HomeMy WebLinkAboutItem VI (B) 1-3 Leasing Car for City Manager - Approval of purchase through Bid 92-001, Resolution No 93-06, Authorization to Mayor & City Clerk to execute Ford Motor Credit AGENDA 7-6-93
Item VI B 1,2,3
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYUK'LUMMISS1UNhK
Ocoee S.SCOTT VANDERGRIFT
CITY OF OCOEE COMMISSIONERS
YJOHNNSSON
v /\ 0. 150 N.LAKESHORE DRE PAUL W.FOSTER
0 DRIVEOCOEE,FLORIDA 34761 VERN COMBS
(407)656-2322 SAM WOODSON
l444, N`J QTY MANAGER
�f G00� ELLIS SHAPIRO
MEMORANDUM
TO: The Honorable Mayor and Board of City Commissioners �j,�
FROM: Monty a Beamer, Director of Administrative Services ?�v
DATE: June 29, 1993
SUBJECT: LEASING CAR FOR CITY MANAGER
The approval of the Mid-Year Budget Amendment included the purchase of a vehicle for the
City Manager. Based upon the prices obtained through competitive bid 92-001 which opened
November 4, 1992 and was awarded January 5, 1993, the vehicle may be purchased through the
terms and conditions established in the award of 92-001; these terms and conditions included not
only the pursuit vehicles to specification but also the leasing arrangement through Ford Motor
Credit Company. The cost of the vehicle is $12,783.00 and the leasing arrangement allows six
(6) payments (semi-annually for 3 years) at $2,300.38 per payment.
All documents will be executed as originally modified by the City Attorney. As with many
leasing agreements, there is a requirement for a Resolution which provides formal Commission
approval for entry into the Leasing Agreement. Resolution 93-06 was drafted by the City
Attorney and has the necessary language to satisfy this requirement.
Action Requested
The Honorable Mayor and Board of City Commission (1) approve the purchase of the City
Manager's vehicle through Bid 92-001 at the cost of$12,783.00 (Don Reid Ford) with financing
for 6 payments (semi-annually for 3 years) at $2,300.38 per payment with an initial
documentation fee of$150.00 (Ford Motor Credit Company), (2) adopt Resolution 93- 06 and
(3) authorize the Mayor and City Clerk to execute necessary documents from Ford Motor Credit
Company.
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Ford Motor Credit Company The American Road
P.O. Box 1739
Dearborn, Michigan 48121-1739
June 28, 1993
The Honorable S. Scott Vandergrift
Mayor/Commissioner
City of Ocoee
150 North Lakeshore Drive
Ocoee, FL 34761
Subject: Lease-Purchase Agreement Number 36895
Dear Mayor Vandergrift:
The Lease-Purchase Agreement documents for the equipment being acquired from Don Reid
Ford, Inc. are enclosed. Please review the following documents for accuracy and execute
where indicated:
• Schedule A-I, Page 1
• Delivery and Acceptance Certificate(s) - Please indicate the date the equipment was
accepted by you.
• Temporary Insurance Form - Please complete.
• 8038-GC - Please review and execute where indicated. We will forward the original
to the IRS and return a copy with the agreement for your records.
Please return all of the documents with original sicinatures by July 8, 1993 to Ford Motor
Credit Company at:
P. O. Box 1739, Dearborn, MI 481 21-1 739
or any Overnight/Express Delivery to:
Commercial Lending, The American Road, Dearborn, MI 48126
Included with the documents should be a check to Ford Motor Credit Company in the
amount of $2,450.38 for the first payment of $2,300.38 and the documentation fee of $150.00.
Your account number is 3689501, please refer to this number should you require any
assistance.
I will have the documents executed for Ford Motor Credit Company and return a copy to you.
If you have any questions, please call me at (800) 241-4199.
Si cer-ly, ',yr/
Eve n J. arpy
Enclosures Municipal Financing
RESOLUTION NO. 93-06
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 ("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
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 day of , 1993.
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 , 1993
FOLEY & LARDNER APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING
HELD ON THE DATE INDICATED
By: ABOVE UNDER AGENDA ITEM
City Attorney NO.
C:\WFS1\DOC \OCOE\FORDRFSO.DOC16/30/93IODErrEIPER:.d
Page 1
SCHEDULE A-I - EQUIPMENT LEASE-PURCHASE AGREEMENT
Lease No. 36895
This Equipment Schedule dated as of 07/07/93, 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 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
1 1993 Ford Crown Victoria Police Interceptor Don Reid Ford, Inc.
Serial No. : 2FACP71W4PX175079
EQUIPMENT LOCATION: City of Ocoee
150 North Lakeshore Drive
Ocoee, FL 34761
Initial Term: 36 Months Commencement Date: 07/07/93
Periodic Rent: 5 Consecutive Semi-Annual Payments of $2,300.38 each (including
interest), followed by one final payment of $2,300.36 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-I, 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 K. A. Carlson
Mayor Manager, Marketing & Sales
Schedule A-I Page 2
Payment Schedule Lease Number: 36895
Lease Lease
Payment Payment Lease Interest Principal Concluding
Number Date Payment Portion Portion Payment
1 7 / 7 /1993 $2,300.38 $0.00 $2,300.38 $10,482.62
2 1 / 7 /1994 2,300.38 332.82 1,967.56 8,515.06
3 7 / 7 /1994 2,300.38 270.35 2,030.03 6,485.03
4 1 / 7 /1995 2,300.38 205.90 2,094.48 4,390.55
5 7 / 7 /1995 2,300.38 139.40 2,160.98 2,229.57
6 1 / 7 /1996 2,300.36 70.79 2,229.57 1.00
TOTALS 13,802.26 1,019.26 12,783.00
LESSOR: FORD MOTOR CREDIT COMPANY
P. 0. Box 1739
Dearborn, MI 48121
DELIVERY AND ACCEPTANCE CERTIFICATE
The 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 LEASE SCHEDULE A-I DELIVERY PURCHASE PURCHASE
DATE NUMBER DATE NUMBER DATE ORDER NO.
03/10/93 36895 07/07/93 1 -- --
EQUIPMENT INFORMATION
QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO. ) SUPPLIER
1 1993 Ford Crown Victoria Police Interceptor Don Reid Ford, Inc.
Serial No. : 2FACP71W4PX175079
LESSEE: City of Ocoee BY:
150 North Lakeshore Drive
Ocoee, FL 34761
(TITLE)
DATE ACCEPTED:
,.., 8038-GC teefidstetfi•Information Return for Small Tax-Exempt
Governmental Bond Issues, Leases and Installment Sales oMa No.1545.0720
(Rev.October 1989) . -110,Under Section 149(e) I.For calendar year ending 19 Expnes 05/31/92
Department or the Treasury (Use Form 8038-G if the issue price of the issue is$100,000 or more.)
Internal Revenue Unice
Part I Reportin thority Check box if Amended Return ► ❑
I Is n'a Odee& I Si Go Q 74i/ number
3 Numberand reel o Lae(i�C ‘���" f- 3,_.... ,,e,
// •
4 Cit :n•JP 1 'estatZIP c—� .1. 1r6/
Part II Description of Obligations
Issue price of the small tax - - -t governmental ob i.ation 15 - 7j' 00
6 h k the box that most nearly approximates the weighted average maturity of the obligations:
a Less than 5 years �, %,% ; /i / ,' / ��/
b 0 From 5 to 10 years , ,, �,,/ � iia,
c ❑ More than 10 years "''''/ ""''/�' ',/// 'G/�'"
%/� /%/ /i// ,i%/ %//
7 Check the box that most nearly approximates the weighted average interest rate on the obligations: �/ /' // iG/'//�
aLess than 5% '!' ','/' ////
b From 5%to 10%
c More than 10% /
/ /
8 Total issue price of the obligations reported on line 5 that are:
a Obligations issued in the form of a lease or installment sale 8a /j 7,_3
b Obligations designated by the issuer under section 265(bX3XBXiXIII) 8b
c Obligations issued to refund prior issues 8e
d Loans made from the proceeds of another tax-exempt obligation ; 8d a
Under penalties of perjury.I declare that I have examined this return and accompanying schedules and statements.and to the best of my knowledge and belief.
Please they are true.correct.and complete.
Sign
Here
Signature of officer Date Type or print name and title
•
General Instructions If you have comments concerning the Who Must File
(Section references are to the Internal accuracy of thus time estimate or Each issuer must file Form 8038-GC for all
Revenue Code unless otherwise noted.) suggestions for making this form more tax-exempt governmental bonds,leases and
b
simple,we woulde happy to hear from installment sales issued during the calender
Paperwork Reduction Act Notice you.You can write to either the Internal year,with an issue price of less than
Revenue Service,Washington.DC 20224, $100,000.Form 8038-G is filed to report
We ask for this information to carry out the Attention:IRS Reports Clearance Officer, each issue of governmental obligations with
Internal Revenue laws of the United States. T:FP:•or the Office of Management and issue prices of$100,000 or more.
We need it to ensure that you are complying Budget,Paperwork Reduction Project
with these laws.You are required to give us (1545-0720),Washington,DC 20503. When To File
this information. Item You Should Note File Form 8038-GC on or before February
The time needed to complete and file this A governmental unit is required to file this 15th after the close of the calendar year in
form varies depending on individual form for all small tax-exempt governmental which the issue is issued.Form 8038-GC
circumstances.The estimated average time obligations on which it pays interest These must be completed based on the facts as of
Is: obligations include bonds,leases and the close of the calendar year.
Recordkeeping . . . . 3 hrs.,21 min. installment sales. Late filing.—A Form 8038-GC filed after
Learning about the Purpose of Form the due date may be granted an extension
law or the form 1 hr.,34 min. Form 8038•GC is to be used by issuers of of time to file under section 3 of Rev. Proc.
Preparing88-the form. . . 2 hrs.,37 min. tax-exempt governmental obligations to that the0.1988-1e C.B. in a ifi it is determined
that failure to file in a timely manner is
Copying, provide IRS with the information required by not due to willful neglect.A late Form
py' g,hesombltog,and section 149(e)and to monitor the
sending the form to IRS .16 min. requirements of sections 141 through 150.
Form 8038–GC (Rev 10-89)
11/2/92 Published by Tax Management Inc.,a Subsidiary of The Bureau of National Affairs,Inc. 8038-GC.1
53
Form 8038-GC (Rev. 10.89) Page 2
8038-GC should be sent to:Internal same issuer,on the same date,and supplemented by estimates made In good
Revenue Service,Philadelphia Service pursuant to a single transaction(or series of faith.All entries may be based on good
Center.Statistics of Income Unit.P:DA: related transactions).With respect to faith approximations. .
Unit F•S01,Philadelphia,PA 19255,Stop draw-down loans,all amounts reasonably Line 5.—Enter the total issue price of all
89335.Type or print at the top of the form, expected to be advanced within 3 years of small tax-exempt governmental obligations •
-This Statement Is Submitted in the date of the first draw may be treated as issued during the calendar year.Small
Accordance with Rev. Proc.88-10."Attach part of the same issue if the draws are ' governmental obligations means those with
to the Form 8038-GC a letter briefly setting equally and ratably secured by the same an issue price of less than$100.000.If the
forth the reasons why Form 8038-GC was loan agreement and are pursuant to a obligations are reoffered to the public by an
not submitted•to the IRS on time,and also common financing arrangement.All intermediary,the issue price is the
indicating whether the obligation in obligations that are issued pursuant to a reoffering price(excluding accrued
question is under examination by the IRS. single finance lease or installment interest).
Do not submit copies of any bond purchase agreement may be treated as The issue price of an obligation means
documents,leases.or installment sale part of the same issue if all of the property the principal amount due on the obligation
documents. covered by that agreement is reasonably and does not include interest paid or to be
Where To File expected to be delivered within 3 years of paid.Therefore line 5 should include only
the date of issue of the first obligation. the principal amount due on obligations
File Form 8038-GC with the Internal sold during the calendar year.For example,
Revenue Service Center,Philadelphia,PA Specific Instructions only the purchase price of an asset acquired
19255. Part I.—Reporting Authority pursuant to a lease should be included on
Definitions Amended Return.—If you are filing an Line 5 and only in the year such lease is
amended Form 8038-GC,check the entered into.A lease or installment sale is
• A tax-exempt obligation is not limited to amended return box and complete Part 1 treated as issued on the date interest starts
the formal issuance of bonds.It alsoto accrue.
and only those parts of Form 8038-GC you
includes installment purchase agreementsLine 6.—The weighted average maturity is
are amending by entering the correct
and financial leases. the average maturity on the obligations.
information.Do not file an amended Form With respect to bonds,each bond should be
• A tax-exempt governmental obligation 8038-GC to amend estimated amounts you
is a tax-exempt obligation that is not a previously reported once the actual weighted to its par value.For a lease or
private activity bond. amounts are determined.(See the Part II installment sale,enter the total number of
• A private activity bond is generally an instruction,below.) years the lease or installment sale will be
obligation issued as part of an issue of Line 1.—The issuer's name is the name of outstanding.
which:(1)More than 10%of the proceeds the entity issuing the obligations,not the Llne 7.—The weighted average interest
are to be used for any private business use; name of the entity receiving the benefit of rate is the average interest rate on the
and(2)More than 10%of the payment of the financing. In the case of a lease or obligations.Each bond should be weighted
principal or interest of the issue is either installment sale,the issuer is the lessee or in proportion to its par value and its length
secured by an interest in property to be purchaser. of maturity.
used for a private business use(orLine 2—Issuer's employer identification Line 8.—Enter the total issue price of the
payments in respect of such property),or isnumber(EIN).—If the issuer does not have obligations reported on line 5 that are
to be derived from payments in respect of an employer identification number,enter described on lines 8a,8b.8c,and 8d.More
property(or borrowed money)used for a "none'and attach a completed Form SS-4, than one line may apply to a particular
private business use.An obligation is also Application for Employer Identification obligation.For example,obligations issued
considered a private activity bond if theto refund prior issues which were
Number,to Form 8038-GC.If,however,the
amount of the proceeds to be used to make designated by the issuer under section
issuer has previously applied for such a
or finance loans(other than loans described number,attach a statement giving the date 265(bX3XBX1X1II)should be reported on
in section 141(cX2))to certain persons line 8b and line 8c.
exceeds the lesser of 5%of the proceeds,or of the application and the office where it
$5,000,000.Private activity bonds should was submitted. Signature
be reported on Form 8038,Information Part II.—Description of Obligations Form 8038-GC must be signed by an
Return for Tax-Exempt Private Activity Bond authorized representative of the issuer.Also
Issues. This part may be completed based on print the name and title of the person
• Issue—Generally,separate obligations
information readily available to the issuer signing the Form 8038-GC.
should not be treated as part of the same at the close of the calendar year,
issue if the obligations are not issued by the
AMOS/nal Msesseaerta M Fonts e0$S-OC.Consolidated later than February 15th of the calendar year following the
lnfonnnden Return ter Small Tax-Exempt Goverment Bond calendar year io which the issue is issued.
Issues.Leases ant instilment Sobs(Rev.octaber.1909) U the issue of which the bond is a part was lamed during
the first or second calendar quarters of 1992,however.the
deadline for filing a Form$038-GC separately Is extended
until November 19, 1992.For thug a Form 903$-GC sopa-
Announcement 92-147 rarely for hoods issued during the third quarter of 1992.the
filing deadline remains November 19.1992.
Pursuant to T.D. $425. Information Reporting for Tax- Bond issuers that choose to file a separate return may
Exempt Bond Issues. 1992-30 I.R.B. 7, issuers of govern- adapt and file the 1989 revision of Form 903$-GC until a
mental bond issem that have an law price of les than new revision is released.To adapt the 1989 revlaioo of Form
$100,000 and that are not private activity hoods, have an 8038-GC for separate tiling,the ismer should(1)strike the
option of meeting the information reporting requirements word"Conchdated"is the title.and(2)strike line 3 of the •
by filing a Form$038-GC separately for each small issue, form and write Issue price of the small tax-exempt govern-
An lamer meat file a Form 80311-GC on a consolidated basis mental obligation"in its place. .
for all small goveraaeetal bone.ismer issued during the Issuers that desire to file on a consolidated basis need not
same calendar year for which information was not reported alter the 1989 revision of Form$038-GC in any way.
on a separate return. U the issue is a construction isms and a irrevocable
A Form 1038-GC filed separately must be filed no later election to pay a penalty in Ilan of arbitrage rebate has been
than the 15th day of the second calendar month after the made on or before the date the bonds were imesd.continue
close of the calendar quarter in which the ism is issued.A to follow the guidelines contained In Rev. Proc. 92-22.
Form$039-GC filed on a consolidated basis must be filed no 1992-12 LRB.33,for amending Farm 80
8038-GC.2 Published by Tax Management Inc.,a Subsidiary of The Bureau of National Affairs,Inc. 11/2/92 •
INSURANCE FACT SHEET
We require a Certificate of Insurance or Declaration Page shown in the name of the Municipal-
ity listed below. If Self-Insured for any coverage, a letter on Municipality letterhead is
required. If more than one insurance company is used, indicate each & for what type
coverage. Per the Agreement, we require Liability & Physical Damage on all vehicles, Liability
& Property Damage on all other equipment & FORD MOTOR CREDIT COMPANY named as
Loss Payee or Additional Insured. RETURN TO: Ford Motor Credit Company, P.O. Box 1739,
Dearbom, MI 48121-1739
TRANS NO: 3689501 UP AGREEMENT NO: 36895
MUNI: City of Ocoee
ADDRESS: 150 North Lakeshore Drive
CITY: Ocoee, FL 34761
CONTACT: Karen Murphy PHONE: (407)656-2322
EQUIP DESC: One 1993 Ford Crown Victoria Police Interceptor, 2FACP71 W4PX175079
INSURANCE CONTACT:
ADDRESS:
CITY: STATE: ZIP:
PHONE: CONTACT PERSON:
POLICY NO: EXPIRATION DATE:
LIABILITY AMT: PROPERTY DAMAGE AMT:
PHYSICAL DAMAGE AMT: COMPREHENSIVE DEDUCTIBLE:
COLLISION DEDUCTIBLE:
INSURANCE CONTACT:
ADDRESS:
CITY: STATE: ZIP:
PHONE: CONTACT PERSON:
POLICY NO: EXPIRATION DATE: •
LIABILITY AMT: PROPERTY DAMAGE AMT:
PHYSICAL DAMAGE AMT: COMPREHENSIVE DEDUCTIBLE:
COLLISION DEDUCTIBLE:
SELF-INSURED FOR: LIABILITY: PROPERTY: PHYSICAL:
CONTINUOUS COVERAGE: FROM TO