HomeMy WebLinkAboutR-1994-050RESOLUTTON NO. s0-94
A RESOLUTION OF THE CITY OF DANIA, FLORIDA, APPROVING
THE MUNICIPAL LEASE-PURCHASE AGREEMENT BETWEEN
LIBERTY NATIONAL BANK & TRUST COMPANY OF KENTUCKY AND
THE CITY OF DANIA COVERING A 1994 PIERCE FIRE TRUCK
TOGETHER WTH THE EXHIBITS ATTACHED THERETO; AND
PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CIry OF DANIA,
FLORIDA:
Section 1. That that certain Municipal Lease-Purchase Agreement, together with
the exhibits attached thereto, a copy of which is attached hereto and made a part hereof
as composite Exhibit "A", be and the same is hereby approved and the appropriate city
officials are hereby authorized and directed to execute same and to pay the principal and
interest payments as set forth in the amortization schedule which is contained in the
agreement, all of which being in connection with the lease-purchase of a 1994 Pierce
Fire Truck as authorized by Resolution No. 06-94 as passed and adopted on January 25,
1994.
Section 2. That this resolution shall be in force and take effect immediately
upon its passage and adoption.
PASSED and ADOPTED this 12th day of Apr i 'l ,1994.
ATTEST:YOR - COMMISSIONER
*r/)//"
CITY CLER
APPROVED AS TO FORM AND CORRECTNESS
AJ 4. 4/;LBY:
Frank C. Adler, City Attorney
- AUDITOR
Resolution po. 50-94
\grccrrrcat No.-
MUNICIPAL LEASE-PT.'RCHASB AGR-BEMBNT
LESSOR:Libcrty National Bark & Trust Company of Kcntucky
3 I 2 South Fourth Avcuuc, Suitc 400
Louisvillc, Kcotucky 40202
LESSEE:City of Daaia
lm Wcst B€ach Boulcvard
Dada, Florida 33004
This Municipal Lcssc-Purchasc Agreemut (thc "Agrrarot") ctrtcrcd itrto bctwrcu Libcrty National Bant & Trurt
Compaoy ofKentucky (t cssor"! aod City of DaDira C't ss€c"), a body corporatc and politic duly orgarizcd aod cxirting
under thc la*s of thc Statc of Flori:la ('Statc");
WITNESSETTI:
WHEREAS, tcssor desircs to lcasc thc E4uipme[t, as hcreinaftcrdclircd, to Lrss€o, and Lessee dcsircs to lcasc thc
Equipmcnt from Lessor, subjoct to the tetms and conditiou ofand for thc purposes sct forth ia this Agrccnrnt; aod
WHEREAS, Lesscc is aul5orizcd uudcr tlc Constitution and laws of thc Stat. to ctrtcr into this Agr€meot for thc
purpos€s s€t fodh hcIlio;
NOW, THEREFORE, for and io considcration of thc premiscs hcrrinafte r coataincd, the partics hcrcby agrce as
follows
AX.TICLE I
@YBNANII| OF LBSSBB
S€ctioo I .0 I [-€ss€. rrprEscnts, clvcoaats aDd warratrts, for thc benefit of Lcssor and its assignees, as follows:
(a) l,cssec is a public body, corporate and politic, duly orgadzpd and cxisting undcr ltrc Coastitution and laws of thc
State
(b) trssee will do or causc to bc doae all thiags accessary to prcscrve aad kecp in full forc€ atrd effect its cxistcoce as
a body, corporate and politic.
(c) L,cssec is authorizcd under thc Constitutiou aud laws oftlc Statc to cdtcr into this Agrcenrcnt and the transaction
cootcmplaled hereby, and to perform all of its obligations hereuadcr.
(d) L*ssee bas been duly authorizcd to cxecutc atrd deliver this Agrcemcnt undcr thc tcrrns ald provisions of the
resolution of its governiog body, attached hcreto as Exhibit A, or by other appropriate official ap,proval, and furthcr
rcpresetrts, covetrauts aod warrants Lhat all requLements have beca met, and procodurcs have occurred in order to etrsure thc
erforceability of liis Agremenl ard Irssee has complied with such public biddiog rcquircmcuts as may be applicablc to this
Agrecment and the acquisition by kssee of the Equipruedt hereunder. Lcssec shall causc to bc cxccutcd aa opinioa of its
counscl substantially h thc fonD attached h€rEto as Exlibit B.
EXHIBIT ..A"
Agrccmcnt No.-
(c) Duriag thc tcrm of thir Agrcarrcot, thc Equiptnctrt will b€ uscd by [rslcc only for thc purporc of pcrformiag ooc
or morc esscntial govcrnrn ntal or proprictary functions of l,csscc consirtcat with thc pcrmieriblc rcopc of L6rcc's .uthority
aod will not bc uscd ir a trad. or busirc$ ofatry p.rso! or cDtity othcr th8tr thc Irslcc.
(f) During thc pcriod thir Agrtcmcot is ia for-o, l.csscc will aoaually providc l,cssor with such curr€nt finatrcial
statcmcnts, budgsts, proof of appropriatioD for cosuirg fiscal ycar or such oltrcr finarcial informatioa rclatirg to thc dccisiou
of Lcsscc to coutiouc this AgrccrDcot as may bc rcasonably rcqucstcd by l,cssor or its assigncc.
(g) Thc Equiprnent will havc a uscful lifc in thc hands ofthc lrss€€ that is cubstatrtially ia cxccss ofthc Original
Tcrm aod all Rcocwal Tcrms.
(h) Thc Equipmcot is, aad during thc pcriod this Agrccnrcnt is in fore will rcmaia, pcrsonal propcrty ard wbco
subjccted to usc by the ksscc uodcr this Ag&.m€ot, will oot bc or becomc lixturcs.
ARTICLE II
DEFINITIONS
Section 2.01 The following terms will have the mcaaiags indicatcd bclow udcss the cortext clcarly rcquires otherwise:
"Agrcsment" meatrs this Municipa! Lease-Purchasc Agle€mcot, itrcludiog thc Exhibits attached hcEto, as thc samc
may be supplcmcnted or amcodcd from timc to time iu accotdaucc with thc tcrms hctcof.
"Commeocemcnt Datc" is thc datc whctr the term of this Agrerncnt begins and l,cssec's obligatioo to pay rcnt
accrues, which date shall be thc date oq which the Equipmcnt is accepted by l,cssee as indicatcd oo the Ccrtificate of
Acceptance attached hereto as Exhibit F.
"E4uipmmt" meaos thc properg described in Exhibit D aud which is thc subjcct of this Agrcemcrt.
"L€ase Term" meaos thc Original Term and all Rcnewal Terms providcd for in this Agretment uodcr Sectioo 4.01.
"Lcssee" meaos th€ cotity which ir dcscribed in thc first paragraph of this Agrecmeot and which is lcasing thc
Equipment from Lessor uodcr thc provisions of this Agecrrnt.
"[,essor" meaus (i) Libcrty National Baok & Trust Cornpany ofKctrtucky, acthg as Lessor hercundcr; (ii) aay
surviving rcsulting or transferec corporatioo; aod (iii) cxcept rvhcrc thc contcxt ltquircs otherwisc, aoy assigoec(s) of Lcssor.
"Original Term" meaas the period from the Corrmcoccme[t Dat. utrtil thc cdd of ltrc fiscal ycar of L,cssee io cffca at
thc Colunetrccmcot Datc.
"Purchase Price" meaDs the aoount i.ndicat€d wilh rcspect to atry date aftcr paymctrt of all ReDtal Payments (dcfiDcd
bclow) due through such datc, all as set foAh ir Exhibil E hcrcto, or Supplcmental Exhibit E hcreto, as thc care may bc.
"Rctrcwal T€rms" Ecatrs the automatio rcnewal tcrms of this Agtecmc[t as providcd for in Articlc IV of this
Agrcemetrt, cach havir:g a duratioo of ooc yca. and a tcrm co-cxtcnsivc with thc Lessc€'s fiscal ycar, cxocpt thc last of such
automatic reocwal terms which shall cad on thc duc date ofthc last Rental Payment sct forth ia Extribit E to ttris Agrc.rncot
)
"Rcntal Paymcats" mcans the basic rctrta! paymcrts payablc by lrsscc pursuant to tho provisioos of this Agr€crn€trt
during the l,ease Term, payablc i! coNideration of tle right of l,€ss€o to usc tho E4uipment during thc thcn currcnt portioD of
Lhc [rase Tcrm. Rctrtal Paymetrts shall bc payable by l,csscc to Oc l.csrcr or its assigacc in thc amounts and at thc timcs
during the Leasc Tctu! as set forth in Exhibit E of this Agrecrrrot
"Vcndor" mcaar thc manufacturcr of thc Equipmcat ar wcll ar thc agcots or dcalcrr of thc maaufacturcr from whom
L,cssor purchascd or b puchasing thc Equiprnclt.
ARTICLB III
LEASE OF EQT'IPMENT
Sc€tioo 3.Ol l,essor hcrcby dcmisca, Ica!€r and lcts to Irss.., and lrss.c Eats, lcasca aod hircr from l,crrcr, thc
Equipmcnl io accordaucc witl thc provisionr of thir Agrccnrat, to havr aDd to hold for thc l-carc Tcrm.
AR.TICLB IV
LEASE TBRM
S€ctioo 4.0 t . Corrrmcnccmctrt of I .a3c Tcr'n. Thc Origi.oal Tcrm of this Agrccmcot shall commcacc oa thc
Commetrc€mcDt Datc as hdicated itr Exhibit F atrd shall lcrminato oD thc last day of ksscc's curreot ftscal ycar. I-csscc may
renew this Agrcemcnt beyond the expietior of thc Original Tcrr4 or beyood thc cxpiration of any subsequent Rcacwal Tcrnt,
up to the aumbcr of additional fiscal years providcd ir Schedulo E of this Ag&.mctrt by appropriating eu(ficieot funds to mekc
scheduled Rertal Paymeots for itrc ctrsuing fiscal year (cach a "Reuewal Tcrm"). Tcrru and conditioos during aoy Rcncwal
Tcrm shall be thc same as thc tcrms and condiliotrs durirg th€ OrigiDal TcrD. cxcept that thc Rcntal Paymcots sball bc as
providcd in Exhibit E of this Agrecment.
S€ctiotr 4.02. Ternination of Leasc Tcrm. Thc [rasc Term will t rmiratc upoo thc carliest of aoy of thc following
(a) Thc expiratioo of thc lnal Reaewal Tcrm of this Agreement aod thc payment by Lessee of all Rental Paymcnts
authorized or rcquircd to b. paid by t ssc. hcrtundcr;
(b) Thc Dotrr€rcwal of this Agreemcnt in thc evcnl of Donapptopriatioa offuads pursuant to Scctiotr 5.06;
(c) Tlre cxcrcisc of kssec ofthc option to purchasc thc Equipmcnt bcfore cxpiratioo of tLis Agrccmeot graatcd
undcr the provisioas of Articlcs D( or XI of this Agrcenrot; ol
(d) A dcfault by Lcssec atrd lrssor's clectioo to tcminate this Agrccment uodcr Articlc XIII
Sectioo 4.03. Rcturn ofEouipment on Tcrminatior. Upoo cxpiratioo or earlicr tcrmination ofthc Origioal Tcrm or
any Renewal Tcrm under any provision of this AgrE€mctrt at a time when l.csscc does lot cxcrcise its oPtioo to purchasc thc
Equipmeot grauted undcr tle provisions of Arriclcs D( or XI of this Agrcancnt, bssee hertby agrees to dclivcr the Equipmcot
lo Lcssor packaged or olherwisc prepared in a manoer sDitablc for shipfirnt by truck or rai! common carrier at a location
specified by Lessot.
ARTICLE V
Scctioo 5.01 Lessor hereby coveoatrts to providc Lcss€c during thc l.casc Term witb quiet use and cnjoymelt of thc
Equipmcnt, and [tssee shall durirg thc lrasc Tcrm poaceably ald quiedy havc and hold aod cnjoy the Equiprncut without
suit, trouble or hhdraqce from kssot exccpt as cxprcssly sct forth in this Agcemetrt.
ltllc@ntNo.-
ENJOYMENT OF EQIIIPMENT
ItcrEsrrrnt No.
Lcsrcr rhall havc thc right at all E8looablc tinrr during busin.6r hours to cotcr into sod upos thc propcrty of l-crrcc
for thc purpo!. of i.ospccting thc Equiprnctrt.
ARTICLB VI
R.ENTAL PAYMENTS
ScctioD6.0l. Rcnhl Pallmcnts to Coostitrtca Currrnl Frnonsc of l-csscc. Lcssor ald l,csscc undcrsta[d aDd intood
that the obligatioo of t ssc. to pay Rcntal Paym.trts hcrcuodcr shall coostitutc a currrot cxpcDsc of l.qss€. out of iti availablc
non-ad valor€ro rrvenucs and shall oot in aly way be c.ostruad to b. a debt of Lcsscc iu cootravcotiou of any applicablc
coostitutiotral or statutory limitatioos or rcquiremctrts cotrc.rtring thc crcation ofindcbtcdncss by [rsscc. Nothiog contailcd
hcreil shalt constitutc a plcdge of thc Lcsscc's gcoeral tax rtvcnucs, fuo& or monicl.
S€ctiotr 6.02. Payment ofRcntal Payrncnts. During thc Original Tcrm and during cach Rcncwal Terrn clccted by
6sscc, Lessec shall pay Rcotal Paymcnts, cxclusincly fro lcgally avaitablc funds, in lawful moocy of llc Uoitod Statcs of
America to [,essor or, ia lhc eveot of as.sigDmcot by kssor, to its assignce, ia thc amounts aod oo ttrc date.s sct forth in Exhibit
E hepto. Retrtal Paymcnts shall be ia considcration for l,esscc's use of rhc Equipmcnt during thc applicablc ycar in wbich
such payments arc duc.
Se€tion 6,03. lntcrcst and Principal Components. A portion ofcach Lcaso Rcotal Paymcnt is paid as, and rcprcsents
paymcnt of, iiteEst, and thc balaocc ofcach Reotal PayElcDt is paid as, aod rcprascnts paymeot ofpriacipal. Efiibit E hertto
scts forth the htcrcst compoocut aod thc priocipal comporcot ofcach Rctrtal Paymcat duriog thc [,case Tcrm.
S€ctioo 6.04. Rcntal Pa},mcnts to bc Unconditional. During the Original Tcrm ald duriag cach Reacwal Tcrm
clccted by trssee, thc obligations of kssec to mako paymcot of Oc Rcntal Paymcats requLrd undcr this Articlc VI and other
sectioos hereof aad to perform and observe th. c.veoaots aud agrcenrents cootained herein shall bc absolutc and
uncoaditional in all cvctrts, cxc€pt as cxprssly provided undcr this Agteemctrt. NotwithstaodiDg any disputc bct*ccn Irssec
aad l,cssor, any Veodor or aoy other pcrsoo, [.csscc agrccs to pay all Rcatal Paym.trts wheo duc aod sball not withhold aay
Rcotal Paymcots p€nding final resolution ofsuch disputc, oor shall lrssac asscrt any riSht ofsct-offor counterclaim agaiast its
obligatiotr to makc such paymctrts whctr required under this Agreement. Lessec's obligatioa to mako Rental Paymcnts during
rhc Origiaal Tcrm or the theo currcnt Rcnewal Tcrm clectcd by t ss€e shall Dot bc abatcd rhrough acci&nt or unforcscco
circumstaocos.
Sectiou 5.05. Continuation of l-casc Term by I cssce. I*ssec intends, subj€ct to thc provisiotrs of ScctioD 6.06 to
cootioue tie lrase Tcrm through thc Original Tcrm ard all thc Retrtal Payments herrundcr. l.essee reasonably bclicws that
legally availablc funds from non-ad valotsm tax sourEGE itr a! amourt suflicictrt to ma&c all Rcntal Payments during thc
Original Tcrm aod cach of the Reocwal Terms caa be obtaiacd. Lessee furthcr intcads to do all thirgs lawfully within its
power to obtaitr aod maintain fuqds frorn rrhich the Rertal Paymeots may bc madc, iocluding making provisioo for such
paymctrts to the cxtcot occcssary i.a each bianoual ot aanual budget submittcd atrd adopted ia accordance with applicablc
provisioas ofstatc law, to havc such portion ofthc budgct approvod, and to cxhaust all availablc rcvicws aod appcals in tho
evcnt such portioo of Oc budget is not approved.
Sectioo 6.06. Tcrmination by Nonapnrooriat'on. Io the cvcat Lass€. docs not appropriatc suffrcieot fuods for thc
payment of thc Rctrtal Payments schcduled to b€ paid in ncxt occuriag Rcacwal Tcro then, l-csscc may terminatc thir
Agr.ment at thc cod of thc ttrcn curr€trt Origilal Term or Rcocwal Tcrm, and lrssce shall not bc obligated to makc paymcot
of thc Reqtal Paymcnts provided for in this Agrcemeut bcyold the end of thc theo current Original or Rencwal Term. [.cssee
agrees to delivcr noticc to Irssor of such tcrminatior at lcart 30 days prior to thc cnd of thc ticn curreot Original or Rcncwal
Tcrm,
4
AErrcEreEt No.
ARTICLE VII
TITLB TO BQI'IPMENT
Scotioo 7.01. Titlc to tic F.luiomcnt. During ltrc tcrm of thir Agrccmcnt, titlc to thc P,quipmcrt and auy aod all
additions, rEpairs, rEplaccmaot! or modificatioos Ehall vcst i.o lrsscc, subjcct to tic rights of lrssor undcr this Agrccmcnt. Iu
thc cvctrt of dcfault as set forth ia Scctioo I 3.02 or noaappropriation as rct forth in Sccliou 6.06, l*ssoc agrr.s to rurratr&r
poascssioo of thc E4uiprncot to [.cisor. Lcssoc and l,lssot intcnd for fc&ral iacorrr tax prrrpotc. undcr thc Itrtcmal Rcvcnuc
Codc of 1986, ar amended, that thir Agrccmctt cotrstitutcs a fioancing lcasc or au installncot salc contract rath.r thatr a tru€
lcasc.
Sectioo 7.02, Noricc Filing. L.ss.€ agrres to cxccutc a Dotic€ frling finatrciug statcrnctrt and such additiooal
documctrts in folm satisfactory to Irssor to protcct l-csso/s itrtcr€st i.o thc E4uipme[t ftom claims of othcr crcditorr of l,csrcc
during thc tcrm of this Agrlcmc[t.
ARTICLB YIII
MAINTENANCE; MODIFICATION; TAXES; INSURANCB AND OTHER CHARGES
Sectioo 8.01. Maintcnancc ofE4ut>mcnt by l-esscc. Lessee agrccs that atall timcs during thc Lcasc Torqr l-cssoo
will, at [rss.c'r owtr cost aDd expcDsc, maitrtain, prcscrvc ard koeP thc Equipmcot in Bood rcpair, workiag ordcr aod
c.trditioD, ald that t ssee will from timc to tifiro makc or causc to bo madc all neccssary and proper rcpairs, rcplaccmcats and
rclewal1 l,css,or shall havc ao rcsponsibility itr atry ofthcsc maltars, o! for thc making ofimptovemcots or additioqs to thc
Equipmcot.
Section 8.02. Taxcs. Other Governmcntal Chargcs atrd Iltility CharScs. The partics to this Agl.mctrt cotrt mplatc
that the E4uiprlatrt will bc used fot a govcroocntal or proprictary purposer of l-ccsec aod, thcrcfore, tlat thc oquiprircot will
bc cxcmpt from all tarcs prcscntly assessod atrd levicd with rcsp€ct to p€rsonal property. Io thc evcnt that thc use, posscssioo
or acquisitiol of thc E4uiprnctrr is fouod to b. subjcct to taxation ia any form (cxccpt for income tarcs of l,cssor), Lrsscc will
pay during thc Lcasc Tenr! as thc same rrspcctivcly comc duc, all taxes atrd govcrfiDeotal charges of aoy kind whatsocvcr that
may at any timc be lawfully asscsscd or levicd against or with resp€ct to tbe Equipmcnt and any equipmeat or otler prop.rty
acquired by l,csse in subslitutioa for, as a rEncwal oi replac€mcnt of, ot a modification, improvcDcnt or additiod to thc
EquipmeDt, as wcU as all gas, watct, steam, clcctricity, hcal power, telephooc, utility aDd othcr charges ircurrcd ir thc
operation, maintcnance, usc, occupaocy and upkcep ofthc Equipmca! providcd tha! with rrspect to any govemrcntal
cbarges tiat may lawfutly bc paid in installmcots owt a p€riod ofy€ars, [rss€c shall be obligated to pay ooly such installrnents
as havc accrued duritrg the timc this Agrcement is ir effcct.
Sectiotr 8.03. Provisions Regarding Insurancc. At its owD cxpensc, l,essee shall cause casualty, public liability aod
property damagc insuranc-e to bc carried and maiataincd" or shall demotrstrat! to the satisfaction of L€ssor ttat adcquatc s€lf-
insuraocc is provided with respect to the EquipmeDt, sufficieqt to plotect thc Full Itrsurablc Value (as liat term is hereinaftcr
dchncd) of the Equipmcnt, atrd to protect Lcssor froo liability il all cvcats. All insurancr procce-ds from casualty losscs shall
be payable as hcreinafter providcd in this AgrccrDeat Lessce shall furtish to Lcssor ccrtilicates cvidencing such coveragc
throughout the trase Tcrm. Altemativcly, Lcsscc may insurt thc Equipmcal uoder a blankct ilsurance policy or policics
which covfi trot otrly the Equipmctrt but othcr prop€rtics. If kssec insurps similar propcrtics by self-insurancc, ksscc will
iosure the Equipment by meam ofan adequatc iasuraoce fund.
The "Full Insurablc Valuc" as used hcrci.o sball mcan the full rcplacemeot valu. ofthe Equipment.
5
Any insurancs policy pursuatrt to this Scction 8.03 shall be so writtao or endorscd as to make losscs, if any, payablc
to l,essee and [.cssor as their respective intetesk may appear. Thc Net Procctds (as defined in Section9.0l) ofthe insuraocc
rcquircd in this Scction E.03 shall be applicd as provided in Articlc D( hercof. Each insuraocc policy providcd for in this
a Agrocnrnt No.-
Section 8.03 shall contsi! a provision to thc cffcct that thc insuranc.c mmpooy sball not canccl thc policy or modify it
matcrially and advors.ly to thc irltrrrst of kscorwilbout first giving writt D aotic. thcrcofto L.rlor at lcalt 30 dayr i!
advancc of such caoccllation.
ARTICLE D(
DAMAGE, DESTRUCTION AND CONDEMNATION: USB OF NBT PROCEEDS
Section9.0l. fiamagc- Dcstnrction and Condcrnnation. Unless l.cssce shall havc cxcrcircd itr oflioE to pulchasc thc
Equipmeot by making payment of thc Purchasc Pricc as provided hcrein, if prior to thc tcrmination of thc Lcase Term (a) thc
Equipmctrt ot aoy portioo thereof is destroycd (in wholc or in part) ot is damagcd by firc or ottrct casualty or (b) titlc to, or thc
temporary use of thc Equipmctrt or aoy part thcreofor thc cstatc of L€sse€ or Lcssor in the Equipment or aoy part thcrcof
shall be takcu undcr thc cxcrcise of tlc power cminent domain by aoy govcrnmental body or by aoy pereoo, ltrm or
corporation acting uadcr govcmncotal authority, l-csscc and l,csrcr will causc thc Nct Proceeds of any insuraocc claim or
coodcmnatioo award to bc applicd to the prompt rEIEt, .rstoratioo, modificatiou or improvcmcnt ofthc Equipmenl Any
balancc of ttrc Net Procccds rcmainbg after such work has been complcted shall bc paid to lrssc..
For purposcs of Scction 8.03 aod this Article D(, the term 'Nct Pr@..ds" shall meatr thc amouDt rcmaiaiog frorn thc
gross proceeds of any insurauce claim or condcmlatioo award aftcr deducting all cxpcoscs (includiag attornc/s fecs) incurcd
in the collection ofsuch claims or award.
Sectiotr 9.02. hsufliciency ofNet Proceeds. If the Net Proceeds arE insufhcicot to pay in full thc coat ofaoy repair,
Estoratio4 modiflcation or improvcrncnt rtfcrrcd to io Section 9.01 hcreo( t-cssoe shall cither (a) complct thc work aDd pay
any cost ill €xccss of thc arnouot of Nct Procceds, and lrssec agrccs that if by rcason of any such inzufftcieocy of thc Nct
Procccds, [,csscc shall makc any paymcots pursuant to thc provisioss ofthL Scctioo 9.02, [,csscc shall oot bc dtitlod to any
reimbursement thcrcforc from Irssor nor shall trsscc bc cotitled to aay dimioutioo ofthc amouots payablc uoder Articlc YI
hereof or (b) if t*ssee is trot in default hercundcr, Lcsscc shall pay to lrssor thc soouot of tho tlco applicablc Purcha* Pricc,
and, upou such paymcn! ttre l,easc Term shall &rninatc aod [.essor's intercst in thc Equipment shall termhate as provided iu
Articlc XI of this Agrrcmcnl The amoutrt of tho Nct kocecds in cxccss of thc theo applicable Purchasc Prict, if aoy, may bc
rctaincd by [rsscc.
DISCLAIMER OF WARRANTIES; YENDOR'S WARRANTIES; USE OF EQUIPMENT
Sectioo 10.01. Disclaimcr of Warra"tics. LESSOR MAKES NO WARRANTY OR REPRESENTATION,
EITHER EXPRESS OR IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERCHANTABILITY OR FITNESS
FOR PARTICULAR PTJRPOSE OR FTTNESS FOR USE OF TT{E EQTJIPMENT, OR WARRANTY WTTH RESPECT
THERETO. In no evcot shall Lessor be liablc for any incidetrtal, iodLcct, sp€cial or consequeotial damagc i.o conrcction v/ith
or arising out of this AgrEcm€nt or the existcoce, furoishing, fuactioning or l,cssee's usc of any itcrn or products or scrviccs
providcd for in this AgrtcmcoL
6
S€.tioD 8.04. Advanccs. Ia thc cvcot l.crscc sball fail to maintain thc full insurancc covcragc rt.quircd by thir
Agrt.cmcot or shall fail to kccp thc Equipmcnt io good rcpair and opcrating condition, Lrssor may Out rhall bc uodcr ao
obligation to) purchase thc requircd policies ofinsuraacc aod pay Lhc prcrniums occcssary and providc for paymcrt tharcof;
aDd all amoutrts so advaoccd thertforc by Lcssor rhall bccome additiotral rrDt for thc thco currcot Origitral Tcrm or Rcncwal
Tctm, which amouuts, togcthcr with iEtlrest thcreoa at thc rate of l2% pct aoaurr. [rss.. agrc€r to pay.
ARTICLE X
\ett rIE[t No.
Scction 10.02. Vcndor's Warrantics. Irssor hcrcby irrcvocably appohts lrsscc itr agcot ail-attorocy-ilt-fact duriq
thc [rasc Tcrm, so lost a6 [r!sa. shall not bc ia dcfault hcrcutrdc, to altcrt from tirrr to timc \r,batcvcr claimr aod rightr,
including warrarties of the E4uipmclt, which l,csrcr may havc againrt thc Vcndor of tbc Equipmctrt. Lcssoc's solc rmriy for
tbc breach of such warraoty, indcmnificstion or rcprcscotation rhall bc against thc Vcndor of thc E4uipmoat, and trot againrt
thc lrssot, nor shall such mattcr havc any cffcct whatsocvcr on thc rightr aud obligatioos of l.cssor wi& rEspcct to thi!
Agecmcot, iacludiog thc right to rcc.ivo full aud timcly paymcot5 hcrcuadcr. l,csscc cxprcssly acktro*,ladgcs that L.ssor
makcr, aad has made, no rcprcscntatioa or war.antics whatsocvd as to thc cxistctrc. or availability of such warranticr of thc
Vcodor of thc Equipmcnt.
Soctios 10.03. llsc ofthc Fquipmcnt, l.€sscc n ill trot install, usc, opcra& or maitrtah thc Equipmcnt imFopcrly,
cartlessly, ia violation of any applicablc law or in a manner contrary to that coitemplatcd by this Agreecrcat. Lcrrcc shall
providc all pcrmits aqd lic.cnscs, if aoy, u€c.ssary for thc hstallation aud opcratior of thc Equiprucul Ia additior, Lcsscc
ag€€s to comply ir all respects (iucludiog, without limitation, with prpoct to the usc, maiatcnancc aud opentioo ofcach itrru
ofthe Equipmcnt) with all laws of thejurisdictions io which it6 opcrations involving any itcm ofEquipment may cxtqod and
any legislativc, executive, admiaistrativc or judicial body cxercising any powcr orjurisdiction oncr tlc itcrus of thc EquipmeDq
provided howcvcr, that lrss.c may cotrtcst in good faith thc validity or application of aay sucb law or rulc in aoy reasonablc
maaaer which does oot, in the opinion of thc Irssor, adversely afiect thc c$ta& of l&ssor in and to aay of ttrc itemr of thc
Eq[ipmctrt or its intcr€st oi rights utrder lhis Agrccmcot.
ARTICLE XI
OPTION TO PURCHASB
Scctioa I LOl At thc rcqucst of [-css.c, Irsso/s intcrest in thc Equiproclt and additiooal Rcuta[ Paymcutr will bo
terminatcd aod this Agr€.mctrt shall tcrmitratc:
(a) At thc cBd of the final Renewal Tcrm, upoo paymotrt by [rssee of all Reotal Paymcnts scheduled as sct fortb ilr
Exhibit E to ttris AgrocEreDt; or
(b) if the Lease Term is tcrrdDated pursuaot to Article D( of this Agreerreot, itr thc cvcnt of total da$agc,
dcstruction or cotrdemaation of tlc Equipmenq or
(c) any time whcn l,cssc€ is trot oa such datc itr default utrdcr this Agrcemcot upoa payment by Lesscc of thc thcn
applicable Purchase Pric€ to [,essot.
Upoo tho occurcncc of any ofsuch cvcots, Lcssor shall delivcr a Bill ofSalc ofits rcmaiaing intcrcst in rhc
Equipmcat to lrssec 'AS IS - WHERE IS" without additiona! cost or paymcot by Lcsscc.
ARTICLE XII
ASSIGNMENT, SUBLEASING, INDEMMFICATION MORTGAGING AND SBLLING
Soctioo 12.01. Assignmcnt by l-essor. This Agreemenl aod the obligatious oflrsscc to make paymeots hercuader,
may be assigned and reassigned in wbole or in pa to otre or more assigoccs aod subassigaccs by lrssor at any tiruc
subsequeBt to its executiotr, without the oocessity of obtaining thc c.lseot of Lcss€e; providcd, howcver, that no such
assignrnent or reassigmeot shall bc cffective unless aud uotil (i) Lesscc shall have rtccivcd aoticc of ttre assigameol or
reassignment disclosing thc namc and address of thc assignce or subassigncc, and (ii) in thc cvctrt that such assignmctrt is madc
to a baok or trust compatry as trustcc for holders of certificatcs rcprcsentilg interEst in this Agrccmcu! such bank or trust
compauy agrers to maittai!, or causc to be maiotaincd, a book-ctrtry systcm by which a rccord of nanres aad addrcsscs of such
holdcrs as ofaoy particular time is kept aod agrccs, upon rrquest ofthe l,essee, to fumish such informatioq to Lcss€c. Upotr
7
Agrtqrrnt No.-
receipt of noticc of assigDfllcE! Irssc€ agrc.s to rc0cct in a book cotry assi8rrac dcsig.oatioo in luch troticc of assigmcnt, aod
to makc all paymcnts to tlc arsigsce dcsigoatcd in thc loticc ofassignmco! ootwithstanding any claim, dcfcnsc, rctoffot
countcrclaim whatsocvcr (whcther arising from a brcach of thir Agrccmcot or ottrcrwisc) that L€ss€c may ftom tima to tirtr
havc against lrssot, or tic assigaee. Lcss€c agrc€s to cxecutc all documatrts wbich may bc rcasolably rt4ucstcd by lrssor or
its assigncc to protoct thet intcrests in thb Agrecment.
Scction 12.02. No Sale. AssiSnment or Suhlcasi'g b]' t-esscc This Agrtemcot and thc iltcrcst of l'csscc in thc
equiprnent may aot be sold, assigned or encumbered by Lrssee without tho prior writteo cooseDt of Lrssor or arriglcc.
Sectiotr 12.03. Rclcasc and Inde$nilicatiotr Covcnants. To thc cxtcDt pcrmittcd by thc lawE alrd Cotrltitution ofttrc
State, t ssee shalt protect, hold harmlcss aud iademnify Lcssor from aod agahst aoy and all liability, obligatioos, loescs,
claims and damages whatsocvcr, rcgardlcss ofcause tlcrcof, aad cxpoors il conacctiotr thercwith, iDcluding, without
limitation, counscl fces and etpemes, penaltics atrd htet€st arisilg out of or as ttre result of the crtering into thir Agrtement
tie ownership of any item of the oquipment, thc ordcring, aoquisitioo, uec, operation, conditioa, purchasc, delivcry, rejectioa,
storage o! rrtum of any item of the cquiprnotrt or atry accidelt itr coancctiou with ttrc operation, usc, conditioo, posscssion,
storagc or r€turn ofaly item ofthe equiprneat resultiag i.o damage to goperty or iojury to or death ofany 1rcrsoo. Thc
indemnificatiotr arising under this paragraph shall contiauc in full forcc and efTect ootwithstaudiog the full paymcat of all
obligations under this AgreerDeot or tlc termination of thc lcase telm for aDy rtasoo. L€ss€e agtcos not to witlhold or abatc
any portion of the paymeots rcquired pursuant to this Agr€€rneDt by reasoo of atry defects, malfunctions, brcakdowas or
infrmitics of thc equiprnent.
Lrssee acknowledges that kssor's yield with respcct to this Agreement is dcpeodcot upol the full amount ofeach
lease retrtal paymetrt beiog excluded from Lessor's incooe pursuant to S€ctiotr 103(a) of thc United States Iltemal Revenuc
Code of 1986 as ameaded (thc "Code"), Accordingly, ifat any tfun€, as a Esultofa detctmhation that lrssce has breachcd a
represedtation o! covenaot cootaincd hereia, or as a result of any change io the Code, atry Paymetrt of cithq the interest
componelt or the prhcipal componeat of any lease rntal paymcat is, in tho opinion of couascl for the Lessor, subjcct to or
affected by aoy income, preferelce, excess profrts, midmum or other fcderal tax, kssee shall pay, as additional interest, an
amount whioh is necessary to provide to lrssor thc samc net ilcome as Lessor would havo rsceivcd but fot such cvcat.
Lessor's calculations of such additional intercst shall be binding upon Lcssee in the abscncc of manifest error.
AR.TICLE )Otr
EVENTS OF DEFAULT AND REMEDIES
Scctioa 13.01, Events ofDefault Defined. The following shall bc "cvcnts ofdcfaulf'under tlis Ageemert and tic
terms ,,evetrt ofdefault" aad "default" shall meao, whenever they are used in this Agreenrent, any oae ol Eore ofthe following
gvcnts:
(a) Failure by Lcssce to pay any ReDtat Paymetrt ot oth€r paymcat rcqutcd to bc paid heruadcr at ttrc timc
specilied herein; and
(b) Failuro by Lessee to observe aod perfoim aoy covetratrt, condition or agreement o! its part to be obscrved or
performed, other thao as &ferred to io Section 13.01 (a), for a period of 30 days after written notioe, specifying such failure
and rcquesting that it be rcrDedied as givon to Lessee by lrssor, udess Lessor shall agree ir writhg to atr extetrsion of such
time prior to the expiratioo, provided, however, if the failure stated in tle ootice cannot be corrected withir the applicable
pcriod, t essor will not uarcasonably withhold its cotrs€at to an extensios of such time ifcorrcctive action is instituted by
Ixssee within the applicable period aod diligently pursued uotil thc dcfault is corrected'
The foregoing provisions of this Section l3.O I are subject to (i) the provisioos of Section 5.06 hereofwith rcspect to
nonappropriatiotr; and (ii) if by rcason of forcp-meiclllq Lessoe is unablo ia wholo or io part to carry out its agtcerDent on its
part herein containc.d, other than the obligations on the part of Lessee contaiacd in Article M hereof, Lessee shall not be
8
dccmcd in dcfault during thc matinuaocc of such inability. Thc lcrm "forcc majcurc" as uscd hcrcin rhall mcaa, without
limitatioo, thc followiag; actsofGod; rtrika,lockouts or othcr curploycc rclatioas dirturbatro.r; aci! of public enarict;
orders or rcstraiots of any kiod of thc govcrnrrcnt of thc Unitcd St tcr of ADcrica or thq statcwhcltir lrsroc ir loca&d or aoy
of thcir dcpartnctrts, agcncies or ollicials, or any civil or military authority, ilsurtrctiors; riotr; landslidcr; cartbquakcr; fircr;
6torrns; droughb; 0ood!; or cxplosioos.
S€ction 13.02. Rcrncdics on Itcfault. Whcncvcr aoy cvcot ofdcfeult tefcrrcd to in Scctioo 13.01 bcttofchall havc
happcncd and bc conti.ouing, lrss€€ agrc.s to rEtum thc cquiprncrt to lrssor aDd Lrcrsor shall havc thc right at its rolc optio!
without aoy fitrtberdcmand or aoticc, to tatc cith.r onc or both ofthc following rctrrcdial stcpr:
(b) Institut€ atr actiotr itr a court ofcomp€t€otjurisdictiotr to rccovcr Lcssor's compcosatory damagcs resulting from
[,essee's default.
Irssor ag.€s that it shall oot have a right to scek aly remedy of spocific perforrnancc no! shall lrssor havc aoy "sclf-
hclp" right to takc posscssion of the cquipmeot abseot [rss€.'s voluatary surrcoder thcrcof.
Sectio! 13.03. [giyq. No dclay or omissioo to cxcrcisc aoy right or powcr accruing upon aay dcfault shall impair
any such right or powcr or shall b€ coDstrucd to b€ a waivcr hcr€of, but any such right and powcr may bc cxcrciscd from timc
to ti.oc and as oftcn as may bc dccmed cxpedicol
ARTICLE Xry
MISCELLANEOUS
Section 14.01. Nolisr. All !otica$, ccrtificatcs or othcr communications bcreundd shall bc zufficicatly givcn and
shall bo dcemcd given whsn delivcrcd or mailcd by rcgistoEd mail, postagc prepaid, to thc parties at thcir rcspcctivc placcs of
business.
S€ctioo 14.02. Binding F{Tcct. This Ag€emctrt shall inuro to ttre betrefit ofand shall bc binding upoo kssor and
[.cssec aad thcir rcspcctivc succcssors aad assigas.
Sectioo 14.03. Scverability. Ia thc cvcot aoy provisioo of ttris Agrtcment shall bc hcld invalid or uncoforccable by
any court ofcomlrteotjurisdictioo, such holdirg shall not irvalidatc or rcndcr uncoforceablc any oLhcr provision hercof.
S€ctioD 14.04. Amcn&ncnts. The tcrms ofthe Agrccment shall not be waived, altcrcd, Dodificd, supplcmcoted or
amcnded in aay maoocr whalsoercr except by wtitte! hstrumcnt signed by thc Lessor ald the Lassec; uor shall aoy such
ameodmetrt that alTecls the rigbts of l,csso/s assigaec bc effcctive without such assignec's consc[L
Section 14.05. F.xecution in Counlcmarts. This Agrccrncot may bc cxecutcd ia s.vcral oourtcrparts, each ofwhich
shall bc aa original and all ofwhich shall cotrstitute but orc and thc samc instrutn€Dt.
Section 14.06. Applicable Law. Thir AgEcmeut siall be govcrned by and coostrucd itr aocordarcc with thc laws of
the Statc of Florida.
9
Agrcecnt No._
(a) Acccpt surrcndcr froo t essec of thc cquiptncnt for salc or tclcasc by l,cseor in a comwrcially rcalooablc
manncr. All proceeds ofsuch salc or rc-lettiag shall inurc to t c.rsor, providcd, howcwr, ifsucb procccds aftcr dedwtioo of
l,cssor's rcasonablc mrts atrd Gxpeoscs, includitrg attoroeys' fecs, incurrcd to rccovcr posscssioD, trstor! or clean-up and sell or
releasc the cquiprnent, cxc€cd atr asount cqual to tic sum ofthc past duc but uopaid Rctrlal Paymcnb atrd ao a.mount cqual
to th€ ttren applicable purchase pricc, Lcssor shall rcmit thc amouot of zuch cxccss to Lessec; or
Attcst:
^tgrccnrot No.-
ScctioD l4,U/. Cqdtiolt. Thc captio$ or hcadiogr itr thir Agrccmcot arc for convcnicncc or,y aod do lot dcl-rnc,
limit or dcscribc thc scopq or iotcot ofaoy provirioor of scrtioar of thir Agrccmcnt.
Scctiotr 14.08. EntirE A8r€€'ncnt. This Agrccmcnt otrd thc cx.rutcd Exhibitr attachcd hcrcto constitulc tbc sotii!
agr! mcot bct\rr'ccn Lcssor atrd Lcsscc. No waivcr, conrcnt, modification or changc of tcrmr of tbis AgrccnEot shall biDd
citbcr party uoJcss in writing sigacd by both partics, aod theo ruch wair,rcr, cooscot, modihcatioo or changc shall be cflcctivc
only io the spccific iastatrcE atrd for the spccific purposc givcn. Ttcrc arc no uodcrstaDdings, agr€ernctrts, rsprcsetrtatiotrr or
warratrtiei cxprEss or implied, not spccificd herein, rcgarding thi! Agrcqncot or thc cquiprncnt leascd hereuodcr. Atry lcrmr
aod cooditioos of aoy purchasc ordcr or othcr documcnt (with thc cxccptiotr of Supplcocot ) submittcd by Lcsscc in
conlcctiou with this Agrccnrcnt which arc in addition to or incoDsistqot with thc tcms aad conditions of this AglclrErt will
oot bc bhding oa t essor and will trot apply to this Agreermot. I*sscc by thc sigaaturE bclow ofits.uthoriz.d Eprclcotativc
acknowlcdges that it has rcad this Agrtcmcut, uldcrstatrds it, aDd agrcca to bc bouDd by its tcrms and cotrditions.
IN WTINESS WHEREOF, Lcssor has exccutcd this Agrecrrrt itr its corpolatc narDc eith its corporatc scal
hcrcunto affrxcd and attcsl€d by its duly autborized officers, and l,essec has causcd this AgEcrnent to be executod iD its
corporatc tramc witi its corporatc seal hcGuoto affrxcd aod attcstcd by its duly authorizcd ofiiccrs. All of the abovc occurred
as of the datc first writtcn b€loq this Agrcenrcnt shall be bindiag on l,csscc beginning oo lhe datc it is acccptcd aod cxccutcd
by lrssor.
LESSOR:Libcrty National Baok & Trust Compary of Kctrtucky
Exocute:
By
Titlc
Date
LESSEE:City of Dania
Exccutc:
Title:Titlc:
By
By
l0
Titl.
-
Attest:
D"-
n.r.._
AAcrccrncnt No.
BXHIBIT A
RTSOLUTION OF GOVBRNINC BODY
E'(TR.ACT OF MINUTES
LESSBE: City of Danir
At a duly caued me€ting of the govcrniog body of Lcsscc (as identificd in thc Agrtcrrnt) hcld on thc
-
day of
I 9- thc following rtsolution was irttoduced aod adoptcd
RESOLVED, whereas the governing body of Lcssce has determincd that a true and vcry real nced crists for the acquisition of
rhe E4uipmcot describcd in thc Muoicipal Lcase-Purchase Agte.rnctrt Prcsentcd to this meethg and
WHEREAS, the governiog body of lrssee has takco thc neocssary stcps, including aay lcgal bidding requircmcnts, utrdcr
applicable law to arargc for the acquisitiotr of such oquipment.
BE IT RESOLVED, by thc goveming body of ksscc that ttre Grms of said Municipal Lease -Purchasc Agrcerne rt are in thc
best iltecsts of tic Irssoc fot thc aoquisitiotr of such cquiprncEt, and tho governing body of [,csscc dcsigaatcs aod confirltli
the following person! to cxacutc and ddivcr, and to witucss (or attcst), rcsp.ctivcly, the Municipal kase-Purchasc Agrccment
and auy rclatcd documcots d.ocssary to the coosurnmation of the ttatrsactions cotrtrmplated by thc Municipal Lrase-Purchasc
Agreeocol with Libcrty Natiooal Baak & Trust Compaay of Kcotucky.
(Namc of Party to Executc Municipal Leasc-Purchase AgreerEtrt)(title)
(Namc of Party to Attcst or Witoess Municipal Leasc-Purchasc
Agreemcilt)
$itle)
Tho uodersigned furthcr ccrtifres that thc above resolutioo has oot been repealed or amended ald remains in full force and
cffect aud further certifics that the above and forcgoing Municipa! Lcasc-Purchasc Agreerrctrt is the samc as preseated at said
meeting of tic govcrning body of ksscc.
Secretary/Clcrk
(sEAL)
Datc
DATE OF AGRXEMENT:
^AgrcerrctrtNo.-
BXHIBIT B
OPIMON OF LESSBB'S COUNSEL
DATE OF AGREEMENT:
Libcrty Natioaal Bant & Trurt Company of Kcntuc\r
312 South Fourth Avonuc, Suito tl00
Louirvillc, Kcatucky402O2
As couNel fo! City ofDania, ('bssec"),I havc cxarniocd duly cxccutcd origiDals of thc Muoicipal lrasc-Purchasc
Agrcemcot (the "Agreement") datcd
-
19- betwEetr Lcssee ald Liberty National Bank & Trust Company of
Keotucky (,6ssor"), and thc procccdings takco by l,cssee io authoriz€ aod cxccute thc Agrcemcnt. Basod upoo thc
cxamioation and upol such othcr cxarninatioa as I have dccrned acccssary or appropriatc, I am ofthc oPiniotr that:
l. 6ssee is a public body corporate and politic, legally cxisting under the laws of the Statc of Florida.
2. The Agrermeot has bcen duly autborized, cxccuted aod dclivered by Lessec, pursuatrt to CotrstitutioDal, statutory
and/or homc rule provisiou which authorizc this trausaction aad Rcsolutioo No.
-
attachcd as Exhibit A ro thc
Agre€mcot.
3. The AgrccrDent is a legal, valid and biading obligatioo of lrsscc, coforceablc in accotdanae wiLh its tcrms- In thc
event thc [rssor obtains a judgrneot against Lcssee in mouey darnagcs, as a rtsult of ao cvent of default uoder thc Agreemcnt,
Lcssee will be obligated to pay such judgmcol
4. Applicable public bidding rtquiremeats havc beeo complicd with.
5. To thc bcst of my kuowlcdgc, ao litigatioa is pcuding or thlla&ocd ilr atry court or othct tribuDal, statc or fcdcral,
which questions or affects the validity of thc resolution or the Agleemeot.
6. Thc signaturrs of thc olliocrs of City of Dania which appcar on tic AgrcemcDt arE true aod gc[uitre; I klow said
ollicers and know thcm to hold thc offic.s sct forth bclow thcL oamos.
?. The Equipmcot lcascd pursuatrt to thc Agrcemeat c!trstitutcs persolal propcrty and whca subjccted to use by Lcssec
constitutcs persooal propcrty and wheu subjected to use by [,cssec will not bc or becomc fixturcs uuder applicablc law.
8. The Municipality is a political subdivision ofthe Statc of Florida rvithia thc mcaning ofSectioa 103 of the Unitcd
Stalos Itrtcmal Rcyeouc Code and thc relatcd regulations and ruliogs. By virtue of sucb authority thc portion of paymctrtr
idcotified as deferrcd intcrcstcharges to maturity, upon rEccifl, will not be includablc in fcdcral gross incornc uodct statutes,
regulations, court decisioos aad rulings existing on tlc date of this opinion aud cousequeudy, will be cxempt from Present
f€deral iocorDe taxes and income tax of thc State of Florida.
9. The leasing ofthe Equipmetrt pursuant to thc Agrccmeot is exempt from all sales alld us€ taxcs agaiDst cith€r tlc
lrssor or the Lessee duriog thc tcmr ofthc l,casc aod the Equipmcot will bc cxcrnpt frorn aay state aod local pcrsooal property
or other allJale&m taxcs durilg thc term of the l,case.
Sincerely,
LESSEE: City of Danio
Gentlemctr:
^ Agreernelt No.-
EXHIBIT C
CERTIFICATE AS TO ARBITRAGB
I, thc uodersigned oflicer of thc City of Dania (the "l,csscc"), bcing thc pcrson duly chargcd, with othcrs, with
rrsponsibility for issuing thc Lessee's obligatioos in thc form of that c€rtain agrccrncot cntidcd "Municipal l,casc-Purchasc
Agrecment" wittr rrfereoccd Exhibits attached thcrcto (the "Agrecrrrot") datcd
-
19- and issucd said datc,
HEREBY CERTIFY that:
I . Thc Agreement was issucd by thc Lcsscc under and pursualt to law to fioa[cc thc acquisitior of thc certaio
E4uipmcot dcscribcd thcrcia.
2. Pursuatrt to thc Agrccmetrt, thc lrss.c ir entidcd to rcocirrc said Equipmcot in coosidcratioo for thc obligation of tho
Lessee uader thc Agrtemeot. Said Equipmcnt will bc used ia furtherancc of the public purposcs ofthe Irsscc, Thc Lcsses
does oot intcnd to s€ll said Eguipmcot or said Agrccmeot or to othcrwir disposc ofsaid E4uiprnoot duriog thc tcrm ofthc
Agre.meot. Thc Lessee will not receivc any moaics, funds, or otier "procccds" as a rrsult of thc Agrecmctrt.
3. Thc Lcssoe cxpocts to Eakc payDetrts undcr thc Agrement frorn its gcnctal funds on ttre basis of aoaual
appropriatioas in the alrroutrts equal to the requirtd pal.rrcots under thc Agrecmcnt. The rrmaining geucral fua& ofthc
lrsscc arE Bot trasotrably cxpectcd to bc used to make such paymetrts and no othcr monies are plcdgcd to thc Agrc€rrcnt o!
r€asotrably expected to bc used to pay principal and inter€st on ttre Agrccent.
4. The Less€€ has oot rcceived ootico ttrat ils C€rtficato may not be relied upon with Esp€ct to its o\ru issucs nor has it
beca adviscd that any advcrsc actioo by the Counnissioocr oflolertral Rcvenue is c.trtcmplatcd.
To the best ofmy knowledge, ioformatioo ard belicfthc expectatioos hettin ciplqssed aro reasonablc aqd thc.e arc uo
facts, cstiEates or circumstatrces other thao thosc cxpresscd hcrciD that would mat€rially affcct tbc cxpcctatious hercin
expresscd.
IN WITNESS WHEREOF, I have hereutrto set my hand this - day of
-,
19
-.
LESSEE:City of Daaia
Title:
By
BXHIBIT D
DESCRIPfi ON OF EQUIPMENT
Thc Equipmcnt which is the subjcct ofthc attachcd Muoicipel Lcasc-Purchasc Agrccmcot is as follows:
1994 Picrtc Firc Truck
YIN:
^ Agrccnrcot No.-
togethcr with all additions, acc.cssions and rrplac@cnls thercto.
Lcsscc hcreby ccrtfics tlat the dcscriptioo of thc pcrsonal proprrty sct fortb abovc coostitutcs a! accuratc dcscription of
thc "Equipmeot", as deftncd io the attacbcd Municipal Lcase-Purchasc Agrcement.
LESSEE:City of Daria
Title:
Date:
LOCATION OF THE EQUIPMENT:
By:
Liberty National Leasing Company
Municipal and Commercial Equipment Leasing
City of Dania 03-30-1994 Pg I
Compounding period...: SemiAn
Nominal annual rate..: 4.080 o/o
Effective annual rate: 4.122 o/o
Periodic rete........: 2.0400 Yo
Equivalent daily rate: 0.01 133 %
CASHFLOW DATA
Event Date Amount # Period End-date
I Loan 04-15-94
2 Payment l0-15-94
308,946.00
25,591.44
I
14 SemiAn 04-15-01
AMORTIZATION SCHEDLILE - Normal amortizatioq 360 day' Pmt Date Payment Interest Principal Balance
Loan 04-15-1994I l0-15-1994
2 04-15-1995
310-15-1995
4 04-15-1996
510-15-1996
6 04-15-1997
710-15-1997
8 04-15-1998
9 l0-15-1998
l0 04-15-1999ll 10-15-1999
12 04-t5-2000
13 l0-15-2000
14 04-15-200l
25,591.44
25,59t.44
25,59r.44
25,591.44
25,591.44
25,591.44
25,59t.44
25,591.44
25,59r.44
25,59t.44
25,591.44
25,591.M
25,591.44
25,59t.44
6,302.50
5,909.00
5,507.48
5,097.77
4,679.70
4,253.10
3,817.80
3,373.61
2,920.37
2,457.88
1,985.96
1,5M.40
1,013.03
5l 1.56
308,946.00
19,288.94 289,657.06
t9,682.44 269,914.62
20,083.96 249,890.6
20,493.67 229,396.99
20,911.74 208,4E5.25
21,338.34 187,146.91
21,773.64 16s373.27
22,217.83 141,155.44
22,671.07 120,484.37
21,r33.56 97,350.81
23,605.48 73,745.33
24,087.04 49,658.29
24,578.41 25,079.88
25,079.88 0.00
Grand totals 358,280.16 49,334.16 308,946.00
Thank You for this opportunitY
ID:8132875194 5:41 No .021 P.02
urrotl{o.
E(EIIIT F
ACCErrAIi@ car,T, r.I CATB
Tho uailcd;rd, a l-crre udcr ltl Munioirt Loro.ftrdar A3rurct (thc "furranxQ drtcd -....==--19- rith LfrGrtyNrti.rirl E rt dd Thrd C.EF!y aaloobv L CLd{C}..tl.'lcdGr ncdph pcd ooadtlor of
rll ttrc BgiplEt,l*-l-d b tto Afporrt rad b Erlrtit D ttcroto thl- dry of
-
lr-,.. S.. P.r.!rr1& B.lor
L* sdnlro Orr lrer b* fully rorl rtifraorly ldored rl of tu ewrot nd o8igrtior rquicd ude
tlo A6rt!,ncnr, $rd csnftnrr Ort tb Carmoo(rrncnt Drlc of tlc Ag,i*oarl i
-
ird it rvin
ecrrro<rpcyrmb in r*ordeu *lh ArtEc VI of rlc Arrv*rra,
Tto udcrilrd o{frstrof lb Lcrc trllby rcdliru oa bcbrf,of llo bcc L al tlwcdr tb corcorntr of ttro
t ers rr forth il Arlb I of tb Attt.'!!t .rd th. rlFllrbrtulr in 6. c.difnl.rr to,ktlr.!! iltEh.d !r Eiitrit C to
ttc furqncd, o.l rgFErlt 6.! to ah! bcd of ti or te tronldgE, hfofi.tlon axl tclif, ttc lrpretrfilur thecir
qpt!6rad rqt trrrcouo rr of tl|t CoolEtounrl Drlr, qld ftd th.ra Dqp, rld rro cr of lb! delr or rtlcl ttoy vxr
rl,ado,rlda!rsEtrrblcuofthoCDltDmrdurltD!fo,ttofict,l[tiDrbtor(ircolrrarcE othctrtlran lhr srtttorrd
thcrlir alEt vould no&risny rr&.r th .rp.stitinr .trlitEd th.r!i!.
LBSliEEr Citv of Dania
BY:
TITLB:
.. Notsitl'&rtrlirG ttc tlrsvid6 r( fo.th ia thc fim pat+r4[ abov!, LGr$bfllty dircJorc to Lollo! 6rl lllo EqiE {t
dcuibd in tlc furarrrr md h Exhibil l) Orrsto b t fi.ddrd to tcdcliErd olror
bdoro-Up@,!Ei o,ahc &r:ilt r.rl, lcra will povilc tor* itbr ooliroatkrn of tlo
dsrr of tlcipr io good .oldttion of r[ rrctr Egrlpmor si& rl rplerble sirl ud iLnritlcrtiort tru*etl.
APR-Ab-1994 15:38 a132A8194 P.E2
ttPR 06 ',94
I
,.1 Agrccmcnt No.-
EXHIBIT G
ESSENTIAL USE/SOURCB OF FUNDS LETTER
TO: Liberty National Baak & Trust Compatry ofKctrtucky
RE: Municipal trase-Purchase Agreerrent No.
-
Gcntlemco:
Rcfereace is made to certail Muoicipal Lease-Purchasc Agremcnt Numbcr .- dated
-
bet$,tco
Libcrty Natiooal BaDk & Trust Compatry of Kcatucky, and City of Dania, leasing tlc persoaal propcrty dcsc.ib.d in Exhibit
D lo such Lcase. This confirms aod alfirms that sucb cquipmcot is css€Dlial to ttre futrctious of thc undersigocd or 1o thc
scrvice wc provide to our citizeDs.
Further, we have atr irunediate need for, aod exp€ct to make Lnmcdiate usc of, substantially all the F4uipmcnt, which nccd ir
oot tcmporary or exp€otcd to diminish i! the foresecablc futurc. Thc Equipment will bc used by us ody for thc purposc of
pcrforming ooe or more of our govcrDmental or proprietary futrctions cotrsistetrt *'ith the pcrmissiblc scopc of our authority.
Specifically, thc Equipmetrt was sol€cted by us to bc uscd as follo*s:
Sinccrely,
SigDatu.e Datc
lgrrcmcot No.-
EXHIBIT H
AMENDMENT AGREEMENT NUMBER ONE
Iu coosidcration ofthc mutual covetra[ts of the Lcssor aod [..ss€€ putsuatrt to thc Municipal [:asc-Purchasc
Agrccmcot No.
-
datcd (thc "Lcasc") bctrvcetr Libcrty NatioDal Baok & Trust Compaoy of
Kentucky ('t cssor") aod City of Datria ('Lessce"),such Agreeme[t is modified as follows:
t cssec ccrtifics that it reasoDably aoticipatcs that it aod all of its subordinatc entitics will not issuc morc thatr
$ I 0,000,000 of "qualifred tax-cxcmpt obligations" (as that term is dcfued ia Scction 255(b)(3XB) of thc Intcmal Rcvcauc Codc
of l9E6 C'thc Codc")) during thc calcodar year l9- (thc ycar in which thc lrasc is cxccutcd).
Further, lessee hereby designates its obligations undcr thc lrase as a "qualified tax-cxempt obligation" itr accordancc
with Secriotr 265 (b)(3XB) of the Codc so that it is cligiblc for thc .xceptioD cootained h Scctioo 265 (bX3) of thc Codc aod
further certfies for thc purpose of thc overall limitatiotr of Scction 265 (b)(3[D) of thc Code that it and its subordinatt etrtitics
havc aot as ofthis caleodar year issucd more thaa $10,000,000 ofobligations which it bas designated for these purposcs.
All terms containcd hcrein not otherwisc defiaed shall havc thc sarnc mcaning as such lerms art uscd and defrncd in thc
I-,easc.
Attached hcreto is a completcd h&mal Rcvenuc Servicc Form E038-G, Ioforaation Retura for Tax-Exempt
GovcrDnetrtal Boud lssucs, completcd otr bchalf of thc L,cssoc.
IN WTrNESS WHEREOF, thc Lcsscc has causcd this Agrtcmcnt to bc cxecutcd by its duly authorizcd ollicct on this
the
-
day of
-,
l9-.
LESSEE City of Daria
By:
Prht€d Narne
(sEAL)
ATTEST:
Prilted Narne
Ag&crtcotNo.-
INSURANCE COVERAGE REQUIR.EMENT
TO: Libcrty National Baok & Trust Company of Kcotucky
312 South Fourth Avenue, Suitc 400
Louisvillc, Kcatucky,10202
FR: City of Daaia
100 Wcst Beach Boulevard
Dania, Florida
RE: INSURANCE COVERAGE REQUIREMENTS (Check otrc)
1. Io accordance with S€ctioo 8.03 ofthc Agremetrt, wc havc ilstructcd thc iosuranc. agetrt daftcd bclow (plcasc ftll in
namc, address aod tclephone number)
NAME
ADDRESS:
TELEPHONE:to issuc:
All Risk Physical Damagc Insuraacc on thc lcascd equipmcnt cvidcoced by a Ccrtificatc oflosuratrcc aod
Loog Form Loss Payablc Clausc aaming 'rl-ibcrty National Bank & Trust Company ofKcotucky " as Loss
Paycc.
Cowragc Rcquired: Full Replaccrnclt Valuc
b. Public Liability Iosuraucc cvidcnccd by a Certificatc ofhsuranoc naming Liberty Natioral Baol & Trust
Company ofKentucky " as aa Additional losurcd.
Minimum Coverage Rcquired:
$500,000.00 pcr persoo
$500,000.00 aggrcgatc bodily iajury liability
$100,000.00 property damage liability
tr 2. Pursuant to Sectiou 8.03 ofthc AgreemcDt, wc are sclf-insurcd for all risk, physical damage, aod public liability ad
wiII providc proof of such sclf-irsuranoc ia lcttcr form togethcr with I copy of thc statnta rothorizint thit
form of insurancc-
3. Proof of insumocc coveragc will be providcd to Lib€rty Natiooal Baak & Trust Compary of Kcotucky prior to thc
time that the cquipment is dclivercd to us.
By'
Titlc:
Dated:
tr
380 6-93
,..- 803b lnformatlon Retutn for Tax'Exempt Governmental OI
> Undaa lnt.tnal Rovanua Coda sactlon l4e('l
> S.. saParata lnslructlon!.
(U3e Form 8O38-GC il th. issu. pnca ls und.I $100 000')
nce
2 lasuer'! amployt idantricslion lrrnber
tons
OM8 No. 15.454720
iiaminaeo Return, check h6.6 >
4 R€pon nurnbel
c19
6 Dale ol issue
8 CUSIP Nunbcr
$
3497
{s)
(Rcv. MeY lfr93)
Oarrnli ol 0r t--,.Y
hrrn ir-u Sda
Rs Autho
I lssua/t nsrt cit of Dania
b Nunsd.nd slreei (.,r P.O. box ll lllati i3 not d€llv€rsd to stree! addrGs)
100 w. Beach Bfvd.
5 CitY.to,rn. state, and ZIP code
Dania Florida 33004
, Na,It ol lss,.Lease Purchase
o, lssuo ch€ck a licabls box s and enter the issue
s
10
11
12
13
11
15
t6
17
l8
DutrEotrtrtr
Educatbn (attach schedule-see instructions) . . . .
Health and hospital (attach schedule-see instructions).
Transpotlalion
Publb satety,
Environmsnt {including sewag€ bonds)
HousirE.
Utilities
19
20
Other. Descrrbe (see lnstructions) >
lf obligations are tax or other revenue antrcipation bonds, check box >trtrll obl ations are in the form ol a lease or installment sale, check box >
De ion ot Obli ations
Final maturity.
Enlir€ issue .
Uses ot Ori nal Proceeds of Bond lssue ncludi underwriters' discou
Proceeds used tor accrued intgresl
lssus price of entire issue (enter amount from line 20, column (c)) '
Proceeds used foa bond issuance cosls (ncluding underwriters' discount)
Prme€ds used lor credit €nhancement
Proceeds allocated to reasonably required leserve or replacement fuM
Proce€ds used to refund prio( issues
Total (add lines 23 through 26) .
Non €fund of the issuE subtract line 27 from lne 22 and enter arnount her€
Oescri ol Ferunded Bonds com lete this art onl lor relundin boon
v
years
21
2.
23
24
25
26
27
28
23
29
30
3t
Ent€r tho r€nlaining weQhted averagB rnaturity ol the boods to be refunded
gnt€( the hst date on whrch the refunded bonds will be called
(n(.1(d)(.)tbi(a,
Vo
21
%
ti
22
24
25
26 V////t
27
2g
Part l
Part ll
Part V
Parl lV
Part Ul
lmiz
Part Vl
Enter tha th€ refu nded bonds vvere issued >
Miscellaneous
32
33
Enter the amount ol the state volume cap allocated to the issue
Enter lhe arnoUnt of the bonds designated by the issuer under section 265(b)(3XBXiXlll) (small issuer
34 Pooled financings
Eolrr lhe amounl ol the Proceeds ol this issue lhat are to be used to nule lolns lo other qovemrn€nl3l units >a
b lf this issu€ is a ban made lrom the proceeds of another tax-exempt issue, check box >D and enter the name of the
issuer >and lhe date ol the issue >
35 lf the issuet has elected to a in lieu of rebate, check box
Undo. o€nalliB ol Paiury.I drda,. lhal I hav6 exanl,mcl tnis .etum aid accompln 1^9 ;hedul€s and slat€dEhts. 3nd lo lh6 best ol mv kiowledge
ard bdnl. th{Y al€ lrua .onocl
Please
Sign
Here ))Typ€ or pnnl mm. and Ittli:Dit.
t o, th€ lnstructions.For Paperwork Reduqtion Act Notic€, see page
[Thc nc:(t p.tc i.3a97-3.]
clr No 637735 Folm 8038-G 6ev. 5-s3)
o
z
o
2o
i
t
STATE OF FLORIDAUNIFORI' iMERCIAL CODE _ FINANCING STATEMENT - FORM
THIS t ,'{G STATEMENT is presontod lo a filing olticar lor liling purguanl to the Unilorm
1 REV. 1981
ciai Code:
OEBTOA lL.sl N.m6 Fiar .l .
NAME City of
1A
MATLTNG ^DOFESS 100
crrY Dania
UULTIPLE DEATOF
1B
MAILING AOONESS
CITY
W. Beach BIvd.
STATE FL 33004
0F aNY) (Lasr Name Firsl ilaPerson)
STATE
IHIS SPACE FOff USE OF FILING OFFICEF
O.t6, Tim6, Nlmb.r e FrlrngOllic.
1 1. srgN^ruFE{s) oF oEBroF(s)
Dania
1C
28
llF ANY) (Lasl N.me Ftrsr,l a Person)
MAILING AOORESS
CITY STATE
SECURED PAFIY (Lasl Nams Fksl il a Ps.3on)
NAME Liberty National Bank & Trust Co
MULIIPLE OEBTOA
MAILING AODBESS
312 S. FourthcrrY touisville
MULIIPLE SECUREO PAFITY
Avenue,Suite 400KY 40202
{lF aNY) {Last Name Ftsl ita P.r!on)
STATE
STATE
l
MAILING ADOFESS
CITY
(IFANY) (!astN.m6FirslilaP6r3o.)
3
CITY STATE
9. Th's siateh.n|s lil6d wilhoul iho doblo/s lronalur. io por,6ct a s€curilv intor.st rn collalsrar (chock a il 30)
E alro.dy 3ubi.cl lo . soculty int€r.st in s.otnor jutisdiciion xh6n il was brouoht inlo lhrs slet6 or d.blor'!
loc.tion chrng.d lo lhi3 llal..
ASSIGNEE OF SECUAEO PAFTY
4. Tni! FTNANC|NG SIAT€ME f cov.€ ih6 lollowing typ.! or i.m3 ol prop.iy ltdclud. deschptioa ol rcsl ptoccdt on which toceted
,nd o||au ol t.cotd than.6qorrd). ll mors sp.co :3 taqunod, alttch lddnion.l sn6ds 8rf x 11"
This fi.nancing statement is for informational purposes on1y.
(1) 1994 Pierce Fire Truck
VIN :
5. Prcco.ds ol collalo.al ar. cov6,od a3 .ovid6d rn S.cnons 679.203 and 679 306. F S
6. rrreo *itn
o
o
E
8. chsck C) D rrr oocuoonrary sramp t'Igs duo.nd payablo or lo b€com6 du6 and payable pursuanl lo Ssctior 2Ol22, FS.. have be€n patd
E Fbrida Oocum€nlary Slamp Tar is nol .€qunod.
c which i3 proc66d! ol ths orlgl.al collaloral d€3crib6d abov€ in ,hl.h 5 socu,nv ihl6r.sl *ar p..l€cl.d
E !! lo whrch ths liling hss lsp3rd.
E .couir€d .t16. a cha.os ol n.mo, ids.tiiy. o, corporalo stru.ture ol lh€
E dabloror E 36cursd PadY.
'13. nor,,n copy to
AUOIT
7. No. or .dditio..r Sh6srs pro!6nrod:
'10. tq,act tr ir sot
E o6bro. is ! rransmrttl.g ulllny
E Producls ol colltt€r.lrrs cov€rod
N^ME liberty National Leasinq Companv
0AooF€ss P. O. Box 3250
STATE 232-2ztPcooE 4
Louisville
KY
12. srcretune(storsecuneo
PABTY(IES)OR ASSIGNEE
2A
UPOATE
VALIOA'TION INFORMATION
MAtLIItG AOOFESS
Liberty National Leasing Company
Municipal and Commercial Equipment Leasing
City of Dania 03-30-1994 Pg I
Compounding period... : SemiAn
Nominal annual rate..: 4.080 o
Effective annual rate; 4.122 oA
Periodic rate........: 2.0400 Yo
Equivalent daily rate: 0.01133 Yo
CASH FLOW DATA
Event Date Amount # Period End-date
I Loan 04-15-94
2 Payment 10-15-94
308,946.00
25,591.44
I
14 SemiAn 04-15-01
AMORTZATION SCHEDULE - Normal amortizatiot! 360 day
Pmt Date Payment Interest Principal Balance
Loan 04-15- 1994
110-15-1994
2 04-15-1995
310-15-1995
4 04-15-1996
510-15-1996
6 04-15-1997
7 10-15-1997
8 04-15-1998
910-15-1998
I0 04-15-1999
l1 10-15-1999
12 04-15-2000
l3 10-15-2000
14 04-15-2001
25,59r.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
25,591.44
6,302.50
5,909.00
5,507.48
5,097.77
4,679.70
4,253.10
3,817.80
3,373.61
2,920.37
2,457.88
1,985.96
1,504.40
1,013.03
511.56
308,946.00
t9,288.94 289,657.06
19,682.44 269,974.62
20,083.96 249,890.66
20,493.67 229,396.99
20,911.74 208,485.25
21,338.34 187,146.91
21,773.e rcs373.27
22,217.83 143,155.44
22,671.07 120,484.37
23,133.56 97,350.81
23,605.48 73,745.13
24,087.04 49,658.29
24,578.41 25,079.88
25,079.88 0.00
Grand totals 358,280.16 49,334.16 308,946.00
Thank You for this opporturnity