HomeMy WebLinkAboutDocumentation_Regular_Tab 10_12/10/2015 Memorandum
To: Michael Couzzo and Village Council
From: James Weinand
Date: 12/1/2015
Re: Financing of Scott Air-Packs and Accessories
Tequesta Fire-Rescue is currently in the process of purchasing new
Scott Self Contained Breathing Apparatus (SCBA)in the amount of
$132,773.77.
Attached are three (3) financing proposals which we have received for
the financing of the new purchase.
After careful consideration it has been determined
Community Leasing Partners, of Manhattan, KS, offers the
most favorable financing for the Village of Tequesta.
1
RESOLUTION NO. 101-15
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY,
FLORIDA, APPROVING THE FIVE YEAR FINANCING FOR
THE PURCHASE OF TWENTY (20) SCOTT AIRPACK SELF
CONTAINED BREATHING APPARATUS (SCBA), IN THE
AMOUNT OF $132,773.77, WITH COMMUNITY LEASING
PARTNERS OF MANHATTAN, KS.
WHEREAS, Tequesta Fire-Rescue is currently in the process of purchasing new
Self Contained Breathing Apparatus in order to comply with the most up to date safety
standards.
WHEREAS, The new airpacks and associated equipment will cost $132,773.77
and it will be financed over a five (5) year period.
WHEREAS, Tequesta Fire-Rescue has obtained three (3) financing proposals
which are attached hereto as Exhibit "A". After careful consideration of each proposal it
has been determined that the proposal of COMMIJNITY LEASING PARTNERS, of
Manhattan, KS, is the most favorable to the Village of Tequesta.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. Approval of the financing of new Scott Airpacks and associated gear in the amount of
$132,773.77, with COMMUNITY LEASING PARTNERS, of Manhattan, KS, in accordance with
the proposal dated 11 / 16/2015 and attached hereto as Exhibit "A" and incorporated by reference as
part of this Resolution is hereby approved and the Village Manager is authorized to execute the
applicable Contract on behalf of the Village.
�`'`'' 215 S. Seth Child Road
Manhattan, KS b6502
�:r� Phone: 8$8.777.7$54
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x;uruciNnttl.titevf+�crstuv�ctsir�c °' Mobile• 785.313.3154
Fax: 888.777.7875
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Nove�mber 16, 2015
To: Pat Nawrocki
From: Blake J. Kaus
Customer Narne: Tequesta, FL (Village)
Equipment: Scott SCBAs
Delivery: TBD
Option 1
Total Cost: $ 132,773.77 Payment Frequency: Annual
Down Payment: $ - First Payment: At Closing
Trade-In: $ -
Amou�t Financed: $ 132,773.77
Term in Years: 5
Payment: $28,08899
Factor: 0.211555
Ra.te: 2.89%
. Fu�ed interest rate for the terms provided unless otherwise stated.
.`I'his lease is to be executed within 30 days af the date of the proposal or Lessor reserves the right to adjust
the interest rate. The proposal is subject to credit review and approval and mutually acceptable
documentation.
' This proposal has been prepated assuming the lessee is bank qualified and that the proposed lease qualifies
for Federal Income Tax Exempt Status for the Lessox under Secrion 103 of the IRS Code.
• THERE ARE NO DOCUMENTATIdN OR GLOSING FEES ASSOCIATED WITH THIS PROPOSAL
Sincerely,
Blake J. Kaus
Vl', Director of Leasing
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November 17, 2015
Geiebrating 30 Years
Pat Nawrocki, Exec. Asst. to Fire Chief April 4, 2p15
Vi{lage of Tequesta, FL (Fire Department)
Main PH 561-768-0550 • Contact PH 561-768-0559 • Email: PNawrocki@Tequesta.org
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Municipal Lease-To-Own Financing Quotation
& General Outline of Terms
Village of Tequesta, Florida
(24) Scott X-3 Air-Pak's +(26� Scott AV-3000 Face Pieces,
To Be Leased: +(43} Scott 45-Minute Cylinders &(2) Scott RIT-PAK ill's
fxact descriptions required
Anticipated Vendor Delivery/Payment: T.B.D.
Net Amount to Finance: $132,773.77 Program: MUNib
5 Year Lease
Fayment Amount: $ 28,535.19 J Year
tnterest: 3.497%
Rates Locked DeC 1 , 2015 ph'er Tuesday, Decem6er 01,1015 rates may adjust automoticafly and float with
FOC C011tfdtt5 ThBt C�OSB By: the market until fulfy executed documents have been received by Firsi Capitol.
Down Payment + Security Deposit: Waived (Due at LeaseSigning)
Documentation & legal: $687 (DueotteaseSigning)
Fi�rst Annuat � ment D�e: !an l5, 2015
Questions? Ptease catl me at 800-542-0114 x-25!
Acceptance of Quotation Terms
(Circle Prefer�eOTerm AND Pavment Above)
Regards, Approved By:
���e�� ,:�t'i1f�b�'/�`l`� U
Vice President Government Finance Title: Date:
t;ab r erts cqm
�._._.._ _._ �? _.____ _._
IMAORTANT NOTES: This is a tax-exempt municipa! lease-to-own quototion only, not a commitment to �nance by first Caplia! Equipment Leasing Corporotion
("FCELC"J. Municipof lease poyments, terms ond conditions are subject to credlt-based revlew, vendor ond equipment approval, applicable state & locoi lows and are
subject to tharn�e. Alf equipment is assumed to be NEW. Non-appropriation of funds language is automaficaUy incfuded wherever required by fow. The /eose controct
dotuments will contain ALL applica6le lease terms & conditions os approved for thB specific tronsadion. There ore no noints ° dosing costs or expenses other than
shown. Interest quoted is the effective onnuai ra[e. State, counfy & municlpol entities must qunlify as issuers oj tox-exempt debt under tR5 5ection 1Q3 of 1986, as
amended. This puotcHon ossumes thpt lessee's tota/ tax exempt debt fnr ihe lease odgination year wilt be under the t.R.S. $30 mNilon 8Q llmii. (Other opiions
available� T/ME !S OF THE ESS£NCE: 7his transadion must close with executed lease contracts retumed to FCELC 6y Tuesday, December 01, 2015 after which puoted
interest rotes mpy floot with morket unti! 3 doys prior to the final dosing date. We reserve the right to adjust the poyment ond/or interest rate quoted based on changes Fn
tronsaction Uming ond/or our cast of funds afte� Tuesday, De[embe� 01, 2015. (Ad%ustments, when necessary, wil/ favor reinining the quoted payment amount whenever
possibte�. This quomtion assumes no material omissions or inaccuracies in the information provided for tha quotation, in ihe tessee's credit application, fFnarrciats or
Lessee's credit rating, ond no mvteria! chonges in the equipmenr described, prior to junding. tease /myments do not indude required insurance, title, taxes, tags,
maintenance, suppfies, delivery or instaliatton, unless specifrcoNy included herein. Vendor progress poyments are not tncluded unfess pre-anaroved. Vendors are paid
by our bonk within opprox. 4 business days (by wire or cashFer`s checkj upon �ere3pt of.� lessee's unquQlifted aaeptance of the equipmen� tessee's Foyment Request
Form, Vendor Invoices and Certificate of Insurance—see Vendor Prompt Payment Notes. TME lNFORMAT►OM PRQVIDED !M THiS DOCUMENT t5 NOT INTENDED
TO BE ANQ SkOULD NOT SE CONSTRUfD AS ADVICE." fCELC does not ad as a municipal odvisor, municipol frnancipi consuJtoot, frduciary or agent to any person
or entity pursuant to Section I58 of ihe Securities Exchange ACt of 1934 and the munidpal ndvfsor rules af the SEC. FCELC is not rewmmending that ynu toke an action
with respect to the information contoined in thls document You should review this document with such irrdependent finpncial, tox, Jegal ond other advisors as ynu
deem appropriate.
�O 2015 Copyright First Capital Equipment leasing Corp. All rights reserved. Nev 111115
MUNICIPAL ASSET MANAGEMENT, INC.
"LEASING TO STATE AND LOCAL GOVERNMENTS'�
Paul Collings Frank Heeg
303-273-9494 800-949-6685
Jamie Tiemeyer Michael Terry
303-273-9496 541-4749312
DATf: November 18, 2015
LESSEE: City of Tequesta, Florida
REQUESTED BY: Pat Nawrocki, Executive Asst. to Fire Chief
STRUCTURE: Tax Exempt Lease Purchase Agreement
EQUIPMENT: New Airpacks
EQUIPMENT COST: $932,775
LESSOR FEES: None
DOCUMENT FEES: None
FINANCE TERMS: Five (5) years, payments to be due annually in advance
PAYMENT AMOUNT: $28,876.42
INTEREST RATE: 4.375°!0
PAYMENT FACTOR: 0.21748 (muitiply the factor by the financed amaunt to calculate the payment)
T_�ais is a �r000sai onhr and is not a commitment to finance. This oror�l is subiect to a edit review and approvaj
and uroner execution of mutualiv aaceqtable documentation.
This transaction must be credit approved, lease documents property executed and retumed to Lessor and the
transaction funded by Lessor withtn 30 days from the date stated above, or Lessor reserves the right to adjust and
determine a new interest rate, rate factor and payment amount.
25288 I'OOTHLLS DRIVE NORTH • GOLD�N COLORADO • 80401
YHONE: 800-697-8456 • FAX: 4i2-371-1332 • EMA1L: FHE�GQMAMGT.COM