HomeMy WebLinkAboutResolution_57-19_12/12/2019RESOLUTION NO. 57-19
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AUTHORIZING THE EXECUTION AND
DELIVERY OF A MASTER EQUITY LEASE AGREEMENT WITH
ENTERPRISE FM TRUST WITH RESPECT TO THE FINANCING AND
LEASING OF CERTAIN CAPITAL EQUIPMENT; AUTHORIZING THE
EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN
CONNECTION THEREWITH; PROVIDING AN EFFECTIVE DATE; AND
FOR OTHER PURPOSES.
WHEREAS, the Village Council of the Village of Tequesta (the "Lessee") is
authorized by the laws of the State of Florida to finance and lease personal property for
the benefit of its residents; and
WHEREAS, the Village Council desires to finance and lease certain equipment
(police vehicles) with a cost not to exceed $113,000.00 constituting personal property
necessary for Lessee to perform essential governmental functions; and
WHEREAS, the Village Council proposes to enter into that certain Lease
Agreement with Enterprise FM Trust (and its successors and assigns, "the Lessor"), the
form of which is substantially attached hereto; and
WHEREAS, the Village Council deems it for the benefit of the Lessee and for the
efficient and effective administration thereof to enter into the financing documents and
any other documentation necessary, convenient and appropriate for the purpose of
financing the vehicles on the terms and conditions described therein, -
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1: Resolution No. 57-19 is hereby officially adopted;
Section 2: The Village Council of the Village of Tequesta, Florida hereby
authorizes execution of the Lease Agreement with Enterprise FM Trust in substantially
the form attached hereto as Exhibit A and incorporated herein and authorizes the Mayor
and Village Clerk to execute and deliver the Lease Agreement and all instruments,
documents and certificates which may be required by or provided for in the Lease
Agreement;
Section 3: Pursuant to Section 265(b) of the Internal Revenue Code of 1986, as
amended (the "Code"), the Lessee hereby specifically designates the Lease as a
"qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Code, -
Section 4: Lessee has not issued, and reasonably anticipates that it will not
issue tax-exempt obligations in the amount exceeding $10,000,000.00 during the current
calendar year.
Section 5: This Resolution shall become effective immediately upon passage.
Village of Tequesta, FL
Acquisition of Police Vehicles Via Lease Agreement
Illustration of Potential Five -Year Lease Program
Dodge Durango pursuit vehicle
Dodge Durango admin unit
Grand Total - All Vehicles
Number of vehicles leased
(Excluding the effects of inflation)
$ 15,989.04 $ 31,978.08 $ 47,967.12 $ 63,956.16 $ 79,945.20
$ 6,701.64 $ 6,701.64 $ 6,701.64 $ 6,701.64 $ 6,701.64
$ 22,690.68 $ 38,679.72 $ 54,668.76 $ 70,657.80 $ 86,646.84
3 5 7 9 11
RESOLUTION
57-19
Date
12/12/2019
Motion
Vice -Mayor Kristi Johnson
Second
Council Member Vince Arena
VOTE
FOR ADOPTION AGAINST ADOPTION
ABSENT
Mayor Abigail Brennan
❑✓
❑
Vice -Mayor Kristi Johnson
Council Member Vince Arena
Council Member Laurie Brandon
❑
❑
Council Member Kyle Stone
❑
The Mayor thereupon declared the Resolution duly passed and adopted.
F
MAYOR OF TEQUESTA ATTEST:
SEAL
INCORPORATED'
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OF FLO
*blgaiBrenft�afi_Lori McWilliams, MMC
Village Clerk