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Home My WebLink AboutResolution_22-98/99_03/04/1999 i RESOLUTION NO. 22 -98/99 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, APPROVING A LEASE PURCHASE PROPOSAL FROM FIDELITY FEDERAL OF TEQUESTA, FOR THE FINANCING OF COMPUTER HARDWARE AND SOFTWARE IN AN AMOUNT NOT TO EXCEED $108,000 AND AUTHORIZING THE VILLAGE MANAGER TO EXECUTE THE APPLICABLE AGREEMENT ON BEHALF OF THE VILLAGE. NOW, THEREFORE BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE ,iOF TEQUESTA, PALM BEACH COUNTY, FLORIDA AS FOLLOWS: Section 1. The Proposal from Fidelity Federal, attached hereto as Exhibit "A" and Incorporated by Reference as Part of this Resolution is Hereby Approved and the Village Manager of the Village of Tequesta is Authorized to Execute the Applicable Agreement on Behalf of the Village. THE FOREGOING RESOLUTION WAS OFFERED by Councilmember Mackail , who moved its adoption. The motion was seconded Iby Councilmember Capretta and upon being put to �a vote, the vote was as follows: FOR ADOPTION AGAINST ADOPTION Joseph N. Capretta Carl C. Hansen Ron T. Mackail Elizabeth A. Schauer • • The Mayor thereupon declared the Resolution duly passed and adopted this 4 th day of March, A.D., 1999. MAYOR OF TEQUESTA Elizabeth Schauer ATTEST: oann Mangan llo Village Clerk WP80 \Resolution \Fidelity Federal • • • LEASE PURCHASE FINANCING Computer Hardware & Software SkyLake /Kislack 4.415% for 7 years for hardware and software Denise Beauchamp 4.375% for 5 years for hardware and software 800 - 233 -7164 No prepayment penalty CIVIC 6.56 %, blended 5 & 7 year payments Brad/Whitey Meyers No prepayment penalty 800 - 287 -5155 NationsBank Non - secured 36 mo term loan for software at 10.45% Patrice Hardware at 36 months w /no residual or 60 months 745 -4211 with residual with a rate of 9.5% - 11.5% LaSalle Bank 4.75% for 5 years for hardware and software Henry Bradley No prepayment penalty 888- 981 -4848 Fidelity Federal 4.25% for 5 years for hardware and software Rick Sartory No prepayment penalty • 659 -9981 Community Savings No response Loan Amortization 44 Inputs Key Figures Loan Principal Amount $108,000.00 Annual Loan Payments $24,014.28 Annual Interest Rate 4.25% Monthly Payments $2,001.19 Loan Period in Years 5 Interest in First Calendar Year $3,234.40 Base Year of Loan 1999 Interest Over Term of Loan $12,071.40 Base Month of Loan 4 Sum of All Payments $120,071.40 Payments in First 12 Months Cumulative Cumulative Ending Year Month Balance Payments Principal Interest Principal Interest Balance Apr $108,000.00 $2,001.19 $1,618.69 $382.50 $1,618.69 $382.50 $106,381.31 May $106,381.31 $2,001.19 $1,624.42 $376.77 $3,243.11 $759.27 $104,756.89 Jun $104,756.89 $2,001.19 $1,630.18 $371.01 $4,873.29 $1,130.28 $103,126.71 Jul $103,126.71 $2,001.19 $1,635.95 $365.24 $6,509.24 $1,495.52 $101,490.76 Aug $101,490.76 $2,001.19 $1,641.74 $359.45 $8,150.98 $1,854.97 $99,849.02 Sep $99,849.02 $2,001.19 $1,647.56 $353.63 $9,798.54 $2,208.60 $98,201.46 Oct $98,201.46 $2,001.19 $1,653.39 $347.80 $11,451.93 $2,556.40 $96,548.07 Nov $96,548.07 $2,001.19 $1,659.25 $341.94 $13,111.18 $2,898.34 $94,888.82 Dec $94,888.82 $2,001.19 $1,665.13 $336.06 $14,776.31 $3,234.40 $93,223.69 2000 Jan $93,223.69 $2,001.19 $1,671.02 $330.17 $16,447.33 $3,564.57 $91,552.67 Feb $91,552.67 $2,001.19 $1,676.94 $324.25 $18,124.27 $3,888.82 $89,875.73 Mar $89,875.73 $2,001.19 $1,682.88 $318.31 $19,807.15 $4,207.13 $88,192.85 Yearly Schedule of Balances and Payments Cumulative Cumulative Ending • Year Balance Payments Principal Interest Principal Interest Balance 2000 $93,223.69 $24,014.28 $20,447.64 $3,566.64 $35,223.95 $6,801.04 $72,776.05 2001 $72,776.05 $24,014.28 $21,333.68 $2,680.60 $56,557.63 $9,481.64 $51,442.37 2002 $51,442.37 $24,014.28 $22,258.23 $1,756.05 $78,815.85 $11,237.70 $29,184.15 2003 $29,184.15 $24,014.28 $23,222.85 $791.43 $102,038.71 $12,029.12 $5,961.29 2004 $5,961.29 $6,003.57 $5,961.29 $42.28 $108,000.00 $12,071.40 $0.00 • Loan Amortization • Inputs Key Figures Loan Principal Amount $108,000.00 Annual Loan Payments $24,087.72 Annual Interest Rate 4.38% Monthly Payments $2,007.31 Loan Period in Years 5 Interest in First Calendar Year $3,330.16 Base Year of Loan 1999 Interest Over Term of Loan $12,438.60 Base Month of Loan 4 Sum of All Payments $120,438.60 Payments in First 12 Months Cumulative Cumulative Ending Year Month Balance Payments Principal Interest Principal Interest Balance Apr $108,000.00 $2,007.31 $1,613.56 $393.75 $1,613.56 $393.75 $106,386.44 May $106,386.44 $2,007.31 $1,619.44 $387.87 $3,233.00 $781.62 $104,767.00 Jun $104,767.00 $2,007.31 $1,625.35 $381.96 $4,858.35 $1,163.58 $103,141.65 Jul $103,141.65 $2,007.31 $1,631.27 $376.04 $6,489.62 $1,539.62 $101,510.38 Aug $101,510.38 $2,007.31 $1,637.22 $370.09 $8,126.84 $1,909.71 $99,873.16 Sep $99,873.16 $2,007.31 $1,643.19 $364.12 $9,770.03 $2,273.83 $98,229.97 Oct $98,229.97 $2,007.31 $1,649.18 $358.13 $11,419.21 $2,631.96 $96,580.79 Nov $96,580.79 $2,007.31 $1,655.19 $352.12 $13,074.40 $2,984.08 $94,925.60 Dec $94,925.60 $2,007.31 $1,661.23 $346.08 $14,735.63 $3,330.16 $93,264.37 2000 Jan $93,264.37 $2,007.31 $1,667.28 $340.03 $16,402.91 $3,670.19 $91,597.09 Feb $91,597.09 $2,007.31 $1,673.36 $333.95 $18,076.27 $4,004.14 $89,923.73 Mar $89,923.73 $2,007.31 $1,679.46 $327.85 $19,755.73 $4,331.99 $88,244.27 Yearly Schedule of Balances and Payments • Cumulative Cumulative Ending Year Balance Payments Principal Interest Principal Interest Balance 2000 $93,264.37 $24,087.72 $20,413.70 $3,674.02 $35,149.33 $7,004.18 $72,850.67 2001 $72,850.67 $24,087.72 $21,324.74 $2,762.98 $56,474.07 $9,767.16 $51,525.93 2002 $51,525.93 $24,087.72 $22,276.63 $1,811.09 $78,750.70 $11,578.25 $29,249.30 2003 $29,249.30 $24,087.72 $23,271.02 $816.70 $102,021.71 $12,394.96 $5,978.29 2004 $5,978.29 $6,021.93 $5,978.29 $43.64 $108,000.00 $12,438.60 $0.00 • L oan Amortization 4 Inputs - Key Figures Loan Principal Amount $130,000.00 Annual Loan Payments $21,622.68 Annual Interest Rate 4.42% Monthly Payments $1,801.89 Loan Period in Years 7 Interest in First Calendar Year $4,127.78 Base Year of Loan 1999 Interest Over Term of Loan $21,358.76 Base Month of Loan 4 Sum of All Payments $151,358.76 Payments in First 12 Months Cumulative Cumulative Ending Year Month Balance Payments Principal Interest Principal Interest Balance Apr $130,000.00 $1,801.89 $1,323.60 $478.29 $1,323.60 $478.29 $128,676.40 May $128,676.40 $1,801.89 $1,328.47 $473.42 $2,652.07 $951.71 $127,347.93 Jun $127,347.93 $1,801.89 $1,333.36 $468.53 $3,985.43 $1,420.24 $126,014.57 Jul $126,014.57 $1,801.89 $1,338.26 $463.63 $5,323.69 $1,883.87 $124,676.31 Aug $124,676.31 $1,801.89 $1,343.19 $458.70 $6,666.88 $2,342.57 $123,333.12 Sep $123,333.12 $1,801.89 $1,348.13 $453.76 $8,015.01 $2,796.33 $121,984.99 Oct $121,984.99 $1,801.89 $1,353.09 $448.80 $9,368.10 $3,245.13 $120,631.90 Nov $120,631.90 $1,801.89 $1,358.07 $443.82 $10,726.17 $3,688.95 $119,273.83 Dec $119,273.83 $1,801.89 $1,363.06 $438.83 $12,089.23 $4,127.78 $117,910.77 2000 Jan $117,910.77 $1,801.89 $1,368.08 $433.81 $13,457.31 $4,561.59 $116,542.69 Feb $116,542.69 $1,801.89 $1,373.11 $428.78 $14,830.42 $4,990.37 $115,169.58 Mar $115,169.58 $1,801.89 $1,378.16 $423.73 $16,208.58 $5,414.10 $113,791.42 Yearly Schedule of Balances and Payments Cumulative Cumulative Ending • Year Balance Payments Principal Interest Principal Interest Balance 2000 $117,910.77 $21,622.68 $16,752.90 $4,869.78 $28,842.13 $8,997.56 $101,157.87 2001 $101,157.87 $21,622.68 $17,508.02 $4,114.66 $46,350.15 $13,112.22 $83,649.85 2002 $83,649.85 $21,622.68 $18,296.84 $3,325.84 $64,646.99 $16,438.06 $65,353.01 2003 $65,353.01 $21,622.68 $19,121.19 $2,501.49 $83,768.18 $18,939.55 $46,231.82 2004 $46,231.82 $21,622.68 $19,982.69 $1,639.99 $103,750.87 $20,579.54 $26,249.13 2005 $26,249.13 $21,622.68 $20,882.99 $739.69 $124,633.86 $21,319.23 $5,366.14 2006 $5,366.14 $5,405.67 $5,366.14 $39.53 $130,000.00 $21,358.76 $0.00 • FEB.26.1999 4 :09PM FIDELITY FEDERAL COMMERCIAL LOAN NO.578 P.2 i a IDELITY 1 EDERAL !S VINGS BANK OF FLORIDA FACSIlV11 E bruary 26, 1999 a Montague 11 llage of Tequesta N ance Department i 0 Tequesta Drive lC questa, Florida 33469 t : $108,000 Financing Request De ar Ms. Montague: IM 's letter will confirm our telephone conversation concerning your financing request for the computer i dware and software. A summary of our proposal is as ;follows: Ak oust: $108,000.00 4 C 60 months, Uly amortized Brest Rate: 4.25% fixed, subject to the transaction being a "Qualified Tax Exempt Obligation" under Section 265 (b) (3) of the MS Code of 1993. vJ �I i ep uthly Payment: $2001.20 ayment Penalty: None I s loan will be subject to legal fees and out-of-pocket expenses. A formal commitment letter 4Ic tailing all terms, conditions and out -of- pocket expenses will be issued early next week. I will contact jrc u and arrange a convenient time to deliver this letter. f Dase contact me directly at (561) 659 -9981 with any questions or comments. Thank you very much b the opportunity to meet the financing needs for the Village of Tequesta. 3 I 'th de nt �� mmercial Lending ADIC MAIN OFFICE: 218 Datura Street, West Palm Beach, Florida 33401 -5679 Insun'd