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Home My WebLink AboutVII(H) Discussion/ Action Re: Financing Of Purchase Of Vehicles Citywide Appointment To Boards Agenda 11-03-98 It rl VIU "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" AYOR• OMMISSIONER S.SCOTT VANDERGRIFT Ocoee COMMISSIONERS `` � CITY OF OCOEE DANNY HOWELL . a. 150 N.LAKESHORE DRIV SCOTT ANDERSON DRIVE SCOTT A.GLASS v _ OCOEE,FLORIDA 34761-2258 NANCY J.PARKER v (407)656-2322 is ),1 � CITY MANAGER F,� �f G00��` ELLIS SHAPIRO ffiEMO UM TO: The Honorable Mayor and City Commissioners FROM: Joyce Meridith, Buye DATE: October 29, 1998 RE: Lease-Purchase of New City Vehicles The budget for Fiscal Year 98/99 included the lease-purchase of(10) new vehicles for the Police Department and (7) new city vehicles, as per the attached listing. The best pricing was found through Seminole County Bid #A/B-340/JVP for the Crown Victorias, and through the Florida Sheriffs Association Bid #98-06-0914 for the remaining vehicles. The total cost for all vehicles is $336,970.00, which does not include the administration fee of$50.00 per vehicle for items purchased through the Florida Sheriffs Association Bid. Staff contacted Suntrust Bank, Ford Motor Credit Company, and Commercial & Municipal Capital for non-bank qualified financing. Based upon a lease term of (3) years for the police vehicles: Suntrust Bank interest rate is 4.83%, Ford Motor Credit interest rate is 4.60%, and CMC interest rate is 5.45%. Based upon a lease term of (4) years for the other city vehicles: Suntrust Bank interest rate is 4.90%, Ford Motor Credit interest rate is 4.70%, and CMC interest is 5.45%. Therefore, it was determined that Ford Motor Credit offered the best interest rate. Please see the attached quotes. The City currently has a Master Lease-Purchase Agreement with Ford Motor Credit Company. 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 (2) Lease-Purchase Agreements, which we will receive upon delivery of vehicles, between the City and Ford Motor Credit Company 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. OIL CITY OF OCOEE LEASE VEHICLES LIST FISCAL YEAR 98/99 EPARTIVCENT 17CCT ±1I_I # DESCRIPTION QTY COST BID`NAME: rm , :DID# - Police Department 001-521-00-6401 1999 Ford Crown Victoria Pursuit 9 19,625 Seminole County A/B-340/JVP vehicles,(7)to be used as patrol/traffic vehicles(2)to be used as administrative vehicles,per standard specs, white,4-door w/spotlight,w/heavy duty padded cloth bucket front seat& rear vinyl bench seat. Police Department 001-521-00-6401 1999 Ford Taurus,administrative 1 14,380 FL Sheriffs Assn. 98-06-0914 package,per standard specs,white,4-door. City Manager Dept. 001-512-00-6401 1999 Ford Crown Victoria,pursuit 1 19,480 Seminole County A/B-340/JVP package,per standard specs, white,4-door,w/cloth bench seats front&back,w/carpeting in lieu of rubber flooring at no charge. Fire Department Impact Fees 1999 Ford Expedition,4x2,XLT Package, 1 25,694 FL Sheriffs Assn. 98-06-0914 per standard specs,w/all terrain tires. Recreation Department 001-572-00-6401 1999 Ford E350 Super Club Wagon,(15) 1 20,244 FL Sheriff's Assn. 98-06-0914 Passenger Van,white,per standard specs. Utilities Inspections 401-537-00-6401 1999 Ford F150 p/u truck,4x4,per 1 19,803 FL Sheriff's Assn. 98-06-0914 standard specs,white w/extended cab without rear seat. CITY OF OCOEE LEASE VEHICLES LIST FISCAL YEAR 98/99 Page-2- fpEPARTMENT--' . ACCT#.' 'DESCRIPTION 'rQTY COST; BII?.NAME, s Ys ,£af htiS 2v era t Public Works- 001-519-00-6401 1999 Ford F250 p/u truck,4x4,per 1 22,744 FL Sheriff's Assn. 98-06-0914 Facilities Maintenance standard specs,white w/gas V-8 Engine in lieu of diesel engine,all terrain tires, trailer towing package&service body. Public Works- 103-538-20-6401 1999 Ford F150 p/u truck,4x4,per 1 19,000 FL Sheriff's Assn. 98-06-0914 Stormwater standard specs,white wN-8 engine, heavy duty towing package,locking differential,all terrain tires, 8' cargo bed in lieu of 6'bed,aluminum tool box,bedliner. Public Works- 001-541-30-6401 1999 Ford F150 p/u truck,4x4,per 1 19,000 FL Sheriff's Assn. 98-06-0914 Parks standard specs,white wN-8 engine, heavy duty towing package,locking differential,all terrain tires, 8' cargo bed in lieu of 6' bed,aluminum tool box,bedliner. Note: Prices do not include the$50.00 administrative fee per vehicle for purchases through the FL Sheriff's Association Bid. TOTALS 336`9 { OCT 27 '98 12:35 FR MUNICIPAL LEASING 313 390 3783 TO 94076567835 P.02/03 Ford Motor Credit Company The American Road P.O. Box 1739 Dearborn,Michigan 48121-1739 October 27, 1998 City of Ocoee 150 N, Lakeshore Dr. Ocoee, FL 34761 Re:Ford Municipal Finance Program-Quotation for City of Ocoee,FL Dear Joyce Meredith: Please review the following information. Rates and payment factors are applicable for total amounts funded from $75,000$149,999. The quote is good until 1/31/1999. This finance proposal applies to: uanti Description Price 2 1999 F150 4x4 $38,000.00 1 1999 Expedition XLT S25,694.00 1 1999 Crown Victoria P71 S19,480,00 1 1999 E350 Club Wagon $20 244.00 1 1999 F150 4x4 $19,803.00 1 1999 F250 4x4 $22,744.00 • A Documentation Fee of $300 is required per transaction-not per unit, for total amounts funded under S50,000 that can be paid at delivery or funded over the term. (Range) Number of Payment Payment Total Amount Funded Payments Payment Timing A.P.R. Factor Amount ($75,000-$149,999) S 145,965.00 16 Quarterly in Advance 4.70% 0.068124 $9,943.72 • To calculate Payment Amount,multiply Total Amount Funded by the Payment Factor • THIS QUOTE IS FOR A NON-BANK QUALIFIED ENTITY. The Ford Municipal lease-purchase finance plan requires no security deposit,has no prepayment penalty,no mileage penalty,nor hidden fees. The program is non-recourse to the dealer,the same as a cash sale from the dealer to the municipal customer. At inception, the new equipment title/registration indicates the municipality as Registered Owner,and designates Ford Motor Credit Company, P.O. Box 1739,Dearborn,MI 48121-1739,as First Lienholder. At term end,the municipality buys the equipment for$1. The municipality. as Owner of record,is eligible for Ford Governmental Price Concessions or other discounts,to reduce product cost. Please note: Ford Credit's financing is subject to: 1) review and approval of the Municipality's two most recent audited financial statements and 2) mutually acceptable documentation. Sample forms and documentation are attached for your review. If you need additional information,please contact me at 1-800-241-4199. Thank you for your interest in Ford municipal financing. Sincerely, Atg.7 41rao040ne Ann F.Creviston Marketing Coordinator Attachments OCT 27 '98 12:35 FR MUNICIPAL LEASING 313 390 3783 TO 94076567835 P.03/03 Ford Motor Credit Company The American Road P.O.Box 1739 Dearborn, Michigan 48121-1739 October 27, 1998 City of Ocoee • 150 N.Lakeshore Dr. Ocoee, FL 34761 Re: Ford Municipal Finance Program-Quotation for City of Ocoee,FL Dear Joyce Meredith: Please review the following information. Rates and payment factors are applicable for total amounts funded from $150,000 - $299,999. The quote is good until 1/31/1999. This finance proposal applies to: QuantityDescription Price 9 1999 Crown Victoria P7l's $176,625.00 1999 Taurus $14,380.00 A Documentation Fee of S300 is required per transaction—not per unit. for total amounts funded under S50,000 that can be paid at delivery or funded over the term. (Range) Number of Payment Payment Total Amount Funded Payments Payment Timing A.P.R. Factor Amount ($150,000-$299,999) $191,005.00 12 Quarterly in Advance 4.60% 0.088673 $16,936.99 • To calculate Payment Amount.multiply Total Amount Funded by the Payment Factor. • THIS QUOTE IS FOR A NON-BANK QUALIFIED ENTITY. The Ford Municipal lease-purchase finance plan requires no security deposit,has no prepayment penalty,no mileage penalty,nor hidden fees. The program is non-recourse to the dealer,the same as a cash sale from the dealer to the municipal customer. At inception, the new equipment title/registration indicates the municipality as Registered Owner,and designates Ford Motor Credit Company, P.O. Box 1739,Dearborn,MI 48121-1739,as First Lienholder. At term end,the municipality buys the equipment for$1. The municipality, as Owner of record, is eligible for Ford Governmental Price Concessions or other discounts,to reduce product cost. Please note: Ford Credit's financing is subject to: 1) review and approval of the Municipality's two most recent audited financial statements and 2) mutually acceptable documentation. Sample forms and documentation are attached for your review. If you need additional information,please contact me at 1-800-241-4199. Thank you for your interest in Ford municipal financing. Sincerely, • Ann F.Creviston Marketing Coordinator Attachments SENT BY: 10-28-98 ; 6:34PM ; SunTrust Bank CF NA-+ 4076568504;# 1/ 1 luap!sazd ao!A 4 4d TIugmg"T XgioD `.Aiaraou!s •aAgg Amu noA suogsanb Aue giinn au!two o4 a4s4isag a1uop assail •8uipunj illun Aznsea1Z•aA£alp o1 paxapuc si sale!asatil Jo gang (pa?iijnnbiusq uou)88-666`6$(n�`aoue tpe ui'Ammo* (paJilnb- 'q) 8Z'LS8`6$Cp 'aauenpe ui`A1zau1nOj :sluauuCud pa3iisnblueq uou%061, !pallMunb= q%A['b-saW2I uuay 'Ib ;soa 59Z`9bi$ :saiotgaA snoaueiiaasmi (pautienb-xasq uou)91-E66`9 is @)`aauunpE ul`Aiaemenb* ( alli1unb-iung) EI.8I8`91$ `aauCApE ui'Aliavenb :slum:and pagggnb.luEq uou%E8•*paglisnb-31unq%SO'b-salty uuoZ•zA£ voa SSO`i61$ :s1E3 aoiiod :monb alEi guiMoiloi aqi gitnn Holt aprnozd jo isanbaz ino(of asuodsaz uj `aoAop roan aaoap JO AID glipuayN aoAoj sI,i 6671 `8Z Za1010() 1srnIJ S POLO-Lla. 4QgV-LC (LOP)lal. :o13ZE UG1101U'i�puPait) bwsu51 luawdinb?NPJoilio0 OLOC xod au!110 laud luap!SaJd i:)'A Iyuj 6Vol-O UPO;)IIEW III ioggnia'l Aqlo3 '11'N'epIJOI4 Immo'mune 3Snwins -.10-27-1998 6: 10PM FROM CMC 813 258 9333 P. 2 10/27/1998 Page 1 Commercial & Municipal Capital, LLC City of Ocoee: Vehicle Lease Compound Period • Quarterly Nominal Annual Rate ....: 5.450 % Effective Annual Rate ... : 5.562 % CASH FLOW DATA Event Start Date Amount Number Period End Date 1 Loan 11/30/1998 191,055.00 1 2 Payment 11/30/1998 17,132.81 12 Quarterly 08/31/2001 AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year Date , Payment Interest Principal _ Balance Loan 11/30/1998 191,055.00 1 11/30/1998 17,132,81 0.00 17,132.81 173,922.19 2 02/28/1999 17,132.81 2,369.69 14,763.12 159,159,07 3 05/31/1999 17,132.81 2,168.54 14,964.27 144,194.80 4 08/31/1999 17,132.81 1,964.65 15,168.16 129,026.64 5 11/30/1999 17,132.81 1,757.99 15,374.82 113,651.82 6 02/29/2000 17,132.81 1,548.51 15,584.30 98,067.52 7 05/31/2000 17;132.81 1,336.17 15,796.64 82,270.88 8 08/31/2000 17,132.81 1,120.94 16,011.87 66,259.01 9 11/30/2000 17,132.81 902.78 16,230.03 50,028.98 10 02/28/2001 17,132.81 681.64 16,451.17 33,577.81 11 05/31/2001 17,132.81 457.50 16,675.31 16,902.50 12 08/31/2001 17,132.81 230.31 16,902.50 0.00 Grand Totals 205,593.72 14,538.72 191,055.00 Last interest amount increased by 0.01 due to rounding. . _ 10-27-1998 6: 10PM FROM CMC 813 258 9333 P. 3 10/27/1998 Page 1 Commercial& Municipal Capital, LLC City of Ocoee: Vehicle Lease Compound Period • Quarterly Nominal Annual Rate .... : 5.450 % Effective Annual Rate ... : 5.562 % CASH FLOW DATA Event �I�wTT� Start Date Amount Number Period End Date 1 Loan 11/30/1998 191,055.00 1 2 Payment 11/30/1998 13,190.87 16 Quarterly 08/31/2002 AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year Date Payment Interest Principal Balance Loan 11/30/1998 191,055.00 1 11/30/1998 13,190.87 0.00 13,190.87 177,864.13 2 02/28/1999 13,190.87 2,423.40 10,767.47 167,096.66 3 05/31/1999 13,190.87 2,276.69 10,914.18 156,182.48 4 08/31/1999 13,190.87 2,127.99 11,062.88 145,119.60 5 11/30/1999 13,190,87 1,977.25 11,213.62 133,905.98 6 02/29/2000 13,190.87 1,824.47 11,366.40 122,539.58 • 7 05/31/2000 13,190.87 1,669.60 11,521.27 111,018.31 8 08/31/2000 13,190.87 1,512.62 11,678.25 99,340.06 9 11/30/2000 13,190,87 1,353.51 11,837.36 87,502.70 10 02/28/2001 13,190.87 1,192.22 11,998.65 75,504.05 11 05/31/2001 13,190.87 1,028.74 12,162.13 63,341.92 12 08/31/2001 13,190.87 863.03 12,327.84 51,014.08 13 11/30/2001 13,190.87 695.07 12,495.80 38,518.28 14 02/28/2002 13,190.87 524.81 12,666.06 25,852.22 15 05/31/2002 13,190.87 352.24 12,838.63 13,013.59 16 08/31/2002 13,190.87 177.28 13,013.59 0.00 Grand Totals 211,053.92 19,998.92 191,055.00 Last interest amount decreased by 0.03 due to rounding.