2008-03 Police CarsRESOLUTION NO. 08 -03
SECTION 1.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
OKEECHOBEE, FLORIDA, AUTHORIZING THE LEASE
FINANCING OF CERTAIN EQUIPMENT THROUGH
EXECUTION OF A MASTER LEASE PURCHASE
AGREEMENT WITH POPULAR EQUIPMENT, INC.;
PROVIDING FOR THE PAYMENT OF THE LEASE
PAYMENTS; MAKING CERTAIN OTHER COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, be it resolved before the City Council for the City of Okeechobee,
Florida; presented at a duly advertised public meeting; and passed by majority vote
of the City Council; and properly executed by the Mayor or designee, as Chief
Presiding Officer for the City that:
Authority for this Resolution. This Resolution is adopted pursuant to the
Constitution and laws of the State of Florida, including particularly Chapter 166, Part
II, Florida Statutes, and other applicable provisions of law (hereinafter collectively
referred to as the "Act
SECTION 2.
Findings. It is hereby ascertained, found, determined and declared by the City of
Okeechobee, Florida, (the "Lessee that:
SECTION 3.
(a) It is necessary, desirable, and in the best interest of the Lessee and
its inhabitants that the Lessee acquire the equipment described in
Exhibit A hereto (the "Equipment and pay for such acquisition
through a lease- purchase financing structure pursuant to a Master
Lease Purchase Agreement (the "Lease- Purchase Agreement
dated February 5, 2008, between the Lessee and Popular Equipment
Finance, Inc. (the "Lessor
(b) The Lessee is authorized and empowered by the Act to enter into
transaction such as that contemplated by the Lease- Purchase
Agreement and to fully perform its obligations thereunder in order to
acquire the Equipment.
(c) The execution and delivery of the Lease Purchase Agreement by the
Lessee will comply with all of the provisions of the Act.
(d) The Lessee has requested proposals from financial institutions and
has determined that the terms proposed by the Lessor are in the best
interest of the Lessee consistent with the request for proposals issued
for this purpose.
Authorization of Equipment. The lease- financing of the Equipment is hereby
authorized, pursuant to the provisions of a Lease Purchase Agreement which shall
contain terms consistent with the proposal of the Lessor attached hereto as Exhibit
B.
Page 1 of 7
SECTION 4.
Approval of Lease Purchase Agreement. The Lessee hereby authorizes and directs
its Mayor or City Manager to execute and deliver, and the City Clerk of the Lessee
to attest under the seal of the Lessee, a Lease Purchase Agreement, all of the
provisions of which, when executed and delivered by the Lessee as authorized
herein and by the Lessor, shall be deemed to be a part of this Resolution as fully
and to the same extent as if incorporated verbatim herein. The Lease Purchase
Agreement shall be in such form as approved by the Mayor or City Manager, such
approval to be conclusively presumed by the execution thereof. The rent payments
to be paid under the Lease Purchase Agreement and other terms of the Lease
Purchase Agreement shall be consistent with the proposal of the Lessor attached
hereto as Exhibit B.
SECTION 5.
Designation as Qualified Small Issuer Obligation. The Lessee (including all
subordinate entities which issue tax exempt debt on behalf of Lessee) does not
reasonably anticipate issuing tax exempt obligations in excess of $10,000,000
during the current calendar year. The Lessee does hereby designate the obligation
to lease the Equipment pursuant under Section 265(b)(3) of the Internal Revenue
Code of 1986.
SECTION 6.
Further Action. The proper officer of the Lessee are hereby authorized, empowered
and directed to take all such further action and to execute such additional
documents as they deem advisable to carry out the purposes of this Resolution.
SECTION 7.
Severability of Invalid Provisions. If any one or more of the covenants, agreements
or provisions contained in this Resolution or the Lease Purchase Agreement, or any
other document or agreement hereby authorized shall be held contrary to any
express provision of law, or against public policy, or shall for any reason whatsoever
be held invalid, then such covenants, agreements or provisions shall be null and
void and shall be deemed separable from the remaining covenants, agreements or
provisions and shall in no way affect the validity of any of the other provisions hereof
or of the Lease Purchase Agreement, or any other document or agreement hereby
authorized.
SECTION 8.
Succession of Officer of Lessee; Performance of Duties. In the event that the office
of any officer of the Lessee mentioned in this Resolution shall be abolished or any
two or more of such offices shall be merged or consolidated, or in the event of a
vacancy in any such office by reason of death, resignation, removal from office or
otherwise, or in the event any such officer shall become incapable of performing the
duties of his /her office by reason of sickness, absence from the Lessee or
otherwise, all powers conferred and all obligations and duties imposed upon such
officer shall be performed by the officer succeeding to the principal functions thereof
or by the officer upon whom such powers, obligations and duties shall be imposed
by law.
SECTION 9.
Benefit of Resolution Limited. Except as herein otherwise expressly provided,
nothing in this Resolution, express or implied, is intended or shall be construed to
confer upon any person, firm or corporation other than the Lessee and the Lessor
(or its assigns) any right, remedy or claim, legal or equitable, under or by reason of
this Resolution or any provision thereof, this Resolution and all its provisions being
intended to be and being for the sole and exclusive benefit of the Lessee and the
Lessor (or its assigns).
Page 2 of 7
ATTEST:
SECTION 10
Successors and Assigns. All the covenants, promises and agreements in this
Resolution contained by or on behalf of the Lessee shall bind and inure to the
benefit of its successors and assigns, whether so expressed or not.
SECTION 11.
Repealing Clause. All resolutions, or parts thereof, or other official actions of the
Lessee in conflict with the provisions herein contained are, to the extent of such
conflict, hereby superseded and repealed.
SECTION 12.
Effective Date. This Resolution shall take effect immediately upon adoption.
INTRODUCED AND ADOPTED in regular session this 19` day of February. 2008.
fo
Lane Gamiotea, CMC, City Clerk
REVIEWED FOR LEGAL SUFFICIENCY:
John R. Cook, City Attorney
James E. Kirk, Mayor
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
I, Lane Gamiotea, City Clerk of the City of Okeechobee, Florida, do hereby certify
that the above and foregoing is a true and correct copy of a resolution as the same was
duly adopted at a meeting of the City Council held on the 19 day of February, 2008, and
as the same appears on record in my office.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal this 19 day of
February, 2008.
(SEAL)
Page 4 of 7
Lane Gamiotea, CMC, City Clerk
RESOLUTION NO. 08 -03 EXHIBIT A
EXHIBIT A TO EQUIPMENT LEASE PURCHASE AGREEMENT
EQUIPMENT SCHEDULE
Description: Twenty Four (24) New 2008 Ford Crown Victorias with Police Package
Twenty Four (24) New Left Hand Mount Spot Lights
Vehicle Identification Number (VIN): Vehicle Identification Number (VIN):
1. 13.
2. 14.
3. 15.
4. 16.
5. 17.
6. 18.
7 19.
8. 20.
9. 21.
10. 22.
11. 23.
12. 24.
The Equipment described above is located at the following address:
Name and address of Vendor:
DATED: February 5, 2008
City of Okeechobee
LESSEE
Title:
Mayor
Police Dept.
50 SE 2 Avenue
Okeechobee, FL 34974
By:
Printe6 -lame: James E. Kirk
DATED: February 5, 2008
RESOLUTION NO. 08 -03 EXHIBIT B
EXHIBIT B TO EQUIPMENT LEASE PURCHASE AGREEMENT
PAYMENT SCHEDULE
Rental payments shall be made in accordance with Section 4.01 and this Payment Schedule.
Compound Period: Quarterly
Nominal Annual Rate: 4.850
Event Date Amount Number Period End Date
1 Loan 03/01/2008 483,384.00 1
2 Payment 03/01/2008 18,000.00 12 Quarterly 12/01/2010
3 Payment 03/01/2011 42,332.79 8 Quarterly 12/01/2012
AMORTIZATION SCHEDULE Normal Amortization, 360 Day Year
Date Payment Interest Principal Balance
Loan 03/01/2008 483,384.00
1 03/01/2008 18,000.00 0.00 18,000.00 465,384.00
2 06/01/2008 18,000.00 5,642.78 12,357.22 453,026.78
3 09/01/2008 18,000.00 5,492.95 12,507.05 440,519.73
4 12/01/2008 18,000.00 5,341.30 12,658.70 427,861.03
5 03/01/2009 18,000.00 5,187.81 12,812.19 415,048.84
6 06/01/2009 18,000.00 5,032.47 12,967.53 402,081.31
7 09/01/2009 18,000.00 4,875.24 13,124.76 388,956.55
8 12/01/2009 18,000.00 4,716.10 13,283.90 375,672.65
9 03/01/2010 18,000.00 4,555.03 13,444.97 362,227.68
10 06/01/2010 18,000.00 4,392.01 13,607.99 348,619.69
11 09/01/2010 18,000.00 4,227.01 13,772.99 334,846.70
12 12/01/2010 18,000.00 4,060.02 13,939.98 320,906.72
13 03/01/2011 42,332.79 3,890.99 38,441.80 282,464.92
14 06/01/2011 42,332.79 3,424.89 38,907.90 243,557.02
15 09/01/2011 42,332.79 21953.13 39,379.66 204,177.36
16 12/01/2011 42,332.79 2.475.65 39,857.14 164,320.22
17 03/01 /2012 42,332.79 1 ,992.38 40,340.41 123,979.81
18 06/01/2012 42,332.79 1,503.26 40,829.53 83,150.28
19 09/01/2012 42,332.79 1.008.20 41,324.59 41,825.69
20 12/01/2012 42,332.79 507.10 41,825.69 0.00
Grand Totals 554,662.32 71,278.32 483,384.00
City of Okeechobee
LESSEE
B y:
Printe.' ame: James E. Kirk
Title:
Page 6 of 7
Mayor
Ladies and Gentlemen:
RESOLUTION NO. 08 -03 EXHIBIT C
EXHIBIT C TO EQUIPMENT LEASE PURCHASE AGREEMENT
Popular Equipment Finance, Inc.
15933 Clayton Road, Suite 200
Ballwin, MO 63011
ACCEPTANCE CERTIFICATE
Re: Equipment Lease Purchase Agreement, dated as of February 5, 2008 (the
"Agreement between Popular Equipment Finance, Inc. "Lessor and City of
Okeechobee "Lessee
In accordance with the Agreement, the undersigned Lessee hereby certifies and represents to,
and agrees with, Lessor as follows:
(1) All of the Equipment (as defined in the Agreement) has been delivered,
installed and accepted on the date hereof.
(2) Lessee has conducted such inspection and/or testing of the Equipment as it
deems necessary and appropriate and hereby acknowledges that it accepts the Equipment for all
purposes.
(3) Lessee is currently maintaining: the insurance coverage required by Section 7.02
of the Agreement.
(4) No event or condition that constitutes, or with notice or lapse of time, or both,
would constitute, an Event of Default (as defined in the Agreement) exists at the date hereof.
DATED: February 5, 2008
City of Okeechobee
LESSEE
By:
Printed lame: James E. Kirk
Title:
Page 7 of 7
Mayor