HomeMy WebLinkAboutCity of Tamarac Resolution R-96-082Temp. Reso.
#7388
Revised
4/12/96
4/16/96
Revised
4/17/96
Revised
4/18/96
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-96- <3:�'-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO EXECUTE A LEASE -
PURCHASE TRANSACTION, UNDER THE TERMS OF THE
EQUIPMENT LEASE/PURCHASE AGREEMENT DATED
APRIL 1, 1994 BETWEEN FIRST UNION NATIONAL BANK
AND THE CITY OF TAMARAC, FLORIDA, IN THE AMOUNT
OF $579,152.00 FOR THE PURCHASE OF A FIRE
APPARATUS AND RESCUE VEHICLES WHICH HAVE BEEN
PREVIOUSLY APPROVED, PROVIDING FOR CONFLICTS,
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City Commission on the 27th day of March, 1996, adopted
Resolution No. R-96-68 amending the annual budget for fiscal year 1996; and
WHEREAS, the funding for a lease -purchase transaction for the purchase of rescue
vehicles was approved in Resolution No. R-96-68 as part of the City's emergency medical
services expansion planned for October 1996; and
WHEREAS, the purchase of these rescue vehicles has been approved; and
WHEREAS, the City Commission has previously approved the purchase of one fire
apparatus as a replacement for an existing apparatus now out of service as well as the
funding for a lease -purchase transaction; and
WHEREAS, a lease -purchase agreement to fund these purchases is an appropriate
and financially prudent method of purchasing these items; and
WHEREAS, it is the recommendation of the Director of Finance that a five year
lease -purchase plan be awarded to First Union National Bank based on receiving
competitive financial plans from various financial institutions; and
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Temp. Reso. #7388
4/12/96
Revised 4/16/96
Revised 4/17/96
Revised 4/18/96
WHEREAS, First Union National Bank is currently the City's depository and is a
reputable financial institution; and
WHEREAS, the City, as lessee, is currently entered into an equipment
lease/purchase agreement dated April 1, 1994 with First Union National Bank, as lessor;
and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interests of the citizens and residents of the City of Tamarac to execute a lease -
purchase transaction with First Union National Bank for the purchase of a fire apparatus
and rescue vehicles.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and is hereby made a specific part of this Resolution.
SECTION 2: The appropriate City Officials are authorized to execute a
lease -purchase transaction with related documents under the terms of the equipment
lease/purchase agreement dated April 1, 1994 (Exhibit 1) and additional terms and
conditions found in the equipment leasing transaction dated April 16, 1996 (Exhibit 2)
between First Union National Bank and the City of Tamarac, Florida.
SECTION 3; All Resolution or parts of Resolution in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 4: If any provision of this Resolution or the application thereof to
any person or circumstance is held invalid, such invalidity shall not affect other provisions
or applications of this Resolution that can be given effect without the invalid provision or
application, and to this end the provisions of this Resolution are declared to be severable.
Temp. Reso. #7388
4/12/96
Revised 4/16/96
Revised 4/17/96
Revised 4/18/96
SECTION 5: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this C�-4 day of Apr I , 1996.
ATTEST:
CAROL A. EVANS
CITY CLERK
I HEREBY CERTIFY that I
have approved this
RESOLUTION as to form.
MITCHELL S. KRAF
CITY ATTORNEY
1
�A,►sk10 V.
ECORD OF COMMISSION VOTE
MAYOR
DIST.1:
DIST. 2:
t7ST. 3:
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GIB
e'
OFFICE OF
THE MAYOR
NORMAN ABRAMOWITZ
•
7525 NORTHWEST 88th AVENUE • TAMARAC, FLORIDA 33321-2401
TELEPHONE: (305) 724-1221 • FAX: (305) 724-1226
May 22, 1996
First Union National Bank of Florida
Attention: Municipal Leasing Department
One First Union Center - 8th Floor
Charlotte, NC 28288-0600
Ladies and Gentlemen:
This letter is being written with respect to the use of the
Equipment (herein so called and as defined in the hereinafter
referred to Lease) to be purchased by the undersigned with funds
provided pursuant to the Equipment Lease/Purchase Agreement dated
as of April 1, 1994 as supplemented by Schedule A No. II and
No. III dated May 22, 1996 (the "Lease"), between the undersigned
and yourselves. The Equipment will be used by the Fire Department
for the following purposes: to provide the citizens of Tamarac with
emergency and ambulance services.
The undersigned hereby represents that the use of the
Equipment is essential to its proper, efficient and economic
operation; that it anticipates an ongoing need for the Equipment;
that the Equipment will provide an essential use and permit the
Municipality to carry out public functions that it 'is authorized by
law to perform; and that it is reasonably believed that funds in an
amount sufficient to make all Rental Payments (herein so called and
as defined in the Lease) under the Lease will be available.
Nothing contained in this letter shall be construed as
contractually obligating or otherwise binding the City of Tamarac,
it being expressly stated that any and all obligations by the
Municipality with respect to the Equipment and the Rental Payments
are limited to those expressly set forth in and accepted pursuant
to the terms of the Lease.
Ver truly yours,
No an Abramowitz, Mayor
For the City of Tamarac
WPO;(TDICKSON.TAMARAC-LEASE)EQUIPMENT-USE.LTR
AN EQUAL OPPORTUNITY EMPLOYER
POLICY OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS
AKERMAN, SENTERFITT 8 EIDSON, PA.
ATTORNEYS AT I.AW
CITRUS CENTER
255 SOUTH ORANGE AVENUE
POST OFFICE BOX 231
ORLANDO, FLORIDA 32602-0231
(407) 643-7860
TELECOPY (407) 843-6610
May 22, 1996
Judy A. Brantley
Assistant Vice President
First Union National Bank of Florida
One First Union Center - 8th Floor
Charlotte, NC 28288-0600
Re:
Equipment Lease/Purchase Agreement between
City of Tamarac and First .Union National Bank of Florida
Dear Judy:
Enclosed
please find executed versions of the following:
1.
Certified Copies of Resolution No. 96-82 and 96-- approving the lease financing.
2.
Schedule A of Lease -Purchase Agreement.
a. Schedule No. II
b. Schedule No. III
3.
Officers' Certificate.
4.
Opinion of City Attorney.
5.
UCG-1.
6.
Essential Use Letter.
7.
Copy of IRS Form 8038 (original furnished to IRS).
8.
Copy of Division of Bond Finance Form 2003/2004 and Notice of Impending Sale
(originals furnished to Division of Bond Finance).
9.
Proof of Insurance.
10.
Signed Commitment Letter.
11.
Signed Escrow Holder Commitment Letter.
-
Very truly yours,
AKERMAN, SENTERFITT & EIDSON, P.A.
1>
0 / I, IV,
T. Dean Dickson
TDD/kmg
Enclosures
WPO: rMICKSON.TAMARAC-LEASE]BRANTLEY-DOC. LTR
ORLANDO MIAMI TALLAHASSEE TAMPA
r- -7
J
OFFICERS' CERTIFICATE
AND INCUMBENCY CERTIFICATE OF LESSEE
The undersigned officers of the CITY OF TAMAR.AC, FLORIDA (the
"Lessee"), in connection with the issuance of its $591,143 Lease
Obligation on this date pursuant to an Equipment Lease/Purchase
Agreement dated as of April 1, 1994 among Lessee, First Union
National Bank of Florida (the "Lessor"), and First Union National
Bank of North Carolina, as escrow holder, as supplemented and
amended by Schedule A of Lease/Purchased Equipment No. II and III
dated May 22, 1996 (together, the "Lease"),'DO HEREBY CERTIFY:
(1) Norman Abramowitz is the duly elected and acting Mayor o�/
Lessee, and Carol A. Evans is the duly appointed City Clerk of
Lessee.
(2) The signatures that appear on this certificate are the
authentic signatures of the City Clerk and the Mayor, each of whom
is duly authorized to execute and deliver any and all documents and
certificates required in connection with the Lease or necessary or
appropriate to carry out the intent thereof.
(3) The Lessee hereby designates the Lease as a "qualified
tax-exempt obligation" within the provisions of Section 265 of the
Internal Revenue Code of 1986. The Lessee does not reasonably
anticipate issuing more than $10,000,000 of tax-exempt obligations
(including those obligations of any entities controlled by the
Lessee), including the obligation to lease the Equipment pursuant
to the Lease, during the current calendar year.
WITNESS our hands and the seal of the Lessee this 22th day of
May, 1996.
CITY OF TAMARAC, FLORIDA
(Lessee)
(SEAL)
By:
Norman Abramowitz, May
By:
Carol A Evans
City Clerk
WPO: (TDICKSON. TAMARAC- LEASE I OFFICER- CERT. CITY
EXHIBIT 1
THIS EQUIET-= LEASE/pUR=E PMEM7, dated as of April 1, 1994,
among FIRST UNION NATIONAL HANK OF FLORIDA, as Lessor (the "Lessor"), C= OF
TAM RAC, FLORMA, as Lessee (the "Lessee") and FIRST UNION NATIONAL HANK OF
NORTH CA.ROLIM, Corporate Trust Department, as Escrow Agent (the "Escrow
Agent")
W I T N E S S E T H:
WHERFAS, Lessor desires to lease the Equipment (as hereinafter defined)
to Lessee, the Lessee desires to lease the Equipment fran Lessor, pursuant to
the terms and conditions hereinafter set forth;
wHEREAS, Lessee is duly authorized to enter into this Agreement pursuant
to the Constitution and laws of the State of Florida, particularly Article
VIII_ Section 2 of the Constitution of the State of Florida, Chapter 166,
Florida Statutes, as anende , and other applicable provisions of law (the
"Act 11) ;
NOW, THEREFORE, for and in consideration of the premises and of the
covenants hereinafter contained, and other valuable considerations, the pasties
hereto agree as follows:
SECTION 1. DEFTNT CNS
. For purposes of this Agreement and related documents, the following
definitions will apply:
1.1 Acceptance Date. Unless otherwise set forth in the Schedule A of
Leased/Purchased Equipment, the date the Equipment is delivered to the Lessee.
1.2 The City Council of the City of Tamarac, Florida.
1.3 Equitamment. The goods enumer-ated on each Schedule A of
Leased/Purchased Equipment that is now or may hereafter from time to time
becamme attached hereto and incorporated herein by reference, together and with
any and all additions, modifications, attachments, replacements and pasts
thereof.
1.4 Fiscal Year. The twelve month fiscal period of Lessee which
commences on October 1 in every year and ends on the following September 30.
1.5 Mdeant Coumel. An attorney duly admitted to the practice of
law before the highest court of the State of Florida who is not a full-time
enployee of Lessor or Lessee.
1.6 Non- ' ti The failure of The Board to appropriate mmormey
for any Fiscal Year of Lessee sufficient for the continued performance of this
Agreement of Lessee, as evidenced by action of the Board and Lessee that they
have specifically made a good faith effort and have exhausted available
revenues other than ad valorem taxes and Lessee is unable to mske Payments due
under this Agreement for a designated Fiscal Year and all subsequent Fiscal.
Years.
1.7 t Date. The date upon which any Rental payment is due and
payable as provided in each Schedule A of Leased/Purchased Equipment.
1.9 Permitted Encumbrances. As of any particular time: W liens for
taxes and assessments not then delinquent, or which Lessee my, pursuant to
provisions of Section 7.3 hereof, permit to remain unpaid, (ii) this Agreamment
and anend ents hereto, (iii) any mechanic's, laborer's, materialmen's,
supplier's or vendor's lien or right not filed or perfected in the manner
Prescribed by law, other than any lien arising through a seller of the
Equipment or which Lessee mray, pursuant to Section 1 hereof, permit to remain
unpaid.
1.9 Prepayment Price. With respect to each item Of the Equipment, an
amount equal to one hundred two percent (102t) of the then applicable unpaid
Principal balance )cased upon the Rental Payment Schedule set forth in the
applicable Schedule A of Leased/Purchased Equipment.
1.10 Ren��nt. The payment due of Lessee to Lessor on each
Payment Cate during the Lease Texan, as set forth opposite such date on each
Schedule A of Leased/Purchased Equipment.
1.11 Sch A of ed chased i t. The documient(s) now or
hereafter from time to time attached hereto and incorporated herein by
reference and signed by the pasties which, among other things, describes (i)
the Equipment to be leased by Lessor to Lessee, (ii) the lease term for the
Equipment listed thereon and (iii) Lessee's obligations with respect to Rental
Payments. -
SECTION 2. LEASE
Pursuant to the term and conditions of this Agreement, (which, by�
definition, includes the terms on the applicable Schedule A of Leased/Purchased
Equipment), Lessor hereby rents and leases to Lessee, and Lessee hereby rents
and leases fran Lessor, the Equipment listed on any Schedule A of
Leased/Purchased Equipment now or hereafter from time to time attached hereto
and incorporated herein by reference.
SECTION 3. TERM
The lease teen for each Schedule A of Leased/Purchased Equipment shall
commence on the Acceptance Date and shall terminate, except as otherwise
expressly provided herein, at the expiration of the lease term set forth in
such Schedule A of Leased/Purchased Equipment.
SECTION 4. RENTAL PAYMENTS
4.1 Amxmt and Times of Payment. As rental for the Equipment, Lessee
hereby agrees to pay Lessor the amounts specified in each Schedule A of
Leased/Purchased Equipment at the times and in the manner set forth therein.
If partial shipments of Equipment are authorized, each shipment will be covered
by a separate Schedule A of Leased/Purchased Equipment and rental payments for
each such shipment will camence when due without regard to other scheduled
deliveries.
4.2 Plarge of Raygpnts. All payments (including all Rental Payments)
required to be made to Lessor hereunder shall be made at Lessor's principal
office or as may be otherwise directed by Lessor or its assignee.
4.3 Lam. Should Lessee fail to pay any part of the rent or
any other sum required to be paid by Lessor within fifteen (15) days after the
due date thereof, Lessee shall pay a late payment charge equal to four percent
(0) of the delinquent payment.
4.4 A=ement of Payments. Except as otherwise set forth in this
Agreement with respect to Non -Appropriation, there shall be no abatement or
reduction of Rental Payments by Lessee for any reason whatsoever, including but
not limited to, any defense, recaupment, setoff, counterclaim, or any claim
(real or imaginary) arising out of or related to any defects, damages,
malfunctions, breakdowns or infirmities of the Equipment. Lessee assumes and
shall bear the entire risk of loss and damage to the Equipment from any cause
whatsoever, it being the intention of the parties that the Rental Payments
shall be made in all events unless the obligation to pay is terminated as
expressly provided herein for Non -Appropriation.
4.5 Allgmticn of Interest_. A portion of each rental payment shall be
allocated to interest in accordance with the amortization schedule attached to
the Schedule A of Leased/Purchased Equipment. Based upon the character of
Lessee, interest received by Lessor shall be tax exert under Section 103 of
the Internal Revenue Code of 1986, as amended (the "Code").
SECTION 5 . ESCROW
5.1 Small Isauer Exc tion From. Rebate Requirements,In accordance
with Section 148(f)(4)(C) of the Code, Lessee, represents and covenants that it
is a governmental unit with general taxing powers; that the lease/purchase
obligation evidenced by this Agreement is not a private activity bond as
defined in Section 141 of the Code; that 95% or more of the net proceeds of the
lease/purchase obligation evidenced by this Agreement are to be used for the
local governmental activities of Lessee (or of a governmental unit the
jurisdiction of which is entirely within the jurisdiction of Lessee), and that
the aggregate face amount of all obligations of Lessee (including all
subordinate entities of Lessee), the interest on which is not includable in
federal gross income (other than private activity bonds as defined in Section
141 of the Code), issued during the calendar year 1994 will not exceed
$5,OOO,OOp,. excluding, however, such obligations which are not outstanding on
the date of execution of this Agreement or which are to be redeemed (other than
in an advance refunding) fmn the proceeds of the lease/purchase obligation
evidenced by this Agreement.
5.2 Escrow,Flmd. On the date of commencement of the lease term set
forth in Schedule A hereto, an amount equal to the principal amount of the
rental payments specified in Schedule A hereto will be deposited by Lessor with
Escrow Agent and this sum shall constitute the principal of the Escrow Fund,
and shall be held by Escrow Agent in accordance with the provisions of this
Section 5.
5.3 Investment. Escrow Agent shall invest and reinvest the Escrow
Fund. Lessee shall be solely responsible for ascertaining that all proposed
investments and reinvestments comply with federal, state and local laws,
regulations and ordinances governing investment of escrowed funds held pursuant
to a lease/purchase arrangement similar in substance to the arrangarent
contemplated by this Agreement and for providing appropriate notice to Escrow
Agent for the reinvestment of any maturing investment. Accordingly, Escrow
Agent shall not be responsible for any liability, cost, expense, loss or claim
of any kind, directly or indirectly arising out of or related to investment or
reinvestment of all or a portion of the Escrow Fund, and Lessee agrees to
release and ;ndam-ify and hold harmless Escrow Agent and Lessor from any such
liability, cost, expense, loss or claim.
5.4 p-gbg sements.
(a) Payment by Escrow Agent. Unless this Escrow is earlier
terminated in accordance with the provisions hereof, the principal of
the Escrow Fund shall be disbursed by Escrow Agent in payment of
invoices from the manufacturers or suppliers of the Equigrent for the
purchase price therefor upon receipt of written authorization(s) from
Lessor, which authorization will be supplied only upon the acceptance of
the Equipment by Lessee.
(b) Distribution of Interest. Interest earned on the Escrow Fund
shall be disbursed by Escrow Agent upon the termination of this Escrow
and the final distribution of the Escrow Rind in the following order:
First, to the payment of Escrow Agent's fees as hereinafter set forth in
Section 5.10; second, either to the payment of Lessee's next scheduled
rental payment (s) as set forth in Schedule A of Leased/Purrchased
Equipment applicable to the Escrow Hurd.; or third, to pay in full the
rerining principal obligations of Lessee of any existing Schedule A of
Leased/Purchased Equipment.
5.5 motion. This Escrow shall be terminated at the earlier of:
(a) the final distribution of principal of the Escrow Fund; (b) written notice
given by Lessee of its election to terminate this Escrow is received by Escrow
Agent and Lessor; (c) written notice given by Lessor of claimed default by
Lessee under this Agreement is received by Escrow Argent and the Lessee; or (d)
date of expiration of Lessor's obligations under the Lease provisions stated
herein.
C7
5.6 Reliance of Escrow Agent on DocLm-ents. Escrow Agent may act in
reliance upon any writing or instrum-ent or signature which it, in good faith,
believes to be genuine; may assume the validity and accuracy of any statement
or assertion contained in such a writing or instrument, and may assume that any
official designated on the attached incumbency certificate purporting to give
any writing, notice, advice, or instructions in connection with the provisions
hereof has been, duly authorized to do so. Escrow Agent shall not be liable in
any manner for the sufficiency or correctness as to form, manner and execution,
or validity of any instrument deposited in this Escrow, nor as to the identity,
authority, or right of any person executing the same; and its duties hereunder
shall be limited to the receipt of such monies, instruments or other documents
received by it as Escrow Agent, and for the disposition of the same in
accordance herewith.
5.7 �rndemnification of Escrow Agent. Unless Escrow Agent is guilty of
willful misconduct with regard to his duties hereunder, Lessor and Lessee
jointly and severally hereby agree to indemnify Escrow Agent and hold it
harmless from any and all claims, liabilities, losses, actions, suits or
proceedings at law or in equity, or any other expense, fees, or charges of any
character or nature, which it nay incur or with which it may be threatened by
reason of its acting as Escrow Agent under this Escrow; and in connection
therewith, to indemnify Escrow Agent against any and all expenses, including
reasonable attorneys' fees and the cost of defending any action, suit or
proceeding or resisting any claim. Escrow Agent shall be vested with a lien on
all property deposited hereunder, for indem—ification, for reasonable
attorneys' fees, court costs, for any suit, interpleader or otherwise, or any
other expense, fees or charges of any character or nature, which may be
incurred by Escrow Agent by reason of disputes arising between Lessor and
Lessee as to the correct interpretation of this Escrow Agreament and
instructions given to Escrow Agent hereunder, or otherwise, with the right of
Escrow Agent, regardless of the instructions aforesaid, to hold the said
property until and unless said additional expenses, fees and charges shall be
fully paid.
5.8 Diggretion of Escrow A= to Filevil Action in t of
Digpute. If Lessor or Lessee shall be in disagreement about the interpretation
of this Escrow, or about the rights and obligations, or the propriety of any
action contemplated by Escrow Agent hereunder, Escrow Agent may, but shall not
be required to, file an appropriate civil action to resolve the disagreement.
Escrow Agent shall be indemnified for all costs, including reasonable
attorneys' fees, in connection with such civil action, and shall be fully
Protected in suspending all or part of its activities under this Escrow until a
final judgment in such action is received_
5.9 tation with el. Escrow Agent may consult with counsel
of its own choice and shall have full and cauplete authorization and protection
with the opinion of such counsel. Escrow Agent shall otherwise not be liable
for any mistakes of facts or errors of judgment, or for any acts or omissions
of any kind unless caused by its willful misconduct.
5.1.0 92mm=im of Escrowent. Lessee shall pay to the Escrow
Agent a reasonable compensation for all services performed by the Escrow Agent
hereunder and also for all reasonable expenses, charges and other disbursements
and those of the Escrow Agent's attorney, agents and employees incurred in and
about the administration and execution of the Escrow Fund hereby created and
the performance of the Escrow Agent's powers and duties hereunder. Lessee
authorizes Escrow Agent to deduct this caTensation directly fran the
investment earnings on no less than an annual basis in accordance with Section
5.4 (b) .
SECTION 6. RESPONSMILI'TIE`S OF LESSEE
6.1 C
Arpg—amd—Uae. Lessee shall use the Equipment in a careful and
proper manner, in compliance with all applicable laws and regulations, and at
its sole cost and expense, service, repair and maintain the Equipment so as to
keep the Equipment in good condition, repair, appearance and working order for
the purposes intended, ordinary wear and tear excepted, and shall replace any
Part of the Equipment as may from time to time became worn out, lost, stolen,
•
u
destroyed or damaged or is unfit for use. Any and all additions to or
replacements of the Equipment and all parts thereof shall constitute
accessions to the Equipment and shall be subject to all the terms and
conditions of this Agreement and included in the term "Equipment" as used in
this Agreement. If requested by Lessor, Lessee shall enter into or cause to
be entered into, and maintained in full force and effect during the terns of
this Agreement, manufacturer's or supplier's standard maintenance contracts
satisfactory to Lessor covering the Equipment and shall comply with all its
obligations thereunder. Lessee shall furnish evidence to Lessor of such signed
maintenance agreement at or prior to the date of this Agreement and the
payment of all charges and premiums therefor. Substitute maintenance may be
used if necessary and if first approved by Lessor in writing. Upon the early
termination of this Agreement pursuant to Sections 12 and 13, Lessee shall
return the Equipment at its sole expense to Lessor at a place designated by
Lessor in ttae same condition as originally received, ordinary wear and tear
excepted, and in a condition which will permit Lessor to be eligible for such
standard maintenance contract without incurring any expense to repair or
rehabilitate the Equipment.
6.2 lng=gti Lessor shall have the right upon reasonable prior
notice to Lessee to enter into and upon the premises where the Equipment is
located to inspect the Equipment and observe its use during normal busiru--ss
hours.
6.3 Utilities. Lessee shall pay all charges for gas, water, steam,
electricity, light, heat or power, telephone or other utility service
furnished to or used on or in connection with the Equipment during the lease
team. There shall be no abatement of rental on account of interruption of any
such services.
6.4 Tom. Lessee agrees to pay when due any and all taxes relating to
the Equipment and Lessee's obligations hereunder, including but not limited
to, all license or registration fees, gross receipts tax, sales and use tax,
if applicable, license fees, documentary stag taxes, rental taxes,
assessments, charges, ad valoran taxes, excise taxes, and all other taxes
licenses and charges igDosed on the ownership, possession or use of the
Equipment by any governmental body or agency, together with any interest and
penalties, other than taxes on or measured by the net income of the Lessor.
However, ]cased upon the structure of Lessee, any interest payments paid to
Lessor shall be tax exempt under Section 103 of the Code.
6.5 Alterati Without the prior written consent of Lessor, which
consent shall not be unreasonably withheld, Lessee shall not make any
alterations, modifications or attachments to the Equipment which cannot be
rumved without materially damaging the functional capabilities or economic
value of the Equipment. Upon return of the Equipment and at Lessor's request,
Lessee at its sole cost and expense, will remove all alterations, additions
and attachments and repair the Equipment as necessary to return the Equipment
to the condition in which it was furnished, ordinary wear and tear excepted.
Unless Lessor requests otherwise, all such alterations, additions and
attachments shall, as set forth in Section 7.1, constitute accesions to the
Equipment and shall be deemed to be part of and included in the term
"Equipment" Upon return of the Equipment, same shall become the property of
Lessor, and Lessee shall further execute and deliver to Lessor, such documents
as nay be reasonably requested by Lessor to reflect the return of the
Equipment and vestin of title in Lessor.
6.6 motion and Installation Chames. Lessee shall be
responsible for and im-ediately pay when due all charges relating to the
transportation of the Equipment from the Seller's place of shipment to
Lessee's location and the installation at such location. Lessor may at its
option either prepay such charges and inmice Lessee or forward invoices to
Lessee as they are received and Lessee shall, as the case may be, either
lm-ediately pay to Lessor the amounts advanced by Lessor or remit payment
directly to the creditor (with copy of evidence of payment being sent to
Lessor) within ten (1o) days after receipt of the invoice by Lessee.
6.7 Insu nce. Lessee shall maintain at its sole cost and expense
insurance on all equipment covering such risks and in such amounts with such
deductibles as required, and with such insurance companies as shall be
satisfactory to Lessor. All insurance for loss or damage shall provide that
losses if any, shall be payable to Lessor. Evidence of all required liability
insurance shall be provided to Lessor. Lessee shall pay the premiums therefor
and deliver to Lessor the policies of insurance or duplicates thereof or other
evidence satisfactory to Lessor of such insurance coverage. Each insurer shall
also agree by endorsement upon the policy or policies issued by it that: (a) it
will give sixty (60) days prior written notice to Lessor of cancellation,
non -renewal, or material modification of such policy and ten (10) days prior
written notice for non-payment of premium; and (b) the coverage of Lessor shall
not be terminated, reduced or affected in any manner regardless of any breach
or violation by Lessee of any warranties, declarations or conditions of such
insurance policy or policies_ The proceeds of such insurance, at the option of
Lessor, shall be applied: (a) toward the replacerent, restoration or repair of
the Equipment, or (b) toward payment of the obligations of Lessee hereunder.
Lessee hereby appoints Lessor as Lessee's attorney -in -fact to nake claim for,
receive payment of, and execute all documents, ents, checks or drafts received in
payment of loss or damage under any such insurance policy. If all or any part
of the Equipment constitutes motor vehicles, such required insurance shall
include without limitation comprehensive automobile liability coverage, medical
Payments coverage, uninsured motorist coverage and physical damage coverage to
include comprehensive and collision and any other insurance as may be required
from time to time by any government authority as a condition or in connection
with Lessee's use of the Equipment.
6.8 Risk o Lessee shall bear all risk of loss to the Equipment,
and in the event of loss or damage thereto, Lessee shall at its option either
(i) continue to make the rental payments due hereunder and repair or replace
the Equipment as mutually agreed between Lessee and Lessor or (ii) purchase the
Equipment for an anxxmt equal to the Prepayment Price. If, however, Section 6.7
is applicable and a loss has ocurred such that there is paid to Lessor the
proceeds in an amount equal to the Prepayment Price, Lessee shall have no
obligation under this Section 6.8.
6.9 Lessee's Negligence. Lessee assumes all risks and liabilities,
whether or not covered by insurance, for loss or damage to each item of
Equigment and for injury to or death of any person or damage to any property,
whether such injury or death be with respect to agents or employees of Lessee
or of third parties, and whether such property damage be to Lessee's property
or the property of others, which is p» ^ately caused by the negligent conduct
of Lessee, its officers, employees and agents. To the extent permitted by
applicable law, Lessee hereby assumes responsibility for and agrees to
reimturse Lessor for all liabilities, obligations, losses, damages, penalties,
claims, actions, costs and expenses (including reasonable attorneys' fees) of
whatsoever kind and nature, imposed on, incurred by or asserted against Lessor
that in any way relate to or arise out of the claim, suit or proceeding based
in whole or in part upon the negligent conduct of Lessee, its officers,
employees and agents, to the maxir= extent permitted by law. Nothing
contained herein is intended to expand the Lessee's liability limitations as
provided by Florida Statutes and administrative procedures.
6.10 age to or Dastructicn of, Equipment. if after delivery of any
Equipment to Lessee, all Or any part of any Equipment is lost, stolen,
destroyed or damaged beyond repair, Lessee shall replace the sane at Lessee's
sole cost and expense within sixty (60) days after such event and such
replacement shall be substituted in this Agreement by appropriate endorse-ent
to the applicable Schedule A of Leased/Purchased Equipment. If Lessee fails or
refuses to replace the Equipment within the required period, Lessor may, at its
option, declare the Prepayment Price applicable to the Equipment set forth in
Schedule A of Leased/Purchased Equipment irrrre iately due and proceeds of all
insurance payable with respect to the Equipment shall be available to Lessee
and shall be used to discharge Lessee's obligation under this Section. On such
paymment, this Agregrent shall no longer apply to the Equipment and Lessee
thereupon shall became entitled to the Equipment As IS, WrTHOU!'WARRANITES,
EXPRESS OR n4PLIED, INCLUDING W�RRAN!'2ES OF NP9E MANPABILITY OR FITNESS FOR ANY
PARTICULAR PMPOSE OR FITNESS FOR ME USE CONTEMPLATED BY LESSEE.
6.11 Performance Lessor of Lessee 's,Resp_msibilities. Any
perfonmance required of Lessee or any payments required to be made by Lessee
may, if not timely performed or paid, be performed or paid 2by Lessor, and in
that event, Lessor shall be immediately reimbursed by Lessee for these payments
and for any costs and expenses, legal or otherwise, associated with the
payments or other performance by Lessor, with interest thereon at the highest
rate permissible by law from time to time.
6.12 F-aaancial Sta Lessee agrees that it will furnish Lessor
at such reasonable times as Lessor shall request current financial statements
(including without limitation Lessee's annual budget as submitted or approved),
and permit Lessor or its agents and representatives to inspect Lessee's books
and records and make extracts therefrom. Lessee represents and warrants to
Lessor that —all financial statements which have been delivered to Lessor fairly
and accurately reflect Lessee's financial condition and there has been no
material adverse change in Lessee's financial condition as reflected in the
statements since the date thereof.
SECT CN 7. EQUIR,=,
7.1 Title. During the Tenn of this Agreement, legal title to the
Equipment and any and all repairs, replacements, substitutions and
modifications to it shall be deemed to be in Lessee, and Lessor shall have no
security interest therein (provided, however, the Lessor makes no
representations or warranties as to title of the Equipment). The Lessor may
record with the Florida Secretary of State a notification filing under the
Uniform Commercial Code to simply give notice of its rights under this
Agreement and said filing shall not constitute a lien or security interest in
any Equipment.
7.2 No Liens. During the Term of this Agreement, Lessee shall not,
directly or indirectly, create, incur, assume Or suffer to exist any mortgage,
pledge, lien, charge, encumbrance or claim on or with respect to the Equipment,
other than the respective rights of Lessor and Lessee as herein provided and
Permitted Encunbrances. Lessee shall promptly, at its own expense, take such
action as may be necessary to duly discharge or remove any such mortgage,
pledge, lien, charge, encumbrance or claim if the same shall arise at any
time. Lessee shall reinburse Lessor for any expense incurred by Lessor in
order to discharge or remove any such mortgage, pledge, lien, charge,
encumbrance or claim.
7.3 Ingtallation of 's Ecruiarent. Lessee may at any time and
fran time to time, in its sole discretion and at its own expense, install other
items of equipment in or upon any Equipment, which items shall be identified by
tags or other symbols affixed thereto as property of Lessee. All such items so
identified shall remain the sole property of Lessee, in which Lessor shall have
no interest, and may be modified or removed by Lessee at any time provided that
Lessee shall repair and restore any and all damage to any Equipment resulting
from the installation, modification or removal of any such item. Nothing in
this Agreement shall prevent Lessee fram purchasing items to be installed
P x-SUant to this Section under a conditional, sale or lease with option to
purchase contract, or subject to a vendor's lien or security agreement, as
security for the unpaid portion of the purchase price thereof, provided that no
such lien or security interest shall attach to any part of any Frniipmeat.
7.4 Peggonal Pmnesty_ The Equipment is, and shall at all times be and
remain, personal property notwithstanding that the Equigrent or any part
thereof may now be, or hereafter become, in any manner affixed or attached to,
or imbedded in, or permanently resting upon, real property or any building
thereon or any fixtures, or attached in any uz r to what is pernenent by any
means of cement, plaster, nails, bolts, screws or otherwise. Upon request of
Lessor, Lessee shall obtain, as to any place where the Equipment is located, a
waiver from the landlord and mortgagee thereof with respect to any rights they
may have in and to the Equipment or the rights of levy or seizure thereon.
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7.5 Ian pec ion, Acceptance and Written Notice of Defects. ImTe iately
upon receipt and installation of the Equipment, Lessee shall inspect the
Equipment. Unless Lessee gives Lessor written notice of each defect or other
proper objection to the Equipment before the earlier of (i) five (5) business
days after receipt and installation thereof, or (ii) the nuking of the first
Rental Payment, it shall be conclusively presumed, as between Lessor and
Lessee, that the Lessee has fully inspected and acknowledged that the Equipment
is in good condition and repair, has been properly installed and is performing
satisfactorily, and that the Lessee is satisfied with and has accepted the
Equipment in such good condition and repair.
SECTION 8. WPRRANITES AMID REPRFSENPATTONS OF LESSEE
8.1 4%=-anties by Lessee_ Lessee warrants and represents to Lessor (all
such representation and warranties being continuing throughout the tern of this
Agreement) to the effect that:
(a) Lessee is a state or a duly organized and validly existing
Political subdivision or constituted authority thereof within the
meaning of Section 103 of the Internal Revenue Code of 1986, as amended,
and the related regulations and rulings, and is duly authorized to enter
into the transactions contemplated by this Agxeemm._nt and to carry out
its obligations hereunder;
(b) This Agreement and all other documents relating hereto and the
Performance of Lessee's obligations hereunder have been duly and validly
authorized, executed and delivered by Lessee and approved under all
laws, regulations and procedures applicable to Lessee, and constitute a
valid, legal and binning obligation of Lessee, enforceable in accordance
with its terms;
(c) Na approval or consent is required from any governmental
authority with respect to the entering into or performance by Lessee of
this Agreement and the transactions contemplated hereby or if any such
approval is required it has been duly obtained;
(d) The officers of Lessee executing this ant have authority
and have been duly authorized, to execute and deliver this Agreement
under the terms and provisions of the Act;
(e) In authorizing and executing this Agreement, Lessee has
complied with all public bidding and other State and Federal laws
applicable to this Agreement and the acquisition of the Equipment by
Lessee;
(f) Lessee will not pledge, mortgage or assign this Agreement, or
delegate its duties and obligations hereunder to any other person, firm
or corporation except as expressly provided under the terns of this
Agreement; and
(g) The Equipment will be used during the term of this Agreement
only to carry out the grntpsutal or proprietary purposes of Lessee.
(h) The authorization, approval and execution of the Lease and all
other proceedings of Lessee relating to the transactions contemplated
thereby have been perfonmmed in accordance with all applicable open
meeting, public bidding and other laws of the State.
(i.) The performance of and compliance with the provisions of the
Lease applicable to Lessee, will, to the best of my knowledge after
inquiry, not conflict with or constitute a default under any instrument,
docLue t, decree, order, statute, rule or governmental regulation
applicable to Lessee.
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(j) There is no litigation, action, suit or proceeding pending or
before any court, administrative agency, arbitrator or governmental body
that challenges the authority of Lessee or its officers or its employees
to enter into the Lease; the proper authorization, approval and
execution of the Lease and the other documents described above; the
appropriation of moneys to make Rental Payments under the Lease for the
current Fiscal Year of Lessee; or the ability of Lessee otherwise to
perform its obligations under the Lease and the transactions
contemplated thereby.
8.2 Closing DOC=-entS. Upon execution of this Agreement by Lessee,
Lessee shall cause to be delivered to Lessor a legal opinion of Independent
Counsel along with a Certificate of Authority and Incumbency.
8.3 Intent to Continue Lease Term:..,,, rY riations. Lessee presently
intends to continue this Agreement for its entire term and to pay all Rental
Payments specified in each Schedule A of Leased/Purchased Equipment. Lessee
shall include in the Lessee's proposed budget request to the Board for each
Fiscal Year the Rental Payments to became due in such Fiscal Year, and shall
use all reasonable and lawful means at its disposal, in accordance with the
Act, to secure the appropriation of money for Rental Payments. Lessee
reasonably believes that moneys in an amount sufficient to make all such Rental
Payments can and will lawfully be appropriated by the Board and made available
for this purpose.
8.4 l�irret E pws . The obligations of Lessee under this Agreement,
including its obligation to pay the Rental Payments due with respect to any
Equipment, ion any Fiscal Year for which this Agreement is in effect, shall
constitute a current expense of Lessee for such Fiscal Year and shall not
constitute an indebtedness of Lessee or the Board within the meaning of the
Constitution and laws of the State of Florida. Lessee shall apply all amounts
paid periodically throughout each Fiscal Year from the Board's equipment
appropriation. First, to the payment of any Rental Payment or other aunt
caning due hereunder, and Second, to any lawful purpose of Lessee. In the event
of a shortfall in the Board's equipment appropriation within any Fiscal Year,
Lessee (a) shall transfer from the reserve for contingencies appropriation to
the equipment appropriation an amount to cure such shortfall, (b) shall apply
to the Board for the appropriation of additional amounts on an emergency basis
to cure such shortfall, and (c) shall apply other legally available funds in an
amcxmt to cure such shortfall, or Lessee shall do any one or combination of
(a), (b) and (c). in the event a shortfall resins in any Fiscal Year after the
foregoing, Lessee shall apply to the Board to add such shortfall to an item of
vouchers unpaid and Lessee shall apply to the Board to make provision for
payment of such vouchers in the next Fiscal Year. Nothing herein shall
constitute a pledge by Lessee or the Board of any ad valorem taxes or other
moneys, other than moneys lawfully appropriated from time to time by the Board
for the benefit of Lessee in its annual budget to the payment of any Rental
Payment or other aml)Lmt caning due hereunder.
8BMCN 9. INDE NIFICATIM
To the extent permitted by applicable law, Lessee hereby agrees to
indemnify, protect, and save Lessor harmless from all liabilities, obligations,
losses, claims, damages, actions, suits, proceedings, costs and expenses,
including attorneys' fees, arising out of, connected with, or resulting
directly or indirectly from the Equipment, including without limitation, the
manufacture, selection, delivery, possession, condition, lease, use, operation
or return of the Equipment.
SECIION 10. TAX CWENANTS
Lessee covenants that it will not take any action, or fail to take any
action, if any such action or failure to take action would adversely affect the
exclusion from gross income of the interest portion of the rentals under
Section 103 of the Cade. Lessee will not directly or indirectly use or permit
the use of any proceeds of the Escrow Fund or any other funds of Lessee, or
take or anit to take any action that would cause the lease/purchase obligation
evidenced by this Agreement to be an "arbitrage bond" within the moaning Of
Section 148(a) of the Code. To that end, Lessee will comply with all
requirements of Section 148 of the Code to the extent applicable to the
lease/purchase obligation evidenced by this Agreereiit. Lessee hereby represents
and finds that it reasonably anticipates no more than $5,000,000 of tax-exEnpt.
obligations (other than certain private activity bonds described in the Code)
will be issued by Lessee and its subordinate governmental entities in calendar
year 1994. Lessee hereby designates this Agreement as a "qualified tax-exempt
obligation" under Section 265(b)(3) of the Code.
SECTION 11. DISCLADISR OF VPIRRANTIES
11.1 No Representations by Lessor.- Lessee acknowledges and agrees that
it has selected each item, type, quality and supplier of Equipment based upon
its own judgment and disclaims any reliance upon any statements or
representations made by Lessor, and agrees that the Equipment is of a design,
size, quality and capacity required by Lessee and is suitable for its purposes.
11.2 No -Warrants by Lessor. LESSOR MAKES NO WARRANTIES OR
REPRESkNMITONS, EXPRESS OR EAPLIED, AS TO THE VALUE, DESIGN, COMMON,
MMa-MNMILM Y OR FITNESS FOR A PARTICULAR PURPOSE OF THE B=11- DIT OR ANY
dIHER REPRESENTATION OR NWANLY WITH RESPECT TO THE DQUIR=, AND, AS TO
LESSOR, LESSEE LEASES THE EQUIPMENT AS IS.
11.3 Assof Manufacturer's Warranties. Notwithstanding the
foregoing, Lessor hereby agrees to assign to Lessee, solely for the purpose of
making and prosecuting any such claim, all of Lessor's rights against the
manufacturer or supplier of the Equipment for breach of warranty or other
representation respecting the Equipment to the extent the same are assignable.
SECTION 12. DEFAULT AND REMEDIES
12.1 Definition of Default. Lessee shall be deemed to be in default
hereunder upon the happening of any of the following events of default:
(a) Lessee shall fail to make any rental payment or pay any other
sum when due or shall fail to perform or observe any term or condition
or covenant of this Agx�eenent; or
(b) There shall be a material default by Lessee resulting from the
failure of Lessee to make any monetary payments in the nature of
repayment of principal and the payment of interest for money borYvwed by
Lessee under any of Lessee's band indebtedness or other material credit
obligations when required under the instruments evidencing such
obligations; or
(c) Proceedings under any bankruptcy, insolvency, reorganization
or similar litigation shall be instituted by or against Lessee, or a
receiver, custodian or similar officer shall be appointed for Lessee or
any of its property, and such proceedings or appointments shall not be
vacated, or fully stayed, within twenty (20) days after the institution
or occurrence thereof; or
(d) Any warranty, representation or statement made by Lessee is
found to be incorrect or misleading in any material respect on the date
made; or
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(e) An attach=t, levy or execution is levied upon or against the
Equipment; ; or
(f) Any insurance required to be carried or maintained on the
Equipment under this Agreement expires or is otherwise not maintained in
accordance with the terms and conditions or this Agreement; or
(g) The Equipment or any part thereof is abused, illegally used,
misused, destroyed or damaged beyond repair provided, however, in the
event the Equipment is destroyed or damaged beyond repair, there should
be no default as long as proceeds under applicable insurance are paid to
the Lessor in sufficient amount to equal the prepayment price which
would be due the Lessor if Lessee wanted to discharge its obligation
under this Agreement.
12.2 Remedies on Default. Whenever any event of default referred to
in Section 12.1 hereof shall have happened and be continuing with respect to
any Equipment, Lessor shall have the right, at its option and without any'
further demand or notice, and with or without terminating this wit, to
declare all Rental Payments with respect to the Equipment due or to become due
during the Fiscal. Year in effect when the default occurs to be immediately due
and payable by Lessee, without discount or reduction, whereupon such Rental
Payments shall be immediately due and payable.
Further, if an event of default shall have occurred, upon written
request by Lessor, Lessee shall within thirty (30) calendar days and for a
period of sixty (60) calendar days thereafter use its best efforts to sell the
Equipment for an amount equal to the Prepayment Price with respect to the
Equipment, and any other amounts due to Lessor hereunder, and if it sell: the
Equipment shall pay to Lessor the amount of proceeds thereof equal to the
foregoing. If Lessee fails to sell the Equipment for such amount, then Lessee
shall at its expense cause the Equipment, together with all documents necessary
to transfer legal and beneficial title thereto to Lessor, to be delivered to
Lessor or Lessors designee at a place in the State of Florida designated by
Lessor. The condition of the Equipment shall be as required by Section 6.1.
If Lessee fails or refuses to transfer the Equipment to Lessor as herein
provided, Lessor shall have the right to obtain a judgment against Lessee for
the amount required to be paid to Lessor from the proceeds of sale of the
Equipment as provided in this section plus interest thereon to the date of
payment .
12.3 Remedies Not Rcclusjyg. The remedies provided to Lessor under
Section 12.2 shall not be the sole and exclusive remedies exercisable by Lessor
in the event of a default by Lessee hereunder.
12.4 Delay. No delay or emission to exercise any right or remedy
occuring upon any default shall impair any such right or remedy or shall be
construed to be a waiver thereof, but any such right and remedy may be
exercised frcan time to time and as often as may be deemed expedient. In order
to entitle Lessor to exercise any remmady reserved to it in this Agreement it
shall not be necessary to give any notice, other than such notice as may be
required in this Agreement.
12.5 NaAdditional Waiver lied fiver. In the event any
agreement contained in this Agreement should be breached by either party and
thereafter waived by the other pasty, such waiver shall be limited to the
particular breach so waived and shall not be deemed to waive any other breach
hereunder.
12.6 Agreament to and Expenses. in the event
either party to this Agreement should default under any of the provisions
hereof and the ncndefaulting party should employ attorneys or incur other
expenses for the collection of moneys or the enforcement or performance or
observance of any obligation or agreement on the part of the defaulting party
herein contained, the defaulting party agrees that it will on demand therefor
pay to the nondefaulting party the reasonable fee of such attorneys and such
other expenses reasonably incurred by the ncndefaulting party.
12.7 Fu hQr Remedies. A termination hereunder shall occur only upon
notice by Lessor to Lessee and only with respect to such part or parts of the
Equipment as Lessor specifically elects to terminate in such notice. Except as
to those parts of the Equipment with respect to which there is a termination,
this Agreement shall remain in full force and effect and Lessee shall be and
remain liable for the full performance of all its obligations hereunder. All
remedies of the Lessor are cumulative and may be exercised concurrently or
separately. The exercise of any one remedy shall not be deemed an election of
such raTedy or preclude the exercise of any other remedy.
SECTION 13. TERPiMT'TON ON AC'C= OF NON -APPROPRIATION OF KMII S
13.1 Ncn--App ropriation.
(a) Notwithstanding any contrary provision in this Agreement, Lessee
may, at its option, terminate this Agreement as to all (but not less
than all) of the Equipment that is the subject of this Agreement
Pursuant to the Schedule A of Leased/Purchased Equipment now or -
hereafter attached hereto, as of the end of the Lessees then existing
Fiscal Year, if there was taken by the Hoard specific action to
expressly eliminate from its final budget the moneys to pay the Rental
Payments due under this Agreement for a designated Fiscal Year and all
subsequent Fiscal Years ("Non -Appropriation").
(b) Upon a Non -Appropriation Lessee shall:
(i.) Give written notice of the specific action described in
subsection (a) above to Lessor within ten (1o) days of the adoption of
such action and, in said notice, Lessee gives formal notice to Lessor of
Non -Appropriation and the intent of Lessee to terminate this Agreement
for such specific reason;
(ii) Exhaust all funds appropriated and unspent within the fiscal
year for which appropriation is made and all legally available funds for
all payments due under this Agreement;
(iii) Comply with Section 8.4 hereof and exercise all reasonable
efforts to obtain such funds from the Hoard; and
(iv) Pay all Rental. Payments due during the Fiscal Year
immediately preceding the Fiscal Year for which sufficient funds were
not appropriated.
13.2 Return of Eau . If Lessee terminates this Agreement because
Of Non -Appropriation in accordance with the provisions of this section, Lessee
shall also immediately return the F4 pment to Lessor at Lessee's sole cost and
expense, together with such documents and assurances as Lessor may reasonably
request, (and in the condition required under Section 6.1) and thereupon, title
to the Equipment shall be transferred to Lessor, free and clear of any right,
title or interest of Lessee unless Lessor elects otherwise, and all Rental
Payment obligations of Lessee hereunder shall cease.
13.3 NgnjitutiM.If Lessee terminates this Agreement because of
Non -Appropriation in accordance with the provisions of this Section, Lessee
agrees not to purchase, lease or rent equipment performing functions similar to
those performed by the Equipment, and agrees not to permit functions similar to
those performed through the use of the Equipment to be performed by its own
employees or by an agency or entity affiliated with or hired by Lessee for a
Period of one year or until the expiration of the full term of this Agreement,
whichever period is lesser. These restrictions shall not be applicable in the
event the Equipment shall be liquidated by Lessor and Lessee shall gay to
Lessor an amount equal to the then total remaining Rental Payments, without
reduction or discount, less any amount received by Lessor from the sale or
other disposition of the Equipment after deducting reasonable expenses of the
sale or disposition thereof.
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SECTION 14 . ASSICM] P
14.1 AssignTent By Less . Lessee agrees not to sell, assign, lease,
sublease, pledge or otherwise enclanber or suffer a lien or encumbrance upon or
against any interest in this Agreement or the Equipment or to remove the
Equipment from its place of installation or use the Equipment outside the
governing jurisdiction of Lessee without Lessor's prior written consent which
shall not be unreasonably withheld. Lessee's interest herein may not be
assigned or transferred by operation of law provided, however, in the event of
any such consolidation or merger, Lessee's interest herein may be transferred
provided the successor is an entity of the type described in Section 8.1(a),
the interest portion of the Rental Payments continues to be tax emmpt under
Section 103 of the Code, and the successor entity adopts a resolution or takes
such other action as may be appropriate to assume this Agreement and the
obligations hereunder, and further furnishes to Lessee an opinion of
Independent Counsel of such matters as Lessor may reasonably request.
14.2 Assi t Bv lesSpr. Lessor may, at any time and from time -to
time, assign all or any part of its interest in the Equipment or this
Agreement, including without limitation, Lessor's rights to receive the rental
payments and any additional payments due and to become due hereunder. Lessee
agrees that this Agreement may becam part of a pool of agreement obligations
at the Lessor's or its assignee's option. Lessor or its assignees may assign
or reassign either the entire pool or any partial interest herein.
Notwithstanding the foregoing, no assignment or reassigm ent in the
Equipment or this Agreement shall be effective unless and until Lessee shall
receive a duplicate original counterpart of the document by which such
assignment or reassignment is made disclosing the name and address of each such
assignee. Lessee covenants and agrees with Lessor and each subsequent assignee
of Lessor to maintain for the full term of this Agreement a written record of
each such assignment or reassignment. Lessee further agrees that Lessor's
interest in this Agreement nay be assigned in whole or in part upon terms which
provide in effect that the assignor or assignee will act as a collection and
Paying agent for any holders of certificates of participation in this
Agreement, provided Lessee receives a copy of such agency agreement and such
collection and paying agent convenants and agrees to maintain for the full
raining teen of this Agreement a written record of each assignment and
reassignment of such certificates of participation.
After the giving of notice described above to Lessee, Lessee shall
therefore make all Rental payments in accordance with the notice to the
assignee named therein and shall, if so requested, acknowledge such assigrmmt
in writing, but such acknowledgement shall in no way be deemed necessary to
make the assignment effective.
In the event of any such assign ant, Lessee agrees to make all Rental
Payments directly to said assignee. Further, if in contemplation of such
assignment, notice of same is given to Lessee with an inquiry as to any
defenses that Lessee may have under this Agreement, and Lessee either (i)
indicates that Lessee has no claims under the Agree=t, or (ii) fails within
ten (10) calendar days after receipt by Lessee of said notice to respond and
give written notice to both Lessor and proposed assignee of any claims Lessee
may have under this Agreement, then, in such event, all such Rental Payments
skull be made by Lessee to said assignee without any claim, counterclaim or
offset which it may have under this Agreement including, but not limited to,
any claim or offset for any breach or warranty with respect to any Equipment.
14.3 E r. Lessor may freely assign all or any
part of its interest in the Escrow and the Escrow Fund established pursuant to
Section 5 hereof in connection with an assignment by Lessor of the Lease
Agreement.
SECTION 15. NATURE OF AGREEMEW
It is the agreement of Lessor and Lessee that the aggregate Rental
Payments provided for hereunder constitute the purchase price of the Equipment
together with interest on the unatr7rtized anX=t thereof over the term of this
Agreement, that each Rental Payment constitutes principal and interest, in
accordance with the a urtization schedule attached to the Schedule A of
Leased/Purchased Equipment, which fully amortizes the purchase price of the
Equipment, together with interest, over the term of this Agreetient.
SECTION 16. OPTION M PREPAY RENTAL PA)avE=
16.1 When Available_ Lessee shall have the option to prepay the Rental
Payments with respect to any Equipment on any Payment Date with respect thereto
for the titan applicable Prepayment Price, but only if Lessee is not in default
under this Agreement, and only in the manner provided in this Section.
16.2 Exercise of Option. Lessee shall give notice to Lessor of its
intention to exercise its option hereunder not less than thirty (30) nor more
than sixty (60) days prior to the Payment Date on which the option is to be
exercised and shall deposit with Lessor on the date of exercise an amount equal
to all Rental Payments and any other amounts then due or past due with respect
to the Equigmelt and the applicable Prepayment Price. The closing shall be on
the Payment Date on which the option is to be exercised at the office of
Lessor.
16.3 ReIggge of Lessorlq In t. Upon exercise by Lessee of its
option to prepay the Rental Payments with respect to any Equipment, this
Agent shall no longer apply to such Equipment.
SECTION 17. M SCEI ZANE)aZ
17.1 Waiver. No covenant or condition of this Agreement can be waived
except by the written consent of Lessor. Any failure of Lessor to requi-e
strict perfoxmance by Lessee or any waiver by Lessor of any terms, covenants or
agreements herein shall not be construed as a waiver of any other breach of the
same or any other term, covenant or agreement herein.
17.2 5gM4QLi1i. In the event any portion of this Agrnnt shall be
determined to be invalid under any applicable law, such provision shall be
deemed void and the reminder of this Agreement shall continue in full force
and effect. However, in the event any provision hereunder is declared invalid
and the same adversely and materially affects the rights and privileges of
Lessor hereunder, or any benefits which Lessor expected by virtue of this
Agreement, the same shall constitute an event of default under this Agreement.
17.3 Gave ingw.' n is Agxem ent shall be construed, interpreted and
enforced in accordance with the laws of the State of Florida.
17.4 Nc 'ces. All notices nade or required to be given pursuant to
this Agreement shall be in writing and shall be deemed duly served (a) three
(3) business days after said notice has been mailed, postage prepaid by
certified or registered nail to the other party at the address set forth below,
(b) upon delivery, when said notice has been delivered to the other party at
the address set forth below, or (c) in all of the cases, upon receipt by the
other party of said notice:
If to Escrow Agent, address to:
Corporate 'must Department
First Union National Bank of North Carolina
First Union Plaza
Charlotte, North Carolina 28288
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If to Lessor, address to:
First Union National Bank of Florida
Attn. Mu-iicipal Leases
One First Union Center - DC-8
Charlotte, North Carolina 28288-0600
If to Lessee, address to:
City of Tamarac
Attn: City Manager
7525 N.W. 88th Avenue
Tamarac, Florida 33321-2401
�cc: City Attorney
City of Tamarac
7525 N.W. 88th Avenue
Tamarac, Florida 33321-2401
Either party may change the address to which notices are to be given by
giving written notice of such change to the other party as set forth in this
Section 17.4.
17.5 Section Headings. All section headings contained herein are for
convenience of reference only and are not intended to define or limit the scope
of any provision of this Agreement.
17.6 Binding Effect. Subject to the specific provisions of this
Agreement, this Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors and assigns (including expressly any
successor of Escrow Agent).
17.7 Further Assurance Md Corrective Ins s. Lessor and Lessee
agree that they will, from time to time, execute, acknowledge and deliver, or
cause to be executed, further instruments as may reasonably be required for
correcting any inadequate or incorrect description of any Equipment hereby
leased or intended so to be, for indicating the Acceptance Date and for
carrying out the expressed intention of this Agreement.
17.8 Executigg in t 'This Agxea-rent may be simultaneously
executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument.
17.9 No Third Pa=y Beneficiaries. It is the intent and understanding
of the pasties hereto that this ant is solely for the benefit of Lessee
and Lessor (along with any permitted assignee), and no person or persons other
than Lessee and Lessor (and any permitted assignee), shall have any rights or
privileges under this Agreement in any capacity whatsoever, either as a third
party benef2icia>ry or otherwise.
17.10 Tore. Time is of the essence of this Agreement and each and all
of its schedules and provisions.
17.11 EMire Pr pr+t . This Agreement, together with the schedules
hereto, constitutes the entire agreement between the parties and this Agreement
shall not be edified, amended, altered or changed except by written agreement
signed by the parties.
17.12 Award of Agragrent It is hereby found, ascertained, determined
and declared by the Lessee that a negotiated sale of the Agreement is in the
best interest of the Lessee and is found to be necessary on the basis of the
following reasons, as to which specific findings are hereby Trade:
(a) Due to the small size of the issue, the Lessee could not command
better terms for the issue in the public market than the negotiated sale
herein described, particularly in view of the timing of such an offering
and the current instability of the revenue obligations market.
(b) The complex nature of the security for payment of the Agreement
requires a lengthy review of the credit of the Lessee which would be
financially impractical for bidders to undertake in a competitive sale
context..
"e- 96-J:-
The negotiated sale of $151,637.50 principal &=Punt of the Agreement to The
First Union National Sank of Florida, Charlotte, North Carolina (the
"Purchaser") is hereby authorized pursuant to Section 218.385, Florida
Statutes, as auended. The Agxeennent shall be dated, nature, bear interest and
be redeemable as provided herein. The acceptance of Purchaser's offer to buy
the Agreement at the price of par plus accrued interest, if any, is hereby
authorized.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.
LESSOR:
ti FIRST UNION NATIONAL BANK OF FLORIDA
ATTEST By:
(seal) Title
LESSEE:
CITY OF T*WW, FLORIDA
(Seal) By;
Title:
ESCROW AGENT:
FIRST UNION NATIONAL BANK OF NORTH CAROLIINA,
CORPORATE TRUYr DEPARTMENT'
ATTEST: By: 1' I`'*-
(Seal) Title: �"�`Lll:�D
First Union National Bank of Florida
One First Union Center - 8th Floor
Charlotte, North Carolina 28288-0600
N
April 16, 1996
Mr. Stanley Hawthorne
Finance Director
City of Tamarac
7525 N.W. 88th Avenue
Tamarac, Florida 33321
Dear Mr. Hawthorne:
It is a pleasure to inform you that we offer to enter into a lease/purchase
transaction with you under the terms of the Equipment Lease/Purchase Agreement
dated as of April 1, 1994 among First Union National Bank of Florida as
Lessor, City of Tamarac, Florida, as Lessee, and First Union National Bank of
North Carolina, Corporate Trust Department, as Escrow Agent, and upon the
following additional terms and conditions:
EQUIPMENT: Fire Truck and Rescue Vehicles
LOCATION: City of Tamarac, Florida
COST OF EQUIPMENT: Up to $591,143 in the aggregate.
TERM OF LEASE: Five (5) Years
FUNDING; RENT PAYMENTS: The Bank shall advance certain funds to enable the
Municipality to purchase the Equipment. Said amount shall be paid by the Bank
to -the Escrow Agent and deposited by the Escrow Agent in the Escrow Fund
created under the Agreement. The Escrow Agent shall invest said amount in
interest bearing instruments.
Commencing on the date of said funding, the Municipality shall commence a
repayment schedule of five (5) consecutive annual lease payments, in advance.
Based on the above anticipated equipment cost, each annual lease payment will
be equal to $74,431.21 at an annual percentage rate of 4.55t.
Commencingon the date of said funding, the municipality shall commence a
g p Y
repayment schedule of five (5) consecutive annual lease payments, in advance.
Based on the above anticipated equipment cost, each annual lease payment will
be equal to $54,498.33 at an annual percentage rate of 4.55%.
RENTAL ADJUSTMENT: The rate and payment factor quoted in this commitment are
subject to the Lessee designating all fundings under this commitment as being
within the $10 million small issuer limitation as described within Section.
265(b)(3) of the Internal Revenue Code of 1986.
INFORMATION REPORTING REQUIREMENT: For single fundings over $100,000, IRS
Form 8038-G must be filed by the 15th day of the second month after the
calendar quarter during which the funding occurred. For single fundings less
than $100,000, a consolidated report must be filed using Form 8038-GC. This
form is filed annually, not later than February 15th of the calendar year
following the year in which the funding occurred.
INSURANCE REQUIREMENT: As set forth in the attached Exhibit A with loss payee
as First Union National Bank of Florida.
EXPIRATION DATE OF THIS COMMITMENT: May 16, 1996
We may terminate our obligations under this letter agreement upon the
expiration date if the equipment has not been accepted by you and the
necessary schedule(s) have not been executed. At such time, you shall be
liable to purchase from us such equipment as we have purchased, or have become
obligated to purchase.
It is understood that we are not bound by the oral or written statement of any
employee or agent of ours, and that our obligations are contained only in this
letter or any amendment to it in writing, signed by our authorized officer.
If you agree to enter into a leasing transaction on the terms set forth in
this letter, in the Equipment Lease/Purchase Agreement and in the schedules,
please indicate your acceptance by delivering the following to us within
fifteen (15) days from the date of this letter:
1. The Lessor counterpart of this letter executed by the City;
2. Both counterparts of the enclosed Equipment Lease/Purchase Agreement
and/or Schedules executed by the City;
3. A certified copy of the Board Resolutions and Incumbency Certificate;
4. A letter from the City describing the essential use of the equipment;
4D5. Opinion of Counsel;
�J
6. Insurance Certificate with Loss Payable Endorsement naming First Union
National Bank of Florida; and
7. UCC Financing Statement (information filing purposes only.)
By your acceptance hereof, you agree that this letter becomes a part of the
Equipment Lease/Purchase Agreement referenced above.
Please be assured that we shall be certain that you receive the best and most
efficient leasing service.
Sincerely,
�iR45T UNION NATNAL BA�K,?F FLORIDA
31IIdy A. rantley
Assistant Vice President
We hereby agree to enter the equipment leasing transaction described above on
the terms and conditions set forth above and agree that the foregoing letter
shall be a part of the Equipment Lease/Purchase Agreement referred to in such
letter.
In Witness Whereof, the parties hereto have caused these presents to be
executed on the day and year indicated below:
Signed, sealed and delivered in the
presence of:
ATTE
ooeRobert S. Noe, Jr.,
-City Manager
ATTEST:
By:r
Carol A. Evans, City Clerk
�1 v U !/
Mitchell S. Kraft,
City Attorney
ACCEPTED BY CITY OF TAMARAC
GRANTEE
By$orman
Abramowitz, Mayor
Date: ~"
BY:
%�Ck- Robert S. Noe, Jr.,
City manager
Date: -�g-q6
STATE OF FLORIDA
DIVISION OF BOND FINANCE
LOCAL BOND MONITORING SECTION
This form represents an update and compilation of the BF2003, BF2004-A and BF2004-B forms.
and Information forms (BF2003) are required to be completed by local governments pursuant to Chapter 19A-1.003, Florida Administrative Code (F.A.C.).
Bond Disclosure forms BF2004-A (Competitive Sale) or BF2004-B (Negotiated Sale) are required to be filed with the Division within 120 days of the delivery
of the issue pursuant to Sections 218.38(1)(b)1 and 218.38(1)(c)1, Florida Statutes (F.S.), respectively.
" Final Official Statements, if prepared, are required to be submitted pursuant to Section 218.38(1), F.S..
" Please complete all items applicable to the issuer as provided by the Florida Statutes.
• PURSUANT TO SECTION 218.369. F.S., ISSUERS OF BOND ANTICIPATION NOTES ARE EXEMPT FROM THESE FILING REQUIREMENTS.
BF2003
BOND INFORMATION FORM
PART I. ISSUER INFORMATION
1. NAME OF GOVERNMENTAL UNIT: City of Tamarac, Florida
2. MAILING ADDRESS OF GOVERNMENTAL UNIT OR ITS MANAGER:
7525 N.W. 88th Avenue Tamarac FL 33321-2401
3. COUNTY(IES) IN WHICH GOVERNMENTAL UNIT HAS JURISDICTION:
Broward
4. TYPE OF ISSUER: COUNTY X CITY AUTHORITY INDEPENDENT SPECIAL DISTRICT
DEPENDENT SPECIAL DISTRICT SPECIFY OTHER
.ART ll. BOND ISSUE INFORMATION
NAME OF BOND ISSUE: Equipment Lease Obligation, Series 1996
2. AMOUNT ISSUED: $ 591,143.00 _ 3. AMOUNT AUTHORIZED: $ 591 143.00
4. DATED DATE: May 22-1996 5. SALE DATE: May 22, 1996 6. DELIVERY DATE: May 22 1996
7. LEGAL AUTHORITY FOR ISSUANCE: FLORIDA STATUTES Chapter 166 Part II
SPECIAL ACTS
OTHER
8. TYPE OF ISSUE: GENERAL OBLIGATION SPECIAL ASSESSMENT
REVENUE _ COP (CERTIFICATE OF PARTICIPATION) X LEASE -PURCHASE
-9. A. IS THIS A PRIVATE ACTIVITY BOND (PAB)? YES
B. 1. IF YES, DID THIS ISSUE RECEIVE A PAB ALLOCATION?
2. IF YES, AMOUNT OF ALLOCATION: $
�0. SPECIFIC REVENUE(S) PLEDGED:
(1) PRIMARY Annual appropriations of legally available funds
(2) SECONDARY
(3) OTHER(S)
SPECIAL OBLIGATION
BANK LOAN/LINE OF CREDIT
1 ii•I*]
YES NO
i
1=96-,Pz
11
•
A. PURPOSE(S) OF THE ISSUE:
(1) PRIMARY Acquisition of emergency vehicles
(2) SECONDARY
(3) OTHER(S)
B. IF PURPOSE IS REFUNDING, COMPLETE THE FOLLOWING:
(1) FOR EACH ISSUE REFUNDED LIST: NAME OF ISSUE, DATED DATE, ORIGINAL PAR VALUE (PRINCIPAL
AMOUNT) OF ISSUE, AND AMOUNT OF PAR VALUE (PRINCIPAL AMOUNT) REFUNDED.
(2) REFUNDED DEBT HAS BEEN: RETIRED OR
(3) A. DID THE REFUNDING ISSUE CONTAIN NEW MONEY? YES
B. IF YES, APPROXIMATELY WHAT PERCENTAGE OF PROCEEDS IS NEW MONEY?
_ DEFEASED
NO
12. TYPE OF SALE: COMPETITIVE BID _ NEGOTIATED X NEGOTIATED PRIVATE PLACEMENT
13. BASIS OF INTEREST RATE CALCULATION, I.E., INTEREST RATE USED TO STRUCTURE THE BOND ISSUE:
NET INTEREST COST RATE (NIC) 4.55% % TRUE INTEREST COST RATE (TIC) %
CANADIAN INTEREST COST RATE (CIC) % ARBITRAGE YIELD (ARBI) %
SPECIFY OTHER:
14. INSURANCE/ENHANCEMENTS: _ _ AGIC AMBAC CGIC _
HUD MBIA NGM LOC(LETTER OF CREDIT) SPECIFY OTHER
X NOT INSURED Provider:
CLIC FGIC FSA
15. RATING(S): _,_ MOODY'S _ _ S & P FITCH _ DUFF&PHELPS SPECIFY OTHER
X NOT RATED
16. DEBT SERVICE SCHEDULE: ATTACH COMPLETE COPY OF SCHEDULE PROVIDING THE FOLLOWING
INFORMATION:
MATURITY DATES (MO/DAY/YR)
COUPON/INTEREST RATES
ANNUAL INTEREST PAYMENTS
PRINCIPAL (PAR VALUE) PAYMENTS
MANDATORY TERM AMORTIZATION
17. LIST OR ATTACH OPTIONAL REDEMPTION PROVISIONS: At any time at 102%
08. PROVIDE THE NAME AND ADDRESS OF THE SENIOR MANAGING UNDERWRITER OR SOLE PURCHASER.
Sole Purchaser: First Union National Bank of Florida Attention: Municipal Leasing Department
One First Union Center - 8th Floor Charlotte NC 28288-0600
ipA
19
PROVIDE THE NAME(S) AND ADDRESS(ES) OF ANY ATTORNEY OR FINANCIAL CONSULTANT WHO
ADVISED THE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE.
C�
X NO BOND COUNSEL X NO FINANCIAL ADVISOR NO OTHER PROFESSIONALS
BOND COUNSEL(S):
FINANCIAL ADVISOR(S)/CONSULTANT(S):
OTHER PROFESSIONALS:
Akerman Senterfitt & Eidson P.A. 255 S. Orange Avenue Orlando Florida 32801: Special Counsel to City
20. PAYING AGENT X NO PAYING AGENT
161. REGISTRAR X NO REGISTRAR
2. COMMENTS:
PART Ill. RESPONDENT INFORMATION
FOR ADDITIONAL INFORMATION, THE DIVISION SHOULD CONTACT:
Name and Title T. Dean Dickson Esquire Phone (407) 843-7860
Company Akerman Senterfiitt & Eidson P .A.
INFORMATION RELATING TO PARTY COMPLETING THIS FORM (If different from above):
Name and Title
Company
Date Report Submitted 5-22-96
BF2004-A and BF2004-B
Phone
NOTE: THE FOLLOWING ITEMS ARE REQUIRED TO BE COMPLETED IN FULL FOR ALL BOND ISSUES EXCEPT THOSE SOLD PURSUANT
TO SECTION 154 PART III; SECTIONS 159 PARTS II, III OR V; OR SECTION 243 PART II, FLORIDA STATUTES.
23. ANY FEE, BONUS, OR GRATUITY PAID BY ANY UNDERWRITER OR FINANCIAL CONSULTANT, IN
CONNECTION WITH THE BOND ISSUE, TO ANY PERSON NOT REGULARLY EMPLOYED OR ENGAGED
BY SUCH UNDERWRITER OR CONSULTANT:
X NO FEE, BONUS OR GRATUITY PAID BY UNDERWRITER OR FINANCIAL CONSULTANT
(1) COMPANY NAME
FEE PAID: $ SERVICE PROVIDED or FUNCTION SERVED:
3
(2) COMPANY NAME
FEE PAID: $ SERVICE PROVIDED or FUNCTION SERVED:
(3) COMPANY NAME
FEE PAID: $ SERVICE PROVIDED or FUNCTION SERVED:
(4) COMPANY NAME
FEE PAID: $ SERVICE PROVIDED or FUNCTION SERVED:
24. ANY OTHER FEES PAID BY THE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE,
INCLUDING ANY FEE PAID TO ATTORNEYS OR FINANCIAL CONSULTANTS:
NO FEES PAID BY ISSUER
(1) COMPANY NAME Akerman, Senterfitt & Eidson P.A.
FEE PAID: $ 3,000.00 SERVICE PROVIDED or FUNCTION SERVED: Special Counsel to City
(2) COMPANY NAME
FEE PAID: $
(3) COMPANY NAME
FEE PAID: $
(4) COMPANY NAME
FEE PAID: $
SERVICE PROVIDED or FUNCTION SERVED:
SERVICE PROVIDED or FUNCTION SERVED:
SERVICE PROVIDED or FUNCTION SERVED:
PLEASE PROVIDE THE SIGNATURE OF EITHER THE CHIEF EXECUTIVE OFFICER OF THE GOVERNING BODY OF THE UNIT OF LOCAL
GOVERNMENT OR THE GOVERNMENTAL OFFICER PRIMARILY RESPONSIBLE FOR C RDINATING THE I
VUANCE�wO�F�THE BON
NAME (Typed/Printed): Norman Abramowitz SIGNATURE:
TITLE: Mavor DATE: 5/22/96
BF2004-B
ITEMS 25 AND 26 MUST BE COMPLETED FOR ALL BONDS SOLD BY NEGOTIATED SALE
25. MANAGEMENT FEE CHARGED BY UNDERWRITER:
OR
PRIVATE PLACEMENT FEE:
H
X NO MANAGEMENT FEE OR PRIVATE PLACEMENT FEE
-26. UNDERWRITER'S EXPECTED GROSS SPREAD
X NO GROSS SPREAD
S
PER THOUSAND PAR VALUE.
PER THOUSAND PAR VALUE.
ART IV. RETURN THIS FORM AND THE FINAL OFFICIAL STATEMENT, IF ONE WAS PREPARED, TO:
ourier Deliveries: Division of Bond Finance Mailing Address: Division of Bond Finance
State Board of Administration State Board of Administration
1801 Hermitage Blvd., Suite 200 P. O. Drawer 13300
Tallahassee, FL 32308 Tallahassee, FL 32317-3300
Phone: 904/488-4782
FAX: 904/413-1315 REVISED Feb. 1996/bfO304/
4
FROM, MUNICIPAL
FI NCE
FAX NO. s 704 383 8697
/ J r i �
cz'
05/2011996
Page 1
05-20-96 11s52A P-02
First Union National Bank, Municipal Leasing
AMORTIZATION SCHEDULE - CITY -OP: TAMARAC Rescue Trucks
,Winal Annual Rate _...: _ 4,550 % w
H FLOW DATA
tvent
Start pate
Amount
Number Period
1 Start
05/23/1998
249,784.00
1
2 Payment
OW3/1996
64,498,33
5 Annual
AMORTIZATION SCHEDULE - US Rule,
360 Day Year
Date
Payment
Interest
Principal
-
Start 05/23/1996
1 05/23/1996
54.498.33
0.00
54,498.33
2 05M3/1997
54,498.33
6IN3.50
45,612.83
3 05/23/1998
54,498.33
6,510.11
47,588.22
4 05/23/1999
54,498.33
4,640.30
49,858.03
5 05/23r2000
54.498.33
2,371.74
52.125.59
Grand Totals
272.491.85
22,707.65
249.784.00
lie
E-]
End Date
0=3/2000
Balaince
249,794.00
195,286.67
149,672.84
101,984.02
52.128.59
0.00
FROM: MUNICIPAL IKANCE FAX NO.: 704 383 8697
iC.- 9 t`'f'; 05/2011996 Page 1
First Union National Bank, Municipal Leasing
AMORTIZATION SCHEDULE - CITY OF TAMAFtAC - Fire Truck
rsmFLOW
nai Annual Rate ....: 4.550 DATA
tvern
Start Date_
Amount
Number Period_ _ End Date
—
1 Start
Ou23/199f
341,143.00
1
2 Payment
05/23/1996
74,431.21
5 Annual 06/23122000
AMORTIZATION SCHEDULE - US Rule,
360 Day Year
__ , Date
Payment
Interest
Principal Balance
Start 05/23/1995
1 05/23/1996
74,431.21
2 05/2311997
74,431,21
3 05/23/1998
74,431.21
4 0&23/1999
74,431,21
5 05/23/2000
74,431.21
Grand Totals
372,150.05
LJ
341,143.00
0.00
74,431,21
288,711.79
12,135.39
52,295A2
204,415.97
9,300.93
05,130.26
139,285-59
6,337.50
88,093,71
71,191.98
3,239.23
71,181.9a
000
31.013.05
341.143.00
05-20-96 11%52A P.33
Forth 8038-6 Information Return for Tax -Exempt Governmental Obligations
No Under Intwom Flevanue Codas section 74e(e) OMB No. 1545-0720
(Rev. May 1995) ■ see separate Instructions.
D.p.rynu,r or *. TV==" (Note: Use Flan San -GC /f the issue p►fcs is under a100,000.)
rx.mr PANGM16 aurm.
V
e rtin Autho A IfAmended Return. check here ■ame _ 2 Issuers employer identification number
of Tamarac F 5 10nd street (or P.O. box if mall is not delivered to street address) Roorn/suite 4 Report number
7525 N.W.
G19 96 - 1
s City, town. or post office, state. and 23P code 6 Date of issue
Tamarac, Florida 33321 5/22/96
7 Name of issue 8 CUSIP number
None
T of Issue check a licable bo es and enter the issue rice
9
10
11
12
13
14
is
16
17
18
El Education (attach schedule see instructions) . . . . . . . . . . . . . .
❑ Health and hospital (attach schedule -see instructions). . . . . . . . . . . . .
❑ Transportation . . . . . . . . . . . . . . . . . . . . . . ... .
QM Public safety. . . . . . . . . . . . . . . . . . . . . . . . . .
❑ Environment (including sewage bonds) . . . . . . . . . . . . . . . . . . .
❑ Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
❑ Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
❑ Other. Describe (see instructions) ■
If obligations are tax or other revenue anticipation bondscheck box ■ ❑
If obligations are in the form of a lease or installment sale. check box ■
9
10
11
12
73
14
15
15
Descry tion of Obli abons
W
MaduKy dale
(b)
4rtereet rent
Ia .
Irww pore
Stetrd (re�denrptian
prig to
W NMgtihd
s maturity
Not YMCM
ow
N A
N/A %I
N/A
N/A
19
20
Final maturity.
Entire issue
591,143.00
N/A
5 Yeam
4.55 %
4.55 %
Uses of
Proceeds of Bond Issue (inck9fing underwriters' discount
23
24
25
26
27
28
Proceeds used for accrued interest . . . . . . . . . . . . . . . . .
Issue price of entire issue (enter amount from line 20, column (c)) . . •. . . . .
Proceeds used for bond issuance costs (including underwiters' discount) 23
Proceeds used for credit enhancement . . . . . . . . . 24 0
Proceeds allocated to reasonably required reserve or m piscanerd fund . - 25 0
Proceeds used to currently refund prior issues . . . . . . . . 26 0
Proceed: used to advance refund prior issues 77 0
Total (add lines 23 through 27) . -
21
28 0
29
Nonrefunding proceeds of the issue subtract line 28 frcm line 22 and enter amount here .
29
of Refunded Bonds (Complete this part only for refunding bonds_
30
_I]rsecription
Enter the remaining weighted average maturity of the bands to be currently refunded . . . ■
years
31
Enter the remaining weighted average maturity of the bands to be advance refunded . . . ■
years
32
Enter the last date on which the refunded bonds vA be caked . . . . . . . . . . . ■
33
Enter the dates the refunded bonds were issued ■
Miscellaneous
34 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . 34
35 Enter the amount of the bands designibd by the issuer undwsectim 265roK3)(B)(i ll) (small issuer exception) 35
36a Enter ftre amamt of gnus proceeds invested or to be invested it a gMWttsed inwswwlt contracl (sea inatructiorts) 36*
b Enter the final maturity date of the guaranteed investmertt contract . ■
37- Pooled fatanarigx a Proceeds of fttis issue that are to be used to make loans to other governmerrtal Wits 137a
b If this issue is a loan made from the proceeds of anodes tax-exempt issue, check box ■ ❑ and enter the name of the
issuer ■ and the date of the issue ■
38 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . ■ ❑
39 If the issuer has identified a hedge, check box .
ur+d.► psnaltias of psrjrey, I lacier 1Mt I hew warr*wd ttre mwn and eecompiinyft rahrdow F"Iman
and to HIS beet of my WWWO pe
end belief, ttrry err true. cornet and oampirtr.
Ise
Sign bramowitz Mayor
Here , grope of issuers ewhortred represerrtaew Date , Type or prim name arw titte
For Paperwork Reduction Act Notice, see page 1 of the Ructions. cat. No. 637= Farm 80.38-G ow. a-tm
First'Union National Bank
of North Carolina
•
FEN'
0
Corporate Trust
Bond Administration
230 South Tryon Street. 9th Floor
Charlotte. North Carolina 28288-1179
704 374-2075
Fax 704 383-7316
April 16, 1996
Mr. Stanley Hawthorne
Finance Director
City of Tamarac
7525 N.W. 88th Avenue
Tamarac, Florida 33321
_ RECEIVED
APR 19 1996
FINANCE ADMINISTRATION
Re: $591,143.00 Equipment Lease/Purchase Agreement;
between City of Tamarac and First Union National Bank
of Florida
Dear Mr. Hawthorne:
Thank you for this opportunity to serve as Escrow Agent
for the above referenced Agreement. We view this as an
excellent opportunity to demonstrate our skill and
experience in the administration of this corporate trust
business.
Please accept this letter as confirmation of the following
fee schedule:
One time acceptance fee Waived
Per check charge $10
Per wire disbursement charge $25
The funds held in the Escrow Account will be invested in
the Fidelity Institutional U.S. Treasury Portfolio. The
yield on the fund as of March 28, 1996 was 5.000501 and
will vary daily. With your approval of this letter, the
fees listed above will be deducted directly from the
investment earnings derived from the balance in the Escrow
account.
Mr. Hawthorne
April 16, 1996
Page 2
If you have any questions regarding this fee schedule,
please contact Judy Brantley at (704)383--1929, or me at
(704)374-2080. we value your business and look forward to
providing outstanding service for the'City of Tamarac.
17
Very truly yours,
-If 17all'C19 all
Shannon Stahel
Corporate Trust Officer.
CC: Judy Brantley
0 Enclosure
AC WLEDGED
By:
Au horized Representati
Norman Abramowitz, Mayor
0
Rsglatri, Ina. ,.M.21'
NOTE: This is a two-part form. Send both parts to the Department of State for filing. If a copy of this form is needed prior to tiling, make photocopies for your records.
IMPORTANT Read instructions on back before filling
is
•
0
STATE OF FLORIDA
UNIFORM COMMERCIAL CODE FINANCING STATEMENT FORM UCC-1 (REV. 1993)
This Financing Statement is presented to a tiling officer for filing pursuant to the Uniform Commercial Code:
1. Debtor (Last Name First it an Individual) 1a. Date of Birth or FEW
City of Tamarac, Florida 59-1039552
16l�aiLng Addreari --- 1c. City, tale 1 d. ip Zone T-�
7525 N.W. 88th Avenue (Tamarac, Florida 33321
2. dfpna Debtor or reds Name (Lest Name First it tin nTdidt�ual) " � mate of BFr-th-o-r-VE-14
Mailing Address l 2c. City, State 2d. Zip Code
3. Secured arty (Last Name rsi anan nd1v1dual�
First Union National Bank of Florida
38. Mailing rasa
b. ty, late 3c. Zip Code
One First Union CeAter - 8th Floor
Charlotte, NC 28288-0600
4. Assignee of Securedarty (Last ame rat f an Individual)
4a. MiffingAddress
4b. City, State i 4c. Zip Code
5. This Financing tatement covers t e followin types or items or property[include esc ption o rea property on w c ocated and owner o repo wen
t
required. It mora.spac. he required, attach ad I11,0pe sheet(s)T,
Information Filing Only: the vehicles listed below are leased by Debtor from the
Secured Party:
One E-1 Transport Callable Hush Fire Engine
Three Aero Extended Cab Rescue Vehicles
6, Check only If Applicable:
❑ Products of collateral are also covered. ' ❑ Proceeds of collateral are also covered.
Debtor is transmitting utility.
7. Check appropriate box:
IT All documentary stamp taxes due and payable or to become due and payable pursuant to s. 201.22 F.S., have been paid.
(One box must be marked)
XX Florida Documentary Stamp Tax is not required.
6. In accordance with s. 679.402(2)1 F.S., this statement Is filed without the Debtor's signature
to perfect a security Interest In collateral:
g-
, Number of additional sheets presented: - 0
already subject to a security interest In another jurisdiction when it was brought into this
debtor's
This Space for Useof Filing Officer
state or location changed to this state.
0 Is
which proceeds of the original collateral described above in which a security Interest was
perfected.
❑ as to which the filing has lapsed. Date filed and previous
UCC-1 file number
Q acquired after a change of name, identity, or corporate structure of the debtor.
10. gnatur s a e for a
of Tamarac Florida
CC
By:
1. Signature(s) o ecu arty or t ss gn y Ass gn s
Return12. Copy to:
Name T. Dean Dickson, Esq.
Akerman, Senterfitt & Eidson, P.A.
Address
P.O. Box 231
Address Orlando, FL 32802-0231
City, State, Zip
STANDARD FORM - FORM UCC-1 Approved by Secretary of State. State of Florida
•
Schedule Number III
(Rescue Trucks)
This Schedule A of Leased/Purchased Equipment is attached to and made a part of the
Lease/Purchase Agreement between the undersigned Lessor and Lessee dated as of April 1,
1994.
LESSOR:
FIRST UNION NATIONAL BANK OF FLORIDA
Attn: Municipal Finance Department
One First Union Center - 8th Floor
Charlotte, North Carolina 28288-0600
LESSEE:
CITY OF TAMARAC, FLORIDA
7525 N.W. 88th Avenue
Tamarac, Florida 33321-2401
1. EQUIPMENT LEASED. The Equipment leased upon the terns and conditions
contained in the Agreement is as follows:
As per Acceptance Certificate(s), attached hereto and made a part hereof by this
reference.
2• . The Equipment shall be located at the
following address and shall not be removed therefrom without the prior written consent of
Lessor:
Tamarac, Florida
3. =MENCEhENT DATE. Unless otherwise agreed to by the prior written consent
of Lessor, the Commencement Date is the date Lessor shall make payment of the purchase price
for the Equipment to the Escrow Agent.
4. LEASE TERM. Unless earlier terminated in accordance with the terms of the
Agreement, the term of thi3 ragreita'ieut TiSN� viiiag CGr,I itLa7{ of iyiiif..i,Cnt ii3tvw via ta:i3 3::.� aa.:i:v
expires five (5) years following the Commencement Date.
5. RENTAL PAYMENTS, As rent, for each item of Equipment, Lessee shall pay Lessor
(5) equal annual payments, in advance, at an interest rate of 4.55%, each equal to a factor of
.21818 of the equipment cost of the purchase price of said item of equipment.
6. INTEREST. A portion of each of the rental payments shall be allocated to interest in
accordance with the amortization schedule(s) which will be attached hereto and made a part
hereof.
r�
•
�J
7. OPTION TO PURCIjASE. Lessee is granted a non -assignable option to purchase on
an as is and where is basis all (but not less than all) of the Equipment listed hereon, thereby
vesting title to the Equipment permanently in Lessee, for a purchase price equal to one hundred
two percent (102%) of the principal balance shown on the amortization schedule attached hereto
and made a part hereof by this reference.
This option to purchase may be exercised by Lessee as of the end of any fiscal year of the
Lessee or anytime during the term of this Agreement and is conditioned upon:
(a) Lessee's having performed all of the terms and conditions of the Agreement
between the parties and all schedules of Equipment thereto and all other agreements
between the parties;
,fib) Lessee's giving written notice to Lessor of its election to exercise the option not
more than sixty (60) days nor less than thirty (30) days prior to the expiration of any
fiscal year of Lessee; and
(c) Lessee's payment of the purchase price in cash at the time of the exercise of the
option, together with all taxes on or measured by such purchased price.
$. RENTAL ADJUSTMENT. The rate and payment factor set forth in Section 5 are
subject to Lessee designating all fundings under this Schedule A of Leased/Purchased Equipment
as being within the $10 million small issuer limitation as described within Section 265(b)(3) of
the Internal Revenue Code of 1986.
IN WITNESS WHEREOF, the parties hereto have executed this Schedule A of
Leased/Purchased Equipment as of the 16th day of April, 1996.
LESSEE:
CITY OF TAMARAC, FLORIDA
BY;
Norman Abramowitz Cr
TITLE: mayor
LESSOR:
FIRST UNION NATIONAL BANK OF FLORIDA
BY:
TITLE:
•
Schedule Number II
(Fire Truck)
This Schedule A of Leased/Purchased Equipment is attached to and made a part of the
Lease/Purchase Agreement between the undersigned Lessor and Lessee dated as of April 1,
1994.
LESSOR:
FIRST UNION NATIONAL BANK OF FLORIDA
Attn: Municipal Finance Department
One First Union Center - 8th Floor
Charlotte, North Carolina 28288-0600
LESSEE:
CITY OF TAMARAC, FLORIDA
7525 N.W. 88th Avenue
Tamarac, Florida 33321-2401
I • EQUIPMENT LEASED. The Equipment leased upon the terms and conditions
contained in the Agreement is as follows:
As per Acceptance Certificate(s), attached hereto and made a part hereof by this
reference.
2 T. The Equipment shall be located at the
following address and shall not be removed therefrom without the prior written consent of
Lessor:
Tamarac, Florida
3• COMMENCEMFhIT DATE. Unless otherwise agreed to by the prior written consent
of Lessor, the Commencement Date is the date Lessor shall make payment of the purchase price
for the Equipment to the Escrow Agent.
4. LEASEJyd$M• Unless earlier terminated in accordance with the terms of the
Agreement, the tern; of this Agreement respecting each item of Equipment listed on this schedule
expires five (5) years following the Commencement Date.
5• EFhITAL PAYMENIS. As rent, for each item of Equipment, Lessee shall pay Lessor
(5) equal annual payments, in advance, at an interest rate of 4.55%, each equal to a factor of
.21818 of the equipment cost of the purchase price of said item of equipment.
6. INTEREST. A portion of each of the rental payments shall be allocated to interest in
accordance with the amortization schedule(s) which will be attached hereto and made a pan
hereof.
/C,- �6- e-z—
7. OPTION TQ PURCHASE. Lessee is granted a non -assignable option to purchase on
an as is and where is basis all (but not less than all) of the Equipment listed hereon, thereby
vesting title to the Equipment permanently in Lessee, for a purchase price equal to one hundred
two percent (102%) of the principal balance shown on the amortization schedule attached hereto
and made a part hereof by this reference.
This option to purchase may be exercised by Lessee as of the end of anfiscal year of th
y Y e
Lessee or anytime during the term of this Agreement and is conditioned upon:
(a) Lessee's having performed all of the terms and conditions of the Agreement
between the parties and all schedules of Equipment thereto and all other agreements
between the parties;
(b) Lessee's giving written notice to Lessor of its election to exercise the option not
more than sixty (60) days nor less than thirty (30) days prior to the expiration of any
fiscal year of Lessee; and
(c) Lessee's payment of the purchase price in cash at the time of the exercise of the
option, together with all taxes on or measured by such purchased price. .
8. RENIAL ADJUSIMEE. The rate and payment factor set forth in Section 5 are
subject to Lessee designating all fundings under this Schedule A of Leased/Purchased Equipment
as being within the $10 million small issuer limitation as described within Section 265(b)(3) of
the Internal Revenue Code of 1986.
IN WITNESS WHEREOF, the parties hereto have executed this Schedule A of
Leased/Purchased Equipment as of the 16th day of April, 1996, .
LESSEE:
CITY OF TAMAR.AC, FLORIDA
BY:
Norman Abramowitz
TITLE: Mayor
LESSOR:
FIRST UNION NATIONAL BANK OF FLORIDA
BY:
TITLE:
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AKERMAN, SENTERFITI' 8 EIDSON, P. A.
AT('ORNEYS AT LAW
CITRUS CENTER
2SS SOUTH ORANGE AVENUE
POST OFFICE BOX 231
ORLANDO, FLORIDA 32S02-0231
(407) 643-7860
TELECOPY (407) 643-6610
May 20, 1996
Division of Bond Finance
State Board of Administration
P.O. Box 13300
Tallahassee, FL 32317-3300
Re: City of Tamarac, Florida,
$580,000 Equipment Lease Obligation
Ladies and Gentlemen:
On behalf of the City of Tamarac, Florida, we are filing this Notice of Impending Sale
with you pursuant to Section 218.38, Florida Statutes, as amended, and Chapter 19A-1 of the
Florida Administrative Code. The issuer, the name of the obligations and the amount proposed
to be issued are as set forth in the above caption. The date of sale of the above -captioned
obligations is expected to be May 23, 1996.
Very truly yours,
AKERMAN, SENTERFI TT & EIDSON, P.A.
7. a�
T. Dean Dickson
TDD/kmg
Enclosure
WPO: rMICKSON.TAMARAC-LEASE]DIV-BOND-FINANCE.LTR
ORLANOO
MIAMI TALLAHASSEE TAMPA
'
xC - 9 / , -
PRODUCER
RISK MANAGEMENT ASSOCIATES, INC.
IVUDERDALE
ATE ROAD 84, STE. 210
FL 33324
INSURED
CITY OF TAMARAC
7525 NW 88TH AVE.
TAMARAC FL 33321
COMPANY A
LETTER COREGIS INSURANCE COMPANY
COMPANY B
LETTER
COMPANY `+
LETTER
COMPANY D
LETTER
COMPANY E
LETTER
n,............... I--------...
sc::::;>Fc:>::i::;4.:<.;s:r..t:::::,.::.::.>:.>ss:.;:-;:.>:.::.::.>
THIS IS TO CERTIF
THE
OF
NCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED
E FOR THE POLICY
ES
INDICATED, NOTWITHSTANDING ANYIREQUIREMEN, TERM OR CONDITION OF ANY CONTRACT OR OTHER DO UMENT WIDTH RESPECT WHICHPERIOD
HRTHIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. UMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
POLICY EFFECTIVE POLICY EXPIRATION LIMITS
TYPE OF INSURANCE POLICY NUMBER DATE (MMIDD/yy) DATE (MM/DDrM
GENERAL LIABILITY
COMMERCIAL GENERAL LIABILITY
CLAIMS MADE = OCCUR.
OWNER'S & CONTRACTOR'S FROM
MOBILE LIABILITY
ANY AUTO
ALL OWNED AUTOS
SCHEDULED AUTOS
HIRED AUTOS
NON -OWNED AUTOS
GARAGE LIABILITY
EXCESS LIABILITY
UMBRELLA FORM
OTHER THAN UMBRELLA FORM
WORKER'S COMPENSATION
AND
EMPLOYERS' LIABILITY
q IOTHER
EXCESS AUTOMOBILE LIABILITY 1 651-000315-6
GENERAL AGGREGATE
$
pRDDUCTS-COMP/OP AGG.
$
PERSONAL & ADV. INJURY
S
EACH OCCURRENCE
li
FIRE DAMAGE (Arty one fUe)
S
MED.EXPENSEVMonepermn
COMBINED SINGLE
LIMIT
S
$
BODILY INJURY
(Per person)
S
BODILY INJURY
(Per accident)
=
PROPERTY DAMAGE
EACH OCCURRENCE
S
S
AGGREGATE
s
STATUTORY LIMITS
EACH ACCIDENT
S
DISEASE•-POUCY LIMIT
$
DISEASE —EACH EMPLOYEE
PER PERSON
$
$ 1,900,000
10/01/95 1 '.0/01/96 1PER ACCIDENT $ 1,800,000
DESCRIPTION OF OPERATIONS/LOCATIONSAVENICLF.S/SPECIAL ITEMS
LIMITS PROVIDED ARE EXCESS OF A SELF —INSURED RETENTION OF $100,000 PERSON/$200,000 ACCIDENT (F.S.768.28). COVERAGE
LIMITED TO FLORIDA CLAIMS BILLS, FEDERAL SUITS AND SUITS BROUGHT OUTSIDE THE STATE OF FLORIDA. CERTIFICATE HOLDER TO BE
CUE VEHICLES (VIN #TBD).
3 RES.-CUE NAMED "ADDITIONAL INSURED" AS RESPECTS THE INSUREb'S LEASE OF 1 FIRE ENGINE AND .. :::
rNI
T UNION NATIONAL BANK OF FLORIDA
CIPAL LEASING DEPARTMENT
ONE FIRST UNION CENTER 8 FLOOR
CHARLOTTE NC 28288-0600
:.,.::::.,...:.I...................._...........................
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE
EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO
MAIL 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE
LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR
LIABILITY OF ANY KIND UPON THE COMPANY, ITS AGENTS OR REPRESENTATIVES.
AU ZED REPRESENTATIVE
Z- 96-�
CERTIFICATE OF COVERAGE
Certificate Holder and Loss Payee Administrator Issue Date 05/07/96 NT
FIRST UNION NATIONAL BANK OF FLORIDA Florida League of Cities, Inc.
MUNICIPAL LEASING DEPARTMENT Public Risk Services
ONE FIRST UNION CENTER-8TH FLOOR P.O. Box 530065
CHARLOTTE NORTH CAROLINA 28288-0600 Orlando, Florida 32853-0066
COVERAGES
THIS IS TO CERTIFY THAT THE AGREEMENT BELOW HAS SEEN ISSUED TO THE DESIGNATED MEMBER FOR THE COVERAGE PERIOD INDICATED. NOTWITHSTANDING ANY
REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE COVERAGE
AFFORDED BY THE AGREEMENT DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS. EXCLUSIONS AND CONDITIONS OF SUCH AGREEMENT.
COVERAGE PROVIDED BY: FLORIDA MUNICIPAL INSURANCE TRUST
,.AGREEMENT NUMBER: FMIT 584
1 COVERAGE PERIOD: FROM 10l1/95
1 COVERAGE PERIOD: TO 9/30/96 12:00 Midnight Standard Time
TYPE OF COVERAGE - LIABILITY TYPE OF COVERAGE - PROPERTY
General Liability MBulidings
Comprehensive General Liability, Bodily Injury, Property Basic Form
Damage and Personal Injury -n Special Form
Errors and omissions Liability []Personal Prop"
Employee Benefits Program Administration Liability [:]easlo Form
Medical AttendantaAAadical Directors' Malpractice Liability ElSpecial Form
Broad Form Property Damage Agreed Amount _ i l
Law Enforcement Liability Deductible $_ I 7
Underground, Explosion & Collapse Hazard Coinsurance /o r
❑ r.7
Blanket
Limits of Liability specific
$100,000 Each Person or 'Combined Single Limit Replacement Cast
$200,000 Each Occurrence Actual Cash Value
Deductible J ® Miscellaneous
Automobile Liability ® Inland Marine - Deductible Stoploss $10,000
Electronic Data Processing
All owned Autos (Priv. Pass.)
Bond
Ali owned Autos (Other than Prtv. Pass.)
❑ Hired Autos ❑
F1Non-Owned Autos Limits of Liability on File with Administrator
Limits of Liability
$100,000 Each Person or ' Combined Singh Limit
_ $200,000 Each Occurrence
Deductible $
Automobile/Equipment - Deductible
® Physical Damage $ ' Comprehensive - Auto $ • Collision -Auto $ Miscellaneous Equipment
Other
Auto Physical Damage - $10,000 Deductible Stoploss
Description of Operations/LocationsNehiclas/Special items
RE: E-ONE Transport Capable Fire Engine (3) Rescue Vehicles
Cost $254,870.41 1996 Freightliner 1160 extended Cab rescue vehicles
ID TBD
Is - Cost: $109,445 each
THIS CERTIFICATE 18 ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR
ALTER THE COVERAGE AFFORDED by THE AGREEMENT ABOVE -
DESIGNATED MEMBER
SUSAN SINCLAIR
CITY OF TAMARAC
7525 NORTH WEST 88TH AVENUE
TAMARAC FL 33321-2401
CANCELLATIONS
SHOULD ANY PART OF THE ABOVE DESCRIBED AGREEMENT BE CANCELLED BEFORE
THE EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO MAIL 70
DAYS WRITEN NOTICE TO THE CERTIFICATE HOLDER NAMED ABOVE, RUT FAILURE TO
MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITYOF ANY KIND UPON
THE PROGRAM, ITS AGENTS OR REPRESENTATIVES.
_.!• enz-..,
AUTHORIZED REPRESENTAT E
FMITIERT 00M)