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Home My WebLink AboutResolution 94-27 RESOLUTION NO. 94-~7 . 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 (Lease No. 36895) dated as of March 10, 1993 as amended by Schedule A-I thereto dated as of July 7, 1993 and as further amended by Schedule A-II dated as of January 15, 1994 ("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 wi th 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 ci ty 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 off icers 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 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 contemplated by the Supplemental Amendment. FURTHER 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 It' cl.. day of Dt., ro &l::1L , 1994. ATTEST: APPROVED: CITY OF OCOEE, FLORIDA --:. (SEAL) FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA. APPROVED AS TO FORM ~LtLEGALITY this ~ day of () o0if, 1994 FOLEY DNER APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON THE DATE IlmICATED ABOVE UlmER AGElmA ITEM NO. V I R /: I/!' /) ;/J;J By : f.J.MY 7 t '-t/Xv..-,ChJI City Attorney . C:\WPS1\DOCS\OCOEIFORDRESO.D2C I 10/10194 I 294 I PER:_ Page 1 SCHEDULE A-III - EQUIPMENT LEASE-PURCHASE AGREEMENT Lease Noo 36895 This Equipment Schedule dated as of 10/19/94, is being executed by Ford Motor Credit Company (ULessorU), and City of Ocoee (ULesseeU), as a supplement to, and is hereby attached to and made a part of that certain Equipment Lease-Purchase Agreement flted as of 03/10/93 ("LeaseU), 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, the following items of Equipment: I QUANTITY I I I I 1994 Ford Crown Victoria P71 Police Interceptor I Serial No,: 2FALP71VXRX159407 I / I I I I I ! I I /EQUIPMENT LOCATION: I I I I City of Ocoee Police Department 150 North Lakeshore Ocoee, FL 34761 Dri ve I I I SUPPLIER I I I I I I Don Reid Ford, Inco I I I I I I I I I I I I I I / I I 1 I I I I I I I I DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) 1 Initial Term: 36 Months Commencement Date: 10/19/94 Periodic Rent: 5 Consecutive Semi-Annual Payments of $2,724.19 each (including interest), followed by one final payment of $2,724.23 plus any and all other payments due under this Lease-Purchase Agreement. The Periodic Rent Payments also include any applicable sales/use tax due and payable on the Lease Payment Dates, set forth in Schedule A-III, Page 2. EXECUTED as of the date first herein set forth. LESSEE: CITY OF OCOEE LESSOR: FORD MOTOR CREDIT COMPANY . ~ ,~ I , -rJ-.- () D ~1-'l CU. ,t; So Scott Vandergr ft Mayor BY: T. S. Shepherd Supervisor, Municipal Financing Schedule A-III paqe 2 Payment Schedule Lease Number 36895 Lease Lease payment Payment Lease Interest Principill Concluding Number Date Payment Portion Portion Payment 1. 1.0 / 19 / 1.994 2,724.19 0.00 2,724.19 12,273.81. 2 4 / 19 / 1995 2,724.19 438.79 2,285.40 9,988.41 3 10 / 19 / 1995 2,724.19 357.09 2,367.10 7,621.31 . 4 4 / 19 / 1996 2,724.19 272.46 2,451.73 5,169.58 5 10 / 19 / 1996 2,724.19 184.81 2,539.38 2,630.20 6 4 / 19 / 1997 2,724.23 94.03 2,630.20 1.00 TOTAL 16,345.18 1,347.18 14,998.00 . LESSOR: FORD MOTOR CREDIT COMPANY P. 00 Box 1739 Dearborn, MI 48121 DELIVERY AND ACCEPTANCE CERTIFICATE ~ undersigned Lessee hereby acknowledges receipt of the Equipment described below ~Equipment") as fully installed and in good working condition; and Lessee hereby accepts the Equipment after full inspection thereof as satisfactory for all purposes of the Equipment Lease-Purchase Agreement ("Lease") executed by Lessee and Lessor. LEASE DATE . LEASE NUMBER SCHEDULE A-III DATE DELIVERY NUMBER PURCHASE PURCHASE DATE ORDER NO. 03/10/93 36895 10/19/94 1 EQUIPMENT INFORMATION I I I I I QUANTITY I DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) I SUPPLIER I I I I I I I I j I 1 I 1994 Ford Crown Victoria P71 Police Interceptor I Don Reid Ford, Inc. I I I Serial Noo: 2FALP71VXRX159407 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I LESSEE: City of Ocoee 150 North Lakeshore Drive Ocoee, FL 34761 BY: (TITLE) . DATE ACCEPTED: Form 8038-GC Information Return for Small Tax-Exempt Governmental Bond Issues, leases, and Installment Sales ~ Under Intemal Revenue Code section 149(e' ~ For calendar year ending 19 ..... OMS No. lS~-0720 (R..... May 1993) .3 3 C/7? /- ,?.;lS,r.- ations fF 5 Issue price of small tax-exempt governmental obligations reported on this form. . . . . . 6 Check the box that most nearly approximates the weighted average maturity of the obligation(s): a ~ss than 5 years b 0 From 5 to 10 years e 0 More than 10 years 7 Check the box that most nearly approximates the weighted average interest rate on the obligation(s): a 0 Less than 5% b ~om 5% to 10% e 0 More than 10% 8 Total issue price of the obligation(s) reported on line 5 that is/are; a Obligation(s) issued in the form of a lease or installment sale. . b Obligation(s) designated by the issuer under section 265(b)(3)(8)(i)(1I0 e Obligation(s) issued to refund prior issues d Loans made from the proceeds of another tax-exempt obligation 9 in lieu of rebate 8a /L/ffr Sb 8e o ad o . . . . .0 Please Sign Here Under penaltillll of perJury. I deciare that I have exalnllle:l this return and accomP81')'If\g schedules and statements. and to the bllllt of my knowledge and belief, they ate true. correct. and complete. ..L.L J / j /:-L :S. S (>CJ TT Vet //e:?ft"ry r / r,/ .I ~ TYP::C~::: tide ~ Signature of officer Date General Instructions (Section references are to the Imema; . Revenue Code unless otherwise noted.) Paperwork Reduction Act Notice We ask for the information on this form to carry out the Intemal R...enue laws of the United States. You ant required to give us the information. We need it to ensure that you are complYing with these laws. The time needed to complete and IIle this form vanes depending on individual circumstances. The estimated average time . is: Learning about the law or the fonn . . . Preparing the form , . Copying, assembling, and sending the form to the IRS . . 16 min. If you have comments con~jng the accuracy of these time estimates or suggestions for making th~ form monl silTllle. we would be happy to hear from you. You can write to both the Internal Revenue Service, Attention: Reports Clearance Otf'lCer, T:FP. Washington. DC 20224; and the Otftce of Management and Budge.. Papet'Wonc Reduction Project (1545-0720). Washington, DC 20503. 00 NOT send the form to either of these offices. Instead. see Where To File on page 2. Purpose of Form Form 8038-GC is used by issuers of tax-exempt governmental obligations to provIde the IAS with tN information required by S4Ction 149(e) and to monitor the requirements of sections 141 through 150. Who Must File Issuers of tax-exempt govlllT1tnel1ta1 obligations with issue prices of less than $100.000 must tile Form 8038-GC. Issuers of a tax-ex8fl1)t governmental obligation with an issue price of $100,000 or more rnJSt tile Form 8038-G, Information Return for Tax-Ex8l1'llt Governmental Obligations. 1 hr., 40 min. 2 hr., 44 min. Filing a separate retum.-Issuers have the option to file a separate Form 8038-GC for any tax-exempt govemmental obligation with an issue pnce of less than $100.000. Howev... an issuer of a tax-ex8fl1)t bond used to llnance construction expendit1.lres must tile a separate Form 8038-GC ror each issue to give notice to the IRS that an election was made to pay a penalty in lieu of arbitrage rebate (see line 9 instructions). Filing a consoldated retum.-For all tax...xempt governmental ob/igcitions with issue prices of IBM than $100,000 that are not reported on a separate Fann 8038-GC, an issuer must rde a con9CIidated information return including all such issues issued within the calendar year. Thus. an issuer may 1118 a separate Form 8038-GC for each of a number of small issues and report the remainder of small issues issued during tN calendar year on one, consoJidated Form 8038-GC; but a separate Form 8038-GC must be tiled to give tN IRS notice of the elec:tion to pay a penalty in lieu of arbitrage rebate. Cal. No. &41088 Form 8038-GC (Rev. 5.93\ 6/28/93 21 Published by Tax Management Inc., a Subsidiary of The Bureau of National Affairs. Inc. 8038-GC.l Form 8038-GC (ReY. 5-931 Page 2 . When To File To file a separate return, lile Form 8038-GC on or betors the 15th day at the second cJ.Jendar month atter the close at the calendar quarter in which the issue is issued. To file a consolidated return. lile Form 8038-GC on or betore February 15th at the calendar ysar tollowlng the year in which the issus is issued. Late lillng.-An issuer may be granted an extension at time to file Form 8038-GC under Section 3 at Rev. Proc. 88-10, 1988-1 C.B. 635. if it is determined that the tallure to lile on time is not due to willful neglect. Send a late Form 8038-GC to: Intsmal Revenue Servics, Philadelphia Service CAntsr, Statistics at Income Unit, P:OA: Unit F-SOI. Philadelphia, PA 19255, Stop '335. Type or print at the top of the torm, "This Statement Is Submitted in Accordance with Rev. Proc. 88-10." Attach to the Form 8038-GC a letter bnef1y stating why Form 8038-GC was not submitted to the IRS on time. Also indicate whether the obligation in question is under examination by the IRS. Do not submit copies at any bond documents, leases, or installment sale documents. Where To File File Form 8038-GC with the Intemal Revenue Service Center, Philadelphia. PA 19255. Rounding Off to Whole Dollars You may show the money items on this retum as whole-dollar amounts. To do so, drop any amount less than 50 cents and increase any amount tram 50 C8l'lts through 99 cents to the next higher dollar. Definitions . Obligations refer to a single tax-.xempt govemmental obligation if Form 8038-GC is used tor separate reporting and reter to multiple tax-exempt governmental obligations it the torm is used tor consolidated reporting. . A tax-exempt obligation is not limited to the formal issuance at bonds. It also includes installment purchase agreements and financial leases. · A tax-exempt governmental obligation is a tax-exempt obligation that is not a private activity bond. . A private activity bond is g8l'lerally an. . obligation issued as part of an issue of which (a) more than 10% of the proceeds are to be used tor any private businesa use, and (bl more than 10% at the payment of principal or interest of the issue is .ither secured by an interest in property to be used for a private business use (or payments in r.pect of such property), or is to be derived from payments in respect at property (or borrowed mon.y) used tor a private business use. HI obligation .s also conSidered a private actNity bond if e amount at the proceeds to be used to ake or finance loans (other than loans described in section 141'(c)(2)) to certain persons exceeds the smaller of 5% of the proceeds, or $5 million. Report private activity bonds on Form 8038, Infonnation Return for Tax-Exempt Private Activity Bond Issues. · Issu_In general, obligations are treated as part of the same issue only if th.y are issued (1) by the sam. issuer, (2) on the same date, and (3) pursuant to a single transaction or to a series of related transactions. 8038-GC.2 Exc.ptJo~al Draw-down Ioana. commercial paper, etc.-Qbfigations issued during the sam. calendar year (11 pursuant to a loan agreement under wnich amounts are to be adVanced periodically rdraw-down loanj, or (2) with a term not llXceeding 270 days, may be treated as part of the same issue if the obligations are equally and ratatlly secured under a sing I. indenture or loan agreement and are issued pursuant to a common finanCing arrangement: e.g, pursuant to the same official statement that is penodically updated to rellect changing factual circumstancllS. In addition, for obligations issued pursuant to a draw-down loan that meets the requirements of the preceding sentence, obligations issued during different calendar years may be treated as part of the same issue if all the amounts to be advanced pursuant to the draw-down loan are reasonably expected to be advanced within 3 years of the date of issue of the IIrst obligation. (bl Leases and Installment sales.- Obligations other than private activity bonds may be treated as part of the same issue it (11 the obligations are issued pursuant to a singl. agreement that is in the form of a l_ or installm8l'lt saI., and (2) all of the property covered by that agreement is reesonably expected to b. delivered within 3 years of the date of issuo of the first obligation. ArbItrage rebate.--Generally. interllSt on a stat. or local bond is not tax .xempt unless the issuer of the bond rebates to the United StatllS artlitrag. profits earned from investing procMcls of the bond in higher yielding nonpurpose investments. S.. section 148(f). Construction Issue.-A construction issue is an issue of tax-ex.mpt bonds it (al at least 75% of the available construction proceeds of the issue are to be used for construction .xpenditures with IlISpect to property that is to be owned by a gov.mmental unit or a 501 (c)(3) organization, and (bl all of the bonds that ar8 part of the issue are qualified 501 (c)(3) bonds; bonds that are not pnvate actIVity bonds; or private activity bonds issued to finance property to be owned by a governmental unit or a 501 (c)(3) organization. In lieu of rebating any artlitrage trlat may be owed to the United Stat.., the issuer of a construction issue may make an irrevocable election to pay a penalty. The penalty is equal to 1 Yz" of the amount of construction proceeds that do not meet certain spending requirements. See section 1 48(f)(4)(q. Specific Instructions In generaL-A Form 8038-GC Inlst be completed on the basis of available information and reasonacle expectations as of the date the issue is issued. Forms that are tiled on a consolidated basis, ho_er, may be completed on the basis of infonnation readily aVailable to the issu... at the close of the caJliIndar year to which the form relates, supplemented by estimates made in good faith. Part I-Reporting Authority Amended return.-If this is an amended Form 8038-GC, check the amended return box. Complete Part I and only those lines of Form 8038-GC that are being amended. 00 not amend lIStlmated amount. previously reponed onc. the actual amounts .. det9lTT'lined. (S.. the Part II instructions below.) LIne 1.-The issuer's name is the name of the liIntity issuing the obligations, not the name of the entity receiving the b8l'l8fit of the financing. In the case of a I.... or installment sale, the issu... is the lessee or purchaser. LIne 2-lssuer's employer Identtftcatlon numb.r (EIN).-An issuer that does not haVe an EIN should apply for one on Form 58-4, Application for Employ... Identification Number. This form may be obtained from most IRS and Social S8C\Jrity Adrrinistration offlC". File Form SS-4 according to the instructions on that form. If the ElN has not b.., received by the due date for Fonn 8038-GC, write . Applied for- in the space for the EIN. Part II-Description of Obligations LIne 5.-5ma/1 governmental obligations are those with an issue pric..of Iesa than $100,000. If the obligations are reotfered to the public by an int8l1T1lldialy, the issue pric. is the r8Otf.ring price (exdu<iing accrued interest). It Form 8038-GC is being filed tor a single issue only, enter the issue price of that issue. The issue price of an obligation means the principal amount due on the obligation Ind dollS not include interllSt paid or to be paid. Therefore, fine 5 should include only the principal amount due on obligations. For example. only trI. purchase price of an asset acquired pursuant to a lease should be included on line 5. A Ieasa or installment sale is treated as issued on the date int....st starts to accrue. LIne 8.- The weighted average maturity is the average maturity on the obligations. Each bond should be weighted to its par valu.. For a Ieasa or installment sale, enter the total number of years the lease or installm8l'lt sale wiD be outstanding. LIne 7.-The weighted average ilterest rate is the average interest rate on the obligations. Each bond should be weighted in proportion to its par value crtd its length of maturity. LIne 8.-Enter the total issue price of the obligations reported on fine 5 that are described on Unes 8a through 8d. Mor. than one Une may apply to a particular obligation. For example. report on line 8b and line 8c, obligations issued to refund prior issues that were designated by the issuer under section 265~)(3)(B)0)(11~. LIne O.-Ched< this box it the issue is a construction issue and an irrevocable election to pay a penalty in lieu of artlitrage rebate has been made on or before the date the bonds were issued. The penalty is payable with a Form 8038- T, Arbitrage Rebate and Penalty in Ueu of Arbitrage Rebate, for .ach 6-month period after the data the bonds are issued. 00 not make any payment of penalty in Neu of rebate with this form. See Rev. Proc. 92-22, 1992-1 C.B. 736, for rules regarding the "election document.. Signature Form 8038-GC must be signed by an authoriZed representative of the issuer. Also print the name and tm. 01 the plnOO signing the Form 8038-GC. Published by Tax Management Inc., a Subsidiary of The Bureau 01 National Altairs. Inc. 6/28/93 .,., INVOICE October 7, 1 994 LESSEE: City of Ocoee 150 North Lakeshore Drive Ocoee, FL 34761-2258 REMIT PAYMENT TO: FORD MOTOR CREDIT COMPANY MUNICIPAL FINANCING P. O. BOX 1739 DEARBORN, MI 48121 PLEASE RETURN A COpy OF THIS INVOICE WITH YOUR PAYMENT ACCOUNT FIRST DESCRIPTION PAYMENT NUMBER PAYMENT AMOUNT DUE DATE 3689503 1 0/1 9/94 One 1994 Ford Crown Victoria P71 $2,724.19 Police Interceptor (2F ALP71 WXRX1 59407) Documentation Fee 1 50.00 PLEASE REMIT: $2,874.19 If you have any questions regarding this invoice please call Micki Sulkey (3130 248- 4570. . "CENTER OF GOOD UVING - PRIDE OF WEST ORANGE" MAYOR-COMMISSIONER S. SCarf VANDERGRIFf CITY OF OCOEE 1.50 N. LAKESHORE DRIVE OCOEE FLORIDA 34761-2258 (407) ~2322 COMMISSIONERS RUSTY JOHNSON PAUL W. FOSTER VERN COMBS JIM GLEASON CTYMANAGER ELLIS SHAPIRO September 30, 1994 Ford Motor Credit Company Post Office Box 1739 Dearborn, Michigan 48121-1739 Gentlemen: Re: Lease-Purchase Proposal Number 36895C Option 3 I am furnishing the following information to help facilitate the credit approval process for the proposed Lease-Purchase transaction. The equipment will be used in the Police Department, which has been in operation for at least 50 years. The vehicle will be for the use of the transportation of the Police Chief during his working hours of duty 0 This equipment does not replace any previous equipment. The following vehicles are being used for the same purpose as the financed vehicle in the department: Number Year/Model 7 8 1993 Crown victorias 1994 Crown victorias The source of funds for the payments due under the Lease-Purchase Agreement for the current fiscal year is the General Fund. This Fund generates its revenues from taxes, 1 icenses and permits, intergovernmnental revenues, charges for services, fines and forfeitures, impact fees/special assessments, interest revenues, and miscellaneous revenues. ATTEST: APPROVED: CITY OF OCOEE, FLORIDA . So Scott Vandergrift, Mayor Jean Grafton, City Clerk . . ( SEAL) FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA. APPROVED AS TO FORM AND LEGALITY this day of , 1994 FOLEY & LARDNER APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON THE DATE INDICATED ABOVE UNDER AGENDA ITEM NO. By: City Attorney