HomeMy WebLinkAboutDocumentation_Regular_Tab 05_10/10/2013 VILLAGE CLERK'S OFFICE
AGENDA ITEM TRANSMITTAL FORM
Meeting Date: Meeting Type: Regular Ordinance #:
10-10-2013 Consent Agenda: No Resolution #: 32-13
Originating Department: Finance/Fire
AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Approving a tax exempt lease purchase agreement with First Capital Equipment Leasing Corporation
for the purchase of a new Fire Pumper Truck (Exhibit `A')
BUDGET / FINANCIAL IMPACT:
Account #: 001-192-664.600 Amount of this item
$432,843.54
Current Budgeted Amount Available: Amount Remaining after item:
$432,850 N/A
Budget Transfer Required: No Appropriate Fund Balance: No
EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
Approval to finance the purchase of a new Fire Pumper Truck with First Capital Equipment Leasing
Corporation (see Exhibit `A').
APPROVALS: SIGNATURE:
Department Head
Finance Director
Reviewed for Financial Sufficiency
No Financial Impact ❑
Attorney: (for legal sufficiency)
Village Manager: .
Submit for Council Discussion: � , �' �� �' �� � �"}� � �` � ^
Approve Item: ❑ ��• � �°�'" � �-`
Deny Item: �
SPECIAL INSTRUCTIONS FOR CLERK: (if you wish to have agreements signed, be sure to include the
number of copies you want signed and place "Sign Here" sticker on them)
Form Amended:
RESOLUTION NO. 32-13
A RESOLUTION OF THE VtLLAGE COUNCIL OF THE VILLAGE
OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, APPROVING
A TAX EXEMPT LEASE PURCHASE AGREEMENT WITH FIRST
CAPfTAL EQUIPMENT LEASING CORPORATION FOR THE
PURCHASE ONE NEW PUMPER TRUCK IN THE AMOUNT OF
$432,843.54 AT AN ANNUAL INTEREST RATE OF 2.394% TO BE
FINANCED OVER TEN (10) YEARS WITH TERMS DEFINED 1N
THE ATTACHED EXHIBIT "A", AND AUTHORIZING THE
VILLAGE MANAGER TO EXECUTE THE APPLICABLE
CONTRACT ON BEHALF OF THE VILLAGE.
WHEREAS, the Village of Tequesta seeks to finance the purchase a
new fire pumper truck and;
WHEREAS, three bids to finance the truck purchase were received
and First Capital Equipment Leasing Corporation offered the lowest
interest rates;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS
FOLLOWS:
Section 1 The Village Council hereby adopts Resolution #32-13 approving
a tax exempt lease purchase agreement with First Capital Equipment
Leasing Corporation for the purchase of a new pumper truck in the amount
of $432,843.54 with terms defined in "Exhibit A".
�`���`� �irst Capit�l ��u�pm�nt t��a�in� C�r�p.
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Phonw #1W-541-011d � Fax N(st1.943•3529 � Emai3: VPsalas�4eas5Expsris.enm ��■
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September 27, 2013
Gelebratin�Years
Pat Nawrocki April 4, 2013
Village of Tequesta, FL (Fire Department)
Main PH 561-768-0550 • Contact PH 561-768-0550 � Email: pnawrocki@tequesta.org
Municipal Lease-To-Own Revised Quotation
Village of Tequesta, FL
To Be Leased: (1) New 2013 Custom Rescue Pumper
Exact descriptions required
Anticipated Delivery/Vendor Pmt. Date: T.B.D.
Program
Net Amount to Finance: $432,843.54 MUNIs-sQ
10 Year Lease
Payment Amount: $ 48,134.58 / Year
I nte rest: 2.394 %
Rates Locked For Contracts Returned By: Oct 11 , 2013 (Rates adiust automatically for the next 14 days based on our Libor Swap Rate
Index formula. Thereafter rates loat until signed documents are received.)
DownPayment+SecurityDeposit: Waived (DueatLeaseSigningJ
Documentation, Legal & Escrow: $749 (ouearteasesigning)
First Annual Lease Payroent Due: Nov 11, 2013
Benefits of This Lease
• Interest Rates are FIXED today, for the term of the lease • Unlike bonds, our leases do not create balance sheet debt.
• Lease—to-Own: Ownership passes at delivery. No buvouts at lease end; continue using the equipment forever at no additional cost.
• lar�er Leases = Lower Rates. Aggregate vehicles & equipment from other departments to receive even lower interest rates.
"Pay As You Go" Municipa/ Financing for State, County & Local Governments...lt Just Makes Sense!
Our municipal leases are "pay as you go" financing. Leases match cash expenditures over a period of years, to your tax receipts, budgets
or grants received--over a period of years! "Cash flow friendly" payment options include Monthlv, uarterl Semi-Annual or Annual
payments due at closing or deferred up to 12 months. Why pay in advance for essential new equipment that only depreciates in value?
Apples & Oranges?
Every assumption above: first payment due date, down payment amount, deposit, payment frequency and vendor funding dates will
affect rates. Make sure that you are comparing "apples & apples;" even a few days one way or the other can make a BIG difference.
Non-Appropriation Language Required? No Problem!
First Capital government leases include "non-appropriation" language wherever required by state or local law. Unlike bonds, if funds are
not appropriated in any subsequent budget year for any legal reason, this lease can be terminated and the vehicles/equipment returned
to us. You can also prepay after any budget year (with prices locked-in up front), per the payoff schedule included with your lease.
Questions? Please call me at 800-541-0114 x-15!
Re ards Quotation Acceptance / Rate lock
g + (Circle Preferred Term AND Pavment AboveJ
�v€/� Tir�OW/�� Approved By:
Vice President Government Finance �](
Bob@LeaseExperts.com U Title: Date:
IMPORTANT NOTES: This is a quotation only and is subject to applicable state & local laws. Lease payments and final terms are subject to credit-based review,
vendor and equipment approval, and are subject to change. The contract documents contain ALL applicable lease terms & conditions as approved. State, county &
municipal entities must qualify as tax-exempt debt issuers under IRS Section 103 of 1986, as amended. This offer assumes that Lessee's tota/ tax exempt debt for the
lease originatlon year will be under the I.R.S. $10 million limit. (Other options availab/e) All equipment is assumed to be NEW unless otherwise noted herein. (Used
equipment may be subject to independent valuation/inspection at Lessee's expense). Interest quoted is the nominal annual rate. TIME IS OF THE ESSENCE: Executed
contracts must be received by First Capital within 14 davs, after which we reserve the right to adjust the payment and/or interest rates based on changes in
transaction timing and/or our cost of funds. (Adjustments, when necessary, will favor retaining the quoted payment amount.J. This quotation assumes no material
omissions or inaccuracies in the information provided for this quote, in the credit application, financials or Lessee's credit and no material changes in the equipment
described, prior to funding. Payments do not include vendor progress payments, required insurance, title, taxes, tags, maintenance, delivery or installation, unless
specifically included herein. Vendors are paid by bank check or wire transfer immediately after our receipt of 1) Lessee's unqualified acceptance and 2J our receipt of
Lessee's faxed Payment Request Form, proof of Insurance & vendor invoice(s). First Capital Equipment Leasing Corp. does not act as a municipal advisor or municipal
financial consultant. Prospective lessees should consult their own municipal tax advisors and legal counsel as required.
O 1985-2013 Copyright First Capital Equipment Leasing Corporation. All rights reserved. REV 090613
First Capital Equipment Leasing
LeaseExperts.com
800-541-0114 • Bob@LeaseExperts.com
Tequesta, FL (FD) $432,843.54
(Amortization Schedule Valid Through October 11, 2013)
Total Interest Principal Prepayment
Pmt # Date Payment Component Component Price*
1 11/11/2013 48,134.58 892.28 47,242.30 $396,209.13
2 11/11/2014 48,134,58 9,231.04 38,903.54 $356,235.35
3 11/11/2015 48,134.58 8,299.72 39,834.86 $315,304.64
4 11/11/2016 48,134.58 7,346.10 40,788.48 $273,394.07
5 11/11/2017 48,134.58 6,369.65 41,764.93 $230,480.18
6 11/11/2018 48,134.58 5,369.82 42,764.76 $186,538.96
7 11/11/2019 48,134.58 4,346.06 43,788.52 $141,545.82
8 11/11/2020 48,134.58 3,297.79 44,836.79 $95,475.57
9 11/11/2021 48,134.58 2,224.43 45,910.15 $48,302.43
10 11/11/2022 48,134.58 1,125.37 47,009.21 N/A
Totals $481,345.80 $48,502.26 $432,843.54
* Prepayment Price applicable after current period payment
MUNICIPAL
CREDIT �
APPLICATION �~
rrrrr F��t �apital Equipment Leasing Corfa_ c e►ebrati � g � za�r�r5
rrrr—i— Apri! 4, �o,�
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800-541-0114
CREDIT APPLICATION FOR STATE, COUNTY 8� MUNICIPAL TRANSACTIONS
Please fill out this application in as much detail as possible. Attach additional paaes if necessarv.
GENERAL INFORMATION
Le al Name of Lessee: ` � a, Fed. Tax ID #: 4
Address: i� � �
Cit : Coun : State: Zi :
Date munici alit wa stablished: q Does the Lessee self-insure f r ro ert & liabilit insurance? ❑ Yes ❑
Contact Person: Title: a. P
Phone: Fax: Email: '— i I`
Alternative Contact erson: p Title: Phone:
Authorized Si ner: T le: Phone:
Person Authorized to Attest Si nature: Title:
TRANSACTION INFORMATION
Total Cost of E ui ment: Lease Term ears : O
**Down Pa ment Amount: Source of Down Pa ment fund name : � a/
Trade In: Pa ment Amount er lease uote $: ,
Other: Pa ment Fre uenc :❑ Monthl ❑ Qua erl ❑ Semi-Annuall Annuall
Net Amount to Finance: First Lease Pa ment Due Date er lease uote : 0
Fiscal Yr Starts
`"Lessee's down a ment should be made before or at delive . Proo of down a ment is re uired rior to vendor disbu ment s, unless othenvise ne otiated.
Has the Lessee aid the vendor for an ortion of the e ui me ein financed? ❑ Yes No
What fund will the remainin a ments be made from? eneral ❑ S ecial s eci :
EQUIPMENT DESCRIPTION
Equipment Description - including ve or, make and model (attach quote and if available, a brochure):
New E ui ment: es ❑No If no, list a e of e ui ment or date manufactured:
If Refurbished: �Yes ❑No What Year:
Re lacement: ❑Yes ❑No A e of current e ui ment: Year urchased:
If not a re lacement, wh is the e ui ment needed?
Soft Costs Included: ❑Yes ❑No Amount of soft costs included shi in , software, tax etc. :$
Is a revious lease/loan bu out included in the amt. �Yes ❑No Amount of 6u out included: $
Antici ated E ui ment Delive Date s:
Ph sical location of e ui ment after delive :
Describe the essential use of the equipment being purchased:
This Section
FOR BUILDING PROJECTS ONLY
Is the ro dition, renovation, or a new buildin ? Does the Lessee own the land? Y
Is the land included in the '� ❑ Yes ❑ No If es, what is e land?
What is the h sical address of the new ro
Provide the current building's age, estimated market value, s nd brief description of facility layout:
Provide a brief description of the a'' , ovation, or new building:
Wha ' en ial use of the new building project?
FINANCIAL INFORMATION
Have the Lessee's expenditures exceeded revenues for any one of the last three years? Yes ❑ No. If YES, please explain why
and what measures were taken to correct the shortfall:
OO 1985-2013 Copyright First Capital Equipment Leasing Corp. All rights reserved Rev 011113
MUNICIPAL
CREDIT APPLICATION
Page 2 of 2
Have the lease payments been included in the operating budget? Yes ❑ No If NO, please explain:
Will the Lessee issue more than $10,000,000 (ten miliion dollars) in tax-exempt debt in this calendar year? ❑ Yes No
Has the Lessee defaulted or non-appropriated on a prior lease, bond, or legal obligation? ❑ Yes No
TAX LEVY INFORMATION
Indicate the tax/mill levy for each year. .,,, /- ,,,,, / /
Bud et Year 2012-13: 7�7 2011-12: 5.�W 7 2010-11: �J ���P 2009-10: S 7(07I
if the tax/mill lev can be raised, what are the rocedures?
Are there any voter imposed restrictions on taxing or spending? ❑ Yes No
If YES, lease ex lain:
Indicate the assessed property value for each year. ��• D f 5�� 7B0 c�a S�' �3q a�j
Bud et Year 2012-13: 2011-12: � ! 2010-11: 1 � 2009-10: � I�P,
Indicate what percentage of taxes billed were actually collected for each year. U ,(�
Bud et Year 2012-13: 2011-12: /.� D �o 2010-11: -/�• � 2009-10: ��p .`t"%
Who are the three lar est t x a ers and what percent (approximate.) o total tax receipts does e ch re ? �f /�
1. Q G'�J Q 2. �IQ S� � U �Q 3. ( G `�^' 1 I ll 1.0.
�•�� %D DEMOGRAPHICS �•�O p•
Po ulation in 2012: � 1r�p 2011: � �, 2010: $' (� a, 2009:
List the m employers r in the area and the approximate number of people emp , a ` t e�ac /
1. SiGlbOa� �i' t'fJ�.. '�.� +�• � r�.� ��f�.X.M VAl'� �O� ��
a'1�. Pa t,n�►. 3 c�c. �� a ae 4. Fp � �.��...�
Has the municipality been rated by a major rating agency? ❑Yes No. If YES, Rating: Agency:
REQUIRED APPLICATION DOCUMENTS - CHECKLIST:
Please include the following supplemental documents to insure a prompt credit review.
[� Last three year's audited financial statements. (We will gladly accept your financial and other documents in PDF format
(Note: For any unaudited fiscal year provide comprehensive financial statements t include a Ba/ ce S et with Debt Service
C mitments and an Income Statement in place of the audit.) �A1 J A�LR„ �: ta� W�• � QW�S T� .`3 (Z�e
Current fiscal year's budqet and next year's budget, if available) " ' ��
�❑ Vendor quotes for a11 equipment, brochures and/or vendor's web site URL (if avaifable) www.
❑ Siqned First Capital "Quotation" (Be sure to circle your preferred lease payment amount & lease term)
❑ Check for "Documentation & Legai" fee per Quotation
❑ Police/Sheriff Department Profile Addendum (Forlaw enforcement transactions only)
IMPORTANT-- Lessee representative agrees to the following:
The information provided herein is correct fo the best of my knowledge. The appropriate final-decision maker(s) have reviewed and
approved First Capital's proposed Municipal Lease-To-Own Quofation, the quote pricing, fhe genera/ terms, and Lessee understands fhat
upon credit approva/ confract documents will be d�afted. lessor (and/or its assigns) is authorized fo verify any information provided with
appropriate third parties as necessary to comp/ete ifs credit review. Lessor may also request additional information to comp/efe its review.
(Lessor will refain the applicafion documents whether or nof credif is approved)
Should Lessee cancel this transacfion affer credit has been approved and /egal documents drafted, or should fhis application contain
material inaccuracies or omissions fhat preclude a credit approval, or should Lessee fai/ to execufe the confract documenfs within 45 days
for any reason, Lessee agrees fo pay a "/ost deal" fee ea al to the amount of the "Documentation & Legal Fees" specified in First
Capital's Quotation. There is no /ost dea/ fee if the contract documenfs are executed and refurned within 45 days of receipt.
Lessee has nof relied on First Capita/ as a municipa/ advisor or consu/tant and has obtained guidance as needed from its own /egal &
fax advisors.
By (Lessee Representafive): Print Name:
Title: Date:
Please retum all documents via Email, UPS/FedEx or Post Office Express Mail to:
First Capital Equipment Leasing Corp
PO Box 1018, 32 Wolf Hill, East Sandwich, MA 02537 • PH 800-541-0114 • FAX 508-833-6692
a 1985-2013 Copyright First Capital Equipment Leasing Corp. All rights reserved Rev 011113
MUNICIPAL ASSET MANAGEMENT, INC.
"LF.'ASING TO STA7'l AA'D /.00A1. GOPIiRNMIF,NTS"
LEASE PROPOSAL
Paul Collings Frank Heeg
303-273-9494 412-243-6087
Jamie Tiemeyer Michael Terry
303-273-9496 541-474-8312
DATE: September 10, 2013
LESSEE: City of Tequesta, Florida
REQUESTED BY: Pat Nawrocki, Executive Assistant to Fire Chief
P: 561-768-0559
STRUCTURE: Tax Exempt Lease Purchase Agreement
EQUIPMENT: One (1) New Pumper Truck
EQUIPMENT COST: $432,843.54
LESSOR FEES: None
DOCUMENT FEES: None
ESCROW FEES: $200 should an escrow account be required
FIfVANCE OPTIONS: Option 1: Ten (10) years, payments to be due annually in arrears
Payment Amount: $52,492.62
Interest Rate: 3.67%
Payment Factor: 0.12127 (multiply the factor by the financed
amount to calculate the payment)
Option 2: Ten (10) years, payments to be due annually in advance
Payment Amount: $50,449.68
Interest Rate: 3.58%
Payment Factor: 0.11655 (multiply the factor by the financed
amount to calculate the payment}
This is a prouosai oniv and is not a commitment to finance. This proposal is subject to credit review and
a�nroval and nroper execution of mutually acce�table documentation.
This transaction must be credit approved, lease documents properly executed and returned to Lessor and the
transaction funded by Lessor by October 15, 2013, or Lessor reserves the right to adjust and determine a new
interest rate, rate factor and payment amount.
25288 1�OOTHL],S DRIVI? NOR'1'fI • UOI,llI;N COLORADO • 80401
P[IONL: 412-243-6087 • FAX: 412-371-1332• I?Mt�7L: 1��(I�I?G@M/1NfGI'.COM
City of Tequesta, Florida
September 10, 2013
Page 2
Option 3: Fifteen (15) years, payments to be due annually in arrears
Payment Amount: $38,037.47
Interest Rate: *3.67%
Payment Factor: 0.08788 (multiply the factor by the financed
amount to calculate the payment)
Option 4: Fifteen (15) years, payments to be due annually in advance
Payment Amount: $36,489.48
Interest Rate: *3.58%
Payment Factor: 0.08430 (multiply the factor by the financed
amount to calculate the payment)
*After the 5' and 10'" years, at the sole discretion of the Lessor, payments can be adJusted based
on the Constant Maturity Index and will remain fixed for the remaining payments.
This is a proaosal oniy and is not a commitment to finance. This proposal is subject to credit review and
�pproval and nroner execution of mutuallv accg�table documentation.
This transaction must be credit approved, lease documents properly executed and returned to Lessor and the
transaction funded by Lessor by October 15, 2013, or Lessor reserves the right to adjust and determine a new
interest rate, rate factor and payment amount.
25288 I�00'I'III.,I,S DRIVI? NOR"I'[I • GOI,DI;N COLORAllO • 80401
1'IIONI?: 412-243-6087 • 1�AX: 412-371-7332• 1?MAI1.,: I�iII?I?G@MAMG'1'.COM
�' � �
,�
FIRST MIJNICIPAL LEASING CORP�RATION
September l0, 2013
Pat Nawrocki
Executive Assistant to Fire Chief
Fire & Rescue
Village of Tequesta
357 Tequesta Drive
Tequesta, FL 33469
Dear Pat:
RE: Sutphen 2013 Custom Rescue Pamper
[or equivalent]
First Municipal Leasing Corporation, (��� ), acting as Structuring Agent in combination with a
single investor bank (Lender), is pleased to provide Village of Tequesta, Obligor, the following
tax-exempt basis financing proposal.
Equipment - One 2013 Sutphen Custom Rescue Pumper
[ or equivalent ]
Purchase Cost - $432,843.54
Delivery Date - assumed October 10, 2013
Financing Term - 10 years
Payments - Annual, commencing October 10, 2013
Rate & Payment - As shown on the attached Exhibit I.
Documentation - Lender's contract documentation will be provided by
for Village of Tequesta review. Such package requires an
opinion of Obligor's counsel as to the validity and binding
effect of the agreement.
In the financing agreement, all equipment and vendor
warranties are passed to the Village of Tequesta.
FMLC / Village of Tequesta
Fire & Rescue Custom Pumper Proposal
September 10, 2013
Page 5 of 5
Exhibit I
Village of Tequesta
Fire & Rescue
10 Year Financing Proposal
Equipment:
One 2013 Sutphen Custom Rescue Purnper, or equivalent
Deliverv: assumed October 10, 2013
Purchase Cost: $432,843.54
Escrow Funding Date: Assumed October 10, 2013
Annual Pavments:
(commencing October 10, 2013)
Ontion A:
10 @ $50,878.29 each
@ 3.590% interest rate
Total Payments = $508,782.90
Ontion B:
1 @ $43,300.00
then
10 @ $47,881.48
�a 3.760% interest rate
Total Payments = $522,11�.80
Cost of Issuance / Stractarin� A�ent Fee:
A FMLC Structuring Agent fee of $3,500.00 is incorporated in the total financed and truck
payments indicated.
1095 GARRISON STREET * LAKEWOOD, CO 8D215
www . fmlc . com * 3Q3 - 526 • 5851 * FAX 303 - 5Z6 - 0529 * lynn @ FMLC . cam
FMLC / Village of Tequesta
Fire & Rescue Custom Pumper Proposal
September 10, 2013
Page 2 of 5
Net Financing - Obligor shall be responsible for all applicable taxes, fees,
insurance, maintenance, and other costs associated with
ownership and possession of the financed equipment; and
shall be provided clear title to the equipment upon payment
of all financing payments and other sums due under the
financing, and successful completion of the financing
agreement.
Legal Title & Security
Interest - Legal title to the Equipment during the financing Term
. shall vest in the Obligor, subject to Lender's security
interest in the Equipment
Non Utilization Fee - $350.00, payable to Lender in the event the Village of
Tequesta and the transaction are approved by Lender,
documents are provided to Village of Tequesta for review
and execution, and the transaction fails to be completed by
the Village of Tequesta..
Bank Qualified - This proposal assumes the Obligor will designate this
financing as a Qualified Tax Exempt Obligation pursuant to
the Tax Reform Act of 1986, and that the tota,l amount of
tax exempt debt reasonably expected to be issued by the
Village of Tequesta. during CALENDAR year 2013 will
not exceed $1 Q.0 million.
Prepayment - The financing shall provide the Obligor the option to
purchase the equipment during the term of the financing,
which option may provide valuabl� flexibility.
Proposal Basis - As is customary, this is a proposal and not a commitment
to provide funds under the terms of this proposal. A
commitment to lend will be strictly subject to Lender's
formal approval of the transaction, and the Village of
Tequesta's credit.
In addition, the Lender's financing contract, and not this
proposal, will set forth the agreement between the
respective parties.
FMLC / Village of Tequesta
Fire & Rescue Custom Pumper Proposal
September 10, 2013
Page 3 of 5
The interest rate quoted in this proposal is fixed through September 24, 2013 and
after that date Lender necessarily reserves the right to adjust or index the rate in
the financing based upon changes in tax-exempt rates until the financing funding
date.
You may accept this proposal by indicating Village of Tequesta acceptance below, and return or
fax the signed copy to me. I will initiate action with the Lender to comptete the financing as
soon as your approval is received.
If you need to review an alternative financing structure or payment terms, or revise the
equipment Purchase Cost or delivery terms, I will be pleased to provide you an updated proposal
with those changes.
If you have any questions, or need clarification on any terms or conditions please call me
@
303 - 526 - 5851
or email
lynn @ fmlc . com
Thank you for your consideration of our proposal. I will be pleased to work with you to
complete this financing.
Sincerely yours,
Lynn P. Bartsch
Lynn P. Bartsch
President
FMLC / Village of Tequesta
Fire & Rescue Custom Pumper Proposal
September 10, 2013
Page 4 of 5
Accepted:
EXHIBIT I
VILLAGE OF TEQUESTA
[Fire & Rescue]
Option A: Option B:
by:
Title:
Federal Tax ID # [EIN]: -
Date: , 2013
� / Villa�e ol'�Cec�uestai
Fire �:, itescue Custom 1'iun}��:r Proposal
tvlay 1 G, 7.013
1'as,c 5 ot� 5
�,�hib1� �
V�Ila�e of' Tequesta
Y+'ia•e & Itesea�e
10 Yea�• Financing �'i•o��osal
�c�i�i �n�eo�t;
�ne 2013 �ntphen Ct.►stom Resci►e 1'nmper
Delive� : assutr�ed �cto6e�', 2013
P`e�rclias� C�st;
'�432,843.54
�scrow I� u�d�rip Date: Assumeci Juue 15, 2013
�l.uasi,�� 1':�v�nents:
(calt��i��encing Uctober 1 S, `10�13)
iQ n �50,7'�4.47 eacli
Aanort�an� Interest Rate:
3.270%
t'ost of Tss�o:�nce / Structe�ri��� A�ent �d�:
q, ���._, �tructt�t•ir�g Ag�nt fee nf �.�00.00 is incoip�ratecl it� ttte fiol�l ��tz�alced �nc3 t�•�tctc
pay�nen#s indic�ted.
'IQ95 GAF2121SON STREET * LAK�VVOQU, CO 802'15
, �.i , " 3�3 - 52G - 5II51 ' �AX 30;� • 526 a 4529 * _
� fiMLC I tli�lage of Tes7«esEa
l�ire &' Rcscue Custam Pumper Propnsal
May �C, 2�i3
Page 4 c�f 5
Thank you fcrr your consadecatic�n of c�ur propasai. I would be pleased �a work with you to
complete this financin�.
Si�cerely yot�rs,
Lynn P. Bart�sch
Lynn I'. Bartsch
Presictent
t�.ccep#ed:
EXTIIBIT I
V��lage of "I'eguesta Fir� & Itescue
by:
Title•
Fed�ra� Tax TD # [�IN]: -
�ate: , 2413
Ft�ALC / Vill�ge t�fTequesta
Fire 1�. Rescue Custc�z� Pi�n�cper Pt•apcysal
May 16, 2t713
Ps�ge 3 of 5
Propc�sal Ba�is - As is customary, this is a proposal and not a cc�mmitt7lent
ta provide f�ends under the terms o��his prc�pasal. A
com�itiment #o lend will be stri�tly seebject #o Le�€ler's
for�al appr�val af �he transactio�, and tlhe Village of
Tec�uesta's creclit.
I� additis�n, the Lender's financing contract, and nat this
prapasal, will set farth the agreemerst between th�
resp�c�ive pa�ties.
The interest rate quated in this proposa4 is fxed through May 3t1, 2013 and after
that d�te Lender necessarily reserves the right to adjust or index the rate in the
ftnan�ing based upctn changes in tax-exe�npt rates until the financing funding
date.
You rnay accept this propc�sal by indicating your Village of Te�uesta acceptanc� belnw, and
retam c�r fa� the srgned copy to rne. I will initiate acti4n with th� Lender to coxnplete the
Fnanc'tng as saon as your �pprovat is received.
If you n�ed to r��iew an alternative financing strc�cture or payment te�ns, c�r revise the
equipment Purchase Cost or delivery terms, I wv�11 be pleased tc� provide yflu a� updated proposal
with those change�.
This proposal assurned the fire truck financing �o�ld be cornpleted apart from the pc�lice vehicle
frnancing.
If br��lr #runsacd�rr�s are a�varct�d tv u� fr�r completiar�, the 8vtrrl cost r�f rssurrnc� fees,fQr the
fin�rncgr�gs can be reduced by �2,S1t4, and the respective paytnerzts would be reduccd, sinc� both
financings wouid be com�leted uzider on� master type agreement with separate schedules far the
police car� and t�ie fre trzack.
If you h�ve any qu�stic�ns, ar need clarificatian t�n any terms c�r ccrnditic�ns please cail me
@
3U3 - 526 - 5$51
or ema�l
lynn @ fmlc . com
, FMLC / V�ilE�ge ofTec�rEesta
Fire �i Rescue Gustom Pumper Propc�sal
May 1 {�, Z(713
Page 2 c�f 5
I�ocumentatic�n - Lend�r's contt•act dqcumentation will be provided by FMLC
fc�r Village caf Tequesta reuiew. Such package requires an
flpinion af C761i�c�.r's cc�unsel as to the vaiidity and l�inding
effect of the agceement.
In the financing agreement, all equipment and vendor
warranfiies are passed tt� the Vil�age ofTe�uesta.
Net �'inancir�g - Obligor slaall be �espons"rbi� fflr all apptica6ls taxes, fees,
insurance, maintenance, and t�ther c:osts �ssociated with
ownership and passess'ron of the fin&nce<f eyuipment; and
sh�ll be provided clear t�tle to the equipment upon p�yment
c�f all fnaracing payrr�ents and ott�er sums due under the
financing, and success€ul ec�mpletit�n ofthe �nancing
agreernent.
Le�al '['�tle & Security
In�erest - Legal title to the Equipm�nt during the finazicing Term
shali vest in the Obti�or, su6ject to Lender's securzty
interest in the Equi�mant
I�Tan Utilization Fe� - $35{}.00 payable ta Lender in the event the Viliage af
Tequesta and the transaction are appraved by Lender,
d€�cuments are prc�vided tc� V illage of Tequesta fsar re�iew
a�d �xecution, and the trans�ctifln fails tQ be carnple#ed by
the Vilia�e of Tequesta.
Bank Quali�ed - This ptopasal assumes f�e (Jbligc�r will d�signate this
financing as a+Qualified Tax Exemgt �bligatian pursuant to
the Taac Re�arm Act c�f 1986, and that the tc�#al amount c�f
tax exempt del�fi rea�bnably expected ta be issued by the
Village ctfTequesta during CALENDAR year 2013 wiil
nat exceed $1{}.0 million.
Prepayment � The �nar�cing shall provide the Obligc�r the option ta
purcl�ase the equipment during the term of the f nancing,
which optic�n may provide valuabie flexibitity.
FlR6T MUNIGIPAL LEASiNG C�RPORATlDN�
N1 ay 16, 2013
Pat Ititawrocki
Executive A�si�tant to Fire Chief
Fire & Resct��
Village ofTequesta
35'� Tec�Liesta Drive
'I'et�ues#a, �L 33469
Dear Pat:
RE: Su�p�em 2013 �ustocn �te�cue Puauper
F'irst M�:�nicipal Leasing Corporation, {FMLC), act[ng as Structttring Agent in citnl�i:n�tian with a
sin�le investor b�:r�k (Lender}, is ple�sed to pxovide V�t�age of Tequesta, 4bligor, the f�llowing
tax-exsc�pt basis financing praposal.
Equipment - U�e �ii13 Sutpheu Custo� itesc�ae Pumper
Purchase Cc�st - $432,843.54
Ilelivery Date - assumet� t�ctober, 2t}l3
Fina�cing Term - 10 years
P�yments - An�ua1, cc�m�tencing C.?ctober 15, 2fl 13
Rate & Pa�ment - As shawn on the attached Exhibit I.
Escrow Funding - This financing may l�e ftznded to an escraw �ccc�unt at
Lender's option tc� pr�serve the interest rate until
Equipment delivety.
'This propasal assumed Lender's fu�ding of an escrow
�ccount for �his financing on ,Tune 15, 2(l I3.
Navvr�cki, �at
Fram: Lynn Bartsch [fmlct�e�rthEink.net�
S���: Thursd�y, May �6, 2�13 12:45 PM
To; Nawracici, Paf
S�hjec�: Sutphen Fire Tcuck finar�cing
Att�chmer�ts: Tequesta� Fir� Truck fl5-16-13.{�df
P�t,
Qur proposal is forwarded in PDF.
Ultouid you please let rr�e knaw ymt� received this message and the attachment in g�od order.
t�le were not sure �f the police vehic(es and this trucic wrould be awarded separately, c�r in tatal, so as indicated,
af both are �warded tn us the total fees in the financin�s wc�uld be reduced by the $2,50t� indicated and the
annaal payments reduced accord!ingfy.
Please call c�r err�ai( me with any questions, or needed revisions.
We appreciated yaur inquiry, and I�vauld be pteased to wQrk with you to cc�mplete the financing.
I wifi Iflok farward tn hearing from yau as to what is decided.
Sincerely,
� jj1111 P .8��'1'tSC�2
E'[RST MUNICIPAL LEAS{NG CORPORATION
1 �95 Garrisan Street
I.aPce�vood, CO 80`L�5 - 47`L7
303 - 526 - 5851
lynn � fmlt , com
Celi: 3U3 - 808 - 2195
FAX: 3�3 - 526 - 0529
�vww . fm{c . corrt
i