HomeMy WebLinkAboutDocumentation_Regular_Tab 14a_04/13/2006 VILLAGE OF TEQUESTA
NIECTING AGENDA ROUTING SHE�T
M�ETING DATE: 4/13/2006
REQUESTED ACTION/SUMMARY: Approve fulanciilg of Police Department
800�nHz Commtmication System tl�rougl� Florida League of Cities Master Lease
Program.
RESOLUTION OR ORDINANCE NUMBER: Res # 70-OS/06 Ord #
ORIGINATING DEPARTMENT: FINANCE
FUNDING SOURCE: 2005/2006 BUDGET
ACCOiJNT NUIVIBER: 001-700-571.714 (Princip�l)
001-700-572.714 (Iuter•est)
CURRENT BUDGETLD AMOUNT AVAILAI3LI;: $ $18,900
$ 6,000
ANIOUNT Ol+ THIS IT'ENI: $12,373
$ 2,883
ANIOUN'C RENIAINING Ala'TElt THIS I'I'EM: $
BUDG�T TR�NSI'ER I2EQUII2ED: ❑ Yes X No
APP120PRIA'TE I+UND BALANCE: ❑ Yes X No
Piggybacic Contract Nan1e and #:
Or
Co�npetitive Bid #
APPRO�ALS:
DEPARTMENT HEAD:
FINANCE DIRECTOR: ;�y,. � �� � �.u, i� :
1
_-_ -�___.��----�-
VILLAGE IVIANAGER: -�====�-�`
VILLAGE MANAG�,R 12ECOMMENDATION:
AYI'ROVE [T�1Vie -
UENY I�CEiVI: ❑
VILLAGE ATTORNEY: APPROVED FOR LEGAL SUFFICIENCY
i� Yes C' No
Ll Not Applicable (n/a)
�
�
1:
�
RESOLUTION NO. 70-05/0
.v �
A RESOLUTION OF THE VILBL ACH COUNTYL FLORIDAE
VILLAGE OF TEQUESTA, PALM
. APPROVING ADDING THE FIN 800MHZ p O
POLICE DEPARTMENT ,
REPLACEMENT SYSTEM TO THE MASTER LEASE/PURCHASE
PROGRAM THAT THE ' VILFP+CiT ES, IN AMOZJD7T I OF
THE FLORIDA LEAGUE O
$136,788•89 AT +AN ANNUAI' =NTEREST R.ATE 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
MP,NAGER TO EXEeUTE THE APPLICABLE CONTRACT ON
BEHALF OF THE VILLAGE.
WHEREAS: The Village of TequeWi�h h �he Flor da L ague
Master Lease/Purchase Program
of Cities and;
WHEREAS : The Vi Phase II of q the� rep�:acement f of a the
the purchase of
Police Department communications system through the
Florida League
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF TEQUESTA, PALM BEACH COUN'I'Y. FLORIDA, AS
FOLLOWS:
Section 7.. Financing of Phase rI�°Zf t com uni at ons
Tequesta Police Department 800
replacement system through the Master Lease/Purcha
program that the Village has entered into with the Florida
League of Cities is hereby approved and the Village -
Manager of the Village of Tequesta is authorized to
execute the same on behalf of the Village of Tequesta.
THE FOREGOING RESOLUTION WAS OFFERED BY Councilmember
, who moved its adoption. The
seconded by Councilmember
motion was ,
and upon being put to vote,
the vote was as follows: � �
1
� FOR ADOPTION AGAINST ADOPTION
e Ma or thereupon declared the Resolution duly passed
Th Y tn of April, A.D., 2006.
and adopted this 13 daY .
MAYOR OF TEQUESTA
Jim Humpage
ATTEST:
Gwen Carlisle
Village Clerk
�����,����+��r*
��� : . .�
' 2059 Northlake Parkway
4�' Floor North
Tucker, GA 30084
770-270-8443
770-270-8565 Fax
,
March 16, 2006 �
Village of Tequesta, FL
To Whom It May Concern:
Banc of America Leasing & Capital, LLG ("Lessor") is pleased to submit the following bid to you pursuant to the
Master Lease/Purchase Piogram established on behalf of the Florida League of Cities, Inc.
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)
Totai P&I: Monthly/Arrears: $ 152,561.96 �
Servicing Fee: � ns ct o as part of he Flor League M sher L ase Program with Le sor�. g t�s
� 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 huly yours,
�. BANC OF AMERICA LEASING & CAPITAL, LLC
Kathy N. Bowde�
Viilage of Tequesta
Schedule of Cost to Finance Radio System -
Police Department
at March 24, 2006
Cost of Equipment: $136,788.89 •
Interest
Rate Rate
Interest 5 Years Interest 7 Years
FLC Master Lease Proaram . 4.38% $15,773.11
4.50% $22,660.58
Service fee $264.00 $388.00 ,
Total interest & fees $16,037.11 $23,048.58
, Sun7rust 4.15% $ 14,932.51
4.18% $ 21,217.63
Documentation fee $500.00 $ 500.00
escrow set-up fee $500.00 $ 500.00
Total interest & fees $ 15,932.51 $ 22,217.63
Difference $ 104.60
$ 830.95
NOTE: Interest and fees for the FLC Maste� Lease Program are $104 higher then the quote for SunTrust,however, the Village of Tequesta
has a Master Lease/Purchase Agreement (Standard Program) in place that has been approved by Council and'reviewed by the Village's Atorney,
and we expect that only the new schedules added to the agreement would require review and we could expect the totai cost of financing through FLC
Master Lease Program to be less then final cost of financing through SunTrust.
NOl'E: The Village soficited 'quotes from the foilowing: Status . �
Florida League of Cities (BOA) replied
' SunTrust replied
Fifth Third Bank N/A
LaSafle National Leasing Corporation (Bank) N/A