HomeMy WebLinkAboutDocumentation_Regular_Tab 17_05/14/2015 VILLAGE CLERK'S OFFICE
AGEIdDA ITEM TRANSMITTAL FORM
AAeeting Date: Meeting Type: Regular Ordinance #:
Consent Agenda: No Resolution #: 36-15
05/14/2015 Originating Departrnent: Police
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Approval of lease agreement with First Capital Equipment Leasing Corporation for the purchase and equipping
of seven (7) 2015 Ford Police Inceptor Utility Vehicles in the amount of $240,657.82.
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Account #: Multiple Amount of this item: $240,657.82
Current Budgeted Amount Available: Amount Remaining after item:
N/A N/A
Budget Transfer Required: No Appropriate Fund Balance: No
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Approval of lease agreement with First Capital Equipment Leasing Corporation for the purchase and equipping
of seven (7) 2015 Ford Police Inceptor Utility Vehicles in the amount of $240,657.82 at an annual interest rate
of 3.049% to be financed over three years.
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Department Head
Finance Director or Representative ,
Reviewed for Financial Sufficiency ,
No Financial Impact ❑
Attorney: (for legal su�ciency) �
Village Manager:
Submit for Council iscussion: ❑
Approve Item: � � �
Deny Item: � �
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Form Amended: 3/14/14
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RESOLUTION NO. 36-15
A RESOLUTION OF THE VII.LAGE COUNCIL OF THE VII..LAGE OF
TEQUESTA, FLORIDA, APPROVING A LEASE AGREEMENT WITH
FIItST CAPITAL EQUIPMENT LEASING CORPORATION FOR THE
PURCHASE OF (� 2015 FORD POLICE INTERCEPTOR UTII.ITY
VEHICLES IN THE AMOUNT OF $240,657.82 AT AN ANNUAL
INTEREST RATE OF 3.049% TO BE FINANCED OVER (3) YEARS;
PROVIDING FOR SEVERABiLITY; PROVIDING AN EFFECTIVE
DATE; AND FOR OTHER PURPOSES.
WI�REAS, the Village of Tequesta purchased (� Ford Police Interceptor utility
vehicles from Don Reid Ford in the amount of $183,050.00;
WHEREAS, the Village of Tequesta approved the purchase and installation of
equipment on these vehicles from Dana Safety Supply in the amount of $57,607.82;
WHEREAS, the Village of Tequesta seeks to finance the cost of the new vehicles and
equipment in the amount of $240,657.82 over (3) years at an interest rate of 3.049%;
NOW, THEREFORE, BE IT RESOLVED BY THE VII..LAGE COUNCIL OF THE
VII.,LAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1 Resolution No. 36-15 is hereby adopted approving a lease agreement with
First Capital Equipment Leasing Corpora.tion for the purchase of ('� 2015 Ford Police
Interceptor utility vehicles in the amount of $240,657.82 at an annual interest rate of
3.049% to be finance over (3) years;
Section 2 This Resolution shall become effective immediately upon passage.
� ���n" First Capital Equip�ment �.easing Corp.
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May 1, 2015
Christopher Elg, Chief of Police Cele Aprfi n � 2o
Village of Tequesta, FL (Police Department)
Main PH 561-768-0500• Contact PH 561-768-0509 • Email: celg@tequesta.org
C�V��IDEPlTI�L
Municipal Lease-To-Own Financing Quotation
& General Outline of Terms
Village of Tequesta, Florida
To Be Leased: ��) 2015 Ford Police Interceptor Utility's w/Police Equipment & Upfits
Exad desnlptlons required
Anticipated Vendor Delivery/Payment: T.B.D.
Net Amount to Finance: $240,657.82 Program: MUNIk
3 Year Lease
Payment Amount: $ 6,991.80 / Month
Interest: 3.049%
• Rates Locked May 15, 2015 AJter Frfday, May 15, 2015 rates may adJust automatically and float w(th the
FOI' C011t�8Ct5 ThBt FU�d By: market untll fully executed documents have been recelved by Flrst Capltal.
Down Payment + Security Deposit: Waived (Due at Lease SlgningJ
Documentation & Legal: $687 (DueatLeaseS)gn7ng)
First Monthly Lease Payment Due: Jun 01, 2015
Questions? Please call me at 800-541-0114 x-15!
Quotation Acceptance / Rate Lock
Regards, (CirclePreferredTermAND a mentAbove)
� �ri�UWlt� Approved By:
Vice President Government Finance � Title: Date:
Bo b@ LeaseExpe rts.com
IMPORTANT NOTES: This is a tax-exempt munldpal lease-to-own quotation only, not a commkment to flnance by Flrst Capltal Equlpment Leasing Corp.
("FCELC J and !s subJect to appllcable state & local laws. Lease payments, terms and condlt/ons are su6Ject to credlt-6ased revlew, vendor and equlpment
approval, appllcable state & local laws and are su6Ject to chonge. Non-appropriatlon of funds language !s Included wherever requlred 6y law. All equlpment
Is assumed to be NEW. The lease contract documents wlll contaln ALL appllcable leose terms & condltlons as approved for thls spec/f7c transadlon. There
are no "oolnts," closing costs or expenses other than shown. Interest quoted !s the effective annual rate. State, county & munlclpal entft/es must quallfy as
tax-exempt debt issuers under IRS Sectlon 103 of 1986, as amended. Thls o/fer ossumes that Lessee's toto/ tax exempt debt jor the lease orlglnotlon year
wl// be under the I.R.S. SIO mllllon BQ /lmlt. (Other optlons avallable) FCEL may asslgn !ts lnterest !n thls trpnsaction to a quoll/led bonk/bank afflllote and
wlll remaln the flrst polnt of contact. TIME IS OF THE ESSENCE: Executed lease contracts must be returned to Flrst Capltal wlthin 14 davs, after wh(ch
quoted interest rates may floot wlth market. We reserve the rlght to adJusi the payment and/or Interest rote quoted 6ased on changes In transactlon tlming
and/or our cost of funds after May 15, 2015. (AdJustments, when necessory, wlll favor retalning the quoted payment amount whenever posslble). Thls
quotatlon assumes no materlal omisslons or lnaccuracles fn the Informatlon prov/ded /or thls quotatlon, In the Lessee's credlt oppllcatlon, flnanclals or
Lessee's credlt rating, and no mater/ol changes !n the equlpment descrl6ed, prlor to funding. Vendor progress payments are subJed to pre-approvol. Lease
poyments do not lnclude requlred lnsurance, tltle, taxes, tags, mafntenance, suppUes, dellvery or Installatlon, unless speclflcally lncluded hereln. Vendors are
pald by our bank wlthln approx. 4 buslness days 6y wlre transfer or bank cashlets check- following our recelpt of 1J Lessee's unquallfled acceptance of the
equlpment 2J our recelpt of Lessee's faxed Payment Request Authorizatlon Form, 3) proof of Insurance, vendor lnvolce(sJ and all other requlred payment
documentatlon (See Vendor Prompt Payment NotesJ. The Informotlon provlded In thls dqcument !s not Intended to be and should not be construed as
• `advlce. FCELC does not act as a munlclpal advlsor, munlclpal flnanclal consultant flduclory or ogent to any person or entlty pursuant to Sedlon 15B of the
Securitles Exchange Ad of 1934 and tNe munlclpa/ advlsor rules of the SEG FCELC !s not recommending that you toke an actlon wlth resped to the
lnformotion contolned In thls document. You should revlew thls document wfth such lndependen[ flnanclal, tax, legal and other advlsors as you deem
approprlate.
� 2015 Copyrlght Flrst Capltal Equipment Leasfng Corp. All rlghts reserved. Rev 050115