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HomeMy WebLinkAboutCity of Tamarac Resolution R-98-069Temp. Resolution #8148 February 25, 1998 Revision #1 March 3, 1998 Revision #2 March 5, 1998 Page 1 CITY OF TAMARAC RESOLUTION NO. R-98- 6q 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 MASTER LEASE -PURCHASE AGREEMENT DATED APRIL 11, 1997 BETWEEN SUNTRUST BANK, CENTRAL FLORIDA, NATIONAL ASSOCIATION, AND THE CITY OF TAMARAC, FLORIDA, IN THE AMOUNT OF $119,432 FOR THE PURCHASE OF A FIRE RESCUE VEHICLE WHICH WAS APPROVED AT THE CITY COMMISSION MEETING OF FEBRUARY 11, 1998 PER RESOLUTION NUMBER R-98-34; APPROVING THE LEASE -PURCHASE DOCUMENTS; MAKING REQUIRED "NEGOTIATED SALE" FINDINGS; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission approved on February 11, 1998, Resolution No. R-98-34, the purchase of one (1) rescue vehicle from Aero Products Corporation; and WHEREAS, Resolution No. R-98-34 stipulated that the financing of the purchase of the rescue vehicle be in the form of a lease -purchase transaction; and WHEREAS, a lease -purchase agreement to fund the purchase of one (1) rescue vehicle is an appropriate and financially prudent method of purchasing said item; and Temp. Resolution #8148 February 25, 1998 Revision #1 March 3, 1998 Revision #2 March 5, 1998 1 Page 2 WHEREAS, the purchasing division sent out Letters of Interest, number 98-L-14, to solicit bid proposals from qualified financing institutions; and WHEREAS, six financial institutions, SunTrust Bank, First Union National Bank, Consolidated Financial Resources, Inc., Baystone Financial Group, GE Capital Public Finance/Florida League of Cities, Inc., and The Associates submitted proposals; and WHEREAS, after reviewing and evaluating the proposals for terms and conditions, the following rankings were established by finance staff and the City's financial advisor, Public Financial Management (PFM): 1. SunTrust Bank 4.62% 2. GE Capital/Florida League of Cities, Inc. 5.04% 3. Consolidated Financial Resources, Inc. 5.19% ; and 4. Baystone Financial Group 5.27% 5. The Associates 5.27% 6. First Union National Bank 5.78% WHEREAS, it is the recommendation of the Assistant City M anager/D i rector of Finance and the City's financial advisor, PFM, that a five year lease -purchase plan be awarded to SunTrust Bank based on its competitive financial plan having the most advantageous interest rate and cost to the City; and WHEREAS, State law requires that certain "negotiated sale" findings be made by the City Commission in connection with this lease -purchase transaction; and Temp. Resolution #8148 February 25, 1998 Revision #1 March 3, 1998 Revision #2 March 5, 1998 1 Page 3 WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in the best interest of the citizens and residents of the City of Tamarac to execute a lease -purchase transaction with SunTrust Bank for the purchase of one (1) rescue vehicle. 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 are hereby made a specific part of this resolution. Section 2: The appropriate City Officials are hereby authorized to enter into a lease -purchase transaction with SunTrust Bank, Central Florida, National Association for the principal amount, interest rate and other repayment terms set forth in the SunTrust proposal provided as EXHIBIT 1. Section3: The lease documents, in substantially the form, provided in EXHIBIT 11 are hereby approved, and the City Commission hereby authorizes and directs the Mayor and the Assistant City Clerk to execute any such documents to which the City is a party together with any additional documents and certificates as are necessary and appropriate to carry out the intent hereof. Section 4: Pursuant to Florida Statutes, Section 218.385, the City Commission hereby declares that it is in the best interest of the City that the subject lease be 11 negotiated" with SunTrust Bank rather than offered for public sale by competitive bid [ 1 Temp. Resolution #8148 February 25, 1998 Revision #1 March 3, 1998 Revision #2 March 5, 1998 Page 4 because a public sale would not, in all likelihood, result in more favorable terms due to the size and nature of the lease financing and the fact that the City has solicited and received competitive proposals from various financial institutions. Section 5: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 6: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or in application, it shall not affect the validity of the remaining portion or applications of this Resolution. Section 7: This Resolution shall become effective immediately upon its adoption. PASSED, ADOPTED AND APPROVED this 1998. _// day of.� ATTEST: PATRICIA MARCURIO ASSISTANT CITY CLERK J,YEREBY CERTIFY that I h appCoved this Resolution a* MITCHELL S.XF CITY ATTORN RECORD OF COMmissi MAYOR - SCHRFiRro DIST 1: COMM. MCKAYE DIST 2: V/ A—MISHKIN DIST3:. COMM. q[)IT,4klr)r DIST 4: —20-2—MM. ROBERTS VOTE S7A7E CF FLnRiDA L DIVISION OF BONE) FINANCE LOCAL BOND MONITORING SECTION This form represents an update and compilation of the BF2003, BF2004-A and BF2004-8 forms. dC Itcrriation forrnsLS�2003) are required to be cornolered by local governments pursuant to Chapter 19A-1 003, Florida Administrative Code (F A C.). Cisclosure torms SP2004-A (Competitive Sale) or BF2004-5 (Negotiated Sale) are required to be filed with the Division within 120 clays of na cleiivery ,)t Lle issue oursuaritto Sections 218.38(l)(b) I and 218,38(i)(c) 1. Florida Statutes (F.S.), respectively. =-�ai Ctc:al Statements. it �reparecl, are required to :e suornitied oursuant to Section 218.38(1), F.S.. z'aasa conclate all items applicable to the issuer as orovided by the Florida Statutes. -:''j;SL;ANT TO SEC70N 218,369. F.S., iSSUERS OF BOND ANTICIPATION NOTES ARE EXEMPT FROM THESE FiLING REQUIREMENTS SF2003 BOND INFORMATION FORM PAR71. ISSUER INFORMA71ON 1. - NAME OF GOVERNMENTAL UNIT: CITY OF TAMARAC, FLORIDA 2. MAILINGADDRESS OF GOVERNMENTAL UNIT OR ITS MANAGER. 7525 NW 88th AVENUE 3. COUNTY(IES) IN WHICH GOVERNMENTAL UNIT HAS JURISDICTION: BROWARD 4. TYPE OF ISSUER: COUNTY CITY AUTHORITY INDEPENDENT SPECIAL DISTRICT DEPENDENT SPECIAL DISTRICT SPECIFY OTHER AR711. BOND ISSUE INFORMA71ON NAME OF BOND ISSUE: LEASE PURCHASE AGREEMENT 2. AMOUNTISSUED: S 119,432 3.- AMOUNT AUTHORIZED: S 119,432 4, DATED DATE: ',�Iarrh 11. 1998 5. SALE DATE. r,- h i 'i , 19 gs 6. DELIVERY DATE. Marrh 11. JQ98 7. LEGAL AUTHORITY FOR ISSUANCE. FLORIDA STATUTE$ SPECIAL ACTS OTHER CHAPTER 166, FLORIDA STATUTES 8- TYPE OF ISSUE: — GENERAL OBLIGATION — SPECIAL ASSESSMENT SPECIAL OBLIGATION — REVENUE — COP (CERTIFICATE OF PAR71CIPATION) —�— LEASE -PURCHASE BANK LCAN/LINE CF CREDIT 9. A. 13 THIS A PRIVATE ACTIVITY BOND (PAB)? YES NO 3. 1, IF YES, DIE) THIS ISSUE RECEIVE A PAB ALLOCATION? YES NO 2. IF YES, AMOUNT OF ALLOCATION: S SPECIFIC REVENUE(S) PLEDGED: (1)PRIMARY ANNUAL APPROPRIATIONS OF LEGALLY AVAILABLE 2)SECONDARY OTHER(S) I ! 9 �ROVIDE 7-i= NAME(S) AND ADDRESS(F-S) OF ANY ATTORNEY OR FINANCIAL C--NSULTANT WHO "'%DVISZ-0 7HE UNIT OF LOCAL GOVERNMENT WITH RESPECT TO THE BOND ISSUE. 20, 21. 22. 0 — NO BOND COUNSEL NO FINANCIAL ADVISOR JL__ NO OTHER PROFESSIONALS 30ND COUNSEL(S): FINANCIAL ADVISOR (S)/CONSULTANT(S): _ OTHER PROFESSIONALS: Akerman, Senterfitt & Eidson P A Special Counsel to City T. Dean Dickson 255 S. Orange Avenue Orlando, FL 32701 PAYING AGENT REGISTRAR COMMENTS: PAR7111. RESPONDEN71NFORMA71ON FOR ADDITIONAL INFORMATION, THE DIVISION SHOULD CONTACT: NO PAYING AGENT -X NO REGISTRAR Name and Tftle _Denise Beauchamp Phone 217-4394 Company Suntrust Bank, Central Florida, National Association INFORMATION RELATING TO PARTY COMPLETING THIS FORM (if different from above): Name and Title Phone Company Date Report Submitted BF2004-A and BF2004-8 NOTE: 7HE FOI-LOWING ITEMS ARE REQUIRED TO 13E CCMPL5TED IN FULL FOR ALL BOND ISSUES EXC,=PT*THOSE SOLD PURSUANT TO SECTION 154 PART III; SECTIONS 159 PARTS 11. M OR V: OR SECTION 243 PART 11. FLORIDA STATUTES. 23. ANY FEE, BONUS, OR GRATUITY PAID BY ANY UNDERWRITER OR FINANCIAL CONSULTANT, IN CONNECTION WITH THE BOND ISSUE, TO ANY PERSON NOI REGULARLY EMPLOYED OR ENGAGED-ELY SUCH UNDERWRITER OR CONSULTANT: is ---Y- NO FEE, BONUS OR GRATUrrY PAID BY UNDERWRITER OR FINANCIAL CONSULTANT (1) COMPANY NAME �: E E P A I D: S SERVICE PROVIDED or FUNCTION SERVED: 3 0 Form 8038-G I InformationReturn for Tax -Exempt Governmental Obligations (Rev. May 1995) 111,- Under internal Aevenue Code section 149(e) 01VIB No. 1545-0720 Depament of the Treasm 10, See separate instructions. Interiwiiii Revenue ierym (Note: Use Form 8038-GC if the issue once is under $100.000.) eportinq Authoritv If Amended Return. check here 10- F1 I Issuer's name 2 Issuer's employer identification number Citv of Tamarac, Florida 59, 1039552 3 Number anal so tor P.O. box if mail is not delivered to street address) Roorrvsuite 4 Report number 7525 N.W. 98th Avenue G1998 - 1 5 City, town. or post office, state, and ZIP cocle 6 Date of issue Tamarac, Florida 33321 March 13, 1998 7 Name of issue 8 CUSIP number Lease -Purchase Agreement NONE I YPe OT ISSUS Acheck applicable box(es) and enter the issue price) 9 C Education (attach schedule -see instructions) . . . . . . . . . . . . . . . . . 10- Health and hospital (attach scheduie-see instructions) . . . . . . . . . . . . . 11 Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Environmem (including sewage bonds) . . . . . . . . . . . . . . . . . . . 14 Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . is utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Other. Describe (see instructions) No- 17 If obligations are tax or other revenue anticipation bonds, check box 0- 18 If obligations we in the form of a lease or installment sale. check box 1110- 9 $ 10 11 2 119,432.00 13 14 is 16 1 cripbon of Obliqations (a) MatUnty date (b) (0) In t rate Issue price (d) Stated redemption price at maturity (a) Weighted avomqe maturity NA - NA NA 117 Five Xears 19 20 Final m ahzTty. Entire issua NA % I NA ffiffi\W� 119,432.00 US85 of Proceeds of Bond Issue �inciudin!q underwriters' discount) 21 Proceeds used for accrued interest ... 22 . . . . . Issue Price of entire issue (enter amount from line 20, column (c)) . . . . . . . . . . . 23 Proceeds used for bond issuance costs (including underwriters' discount) 23 NA 24 Proceeds useci for credit enhancement . . . . . 24 NA 25 . . . . Proceeds allocated to reasonably required reserve or replacement fund NA 26 -LS- Proceeds used to currently refund prior issues . 26 1 NA 27 . . . . . Proceeds used to advance refund prior issues 27 1 NA 28 . . . . . . Total (add lines 23 through 27) 29 . . . . . . . . . . ... . . . . . . . . Nonrefundina proceeds of the issue (subtract line 28 from line 22 and enter amount here) . . . ­Ckascm)bon of Refunded Bonds (Complete this part only for refundinci bonds. 30 Enter the remaining Weighted average maturity of the bonds to be currently refunded , - - 101, 31 Enter the remaining Weighted average maturity of the bonds to be advance refunded . . . 01- 32 Enter the last date on which the refunded bonds will be called . . 0- 33 . . . . . . . . . Enter the datWsl tha rp.ftinrlari hnne4e ­__ � ...... 4 ib- V) W Yield Not kvt~ I cost 4.621 %1 NA 0/0 OP;14100MU-�� 28 1 NA 29 1 NA NA Years NA years NA WOMB_ 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 bonds designated by the issuer under section 265(b)(3)(B)(i)(111) (small issuer exception! 43? nn 36a Enter the amount of gross Proceeds invested or to be invested in a guaranteed investment contract (see instructionsi 36a I b Enter the final maturity date of the guaranteed investment contract 10- 37a 37 Pooled finarxNngs: a Proceeds of this issue that are to be used to make loans to other governmental un—its b If this issue is a loan made from the proceeds of another tax-exempt issue, check box 00, CJ and enter the name of the issuer 10- and the date of the issue 00, 38 If the issuer has elected to pay a penalty in heu of arbitrage rebate, check box . . . 0— Cl 39 If the issuer has identified a hedge, check box . . . . . . . . . . . . . . 0- F1 Under Penaities of Penury, I declare that I have examinec this return and accomoanyinq schedules ano statements. aric to the best of my knowledge and bew. they are true, correct. and commiete. Please 1 Sign _411 Here 19-0— 14.arch 1-1, 1998 Joe Schreiber - �Iavor - S;onature ot issuer's authorized renresentative Date � TyPe or Print name ano title For Paperwork Atcluction Act Notice, see page I of the instructions. Cat. No. 63773S Form SM-G (Rev. 6-951 (B Printod an racycied papw -U.S. Gowwrtment Prkiflng office: Im - ­74M&M109 D D A ]UP _ March 13, 1998 Joe Schreiber, Mayor City of Tamarac 7525 NW 88th Avenue Tamarac, FIL 33321-2401 Denise Beauchamp SunTrust Bank, Central Florida, National Association 200 S. Orange Avenue Orlando,FL 32801 0 Gentlemen: EQUIPMENT LEASE OBLIGATION I have acted as City Attorney for the City of Tamarac (the "Lessee") in connection with the issuance by the Lessee of a lease obligation, pursuant to the Constitution and laws of the State of Florida, particularly Chapter 166, Florida Statutes and all other applicable Provisions of law (collectively, the "Act") and Resolution No.YW.-, adopted by the Lessee on March �11 998 (the "Resolution"). The lease obligation of the Lessee is created pursuant to a Master Lease -Purchase Agreement (the "Lease -Purchase Agreement") between the Lessee and SunTrust Bank, Central Florida, National Association (the "Bank"), as Lessor, dated as of March 13, 1998, as supplemented by a Schedule of Terms B, an Amortization Schedule B and a Description of Equipment B, all dated as of March 13, 1998 (the "Lease Documents"), whereby the Lessee agrees to make rental payments to the Bank during the Lessee's current budget year and subsequent budget years for which funds have been budgeted and appropriated for that purpose. The obligation of the Lessee to make such rental payments in this budget year and any subsequent budget year for which funds have been budgeted and appropriated for that purpose, shall be referred to hereinafter as the "Lease Obligation." In connection with this opinion, I have examined certified copies of the Resolution, the Lease -Purchase Agreement, and the Lease Documents and such other documents, certificates, and proofs as I have deemed necessary for the purposes hereof. Based thereon, I am of the opinion: r I L 0 11 Lease -Purchase Obligation Page 2 — The Lessee is a duly created and validly existing public body corporate and politic of the State of Florida, with the power to adopt and perform the Resolution and to issue the Lease Obligation. 2. The Lease -Purchase Agreement and the Lease Documents have been - duly authorized, executed and delivered by the Lessee and, assuming due authorization, execution and delivery by the other parties thereto, constitute legal, -valid -and binding obligations of the Lessee. 3. The Lease Obligation is a valid and binding obligation of the Lessee payable solely from funds budgeted and appropriated for that purpose during the Lessee's then current budget year. The Lease Obligation constitutes a current expense of the Lessee and does not constitute a debt of the Lessee in contravention of any applicable constitutional, statutory or charter limitation or requirements conceming the creation of indebtedness. Neither the faith and credit of the Lessee nor the State of Florida is pledged in payment of the Lease Obligation. 4. No further approval, consent, or authorization of, or filing with any government or public body or agency is required in connection with the Lessee's issuance of the Lease Obligation and the execution and delivery of the Lease Documents and the performance of its obligations thereunder. 5. The execution, delivery, and performance by the Lessee of the Lease Documents does not conflict with or constitute a breach of or default under any existing law, administrative regulation, court decree, resolution, or agreement to which the Lessee is subject as of the date of closing. 6.- The Resolution has been duly enacted and adopted by the Lessee and has not been amended, supplemented, or repealed and is in full force and effect and constitutes a valid and binding contract of the Lessee enforceable in accordance with its terms. 7. To the best of my knowledge after due inquiry, no litigation or other proceedings are pending or threatened in any court or other tribunal of competent jurisdiction, state or federal, in any way, (1) to restrain or enjoin the execution of the Lease Documents or the incurrence of the Lease Obligation; or (2) questioning or affecting the validity of the Lease - Purchase Agreement, the Lease Documents, or sources of payment of the Lease Obligation; or (3) questioning or affecting the validity of any of the Lease -Purchase Obligation Page 3 proceedings for the authorization, execution, registration, issuance, or delivery of the Lease -Purchase Agreement, the Lease Documents, or the incurrence of the Lease Obligation or the acquisition of the Equipment (as defined in the Lease -Purchase Agreement); or (4) questioning or affecting the organization or existence of the Lessee or the title to office of any member of the Lessee; or (5) which, if adversely determined, would adversely affect the ability or capacity of the Lessee to perform its obligations under the Resolution or the Lease -Purchase Agreement. 8. Any and all applicable public bidding requirements have been met with respect to the execution and delivery of the Lease Documents. 9. The Lessee is exempt from all personal property taxes and is exempt from sales and/or use taxes with respect to the transactions contemplated by the Lease Documents. 10. 1 have no knowledge of any legislatiori adopted by the prior or current session of the Florida Legislature that restricts or otherwise adversely affects the Lessee's power to issue the Lease Obligation or its ability to pay the rent payments due thereunder. It is to be understood that the rights of the holders of the Lease Obligation, and the enforceability of the Resolution and the Lease -Purchase Agreement, may be subject to the exercise of judicial discretion in accordance with general principles of equity, to the valid exercise of the sovereign police powers of the State of Florida, and of the constitutional powers of the United States of America and to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted. Respectfully submitted, Mitchell S, Kraft City Attorney U:\AdaG\WPDATA\1vaMEquipment Lease Obligation,doc 0 AMORTIZATION SCHEDULE B Balance After Payment Payment Eaj?�nQate� Amount Interest Principal (Prepayment Price) Mar-13-98 26,091.62 0.00 26,091.62 93,340.38 26.091.62 0.00 26,091.62 Mar-13-99 26,091.62 4,313-09 21,778.54 71,561.84 26,091.62 4,313.08 21,778,54 Mar-13-00 26,091.62 3,306.73 22.784.89 48,776,96 26,091.62 3,306,73 22.794.89 Mar-13-01 26,091-62 2.253.89 23,837.73 24,939,22 26,091.62 2,253.99 23,837.73 Mar-13-02 26,091.62 1,152.39 24,939.22 0.00 26,09L62 1,152.39 24,939,22 TOTAL 130,458,09 11,026.09 119,432.00 10 This Amortization Schedule B, dated as of March 13, 1998, is delivered pursuant to Section 2 of the Master- Leasc-Purchase Agreement. dated as of April 9, 1997, between SunTrust Bank, Central Florida, National Association ("Lessor"), and the City of Tamarac, Florida, ("Lessee"). Dated this I_ I day of March, 1998, LESSOR: SunTrust Bank, Central Florida, National Association By: Denise K. Beauchamp VIce Presldcnt %1-\WPFTLES,',�, T\TWARAC\AmQRTB Page I LESSEE: City of Tamarac. Fiorida Bv: Joe Schreiber Mavor I— L-1 0 0 DESCRIPTION OF EQUIPMENT B This Description of Equipment B, dated as of March 13, 1998, is executed and delivered pursuant to Section 2 of the Master Lem -Purchase Agreement dated as of April 9, 1997 (the "Lease") between SunTrust Bank, Central Florida, National Association ("Lessor") and the City of Tamarac, Florida ("Lessee"). The Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor,'the Equipment described below, located at 7525 N.W, 88th Avenue, Tamarac, Florida 33321-2401, pursuant to the terms of the Lease, the ternis of which are incorporated herein by reference, and as supplemented by an -Amortization Schedule B and Schedule of Terms B both executed by Lessor and Lessee and dated this date. One (1) Fire Rescue Vehicle S/N: Cost Basis: $119,432.00 Dated this 11 dav of '4arch 199 j? LESSOR: SunTrust Bank, Central Florida, National Association AV Denise K. Beauchamp Vice President LESSEE: City of Tamarac, Florida Bv: Joe Schreiber Mavor �.f:\WPFTI�ES\NRJNT\TAh4ARA(,,\r.QUIPLST B (REV.6/14/94) 0 TRUTH IN BONDING AND FINDER FEES STATEMENT SunTrust Bank, Central Florida, National Association (the "Purchaser"), in connection with the negotiated sale by the City of Tamarac, Florida (the "City") of its lease obligation created Pursuant to the Master Lease -Purchase Agreement dated as of April 9, 1997, as supplemented by a Schedule of Terms B dated as of March 13, 1998 (the "Lease Obligation"), hereby makes the following statement pursuant to Section 218.385, Florida Statutes: The City is proposing to issue a $119,432.00 Lease Obligation for the purpose of financing the acquisition of a certain equipment. The Lease Obligation is expected to be repaid over a period of five (5) years. At an interest rate of 4.621%, the total interest paid over the life of the Lease will be approximately $11,026.09. The source of payment of the Lease Obligation is the legally available funds of the City budgeted and appropriated on an annual basis. Authorizing the Lease Obligation will result in approximately $26,091.62 of the City's legally available funds not being available to finance other services of the City each year for five (5) years. The Purchaser hereby certifies that it has not paid or has not promised to pay (directly or indirectly) a fee to any person not regularly employed by the Purchaser to act as an intermediary between the City and the Purchaser for the purpose of influencing any transaction in connection with the purchase of the Lease Obligation. SunTrust Bank, Cental Florida, National Association L6.3 �,1:\WPFILES',MUNI\TAMARikC\TRLJTIINBO,B Denise K. Beauchamp, Vice President FES-26-98 16 : 09 ;r'jM:AKERMAN SENTERFITT :;DSCN +4078435610 T-M P 17/17 job-603 IN(; T f IF IF. -4 r I'M COMMUNITY AKERMAN. SENTERFITT 8 EIDSON. P.A. ATTcP,,NEY5 AT LAW zes SOUTM ORANGE ^VCMUC, POST OrFICE SOX 231 O*L.ANOO. Ft.ORICA 3Z&0Z.(3a3j (4071643-78,80 rtl-ZCOP� t-07) "a-66,C) February 2, 199;8 Division of Bond Fin=a State Board of Adminj tration P.O. Box 13300 Tallahassee, FL 32317-3300 Re: City of Tamarac, Florida $119,432 Equipment Lease Obligation ladies and Gentlemen: On betWf of the City of Tamarac. norida. we are Ming 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 rme 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 Marcil 15. 1998. Please acknowledge receipt of this filing by stamping the enclosed copy of this letter and returning iE to us in the self-addressed, stamped envelope provided for that purpose. Very truly yours. T. Dean Dickson /kmg Enc. OR06142 I. i I ,="%.ANQQ PORT L-AUOC:"OA,_E MIAMI TAULA84^55FE TAMMA Wf5T PAI-M MEACH 0 OFFICERS' CERTIFICATE We, ' the undersigned officers of the CITY OF TAMARAC, FLOREDA (the "Lessee"), in connection with the lease -financing of certain equipment pursuant to the terms of the Master Lease -Purchase Agreement dated as of April 9, 1997, as supplemented by a Schedule of Terms B, an Amortization Schedule B, a Description of Equipment B, all dated as of March 13, 1998 (the "Lease"), between the Lessee and Sun -Trust Bank, Central Florida, National Association (the "Lessor"), DO HEREBY CERTIFY: - (1) Patricia Marcurio is the duly appointed, qualified and acting Assistant City Clerk of the Lessee, and Joe Schreiber is the duly elected, qualified and acting Mayor of the Lessee. Stanley Hawthorne is the duly appointed and acting Finance Director of the Lessee. (2) Each of the above persons'have duly filed their oaths of office and such of them as are required by law to file bonds or under -takings have duly filed such bonds or undertakings in the amount and manner required by law. (3) The undersigned Mayor and Assistant City Clerk hereby certify that they executed and attested, respectively, the Schedule of Terms B, the Amortization Schedule B, the Description of Equipment B, all dated as of March 13, 1998, and certain other documents relating thereto (the "Lease Documents"), (4) Those Officers who executed the Lease Documents were and are the duly chosen, qualified and acting officers authorized to execute the Lease Documents. The signatures that appear on this certificate are the authentic signatures of the Assistant City Clerk and the Mayor, each of whom is duly authorized to execute and deliver the Lease Documents and any and all documents and certificates required in connection therewith or necessary or appropriate to carry out the intent thereof . (5) The Lessee has sufficient moneys available to pay all rental payments owing under the Lease with respect to the equipment set forth in the Lease Documents (the "Rent Payments") coming due during the current budget year of the Lessee, such moneys having been properly budgeted and appropriated for that purpose in accordance with the laws of the State of Florida (the State); such moneys will be applied in payment of all Rent Payments due and payable during such current budget year; the Lessee expects and anticipates adequate funds to be available, budgeted and appropriated in future years to make all future Rent Payments throughout the maximum term of the Lease. (6) Thelease of the Equipment (as described in the Description of Equipment) is essential to the governmental functions of the Lessee, and the Lessee has an immediate need for the Equipment which is not temporary or expected to diminish during the maximum term of the Lease. (7) The Equipment will be used by the Lessee for the purpose of per -forming one or more of the Lessee's governmental functions consistent with the permissible scope of the Lessee's authority. (8) The Lessee has obtained, or will obtain as the Equipment is acquired, from a reputable insurance company qualified to do business in the State, insurance with respect to all risks required to be covered thereby pursuant to the Lease, or the Lessee has or shall self -insure with the prior written consent from the Bank as provided in the Lease. �M:\Vi(PFILES�l�4LrNT�TA��,�C\OF,T-CF�-RTB2(U�V. ]/--S/97) I (9) The interest rate establishing the interest portion of the Rent Payments, on the first date such interest begins to accrue, does not exceed a rate of interest permitted by Section 215.84, Florida Statutes (1995), (10) This Section 10 sets forth facts and estimates upon which the Lessor and its counsel may rely in reaching an opinion regarding the exclusion of the interest portion on the Rent Payments from the gross income the Lessor, and the facts and estimates upon which the Lessee bases its reasonable expectation that the obligation to make Rent Payments pursuant to the Lease (hereinafter, the "Lease Obligation") does not create an arbitrage bond under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and applicable Treasury Regulations: (a) The Lessee has not accumulated nor does it expect to accumulate amounts of money in a fund to pay or to be held as security for the payment of principal of or interest on the Lease Obligation. (b) No portion of the proceeds of the Lease Obligation will be used as a substitute for other funds which were otherwise to be used for the same purposes and which funds will be used to acquire directly or indirectly obligations producing a yield in excess of the yield on the Lease Obligation. (c) There are no other obligations of the Lessee which (i) are being issued within 15 days prior to or after the date of the Lease Obligation, (ii) are sold pursuant to a common plan of financing together with the Lease Obligation, and (iii) will be paid out of substantially the same source of funds (or will have substantially the same claim to be paid out of substantially the same source of funds) as the Lease Obligation. (d) The Lessor has agreed to purchase the Lease Obligation for outstanding principal amount thereof. No fee will be paid to any person acting as an underwriter for the Lease Obligation. (e) The Lease does not create a "hedge bond" as defined in Section 149(g) of the Code, in that at least 85 percent of the proceeds of the Lease Obligation will be expended to carry out the governmental purpose of the issue within three years from the date of issuance of the Lease, and not more than 50 percent of the proceeds will be invested in nonpurpose investments (as defined in Section 148(fl(6)(A)of the Code) having a substantially guaranteed yield of four years or more. (f) The Equipment has not been and is not expected to be sold or otherwise disposed of in whole or in part prior to the expiration of the maximum lease term. (g) The proceeds of the Lease Obligation ($119,432.00) will be deposited into an Equipment Acquisition Fund created by Lessee. The proceeds of the Lease Obligation, together with the investment earnings thereon, will be used to pay the cost of the equipment from the vendors thereof (the "Project"), It is reasonably expected that (1) at least 85% of the proceeds of the Lease Obligation will be allocated to expenditures on the Project by the end of three years from the date of issuance thereof, (ii) within 6 months of the issuance date of the Lease Obligation, the Lessee will incur a substantial binding obligation to a third part to expend at least 5% of the proceeds thereof on the Project, and (iii) completion of the Project and the allocation of the proceeds to expenditures with respect to the Project will proceed with due diligence. -2- M WPF1LES\MUN1\TAMAP-AC\0FF(7ERT 132 (REV. 1/29/97) 11 N The Lessee expects that (1) less than 10% of the proceeds of the Lease Obligation will be used for any private business use as defined in Section 141 of the Code, and (ii) less than 5% of the proceeds of the Lease obligation will be used for the private business use which is not related to a governmental use of the proceeds, or which is a disproportionate related business use within the meaning of Section 141 of the Code. It is understood that such limitation will not apply unless more than 10% (with respect to clause (i)) or more that 5 % (with respect to clause (0) of the Lease Obligation is directly or indirectly (including under the terms of any underlying arrangement) secured by any interest in (1) property used to be used for a private business use, or (2) payments in respect of such property, or are to be derived from payments (whether or not to the Lessee) in respect of such property, or borrowed money, used or to be used for a private business use, as provided in Section 141 of the Code. (11) No approval, consent or authorization of any governmental or public agency not already obtained is required in connection with the Lessee's participation in the transactions contemplated by the Lease, or the performance of its obligations thereunder. (12) The Lessee does hereby designated the Lease Obligation 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 that $ 10, 000, 000 of tax-exempt obligations (including those obligations of any entities controlled by the Lessee), including the Lease Obligation during the current calendar year. (13) To the best knowledge and belief of the undersigned officers, there are no other facts, estimates or circumstances that would materially change the conclusions and representations set forth in the certificate and the expectations hereinabove set forth are reasonable. WITNESS our hands and the seal of the Lessee this 11 day of March, 1998. (SEAU j TTEST: Patricia Marcurio Assistant City Clerk CITY OF TAMARAC, FLORIDA er Mayor -3- ,\4�\V,rPFILES\N4UN[\TANJAJ;LACNOFFCERTB2(lZf-'V 1/28/97) ��LjnTrusz Sam Cantrai FlOfi=. N.A. 'anise SeaucnamD O§UNTRUST February 10, 1 99g Lynda S. Flurry, CPPO Purchasing & Contracts Manager City of Tamarac 7525 N.W. 88th Avenue Tamarac, Florida 33321-2401 Dear Ms, Flurry: The f011owing is SunTrust Bank. Central Florida, National Association's proposal for lease - purchase financing for the rescue vehicle which the City anticipates acquiring. This is not a commitment to lend, as any commitment would require formal bank credit approval, LESS -OR: SunTrUst Bank, Central Florida, National Association, Orlando, Florida LESSEE: City of Tamarac EQU`IPMENT: Rescue vehicle AMO LaT To BE FINANCED: $119,432.00 ESTIMA—I—ED—AD,ELIVERY DATE: March 13,1998 E: It is proposed that the parties utilize the Master Lease -Purchase ��M�ENT FIT"ANC�ING V�EHICU Agreement ("Lease"). Under such an arrangement. the Lessee would have the ability to obtain additional leased equipment under the same basic terms and conditions as originally agreed to without having to negotiate and execute a new contract. LE—ASET-ERM: Five (5) years (60 months) subject to annual appropriation LEASE COMMENCEMENT DATE: The Lease Term will commence upon the furiding of the Lease (payment to vendor) or the funding of the lease into a trust account. TRUSL-A—CCOUNT: The entire lease proceeds would be deposited bv the Bank- into a Trust Account PRO--r to the delivcry of the Eq uipment. A Trust Account, to be held bN' the City, would be established. The Lease Term would commence on the date that the Trust Account is funded, with lease amortization commencing at that point. This alternative would allow the City to lock in an interest rate up front when the Trust Account is funded- The account will be designated in the Lease to be used solely for payment of the Equipment. Upon Presentation of an trivoice and a certificate of acceptance from the City. the Bank w1il authorize payment to be made to the %,cndor(s) from the Trust Account. There are no bank- fees for is the Trust Account. 0 Ms. Flurry February 10, 1998 Page 2 TERMS KI-EASE: The Lessee will make periodic lease payments sufficient to pay the debt service on the obligation during each year the Lem is 'in effect and not terminated by an event of non -appropriation. The obligation to make lease payments during any fiscal year will be limited to legally available revenues appropriated for such purpose by the Lessee. After the last scheduled payment. the City will own the asset free and clear. PERIODIC RENTS: Periodic Rents are to be made annually in advance. INTERESTRATE: The following tables present the options available to the City: BANK QUALIEFIED OPTION: Interest Number of Payment Payment Total Rate Payments Frequency Amount Payments 4.621% Interest Rate - 5.651% Annually $26,091.62 $130,458.09 NON - BANK QUALEFEED OPTION: Number of Payment Payments Frequency Annually Payment Total Amount Payments $26,708.43 $133,542.13 ADJUST T TO INTEREST RAT : Due to the length of time which Will elapse between the proposal date and the Lease Commencement Date. If the Lease is funded after this date. the Interest Rate will be indexed to the current vield on a 3-year United States Trcasury Note. The Interest Rate may be adjusted by sixty-four (64%) percent of the change, upward or downward, in the index from the' date of this Proposal to the funding date. The then -prevailing 'interest rate will be fixed for the Lease Term. The current yield as of February 9, 1998 of a 3-year United States Treasury Note, as published in the Wall Street Journal, is five and forty -one -hundredths percent (5.4 1 %). After execution of the Lease, the Interest Rate mav be adjusted in the event of a change in corporate income tax rates or other laws or regulations affecting the after-tax yield to the Bank. TAX EXEMPT S - TATEMENT: The parties anticipate that the Agreement will not qualify as a "qualified tax-exempt obligation" within the meaning of Section 256(b)(3) of the Code if the non - bank qualified option is selected. TAX:Q �MPT �S TATE�MENI: The parties anticipate that the Agreement will qualify as a '-qualified tax- exempt obligation" within the meaning of Section 265(b)(3) of the Code if the ban'k qualified option is selected. In the event that Lessor either (1) receives notice from the Internal Revenue Service. or (ii) reasonably determines. based on an opinion of independent tax counsel selected by Lessor and approved by Lessee. which approval Lessee shall not unreasonably Wl'thhold, that the otherwise applicable exception Ms. Flurry Februmv- 10, 1998 Page 3 set forth in Section 265(b)(3) of the Code is not available, then Lessee shall pay to Lessor within thirty (30) days after receiving the notice from Lessor of such event, the amount which, with respect to rental payments previously paid, will restore the after-tax yield on the transaction evidenced bv the Agreement to that which it would have been had such exception been available, and pay as an ad-ditional rent on succeeding rent payment due dates such amount as will maintain such yield. PREPAYM -,NT SCHEDULE: Prepayments maybe made in whole ori -part without penalty per the amortization schedule to be incladed in the documentation package. SALE!AND_UaE_M: Lessee will pay all fees, assessments, sales, use, property, and other taxes imposed upon Lessor, resulting from the lease of the equipment. RLSURANCE: Prior to Lease Commencement Date, Lessee, at its sole cost and expense, will provide all risk, physical damage and liability insurance with the Lessor named as "Loss Payee" and "additionally -insured", in accordance with its normal'standards, which may include self-insurance. TITLE TO EQUPMENT: Title shall at all timcs-remain in the name of the Lessee. FINAN CIAL STATEMENTS: Lessee will furnish financial statements on an annual basis, as well as unaudited financial information and other supplementary Wormation which the Bank may request. Additionally, the Lessee will submit a copy of its annual budget within 45 days after the budget has been adopted. DOCUMENTATION: To be provided by the Bank. As is customary, the Lessee's local counsel will be required to provide an opinion letter. TRANSACTION EX�PENS�ES: Lessee shall be responsible for fees and expenses incurred by it. There will be no bank fees or expenses. MATERLU ADVERSE CHANGE: At any time prior to completion of funding, Lessor reserves the right to withdraw any approval in the event that Lessor determines that there has been a material adverse change in the financial condition of the Lessee or in its ability or willingness to meet its obligations under this Proposal. EXPIRATION OF -PROPOSAL- This proposal expires unless accepted on or prior to March 31, 1998. APPE,OVAL: This proposal does not constitute a commitment to lend. If the proposal terms are acceptable. Bank approval will be sought as quicklv as possible. The contents of this proposal represent the Bank's midication of the terms and conditions which it deems appropriate based upon the information available as of the date hereof. IsIf the terms of this proposal are acceptable toyou, please execute below and return the onginal to me- I* Ms. Flurry February io, 1998 Page 4 Thatik you again for the opportunity to be of service and to present this proposal for your consideration. Should you have any questions, please feel free to contact me at (407) 237-4394 or (800) 432-4760, extension 4394. Sincerely, Denise Beauchamp Vice President Proposal accepted this ---L1 day of March 1998. City of Tamarac By: ')Oc!Sc eiber Title: iZyor Attest: By: Patricia Marcuno Title: Assistant City Clerk MAWPFILMPROPOSAUTAMARAC1 -98A 0 0 SCHEDULE OF TERMS B THIS SCHEDULE OF TERMS B, dated as of March 13, 1998, is executed and delivered pursuant to that certain Master Lease -Purchase Agreement (the "Lease") dated as of April 9, 1997, between SunTrust Bank, Central Florida, National Association ("Lessor"), 200 South Orange Avenue, Orlando, FL 3280 1, Attention: Leasing Department, and the City of Tamarac, Florida ("Lessee"), 7525 NX 88th Avenue, Tamarac, FL 33321-2401, Attention: Finance Director, Equipment Cost: Number of Payments: Frequency of Payments: Payment Due Date: Interest Rate: Rental: - Payment Amount: $119,432.00 Five (5) - Annually in Advance Commencing March 13, 1998; annuallv thereafter on each and every March 13th to and including March 13, 2002. 4.621%% Deferred Interest to Termination Date: Total Rental Current Maximum Corporate Income Tax Rate: Budgetary Period: $ 26,091.62 $ 11,026.09 $130,458.09 35% October I through September 30 Late Payments: There will be a charge of 1.5% per month or the highest legal rite allowed on the amount of anv Rent Payment which remains unpaid for ten (10) days after the due date. Insurance: The insurance required pursuant to the Lease shall include. but is not limited to, the following types and amounts of coverage: A. PHYSICAL DAMAGE to all vehicies(s) leased under this Schedule; - (1) Scope of Coverage: Comprehensive and collision coverage (2) Limits of Coverage: not less than the greater of the full replacement value of the Vehicles or the installments of rent then remaining unpaid hereunder immediately prior to the Physical damage of each Vehicle leased hereunder (3) Deductible: not more than $ 1,000.00 per occurrence. Lessee is liable for all deductible ilmou.nts �,f:�WPFILES�NfUNI\TANiARAC\SCILEDULF,B(RF-V. 121196) B* MOTOR VEHICLE LIABILITY: (1) Scope of Coverage: Liabilltv coverage including, but not limited to bodily injury, death. property damage; contractual liability and personal injury (2) Limits of Coverage: Minimum liability coverages in the following amounts must be Provided; $100,000 per occurrence/$300,000 aggregate per occurrence/$ 100,000 property damage C. PERSONAL PROPERTY coverage to all equipment leased under this Schedule: (1) Scope of Coverage: All risk, including but not limited, to flood damage if the property is located in a flood plain area as defined by applicable government authority (2) Limits of Coverage: not less than the greater of the fWI replacement value of the Equipment or the installments of rent then remaining unpaid hereunder immediately prior to the Physical damage of each item of Equipment leased hereunder (3) Deductible: not more than $1,000.00 per occurence; Lessee is liable for all deductible amounts D. COMPREHENSIVE GENERAL LIABILITY: (1) Scope of Coverage: Comprehensive General Liability coverage: including, but not limited to bodily injury, death, and property damage, contractual liability and personal injury; (2) Limits of Coverage: Minimum liability coverages in the following amounts must be provided; $250,000 per orcurrence/$500,000 aggregate per occurrence/$ 100,000 property damage E. LOSS PAYEE: Lessor must be named as loss payee and additionally insured on physical damage insurance. F. SELF-INSURANCE: In the event Lessee is self -insured for the purpose of physical damage coverage, a Statement of Self -Insurance will be provided. Dated this 11 LESSOR: day of March, 1998. SunTrust Bank, Central Florida, National Association 0 Denise K. Beauchamp Vice President LESSEE: City of Tamarac, Florida Bv: Joe Schreiber Mavor -2- ,M.\WPFILESZAUNT\TAMAR.AC\SCliE- DULE.B(REV. 121196)