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HomeMy WebLinkAboutResolution 93-16 RESOLUTION NO. 93-~ . 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 ("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 (lithe 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 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 I~ day of .:.A<<6f11A~ , 1993. ATTEST: APPROVED: CITY OF OCOEE' FLORIDA , i ,'~-""-) ('~-,..,." i .-2 ~.,11 !~Aiyld s. Scott Vandergrif , Mayor (SEAL) FOR USE AND THE CITY OF APPROVlP rtS this . J RELIANCE ONLY BY OCOEE, FLORIDA. TO FORM ~ LEGALITY day of 1J((~ hCt~, 1993 FOLEY '6'DN~R ,'\ By: ()CJ ~ J~~ City Attorney APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON THE DATE INDICATED ABOVE UNDER AGENDA ITEM NO . "VL c... . C:\WPSIIDOCS\OCOE\FORDRESO.D2C 112121'1312941 PER:aIlI Page 1 SCHEDULE A-II - EQUIPMENT LEASE-PURCHASE AGREEMENT Lease No. 36895 This Equipment Schedule dated as of 12/07/93, is being executed by Ford Motor Credit Company ("Lessor"), and City of Ocoee, Police & Fire Departments ("Lessee") , as a supplement to, and is hereby attached to and made a part of that certain Equipment Lease-Purchase Agreement dated as of 03/10/93 ("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, the following items of Equipment: QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO. ) SUPPLIER 9 1994 Ford Crown Victoria Police Interceptors Don Reid Ford, Inc. EQUIPMENT LOCATION: City of Ocoee Police & Fire Departments 150 North Lakeshore Drive Ocoee, FL 34761 Initial Term: 36 Months Commencement Date: 02/15/94 Periodic Rent: 5 Consecutive Payments of $20,729.12 each (including interest), followed by one final payment of $20,729.32 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-II, Page 2. EXECUTED as of the date first herein set forth. LESSEE: --CITY -OF OCOEE LESSOR: FORD MOTOR CREDIT COMPANY -POLICE-& FIRE DEPARTMENTS BY: [ 'D-1)-tr L I JL n, BY: J.J. S. Scott Vandergrift' ` T. S. Shepherd Mayor/Commissioner Supervisor/Municipal Financing FOR USE AND RELIANCE OILY BY THE CRY OF OCOEE, APPROVED AS J'O FORM AMEGAlirt EY G�FI'� City Attorney Schedule A-II Page 2 Payment Schedule Lease Number: 36895 Lease Lease Payment Payment Lease Interest principal Concluding Number Date Payment Portion Portion Payment 1 2 /15 /1994 $20,729.12 $0.00 $20,729.12 $95,820.88 2 8 /15 /1994 20,729.12 2,563.21 18,165.91 77,654.97 . 3 2 /15 /1995 20,729.12 2,077.27 18,651. 85 59,003.12 4 8 /15 /1995 20,729.12 1,578.33 19,150.79 39,852.33 5 2 /15 /1996 20,729.12 1,066.05 19,663.07 20,189.26 6 8 /15 /1996 20,729.32 540.06 20,189.26 1. 00 TOTALS 124,374.92 7,824.92 116,550.00 .