessee under and pursuant to the Lease, and Lessee hereby accepts and leases from Lessor
under and pursuant to the Lease, subject to and upon the terms and conditions set forth in the Lease and upon the
terms set forth below, and following items of Equipment:
QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) SUPPLIER
1 1997 Ford Escort Wagon (Serial #'s ) Don Reid Ford,
Inc.
EQUIPMENT LOCATION: City of Ocoee
Fire Department
150 N. Lakeshore Drive,
Ocoee, FL 34761-2258
Initial Term: 27 Months Commencement Date: 12/17/96
Periodic Rent: 9 Consecutive Quarterly Payments of$1,368.48 each (including interest), followed by one
final payment of$1,368.44 due under this Lease-Purchase Agreement The Periodic Rent
Payment also include any applicable sales/use tax due and payable on the Lease Payment
Dates, set forth in Schedule A, Page 2.
EXECUTED as of the date first herein set forth.
LESSEE: City of Ocoee LESSOR: Ford Motor Credit Company
By: By:
S. Scott Vandergrift W. Paul Rau
Tale: Mayor Trtle: Supervisor, Municipal Financing
OPINION OF COUNSEL
The opinions expressed in the Opinion of Counsel dated 3/10/93 provided to Lessor shall apply to the Lease as
amended and Lessor may rely upon such opinion as iF it were addressed and had been delivered to Lessor on the
date hereof.
Attorney for Lessee
Paul Rosenthal
SCHEDULE A-VII Page 2
PAYMENT SCHEDULE
Lease No. 34761
Lease Lease
Payment Payment Lease Interest Principal Concluding
Number Date Payment Portion Portion Payment
Commencement 12 / 17 / 1996 12,949.00
1 1 / 15 / 1997 1,368.48 0.00 1,368.48 11,580.52
2 4 / 15 / 1997 1,368.48 144.76 1,223.72 10,356.80
3 7 / 15 / 1997 1,368.48 129.46 1,239.02 9,117.78
4 10 / 15 / 1997 1,368.48 113.97 1,254.51 7,863.27
5 1 / 15 / 1998 1,368.48 98.29 1,270.19 6,593.08
6 4 / 15 / 1998 1,368.48 82.41 1,286.07 5,307.01
7 7 / 15 / 1998 1,368.48 66.34 1,302.14 4,004.87
8 10 / 15 / 1998 1,30.48 50.06 1,318.42 2, 686.45
9 1 / 15 / 1999 1,368.48 33.58 1,334.90 1,351.55
10 4 / 15 / 1999 1,368.44 16.89 1,351.55 1.00
Totals 13, 684.76 735.76 12,949.00
•
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Page 1
SCHEDULE A-DC- EQUIPMENT LEASE-PURCHASE AGREEMENT
Lease No. 36895
This Equipment Schedule dated as of 12/17/96, is being executed by Ford Motor Credit Company ('Lessor), and City
of Ocoee('Lessee'), as a supplement to, and is hereby attached to and made a part of that certain Equipment Lease-
Purchase Agreement dated as of 3/10/93 ('Lease'), between Lessor and Lessee.
Lessor hereby leases to Lessee under and pursuant to the Lease, and Lessee hereby accepts and leases from Lessor
under and pursuant to the Lease, subject to and upon the terms and conditions set forth in the Lease and upon the
terms set forth below, and following items of Equipment:
QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) SUPPLIER
2 1997 Ford Explorer 4x4 (Serial No. Okeechobee
Motors
EQUIPMENT LOCATION: City of Ocoee
Police Department
150 N. Lakeshore Drive,
Ocoee, FL 34761-2258
Initial Term: 27 Months Commencement Date: 12/17/96
Periodic Rent: 9 Consecutive Quarterly Payments of$4,941.69 each (including interest), followed by one
final payment of$4,941.71 due under this Lease-Purchase Agreement. The Periodic Rent
Payment also include any applicable sales/use tax due and payable on the Lease Payment
Dates, set forth in Schedule A, Page 2.
EXECUTED as of the date first herein set forth.
.LESSEE: City of Ocoee LESSOR: Ford Motor Credit Company
By: By:
S. Scott Vandergrift W. Paul Rau
Title: Mayor Title: Supervisor, Municipal Financing
OPINION OF COUNSEL
The opinions expressed in the Opinion of Counsel dated 3/10/93 provided to Lessor shall apply to the Lease as
amended and Lessor may rely upon such opinion as I it were addressed and had been delivered to Lessor on the
date hereof.
Attorney for Lessee
Paul Rosenthal
SCHEDULE A==TX Page 2
PAYMENT SCHEDULE
Lease No. 36895
Lease Lease
Payment Payment Lease Interest Principal Concluding
Number Date Payment Portion Portion Payment
Commencement 12 / 17 / 1996 46,760.00
1 1 / 15 / 1997 4,941.69 0.00 4, 941.69 41,818.31
2 4 / 15 / 1997 4,941.69 522.73 4,418.96 37,399.35
3 7 / 15 / 1997 4,941.69 467.49 4, 474.20 32,925.15
4 10 / 15 / 1997 4,941.69 411.56 4,530.13 28,395.02
5 1 / 15 / 1998 4,941. 69 354.94 4,586.75 23,808.27
6 4 / 15 / 1998 4,941. 69 297.60 4, 644.09 19,164.18
7 7 / 15 / 1998 4,941. 69 239.55 4,702.14 14,462.04
8 10 / 15 / 1998 4,941.69 180.78 4,760.91 9,701.13
9 1 / 15 / 1999 4,941.69 121.26 4,820.43 4,880.70
10 4 / 15 / 1999 4,941.71 61.01 4,880.70 1.00
Totals 49,416.92 2, 656.92 46,760.00
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