HomeMy WebLinkAboutResolution_32-13_10/10/2013 RESOLUTION NO. 32-13
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE
OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, APPROVING
A TAX EXEMPT LEASE PURCHASE AGREEMENT WITH FIRST
CAPITAL 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 IN
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 ".
The foregoing Resolution was offered by Council Member Paterno who moved its adoption.
The motion was seconded by Council Member Okun and upon being put to a vote, the vote was
as follows:
For Adoption Against Adoption
Mayor Abby Brennan X
Vice -Mayor Vince Arena X
Council Member Steve Okun X
Council Member Tom Paterno X
Council Member Frank D'Ambra Absent
The Mayor thereupon declared the Resolution duly passed and adopted this 10 day of October
2013.
MAYOR OF TEQUESTA
Abig 1 Bre an
ATTEST:
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Lori McWilliams, MMC
Village Clerk o y C") � kt \
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MUNICIPAL
CREDIT
APPLICATION
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wFFFLeaseExpepts.com
ON -641 -0114
CREDIT APPLICATION FOR STATE, COUNTY & MUNICIPAL TRANSACTIONS
Please fill out this application in as much detail as possible. &Ugh additional "M N r sarv
GENERAL INFORMA
Legal Name of Lessee: Fed. Tax ID # •
Address: ar
C' County: State: AL Zi
Date munici ai wa ta ished: J9 1 7 Does the Lessee self- insure rproaorty& liability insurance? Yes
Phone: Fax Email:
Alternative Contact Person: Title: U 2 04� Phone:
Person Authorized to Attest nature: Title:
TRANSACTION INFORMATION
Total Cost of Equip ant. Lease Term (years):
"Down Payment Amount: Source of Down P fund name
Trade In: Payment Amount lease quote
Other Payment Frequencr LJ Monfti LJ Qua Semi-Annuallv 1 nnual
Net Amount to Finance: First Lease P Due Date lease quote
Eisca Yr
"Lessee's down PA~ should be made before or at deflyery. Pwr of dorm polmud Is to vendor s WAM otherwise
Has the Lessee 'd the vendor for an of the financed? Yes o
What fund will the remaining pMMMft be made from? LkGeneraj Lj S
EQUIPMENT DESCRIPTION
Equipment Description - including or, make and model (attach quote and If available, a brochure):
New Equipment es 0No If no list age of egul ent or date manufactured:
If Refurbished: rw LjNo What Year
Replacement: es 0No Age of current equipment: Year purchased:
If not areplacement, why is the equipment needed?
Soft Costs Included: LjYes No Amount of soft costs included (shippina, software tax etc.: $
Is a previous leaselloan kffgg included in the amt. Yes No Amount of buVout Included:
Ardicipate0 Delivery Date(s):
Physical location of equipment after delivery.
Describe the essential M of the equipment being purchased:
M" ssetla,
FOR BUILDING PROJECTS ONLY
Is the p ition renovation or a new builds ? Does the Lessee own the land?
Is the land included In a Yes No If ves, what ' s land?
What Is the physical address of the new
Provide the current buildfing's age, estimated market vale, brief description of facility layout:
Provide a brief description of the I on, or new building:
Wh al use of the new building project?
FINANCIAL INFORMATION
Have the Lessee's expenditures exceeded revenues for arty one of the last three years? Yes [] No. If YES, please explain why
and what measures were taken to correct the shortfal :
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 $10,000,000 (ten million dollars) in tax - exempt debt In this gg9ndigr year? ❑ Yes Gq No
He$ the Lessee defaulted or non - appropriated on a prior lease, bond, or legal obligation? ❑ Yes 5KNo
TAX LEVY INFORMATION
Indicate the tax/mill levy for each year. / r
Budget Year 2012-13 2011 -12: 5.7471 2010 -11: 5. 2009 -10: . 7(p 1
If the ter/mill levy can be raised what are the Cues?
Are there any voter imposed restrictions on taxing or spending? ❑ Yes No
if YES explain:
Indicate the assessed property value for each year. o11- 12: '(f 017 S79 T 790 do?a 3
/ 2010 -11: 2009 -10:
Indicate what percentage of taxes billed were actually collected for sect~ ear. 9L. ?J +��
Bu Year 2012 -13: 2011 -12: .1 2010 -11; 2009 -10: 9 4 • "7'7°
Who are the and what percent (approximate.) of total tax receipts does ch re r
1. 2.=1Q 6 A0,61 A 3. '1"' LA.
�•q� 9 a DEMOGRAPHICS I' 0
Pop ulation in 2012: do Ar 2011: 2010 2009:
List the major employers in the imnuxtiate area and the approximate nu r of peop am yed at each G /�
'fi
iL- I�tBS( 4. "L �• - �e.�..�
Has the municipality been rated by a major rating agency? []Yes ErNo. If YES, Rating: Agency:
REQUIRED APPLICATION DOCUMENTS - CHECKLIST
Please include the following supplementW documents to Ines a prompt creeHt review.
Last #jam years a udited fhandal (We will gladly accept your f rmclal and other documents k �_ F
fomra t1i
(Able: For any unaudited RWW yearMV*b �&W ilnwci& sN*nxm s to kw �a B mYh &7� . e
eats and an income t s place of the sum) AoM (11'
W . "1 oW
[�C'�fiscal year's (qW next year's budget, if available) •' •f. • f
❑ Vendor glgfig for all eouioment brochures and/or vendoes web site LIRL (If available) www.
❑ Signed First Capital "" (Be sure to circle your preferred lease payment amount & lease term)
❑ Check for " Documentation & Legal fee per Quotation
❑ Police/Sheriff Department Profile Addendum (Forlowenilmenw9transections onl)o
IMPORTANT— Lasses fiM agrees to the folloWng.
The infwmafion provided herigh Is correct to the best of my knowledge. The appropriate frwai -die &m makers) have reviewed and
approved First Capital's proposed Municipal Lease -To -Oren Quotation, the quote prtc*rg, the general terms, and Lessee understands that
upon credit approval contract documents will be dratled. Lessor (an&br its assigns) is suffwffed to verify any irrfomrathn provided with
appropriate third pansies as necessary to complete its cxedit review. Lessor may also request addff nal information to setae its review
{Lessor will retain the application documents whether or not credit is approve
Should Lessee cancel this transaction after credit has been approved and legal documents drafted, or should this app /k edw contain
material inaccuracies or omissions that preclude a credit approval, or should Lessee fail to execute the contract documents within 45 days
for any reason, Lessee agrees to pay a "cost deal° fee 2" f2 the amount of the 'Documentation & Legal Fees" specified in Find
Capital's Quotation. There is no krst deal fee If the contract documents are executed and returned within 45 days of receipt
Lessee has not relied art First Capital as a municipal advisor or consultant and has obtained guidance as needed from its own legal &
tax advisors.
By (Lessee Representative): Print Neale:
Tdie; Date:
pease return ali documents w Ernail, UPS/FedEx or PW Office Express Mall to:
First Capital Equipment Leasing Corp
PO Box 1018, 32 Wolf Hill, East Sandwich, MA 02537 . PH 800 -54"ll 14 • FAX 5084833 -8692