HomeMy WebLinkAboutResolution 91-26
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RESOLUTION NO. 91-26
A RESOLUTION OF THE CITY OF
'APPROVING AN EQUIPMENT
-IPREUEN'l' AND DESIGNATING IT
~-EXBKPT OBLIGATION.
OCOEE, FLORIDA
LEASE/PURCHASE
AS A QUALIFIED
~,
'.SOLVED, that this city enter into a certain Florida
Municipal Lease and Option Agreement with Emergency One, Inc.
(hereinaf~ called "Lessor") in the form attached hereto and by
this reference made a part hereof (the "Eq~ipment Lease") and that
thisCi~y lease equipment from Lessor pursuant to the terms of such
Equipment Lease; and that the Mayor and the city Clerk of this City
be and ~reby are authorized and directed in the name and on behalf
of this;. _ty to execute the Equipment Lease wi th Lessor in
substanti~y the form presented at this meeting, with such changes
therein and additions thereto as shall be approved by such officers
who execu4Je the same, and such execution shall be conclusive
evidence that each such document so executed has been authorized
and approved by this vote.
.
'1'URTHER RESOLVED, that the obligations of the City under
the Equipment Lease be hereby designated, pursuant to Section
265 (b) (3') (;Q) 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 ~ 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 insbruments and take such other actions as they shall deem
necessary and desirable for the purpose of carrying out these
resolutions.
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 said lessor the
foregoing resolutions and that the provisions thereof are in
conformi~. with the charter of this city.
ADOPTED this /1 r:f. day of bGle1I1t61!.., 1991.
CITY OF OCOEE, FLORIDA
.
r
I
...
FOR USE AND RELIANCE ONLY BY THE
CITY OF OCOEE, APPROVED, 4~ T, 0
FORM ~D LEqALITY, THIS.L.l!!:. DAY
OF ~~\1-EY" , 1991.
FOLEY & LARDNER
,~SEAL)
CITY
ATTORNEY
fl~r f0xjjJ
By:
'r'--'~.,:mt~I7""'.,::4' '-~'''''~~~~~'\'>''-::;'':~i':
LI~~=0~t-
~,
::"~~":'~~:,'f,';?';"~~-',c..\' "-~<j!>.':~mr:",';1~f:C'
~ ~
~ FOR ~OMPLETION BY LESsOR
Always Refer to Lease No. M- 0 12 7 6
Rental Commencement Date:
Name:
Address:
Zip 34761 City
Contact and Title:
Telephone No.
Emer2encv One. Inc.
141~ W. 22np St.. Su1t~ 1100
Qak Brook. I~ Q95?1
LESSEE:
Name: City of Ocoee
Address: 150 N. Lakeshore Drive
City Ocoee County State FL
Contact and Title: Chief Strosnider
Telephone No. 401/656-7796
ITEM
QUANTITY
EQUIPMENT DESCRIPTION (Include Make, Model, Serial No. and all Attachments)
.~
VENDOR:
State
Zip_
1
1
One (1) Emergency One Model B120 Mini-pumper Fire Apparatus mounted on a
Ford F450 Chassis
Address:
City
TION OF EQUIPMENT IF OTHER THAN A60VE ADDRESS OF LESSEE.
State
County
LEASE TERM TOTAL EQUIPMENT COST RENT DUE (Period) NO./AMOUNT OF RENTAL PAYMENTS
o Monthly ijil Annually See payment schedule attached
hereto and made a part hereof
Five (5) Years ~ $ 100, 871. 00 o Quarterly iii In Arreals ("Payment Schedule"),
FLORIDA MUNICIPAL LEASE AND OPTION AGREEMENT
I .
Lessor hereby leases to Lessee the Equipment for the purposes and upon the following terms and conditions:
ARTICLE I: COVENANTS OF LESSEE. Lessee represenls, covenants and warrants, for
the benefit of L8Isor as follows:
A, Lessee Is a public body, corporate and pollllc, duly organized and existing under
the Constitution and laws of the State 81 set forth .bove ("State") and will do or cause
to be done all things necessary to preserve and keep in full force and effect Its exis-
tence as . body corporate and politic.
B, Lessee has been duly authorized to execute, deliver and perform this Agreement
under the Constitution and laws of the State and under the terms and provisions of
the resolution of Its governing body, or by other appropriate official approval, L8Isee
further repr8lents, covenants and warrants that all requirements have baen met, and
procedures have occurrad in order to ensure the enforceability of this Agreement.
Lessee thall caule to be executed an opinion of Its counsel in form acceptable to
Lellor.
e, During the tt,rm of this Agreement, the Equipment will be used by Lessee only for
the purpose of performing one or more governmental or proprietary functions of
Lellee consistent with the permiSSible scope of Lessee's authority and will not be
used In a trade or business of any person or enllly other than the Lessee.
0, During the period this Agreement Is In force, Lessee will annually provide Lessor
with current financial statements, budgets, proof of appropriation for the ensuing
IIsc.1 year and such other financial Informallon relating to the ability of Lessee to
conllnue thla Agreement as may be reasonably requested by Lessor,
E, The Equipment Is, and shall remain during the periOd this Agreement Is In for'le,
personal property and when subject to use by Lessee under this Agreement, will not
be or become IIxtures,
ARTICLE II: DEFINITIONS. The following terms will have the meanings Indicated
below unless the context clearly requires otherwise:
"L.... T.rm" means the Orlgln.1 Term defined In Arllcle III hereof and a sufficient
number of automallc Renewal Terms as will consmut. the number of months pet forth
on tha f.ce of thl. Agreement.
"L.llor" means the .ntlty deslgn.t.d on the flce of this Agr..m.nt as Lessor here-
under,
"Purcha.. Prfce" means the amount which L8Isee may, at lis option, pay to Lessor In
order to purchase the Equipment, as set forth In the Payment Schedule attached to
this Agreement, subject to the terms of Article IX,
"R.n.wII T.rm(.)" meens the automatic renew. I periods of this Agreement, each
h.vlng a dur.tlon of one (1) year co-termlnous with Lessee's flsca' year except the
last of such automatic renewal periods which .hall end on the anniversary of the
eneement Date, The terms and conditions during any Renew.I Term shall be
e IS the terms .nd conditions during the Original Term, except that the Rent
Payments shall be as provided In the attached Payment Schedule,
"V.ndor" means the manufacturer of the Equipment as well as the agents or dealers
of the manufacturer,
ARTICLE III: COMMENCEMENT OF LEASE TERM.
The Orlglnallerm of this Agreement shall commence on the date the EqUipment Is
accepted by Lessee .s Indicated on the Certificate 01 Acceptance ("Cdmmencement
Date") and sh.1I termln.te the last day of L8Isee's current fiscal year, For the duration
of the Lease Term, this Agreement will be automatlc.lly renewed at the end of the
Original Term .nd any Renewal Term unless the Lessee gives written notice to Lessor
not less than ninety (90) d.ys prior to the end of the Original Term or Renewal Term
then In effect of Less..'s Intention to terminate this Agreement purau.nt to Article V
as the case may be.
ARTICLE IV: INSPECTION. Lessor shall h.ve the right at all reasonable times during
business houra to enter Into and upon the property of Lessee for the purpose of In-
specting the Equipment.
ARTICLE V: RENT PAYMENTS.
Section 6.01 R.nt Payment. to Con.tltut. . Cu".nt Exp.n.. of Les.... Lessor and
Lessee understand and Intend that the obligation of Lessee to pay Rent Payments
hereunder shall constitute a current expense of Lessee and sh.II not In any way be
construed to be . debt of Lessee In contravention of .ny applicable conslltutlonal or
st.tutory limitations or requirements concemlng the craatlon of Indebtedn8ls by
Lessee, nor shall anything contained herein conslltute a pledge of the general tax
revenues, funds or monies of Leesee, Neither the Lessee, the .state of Florida, nor any
political subdivision thereof shall be obligated to pay .ny sums due to Lessor here-
under from AD VALOREM taxes,
Section 5.02 P.ym.nt of Rent Payment.. Leesee sh.1I pay Rent P.yments, elCclusively
from legally available funds to Lessor In the amounts and on the dates set forth In
the Payment Schedule .tt.ched to this Agreement. A portion of each Rent Payment
Is paid as, and represents p.yment of, Interest and principal, r8lpectlvely, Balances
not paid when due sh.1I be subJect 10 pasl due Interest at the rate of 18% per annum
or the highest rate permitted by law, whichever Is less, Notwithstanding .ny other
provision of this .greement and under any and .11 circumstances, Lessee Is obligated
to pay Interest to Lessor on the purchase priCe (ram.lnlng balance) at the per .nnum
rate specified In this agreement for each day this agreement remains In effecl. All such
unpaid Interest shall be due Immediately upon termination of this leal8.
Section 5.03 R.nt Payment. to be Uncondltlonat. SubJect to Section 5,05, the obllge-
tlon of Lessee to makl payment of Rent Payments and other payments required under
this Agreement sh.1I be absolute and unconditional In all events, Lessee shall make
all such payments when due and sh.lI not withhold Iny such p.yments .s . ,..ult of
any disputes arl.lng among Lessee and Lessor, any Vendor or any other person, nor
shall Lessee assert any right of set-off or counterclaim ag.lnst Its obligation to make
such payments or be entllled to any abatament of such payments as a resull of acci-
dent or unforeseen circumstances,
(conllnue on b,ck)
THIS AGREEMENT IS SUBJECT TO THE TERMS AND CONDITIONS PRINTED ABOVE AND ON REVERSE SIDE WHICH ARE MADE A PART HEREOF.
ACCEPTED AT:
Emergency One, Inc.
(Lessor)
By:
Title:
I
Date: ')( ,1992
lESSEE ACKNOWlEDGES READING AND RECEIVING A COPY OF THIS AGREEMENT
By: X
City of Ocoee, FL
(l_ N.m. II Abovsl
Thl. underiiOned .fIIrma IhlI hi hi. been duly .ulhorlzed to
.xecut. thl. Ag,semen' on ......If 01 IhI ............med l_ll.
F~r u,.. !'r:d ,..lInllee ,,"Iv
bY the Oily e>1 OeD....
^PJIrowd :u 10 Form "nil (elGIlly
Ihl!! ~~, dsy oll2.(!.u..~f 11) '1 t 0:
Lester Dabbs, Jr.
Title: X MRYQr
8,
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;-;;"f;rt?~Ji~t;,~\~.-",:,>'tF:~!it9~lila............--_,1Fi;-'
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I",,! '" ~t ".. ,.. .'" ,,'. H:HMt:t A~,U.."vl\lUlllONS ....
., .. I ,:J;:' - . , ,
Ion 5.04 Contlnu.Oon of L.... Term b, L...... Leuee Int.nds to continue the ARTICLE X: ASSIGNMENT; SUBLEAsiNG: AND INDEMNIFlcAnON, '.: ," " " ,
lease Term Ihrough Ih. Original T.nn and all ollhe Renewal T.nn. ind to pay the 8eeUon 10.01 'Aalgnment'" L......' thleAgreemenland the obIigalion, oll...ee
R.nl Paymentehereunder. l..... reuonablybellevee thit leQaiiy'avaUable fund. af -, to' make paym.nts hereUnder..... not iiialgna6le. ..Ilible. or I...nslera" by leisor.
an amaunt .ufflclent to make all Rent Payment. during the Original Term and .ach In whole or In part. Any t...n.fer. ..I.. or a..lgninehl'of this agreemllnt to'an, oth.r
Renewal T.nn cen be obtained. lessee further Intend. to do all Ihlngs lawfully within party will rend.r thl. contract void,
Its power to' obtain and maintain funds from which Renl Payment. may b. mad.. Sectlan 10.02 No. Sale, Alllgnm.nl ar Subl...lng b, L...... Thll Agreement .nd
Including making provision for such payments to the extent necessary In each blannu.1 the Interest of le.... In the Equipment ma, not.be so!d. a..lgn~ or, .ncumbered
ar .nnu.1 budget .ubmltt.d .nd .dapted In .ccord.nc. with appllc.ble provl.lon. by le..ee, . , .,' ,', ,"
af .t.te I.w. to h.ve such portion of the budget .pproved. and to' .xh.ust all avell.ble S.ctlon 10.03 Ind.mnfnClltlon Co_anti. 'l8lsee agree. not to wlthhald or ab.t.
revl.w. .nd appe.,.ln th. event such portion af the budg.t I. nat apprav.d. .ny portion of Ih. p.yment. requlredpuBuant to. Ihl. Agr..m.nt by,r".son 01 any
Section 5.05 NorNIppfOpI1at1on. 'In the event sufficient fund. .h.1I nal be .ppraprf.led def.ct.. malfunctlans. br..kdOWll. o.r !nflnnltl.el af th. Equipment. .
far the payment of the R.nt P.yment. required to. be p.ld In the nexl occurring Re- " '
new.1 Tenn. .nd If l...ee h.. no. fund. legally av.lI.ble far Rent P.ymenll fram
, alher .aurce.. then le.... may t.nnln.te this Agreemenl .tlhe end af the Orlgln.1
Term ar then current Renewal Term. .nd l..... .hell not be abllg.ted to. make pay-
ment af the Rent P.yments provided lor In thl. Agreement beyond the Orfgln.' Tenn
ar the Renew.1 T.rm. whichever I. Ihe curr.nt lerm. and Le..e. .gree. to. deliver
notice to. L...ar.af IIlch.t.nnlnatlon at lel!l.t ninety (90) d.ys prlar to. Ihe end af Ihe . '
Orlgln.1 Term ar the Ihen cur...nt R.new.rTerm. If thl. Agr6ement Is termln.ted'
under thl. Sectlan 5,05. les... .gr88l, .t L8I..... cost .nd ,xpense. pe.ce.bly .nd
Immedl.I.ly to. volunt.rlly deliver th. Equlpmenlla L...ar .t Ih. lac.llan sp.clfled
by Le..ar;~~~JbICHIl(Q(JetcfDl.it"'IbJfOOJOxotI:ItMl~1Il
cIIJ1NODJOI(XlI[~"lII1IIIommo~Im8IOtJPJl1l(JOJl:XOOX
fDrlNCpWC~~lGlNCRlJIIpmtIKIll1lIICHIKtJllK4011K
APt~fti"6tllf)JGIlI~JtUIt~11111~lWm:tIt.jll.lIIItliQtlJP!
~nl. L..sor m.y sue far the unp.ld b.l.nce .nd compen..lary dainages .nd can' ,
callecl ..m. anly fram leg.lly .vell.bl. funds.
...
ARnClE XI: EVENTS OF DEFAULT AND REMEbIES.
Sectlan 11.01. Ewenll af D.fault D.nned. The lollowlng .h.1I con.tlMe .n ".venl
af def.ult" h.r8\Jnder: ' . '
A. F.llure by l..... to pey .ny Renl P.ymenl ar alher p.yment required 10. be paid
her8\Jnd.r .tlh" time .peclfled he...ln: ar ,
., B, 'Failure by lessee t6 ab..",. .nd perfarm'.ny olhet coven.nt. condltlan ar
.gr.emenl an It. part 10. be abserved or perfanned. ath.r th.n far. period af Ihlrty
(30) d.y. .fter wrltt.n natlCII to. l.ssee, lpeclfylng .uch f.llur. end r.qu8ltlng Ih.1
It be r.medled, unl.ss Lessar .h.1I .gree In writing 10. .n .xt.n.1on af .uch time
prlar 10 Its explretlan; pravlded. ha_ver. If the f.llure .t.led In the natlc. cannat
be carrected within the .ppllcable period. l8llOl' will nat unre.son.bly wlthhald It.
can..nt 10. .n exten.lan af .uch tlm. If corrective actlan I. In.tIluted by l...ee
within the appllc.ble perfod .nd diligently putsued until the d.fault II Corrected: ar
C, Br..ch af .ny m.terl.1 rep...s.nt.tlan or _rranty by l...ee und.r this Agree-
menl; ar,
D, Cammencement by l..... af . cae. or proceeding under the Feder.I bankruplcy
ARTICLE VI: nTlE TO EQUIPMENT; SECURITY INTEREST. I.ws ar filing by l8l.ee af .ny petltlan ar .nswer seekIng reorg.nlz.tlan, .r...nge-
S.ctlon '.01 Title to the Equlpm.nl Durfng the t.nn of thl. Agreem.nt. IIl1e to. the menl, compo.ltlan. re.dJu.tm.nt. IIquld.tlan ar slmll.r ...1I.f und.r .ny exl.tlng or
Equlpment.nd .ny .nd all addition.. repairs. replacements or rnodlflCIIllons .h.II veal future b.nkruplcy. Insalvency ar ather, .Imll.r I.w or .n .n._r .dmlttlng ar nat
In Lessee. subJect to. the rlghll af l8l8Or under Ihl. Agreement. In the event af def.ult. conlestlng Ih. m.t.rl.l. .IIeg.llan. af . pelllla(\ flied .g.I".1 l...ee In, .ny such
.s ..1 farth In Sectlan 11.01 or nan.ppraprl.tlan.s .et farth In Sectlan 5.05. tltkH. proceeding; ar . ' . , '. '. . .' ' . ,
\b&.E.qulpalenl.sl:llatt.lrAmecllatelv_~..R4 L.s.ee wlII1\Jpan lessar'. r. E. A p.tlllan .g.lnlii Le.... In . proceeding und.r .ny exl.tlng ar futu... b.nk-
qU8lt. reason.bly .urrender posaeaalon af th. Equlpm.nt to. l8lsor. .....ee~ ' ; .' ruptcy. In.oIvancy Or ath.r almll.r I.w .h.1I be flied .nd nat wllhdBwn ar dl.mlssed
.~"'wM}'-"tigfl"8I._,",...eoMtlhft81 a~~I:ener;end-afI"emms ., within thirty (30) deyalh.....fI.r.
d<o.lg".'~ by..l..aoq .as-l.....:I.tRl...~II&t......". feR4....M~H...wllh .' Section 11.02 R.medl.. on D.fault. In Ih. .vent Ih.t the Le.see nan.ppraprl.les
pewer: iIt_h-1fme ~1ef8tlIt-Or _eppropriafl",. v. t1hHllt'thereafter"llri.'ftSVI" In ... funds .s set farth In Section 5.05 the l..... .greas 10 volunt.rlly return Equipment
Ita.lQl&aad.8blQlule.dIeor.u~,~""""""'_"'-name: io-end_ 10. Le..ar Immedl.tely .nd quit cl.lm Its Inte...st. Ihereln, If the l.ssee f.lI. l)r r.
tbe-ll_ .of.l.......up_AV~IeeIe..J.1*'8r SlI-.. eale, dootlment;-instrvlmmt: fuse. 10. valunt.rlly r.turn the Equipment. L.ssar c.nnot ...po..... Ih. Equipment
1""'Mr4,.It'*IMIlrIMIl-ef.Ie"'"'......IInIIel'-~..IetIftt-t&Ih~ltIJM118ntfn .nd c.nnat abl.ln .peclflc perfarm.nce af Lessee'. coven.nt to. valunl.rlly ...tum
Older to '~It mt."" 1.e8Ier..Ml-trenefer1tlMaessJenoie-I:e_, . the Equlpm.nt; however. the le..ar'. lIale remedy (ath.r Ih.n alher rlghl. and
S.ctlon '.02 Security Int.r.lt. L...ee does nal gr.nt . security Inleresl In the r.medles. It m.y h.ve .t I.w .g.ln'l Le...... leg.11y .v.il.bl. fund. far campens.-
equlpm.nt to. lessar, lary d.m.ges) I. to. iue Ih. L...ee for the unp.ld b.l.nc. af Ih. le..e purch.s.
prfc.. bul Les.or can anly callecl such unp.ld b.l.nce from leg.lly .v.lI.bl. fund.
af L.ss.., In the evant the L...ee def.ult. und.r any provl.lans af Ihl. Agreement
ather Ih.n S.ctlan 5.05. th.n L8I.ar h.. the right "18ek..,",flc1terfeml~ .
IUd1.olb_ proar\8Iona, to. seek campen..lory dam.g81 far breach. <<14I.....k-oVIer
: lega~84\ltI~lIlee. No. d.l.y ar aml..lon to. .x.rclse .ny rlghl or pawer
.ccrulng upon any def.ult .helllmp.lr .ny such rfght ar power ar .hall be conslrued
to. be . w.lver th.reof. "
Sactlon 11.03 No R.m.dy Ellclullwe. No. r.medy h.reln conf.rred upon ar re.erv.d
10. L.ssar I. Inlanded 10. be exclu.lve.nd every .uch r.medy .h.1I be cumul.tlve
. .nd .h.1I b.ln .ddltlan to. every ath.r r.medy given underlhl. Agreement ar naw
ar here.fler exl.tlng .t I.w ar In equity. No. delay ar aml.slan 10. .x.rcl.. .ny rfghl
or pawer accruing upon .ny default .h.1I Imp.lr .ny .uch right ar po_r ar .h.1I
be can.lrued to. be . w.lver th.reaf,
"
* - VOluntarily
ARTICLE VII: MAINTENANCE: MODIFICATION: TAXES: INSURANCE.
Sectlan 7.01 M.lnt.RlinCII af Equtpm.nt b, L._. l8l... .g"'81 th.1 .t .11 tlmel
during the L.ase T.r"} L.sse. will. .t Le..ee'. own co.t .nd expense, m.lnl.ln.
p.....rv. .nd keep Ihtr'Equlpmenlln good repair. workIng arder .nd condlllan,
Section 7.02 T.x.., Oth.r Gowemm.nlal Ch.rgn.nd UtUlty Ch.rg... In the evant
Ih. use. pa.....lan ar .cqul.ltlon af the Equlpm.nt'ls found to be sub/ecllo tax.-
lIan In .ny farm (excepl for Income I.xes af L.ssar) L8I.ee will p.y during the
Le.s. Tenn,. ..Ih. ..m. respecllvely came due, .11 t.xes .nd govemmental ch.rges
af .ny kind wh.lsoever Ih.t m.y .t .ny lime be I.wfully .ssessed ar levied .g.lnal
ar with r..pect to. Ihe Equlpm.nt.
, Section 7.03 Inluranc.. At It. awn .xpens. Les... .h.l.I c.u.e c..u.lty. public
lI.blllly .nd praperty d.m.g. In.ur.nc. to. be c.rrled .nd m.lnt.lned, ar sh.1I
deman.tr.te to. the sallsfacllan af L..sar th.t .d.qu.t. self-In.ur.nce I. pravlded
with ....pact to Ihe Equlpmenl. sufficient to. prolect Ihe Fulllnsursble Value (meaning
Ihe full ...pl.cemenl v.lu. (new) af the Equipment ar Ih. then .ppllc.bl. Purchas.
Prlc., whichever Is g....ter), and to. prat.ct L8I8Or from lI.blllly In .11 evenl., l...e.
.h.1I fuml.h 10. le..ar Certlflcete. evidencing .uch cover.g. throughoul the leas.
Term, Altern.llvely. Lassee m.y Insure the Equipment under. bl.nket Insur.nc.
policy ar pollcle. which caver nat only Ihe Equlpmenl bul alher prapertles. If L.....
shallln.ure .Imllar prapertles by sell-Insur.nce, lessee wlllln.ure the Equipment
by me.ns af .n .dequ.te In.ur.nc. fund, All In.ur.nc. .h." nanie' l...ee and
Lessar .s .ssur.ds .nd lass p.yees .. their r..pecllve Int.r8lls m.y .ppe.r .nd
.h.1I pravld. far .llea.t ten (10) d.ys prlar written natlce by the underwrlt.r ar
Insur.nce camp.ny to. the L...ar In Ihe evenl af c.nc.lI.tlan or .xplr.llan.
..
ARTICLE VIII: DISCLAIMER OF WARRANTIES.
The equipment II cavered by the regul.r prlnled wirr.nty. If any. 0.1 the Seller.
l.sse. m.y .nfarc. It. full rlghls und.r .uch w.rranty. but It .h.1I not let aff .ny
cl.lms .g.ln'l Ihe I.... p.yinentl hereund.r. Th. Seller'. _rr.nty provld81
Les... with II. exclu.lve w.rr.nty right. .nd dlsagreem.nt cont.ln. no w.r...nty
ar ...present.tlan. ellh.r exp..... ar Implied. .. to v.lue, d..lgn. condition.
merch.ntablllty or fltn... far partlcul.r purpose or u.. af the equipment.
.TfCLE IX: OpnON TO PURCHASE. Pravlded L.ssee h.. paid .lIlnt.rtisl owed
,.,pursu.ntla Sectlan 5.02.nd I. nat In def.ult her.und.r.l..... m.y.uPon giving
, l.lIar not less then ninety (90) d.ys prior wrftt.n natlce. elecl to. purch.se .11, but
noli... then all.' of lhe Equlpmenl an .ny ennusl .nnlverll8ry af the eommeticement
O.t. far the appllCllble Purchas. Price .. ..t forth In the P.ym.nt Schedul.
att.ched h.r.ta. which .maunt shall be due .nd p.y.bl. an the d.y fallowing the
.nnu.1 .nnlv.r..ry af the Comm.ncement O.t.,
".,....,.
I.t,
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....... "
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, ARTICLE XII: MISCELLANEOUS.
Section 12.01 NatlcH. All natlc.s ar oth.r communlcatlan. h.r.und.r .h.1I be
.ufflclently gIven .nd .h.1I be deemed given when d.llvered or m.lled by registered
m.lI, past.ge pr.pald. to tli. pertles .tthelr ....pecllve pl.ces af bu.ln....
Section 12.02 Blndtng Effect. Thl. Agreement .h.lllnu... 10 the ben.fIt af .nd .h.1I
be binding upon le..ar .nd L...ee .nd their ....pectlv. .UCC8lSOB .nd ...Ign.,
S.ctlan 12.03 S.v....blllty. In the .vanlany provl.lan af Ihl. Agreem.nl .h.1I b.
.h.ld Inv.lld ar un.nfarc..bl. by .ny court af compet.nt /ul1sdlctlorl. luch haldlng
.h.1I nat Inv.lld.l. ar rend.r un.nfarce.bl. .ny ath.r provl,'an h.reof. .
,Sectlan 12.04 Advanc... In the event l...ee f.lIs to. p.y any .mounl. due h.r.
under ar to. perfarm .ny af Itl abllg.tlan. under thl. Agreem.nt. l...ar m.y .1 Its
aptian pay .uch .maunts ar perfann .uch abllg.tlan.. .nd l...ee .h.1I relmburs.
Les.ar Ih. .maunt af .uch payment or coat af perform.nce upon dem.nd. together
wllh Inler..t .t the r.l. af .Ighteen perc.nl (18~) per .nnum ar the highest r.te
p.rmltted by l.w,.whlchever.I.18I.. , , " ,'.,.,
Section 12.05 Executlan In, Count.,.,.rt..thl. Agreement m.y be executed In
mulilple counl'rP.rt.. ..ch af whIch .h.1I be .n orIgin.' .nd .11 0.1 which .h.1I
canstllul. bul an. .nd Ih. sem. Initrumeni.' ' , . ' , ,
Section 12.iIe' Ajlpilcable lAw: 'Thi'AgrMmj;~t sh.,1 beooverned by .nd construed
In .ccord.nce with the laws of the SI.t. In which Lassee I. localed,
Section 12.07 Entl... Agreem.nl Thl. Agreem.nt con.mut.. the .ntl... .greem.nt
between l8l'or .nd l..... .nd may not be am.nded. .It.red ar modified .xc.pt
by wrltt.n Inltrument Ilgned by L...or .nd l...... Any t.nn. .nd condltlans af
.ny purch... arder'or alh.r docum.nt (wllh the .xceptlah af Supplem.nts) aub-
, mllted by l...ee In cann.ctlan wllh thl. Agreem.nt which .ni In .ddlllan 10. ar
Incon.lslent with the t.rm. .nd condlllona af thl. Agreement will nat be bInding an
l.ssar and will nat .pply to. thl. Agreem.nt. l..see by Ih. .Ign.ture af lis
.ulharlzed ...pres.nt.tlve' .cknowl.dg.. th.t It h.. ....d this Agr..m.nl.
und.rsl.nd. It. .nd .gr... to. be bound by II. I.nn. and condlllon..
, ,
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FOLEY & LARDNER
III NORTH ORANGE AVENUE, SUITE IBOO
ORLANDO, FLORIDA 32801-2386
TELEPHONE (407) 423-7656
FACSIMILE (407) 64B-1743
MAILING AOORESS:
POST OFFICE BOX 2193
ORLAN 00, FL 32B02-2 193
MILWAUKEE, WISCONSIN
MAOISON, WISCONSIN
WASHINGTON, O.C.
ALEXAN ORIA, VI RGI N IA
AN NAPOLIS, MARYLAN 0
CHICAGO, ILLINOIS
TAMPA, FLORIOA
. .JACKSONVILLE, FLORIOA
TALLAHASSEE, FLORIOA
WEST PALM BEACH, FLORIOA
December J:L, 1991
Emergency One, Inc.
c/o Federal Signal Leasing
1415 W. 22nd Street
suite 1100
Oak Brook, IL 60521
RE:
Gentlemen:
Municipal Lease and option Agreement #M-01276, dated
December J'/, 1991, between The City of Ocoee, Florida
and Emergency One, Inc. ("the Agreement")
As counsel for the city of Ocoee, Florida ("the Lessee"), we
have examined the above referenced original Agreement between
Lessee and Emergency One, Inc. ("the Lessor"), and the proceedings
taken by Lessee to authorize and execute the Agreement. Based upon
such examination of law and fact as we have deemed necessary or
appropriate, it is our opinion that:
1. Lessee is a public body, corporate and politic, duly
organized and legally existing under the laws of the
state of Florida.
2.
3.
.
The Agreement has been duly authorized,
delivered by Lessee pursuant to Article
Constitution of the state of Florida and
Florida Statutes.
executed and
VIII of The
Chapter 166,
Subject to the qualifications and limitations set forth
below, the Agreement is a legal, valid and binding
obligation of Lessee, enforceable in accordance with its
terms; provided, however, that we render no opinion as to
the effect on the validity and enforceability of the
Agreement of the provisions thereof which purport to vest
ti tIe to the leased property in Lessee. In the event the
Lessor obtains a judgment against Lessee in compensatory
money damages, as a result of an event of default under
'.
EmergencY,Qpe, Inc.
December ~, 1991
Page 2
.
the Agreement, Lessee will be obligated to pay such
judgment.
4. No litigation is pending or, to the best of our
knowledge, threatened in any court or other tribunal,
state or federal, in any way questioning or affectins. the
validity of City of Ocoee Resolution No. 91-~,
authorizing the Agreement.
5. The signature of the official of Lessee which appears on
the Agreement is true and genuine; we know said official
and know him to hold the office set forth below his name.
6. The Lessee is a political subdivision within the meaning
of section 103 of the Internal Revenue Code of 1986, as
amended, and Treasury Regulations and Rulings related
thereto. Subject to the qualifications and limitations
set forth below, it is our opinion that the portion of
rental payments made by Lessee during the Lease Term
which are identified as interest, upon receipt, will not
be includable as federal gross income under applicable
statutes, regulations, court decisions and rulings
existing as of the date of this opinion and consequently
will be exempt from present federal income taxes,
provided, however, that we render no opinion regarding
what effect the provisions contained in the Agreement
relating to the vesting of title to the leased property
in Lessee will have on the exclusion of said interest
from federal income taxation.
This opinion is rendered solely for your benefit and no other
person or entity shall be entitled to rely on this opinion without
our express written consent.
FOLEY & LARDNER
.
By:~frJ f. 4JkfJ
Paul E. Rosenthal,
a partner
cc: City of Ocoee