HomeMy WebLinkAboutResolution_70-05/06_04/13/2006RESOLUTION NO. 70-05/06
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE
OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, APPROVING
ADDING THE FINANCING OF PHASE II OF THE POLICE
DEPARTMENT 800MHZ COMMUNICATIONS REPLACEMENT SYSTEM
TO THE MASTER LEASE/PURCHASE PROGRAM THAT THE
VILLAGE HAS ENTERED INTO WITH THE FLORIDA LEAGUE OF
CITIES, IN THE AMOUNT OF $136,788.89 AT AN ANNUAL
INTEREST RATE OF 4.38 OR 94~ OF THE 5-YEAR
TREASURY TO BE FINANCED OVER FIVE (5) YEARS AS
DESCRIBED IN THE ATTACHED PROPOSAL FROM THE FLORIDA
LEAGUE OF CITIES (EXHIBIT "A"), AND AUTHORIZING THE
VILLAGE MANAGER TO EXECUTE THE APPLICABLE CONTRACT
ON BEHALF OF THE VILLAGE.
WHEREAS: The Village of Tequesta has entered into a
Master Lease/Purchase Program with the Florida League
of Cities and;
WHEREAS: The Village of Tequesta seeks to finance the
purchase of Phase II of the replacement of the Police
Department communications system through the existing
Master Lease/Purchase program with the Florida League
of Cities
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS
FOLLOWS:
Section 1. Financing of Phase II of
Tequesta Police Department 800mHz
replacement system through the Master
program that the Village has entered into ~
League of Cities is hereby approved and the
of the Village of Tequesta is authorized
same on behalf of the Village of Tequesta.
the Village of
communications
Lease/Purchase
vith the Florida
Village Manager
to execute the
THE FOREGOING RESOLUTION WAS OFFERED BY Councilmember
Paterno, who moved its adoption. The motion was seconded
by Councilmember Watkins, and upon being put to vote, the
vote was as follows:
FOR ADOPTION
Jim Humpage
Tom Paterno
Pat Watkins
Geraldine A. Genco
AGAINST ADOPTION
The Mayor thereupon declared the Resolution duly passed and
adopted this 13th day of April, A.D., 2006.
MA, OF TEQUES
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m Humpag
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wen Carlisle '~~; . N . `. 9 ~' 4`:
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Village Clerk '~i~~F~OFI F; O~~``
2059 Northlake Parkway
4m Floor North
Tucker, GA 30084
770-270.8443
770-270-8563 Fax
March 16, 2006
Village of Tequesta, FL
To Whom It May Concern:
Banc of America Leasing & Capital, LLC ("Lessor") is pleased to submit the following bid to you pursuant to the
Master Lease/Purchase Program established on behalf of the Florida League of Cities, Ina
Lessee: Village of Tequesta, FL
Amount Financed: $ 136.788.89 (soft costs cannot exceed 20%)
Lease Term: Sixty (60) months
Equipment New 800mHz Radio System
Description:
Interest Rate: 4.38%, or 94% of the 5-year Treasury. This rate will be held for 30 days from the above
date. Thereafter, the Interest Rate will be recalculated at the percent of the 5-year Treasury
quoted under the Florida League of Cities Master Lease/Purchase Program for the month in
which funding occurs, and the rate will be fixed at the time of funding. As of March 16,
2006, the 5-year Treasury was 4.66%.
Periodic P&I: Monthly/Arrears: $ 2,542.70 (sixty payments with first due in Apri12006)
Total P&I: Monthly/Arrears: $ 152,561.96
Servicing Fee: A servicing fee of 10 basis points ($264) will be charged to Lessee for processing this
transaction as part of the Florida League of Cities Master Lease Program with Lessor.
This transaction will be subject to the terms and conditions and documentation of the Florida League of Cities
Master Lease/Purchase Program.
If you wish Lessor to proceed with this transaction, please submit the application provided, along with the specified
financial information requested. We look forward to the opportunity to provide financing to you.
If you have any questions, please give me a call at (770) 270-8443.
Very truly yours,
BANC OF AMERICA LEASING & CAPITAL, LLC
Kathy N. Bowden
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