HomeMy WebLinkAboutResolution_60-04/05_05/12/2005RESOLUTION N0.60-04/05
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACB COUNTY, FLORIDA,
APPROVING A PROPOSAL FROM THE FLORIDA LEAGUE OF
CITIES (MASTER LEASE/PURCHASE PROGRAM), OFFERING
TO PROVIDE LEASE FINANCING TO PURCHASE ONE (1)
RESCUE VEHICLE (AMBULANCE) IN THE AMOUNT OF
$152,999.00 AT AN ANNUAL INTEREST RATE OF 3.84
AND AUTHORIZING THE VILLAGE MANAGER TO EXECUTE
THE APLICABLE CONTRACT ON BEHALF OF THE VILLAGE.
WHEREAS: The Village Council has approved the
purchase of the rescue vehicle (ambulance), in the
amount of $152,999.00 from American LaFrance
Medicmaster OF Sanford, Florida and
WHEREAS: The funds to pay the debt service on the
ambulance has been budgeted in the current year and
WHEREAS: The Florida League of Cities Master
Lease/Purchase Program is offering the lowest
interest rates of the three firms that submitted bids
WHEREAS: The rescue vehicle will be ready for
delivery on or about May 30, 2005 and
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS
FOLLOWS:
Section 1. The proposal
Cities (Master Lease/Purchase
Exhibit "A" and incorporated
this Resolution, is hereby
Manager of the Village of
execute the same on behalf of
from the Florida League of
Program) attached hereto as
by reference as a part of
approved and the Village
Tequesta is authorized to
the Village of Tequesta.
THE FOREGOING RESOLUTION WAS OFFERED BY Vice Mayor
Watkins, who moved its adoption. The motion was seconded
by Councilmember Resnik, and upon being put to vote, the
vote was as follows:
FOR ADOPTION
Jim Humpage
Pat Watkins
Geraldine A. Genco
Edward D. Resnik
Tom Paterno
AGAINST ADOPTION
The Mayor thereupon declared the Resolution
and adopted this 12t'' day of May, A. D., 2005.
`_ ° , ~:~~' ~tigQ~F~~~~ MAYOR,... F Tlv~
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~' ~; ,r ORATED: ~ ~ ~, .!~__~
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t.~'~°'e'"~~wEa ~9`~Q~~~ J m Humpage .
ATTEST
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duly passed
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Gwen Carlisle
Village Clerk
B~k+ar~m~i~.
2059 Nortlilake Parkway
4`s Floor North
Tucker, GA 30084
770-270-8525
770-270-8565 Fax
Apri122, 2005
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, Inc.
Lessee: Village of Tequesta, FL
Amount Financed: $ 152,999.00 (soft costs cannot exceed 20%)
Lease Term: Sixty (60) months
Equipment New Ambulance
Description:
Interest Rate: 3.84%, or 98% 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 April 22,
2005, the 5-year Treasury was 3.92%.
Periodic P&I: Monthly/Arrears: $ 2,806.68 (sixty payments with fast due in May 2005)
Total P&I: Monthly/Arrears: $ 168,400.55
Servicing Fee: A servicing fee of 10 basis points ($297) 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) 270-8525.
Very truly yours,
BANC OF AMERICA LEASING & CAPITAL, LLC
By: Beth C. Morgan
Title: Assistant Vice President