TC Ord. No. 2012-04 Authorizing the execution and delivery of property schedule No.2TOWN OF AVON, COLORADO
ORDINANCE NO. 12 -04
SERIES OF 2012
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF
PROPERTY SCHEDULE NO. 02 TO PURCHASE A STREET SWEEPTER
PURSUANT TO THE MASTER LEASE/PURCHASE AGREEMENT DATED
AUGUST 26, 2011 BETWEEN THE TOWN OF AVON AND U.S. BANCORP
GOVERNMENT LEASING AND FINANCE, INC.
Whereas, Town of Avon ( "Lessee "), a body politic and corporate duly organized and
existing as a home rule authority municipal corporation and body politic organized under the
laws of the State of Colorado, is authorized by the laws of the State of Colorado and by Section
14.9(a) of the Avon Home Rule Charter to purchase, acquire and lease personal property for the
benefit of the Lessee and its inhabitants and to enter into leasehold agreements with respect
thereto; and
Whereas, the Lessee desires to purchase, acquire and lease a Johnston Model VT650 Dual
Gutter Broom Sweeper ( "Equipment ") constituting personal property necessary for the Lessee
to perform essential governmental functions; and
Whereas, the Avon Town Council finds that the Property Schedule No. 2 to the Master
Agreement allows the Town to acquire the Equipment within a period not exceeding the useful
life of the Equipment; and
Whereas, in order to acquire such equipment, the Lessee has previously entered into a
Master Tax - Exempt Lease /Purchase Agreement dated August 26, 2011 ( "Master Agreement ")
with U.S BANCORP GOVERNMENT LEASING AND FINANCE, INC. ( "Lessor "); and
Whereas, the Avon Town Council, as the governing body of the Lessee, deems it for the
benefit of the Lessee and for the efficient and effective administration thereof to enter into
Property Schedule No. 02 as provided in the Master Agreement for the purchase, acquisition and
leasing of the Equipment therein described on the terms and conditions therein provided.
NOW, 'THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 11 Approval of Documents The form, terms and provisions of Property Schedule
No. 02 and the Master Agreement as provided are hereby approved in substantially the form
presented at this meeting, with such insertions, omissions and changes as shall be approved by
the Mayor of the Town of Avon or other members of the governing body of the Town of Avon
executing the same, the execution of such documents being conclusive evidence of such
approval; and the Mayor of the Town of Avon is hereby authorized and directed to execute, and
the Town Clerk of the Town of Avon is hereby authorized and directed to attest and countersign
Property Schedule No. 2 and any related Exhibits attached thereto and to deliver Property
Schedule No. 2 (including Exhibits) to the respective parties thereto, and the Town Clerk of the
Ord No. 12 -04 Lease- Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page I of 4
Town of Avon is hereby authorized to affix the seal of the Town of Avon, as Lessee, to such
documents. Capitalized terms in this Ordinance shall have the same meaning as defined in the
Master Agreement unless such terms are otherwise defined in this Ordinance.
Section 2. Other Actions Authorized The officers and employees of the Lessee shall take
all action necessary or reasonably required by the parties to carry out, give effect to and
consummate the transactions contemplated thereby including execution and delivery of the
following document and to take all action necessary in conformity therewith, including, without
limitation, the execution and delivery of any closing and other documents required to be
delivered in connection with Property Schedule No. 2, including the following documents:
(1) Property Schedule No. 02
(2) Property Description and Payment Schedule — Exhibit 1
(3) Lessee's Certificate — Exhibit 3
(4) Payment of Proceeds Instructions — Exhibit 4
(5) Acceptance Certificate — Exhibit 5
(6) Bank Qualification and Arbitrage Rebate — Exhibit 6
(7) Insurance Authorization and Verification
(8) Notification of Tax Treatment
(9) Form 8038 -G
(10) Vehicle Titling Addendum
Section 3. No General Liability Nothing contained in this Ordinance, Property Schedule
No. 2, nor any other instrument shall be construed with respect to the Lessee as incurring a
pecuniary liability or charge upon the general credit of the Lessee or against its taxing power, nor
shall the breach of any agreement contained in this Ordinance, Property Schedule No. 2, or any
other instrument or document executed in connection therewith impose any pecuniary liability
upon the Lessee or any charge upon its general credit or against its taxing power, except to the
extent that the Lease Payments payable under each Property Schedule of the Master Agreement
are special limited obligations of the Lessee as provided in such Property Schedule.
Section 4. Appointment of Authorized Lessee Representatives The Town Manager and
Finance Director of the Lessee are each hereby designated to act as authorized representatives of
the Lessee for purposes of the Property Schedule No. 2 until such time as the Town Council of
the Town of Avon, as Lessee, shall designate any other or different authorized representative.
Section 5. Severability If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
Ord No. 12 -04 Lease- Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 2of4
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 6. Effective Date This Ordinance shall take effect thirty days after final adoption in
accordance with Section 6.4 of the Avon Home Rule Charter.
Section 7. Safety Clause The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare.
Section S. Publication by Posting The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
[SIGNATURE PAGE FOLLOWS]
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 3of4
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for 5:30 on
March 13, 2012 at it Chambers of the Avon Municipal Building, located at One Lake
Street, Avon, C 28 2012.
S
k�
Rich Carroll, Mayor
Published by postiijii` three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
A' APPROVED AS TO FORM:
omqKenn Y "o Clerk Eric Heil, Town Attorney
,
A ll,
Lei 1 1 1 ,41131 9 14
I M_ 311120A MIN 411MIJ
Published
0
office of ti.
� '
Rich Carroll, Mayor
in at least three public places in Town and posting by title at the
Ord No. 12-04 Lease-Purchase Property Schedule No. 02 US Bankeorp
March 6, 2012
Page 4 of 4
ATTEST:
MEMORANDUM
TO: Honorable Mayor Carroll and Town Council Members
FROM: Eric J. Heil, Town Attorney
THROUGH: Larry Brooks, Town Manager, Scott Wright, Finance Director
RE: Review of Lease Purchase Agreement for Street Sweeper
DATE: February 23, 2012
Summary: This memorandum provides a legal summary for Council concerning the lease purchase
financing agreement for the Johnston Model VT650 Street Sweeper ( "Sweeper"). I have reviewed
the various documents and certificates required to close on the lease- purchase financing and the
Master Tax - Exempt Lease /Purchase Agreement ( "Master Agreement'l dated August 26, 2011
with US Bancorp Government Leasing and Finance, Inc. ( "Bank'j. Overall, the proposed lease
purchase agreement is in a form which is legally acceptable. Attached is a draft form of my
opinion letter as legal counsel for the Town of Avon.
Lease Purchase Agreement Terms: The Town entered into the Master Agreement in 2011 to
finance the purchase of plow truck and transit bus. The terms of the Master Agreement allowed
for additional lease purchase financing through the additional "Property Schedules." The
financing for the Sweeper will occur through the approval of Property Schedule No. 2. Through
this method, the terms of the Master Agreement apply to the proposed additional lease purchase
financing.
Section 6.06 Nonapprapriatians of the Master Agreement sets forth the language which complies
with the restriction of TABOR by acknowledging that the Town may elect to not appropriate funds
for the lease purchase payment (i.e. "Nonappropriation Eventj, in which case the equipment must
be returned to the Lessor (Bank). The Town, as Lessee would grant a security interest to Bank as a
first lien (Master Agreement, Sec. 7.03). The Town would have the option to purchase the
equipment for $1 after completing all lease payments (Master Agreement, Sec. 11.01). The Town
must provide insurance for the Sweeper (Master Agreement, Sec. 8.03 and INSURANCE
AUTHORIZATION AND VERIFICATION form). The Town agrees to indemnify the Bank for any
liability or claims arising from the financing or use of the Sweeper (Master Agreement, Sec. 12.04)
which indemnification by the Town does not include losses from Lessor's willful or negligent
conductor arising out of preparation of a disclosure materials. Town has the right to pay the
Prepayment Balance of the lease- purchase agreement at anytime (Para. 8 of Property Schedule
No. 02, Master Agreement Sec. 11.02 Opti t� a y).
Conclusion: The Avon Town Council may lawfully enter into the lease- purchase financing set forth
in Property Schedule No. 2 of the Master Agreement.
Thank you, Eric
Heil Law & Planning, LLC Office: 303.975.6120
26% South Colorado Blvd., Suite 550 Fax 720.8363337
Denver, CO 80222 E -Mail: ericheillaw@gmaii.com
TOWN OF AVON, COLORADO
ORDINANCE NO. 12 -04
SERIES OF 2012
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF
PROPERTY SCHEDULE NO. 02 TO PURCHASE A STREET SWEEPTER
PURSUANT TO THE MASTER LEASE/PURCHASE AGREEMENT DATED
AUGUST 26, 2011 BETWEEN THE TOWN OF AVON AND U.S. BANCORP
GOVERNMENT LEASING AND FINANCE, INC.
Whereas, Town of Avon ("Lessee "), a body politic and corporate duly organized and
existing as a home rule authority municipal corporation and body politic organized under the
laws of the State of Colorado, is authorized by the laws of the State of Colorado and by Section
14.9(a) of the Avon Home Rule Charter to purchase, acquire and lease personal property for the
benefit of the Lessee and its inhabitants and to enter into leasehold agreements with respect
thereto; and
Whereas, the Lessee desires to purchase, acquire and lease a Johnston Model VT650 Dual
Gutter Broom Sweeper ( "Equipment ") constituting personal property necessary for the Lessee
to perform essential governmental functions; and
Whereas, the Avon Town Council finds that the Property Schedule No. 2 to the Master
Agreement allows the Town to acquire the Equipment within a period not exceeding the useful
life of the Equipment; and
Whereas, in order to acquire such equipment, the Lessee has previously entered into a
Master Tax- Exempt Lease /Purchase Agreement dated August 26, 2011 ( "Master Agreement ")
with U BANCORP GOVERNMENT LEASING AND FINANCE, INC. ( "Lessor "); and
Whereas, the Avon Town Council, as the governing body of the Lessee, deems it for the
benefit of the Lessee and for the efficient and effective administration thereof to enter into
Property Schedule No. 02 as provided in the Master Agreement for the purchase, acquisition and
leasing of the Equipment therein described on the terms and conditions therein provided.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Approval of Documents The form, terms and provisions of Property Schedule
No. 02 and the Master Agreement as provided are hereby approved in substantially the form
presented at this meeting, with such insertions, omissions and changes as shall be approved by
the Mayor of the Town of Avon or other members of the governing body of the Town of Avon
executing the same, the execution of such documents being conclusive evidence of such
approval; and the Mayor of the Town of Avon is hereby authorized and directed to execute, and
the Town Clerk of the Town of Avon is hereby authorized and directed to attest and countersign
Property Schedule No. 2 and any related Exhibits attached thereto and to deliver Property
Schedule No. 2 (including Exhibits) to the respective parties thereto, and the Town Clerk of the
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page I of 4
Town of Avon is hereby authorized to affix the seal of the Town of Avon, as Lessee, to such
documents. Capitalized terms in this Ordinance shall have the same meaning as defined in the
Master Agreement unless such terms are otherwise defined in this Ordinance.
Section 2. Other Actions Authorized The officers and employees of the Lessee shall take
all action necessary or reasonably required by the parties to carry out, give effect to and
consummate the transactions contemplated thereby including execution and delivery of the
following document and to take all action necessary in conformity therewith, including, without
limitation, the execution and delivery of any closing and other documents required to be
delivered in connection with Property Schedule No. 2, including the following documents:
(1) Property Schedule No. 02
(2) Property Description and Payment Schedule — Exhibit 1
(3) Lessee's Certificate — Exhibit 3
(4) Payment of Proceeds Instructions — Exhibit 4
(5) Acceptance Certificate — Exhibit 5
(6) Bank Qualification and Arbitrage Rebate — Exhibit 6
(7) Insurance Authorization and Verification
(8) Notification of Tax Treatment
(9) Form 8038 -G
(10) Vehicle Titling Addendum
Section 3. No General Liability Nothing contained in this Ordinance, Property Schedule
No. 2, nor any other instrument shall be construed with respect to the Lessee as incurring a
pecuniary liability or charge upon the general credit of the Lessee or against its taxing power, nor
shall the breach of any agreement contained in this Ordinance, Property Schedule No. 2, or any
other instrument or document executed in connection therewith impose any pecuniary liability
upon the Lessee or any charge upon its general credit or against its taxing power, except to the
extent that the Lease Payments payable under each Property Schedule of the Master Agreement
are special limited obligations of the Lessee as provided in such Property Schedule.
Section 4. Appointment of Authorized Lessee Representatives The Town Manager and
Finance Director of the Lessee are each hereby designated to act as authorized representatives of
the Lessee for purposes of the Property Schedule No. 2 until such time as the Town Council of
the Town of Avon, as Lessee, shall designate any other or different authorized representative.
Section 5. Severability If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 2 of 4
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 6. Effective Date This Ordinance shall take effect thirty days after final adoption in
accordance with Section 6.4 of the Avon Home Rule Charter.
Section 7. Safety Clause The Town Council hereby fords, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare.
Section 8. Publication by Posting The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
[SIGNATURE PAGE FOLLOWS]
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 3of4
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for 5:30 on
March 13, 2012 at it Chambers of the Avon Municipal Building, located at One Lake
Street, Avon, C Nan 28 2012.
Rich Carroll, Mayor
Published by posti ' z'" three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
7 , A * ,
c
tT
a envy o Clerk
APPROVED AS TO FORM:
Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED BY POSTING on March 13, 2012.
UTo Rich Carroll, May or
Publishen at least three public places in Town and posting by title at the
office of
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 4 of 4
ATTEST:
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for 5:30 on
March 13, 2012 at the Council Chambers of the Avon Municipal Building, located at One Lake
Street, Avon, Colorado, on February 28, 2012.
Rich Carroll, Mayor
Published by posting in at least three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
ATTEST: APP RO TO FO
Patty McKenny, Town Clerk Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on March 13, 2012.
Rich Carroll, Mayor
Published by posting by title in at least three public places in Town and posting by title at the
office of the Town Clerk.
ATTEST:
Patty McKenny, Town Clerk
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March b, 2012
Page 4 of 4
NOTICE OF SALE OF RENTAL PAYMENTSANDASSIGNMENT OF LEASE
U.S. Bancorp Equipment Finance, Inc. and Town of Avon ( "Lessee ") have entered into a Master Tax-i_xempt
Lease/Purchase Agreement ("Agreement) dated August 26, 2011 and Property Schedule No. 01 dated August 26, 2011
under which Lessee has, or will have prior to its execution hereof, leased Property (the "Property) described in Exhibit A to
the Agreement.
Lessee is hereby notified that U.S. Bancorp Equipment Finance, Inc. has assigned its interest in the
Agreement, in the leased Property, and in the Lease Payments and all other amounts provided for under the
Agreement.
Lessee is hereby directed to pay any and all rental payments and other amounts due with respect to which
U.S. Bancorp Equipment Finance, Inc.'s Assignee ("Assignee ") renders an invoice, at the address set out
immediately below or as otherwise directed in said invoice:
"ASSIGNEE"
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW W Parkway —Suite 100
Portland, OR 97223
i
Lessee agrees that it will pay all amounts due under the Agreement as directed in the invoice without any set.
off or deduction whatsoever notwithstanding any defect in, damage to, or requisition of any property leased
under the Agreement, any other similar or dissimilar event, any defense, set -off, counterclaim or recoupment
arising out of any claim against U.S. Bancorp Equipment Finance, Inc. or Assignee.
Lessee further agrees that Assignee has not assumed any duties under the Agreement or made any
warranties whatsoever as to the Agreement or the Property. Lessee agrees that no. change may be made to
the Agreement without the prior written consent of the Assignee.
In signing this, Lessee warrants that its representations and warranties under the Agreement are true and
correct on the date hereof.
Seller U.S. Bancorp Equipment Finance, Inc.
B
Printed Name:
Title:
ICE PKf�
Date: z 1 14 12-01.?_
Property Schedule No. 02(
Master Tax - Exempt Lease /Purchase Agreement
This Property Schedule No. 02 is entered into as of the Commencement Date set forth below, pursuant to that certain Master Tax.
Exempt Lease/Purchase Agreement (the "Master Agreement"), dated as of August 26, 2011, between U.S. Bancorp Government
Leasing and Finance, Inc., and Town of Avon.
1. interpretation The terms and conditions of the Master Agreement are incorporated herein by reference as if fully set forth herein
Reference is made to the Master Agreement for all representations, covenants and warranties made by Lessee in the execution of this
Property Schedule, unless specifically set forth herein. In the event of a conflict between the provisions of the Master Agreement and
the provisions of this Property Schedule, the provisions of this Property Schedule shall control. All capitalized terms not otherwise
defined herein shall have the meanings provided in the Master Agreement.
2. Commencement Date The Commencement Date for this Property Schedule is March 15, 2012.
3. Prooerty Description and Payment Schedule The Property subject to this Property Schedule is described in Exhibit 1 hereto. Lessee
shall not remove such property from the locations set forth therein without giving prior written notice to Lessor. The Lease Payment
Schedule for this Property Schedule is set forth in Exhibit 1.
4. O inion. The Opinion of Lessee's Counsel is attached as Exhibit 2.
5. Lessee's Certificate The Lessee's Certificate is attached as Exhibit 3.
6. Proceeds Lessor shall disburse the proceeds of this Property Schedule in accordance with the instructions attached hereto a$ Exhibit
4.
7. Acceptance Certificate The form of Acceptance Certificate is attached as Exhibit 5.
8. Additional Purchase Option Provisions In addition to the Purchase Option provisions set forth in the Master Agreement, Lease
Payments payable under this Property Schedule shall be subject to prepayment in whole at any time by payment of the applicable
Termination Amount set forth in Exhibit 1 (Payment Schedule) and payment of all accrued and unpaid interest through the date of
prepayment
9. Bank Qualification and Arbitrage Rebate Attached as Exhibit 6.
10. Expiration. Lessor, at its sole determination, may choose not to accept this Property Schedule if the fully executed, original Master
Agreement (including this Property Schedule and all ancillary documents) is not received by Lessor at its place of business by March
15, 2012.
IN WITNESS WHEREOF, Lessor and Lessee have caused this Property Schedule to be executed in their names by their duly authorized
representatives as of the Commencement Date above.
Lessor: U.S. Bancorp Government Leasing and
Finance. Inc.
Title:
Lessee: Town of Avon
�a �
Name: R-t Gtr CaVCb
Title: IT (a d
Attest:
B
Namm
Title: D �Pt �a t�1 1_
y
EXHIBIT 1
j Property Description and Payment Schedul
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon.
THE PROPERTY IS AS FOLLOWS: The Property as more fully described in Exhibit A incorporated herein by reference
and attached hereto. It includes all replacements, parts, repairs, additions, accessions and accessories incorporated
therein or affixed or attached thereto and any and all proceeds of the foregoing, including, without limitation, insurance
recoveries.
PROPERTY LOCATION: 500 Swift Gulch Road, Avon, CO 81620
USE: Vehicles - This use is essential to the proper, efficient and economic functioning of Lessee or to the services that
Lessee provides; and Lessee has immediate need for and expects to make immediate use of substantially all of the
Property, which need is not temporary or expected to diminish in the foreseeable future.
Lease Payment Schedule
Total Principal Amount: $217,004.00
P #
F j nnina
__
Pri 1
i nterest
Prepayment
8&IAaQL_
1
15-Sep-2012
217 004.00
16 803.27
___ 14 , 427.08
2,376.19
208 654.23
2
15- Mar -2013
202 576.92
16 803.27
1-4,58-5.0-5
2,218.22
193 631.62
3
15-Sep-2013
187 991.87
16 803.27
1-4,744,7-6
2,058.51
4
15- Mar -2014
173
16 803.27
14 906.22
1897.06
__._.. 178,444.52
163 091.12
5
15- Sep - 2014
16 803.27
15 069.44
1733.83
147 569.59
6
15-Mar -2015
g 143
q635.74
16 80327
15 23445
1568.82
131878.11
7
15 -Se -2015
16 803.27
15 401.27
1402.01
116 014.81
8
i5- Mar -2016
16 803.27
15 569.91
1,23 .36
99 977.80
9
15-Sep-2016
97 065.82
16 803.27
15 740.40
1062.87
83 765.19
10
15- Mar -2017
81 325.
16 803.27
1-5,91-2-76-
890.51
67 375.05
11
15-Sep-2017
65 412.67
16 803.27
16 087.00
716.27
12
15- Mar - 2018
49 325.66
16 803.27
1-6,26-3.1-6
540.12
_ 50,805.43
34 054.38
13
15-Sep-2018
33,062.51 -
16 803.27
16 441.24
362.03
17 119.91
14
15 -Mar -2019
16 621
�
82.00 1
0.00
TOTAL:
5 245.81
217 004.00
18 241.81
Lessee: Town of Avon
Name: iU t f o I
Title: 6
ATTACHED EXHIBIT A -- PROPERTY DESCRIPTION
• Equipment as described in Macdonald Equipment Sales Order dated January 25. 2012, inserted below,
incorporated herein by this reference.
Demo 1041 Johndoa Model VrM Dual OAK S pony 8yreepat Wdh all sta»dwd egtn nwt nwunterf on a 2011
CW Ceb.OW Chassis MB V 2CO4P Cr4* o wM I:PA 2010 ems and A/C
Less Demo Credo
Optima:
O' Catch Sasin Extension
Bonded Inlet Dud 8 Swat
E Try Rear
Rear Wank Ughls
Lase Trade In .1998 Jotsrcton 4/[ -805 Sweeper
'�._ .
92.00.00
TAXWWAPPLICAKE) *to-TasaWe 6o emmenw
ERIC J. HEIL, ESQ., A.I.C.P., OWNER
MEREDITH VAN HORN, ESQ., ASSOCIATE
February 28, 2012
U.S. Bancorp Equipment Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
RE: Property Schedule No. 2 to Master Tax- Exempt Lease /Purchase Agreement between U.S.
Bancorp Equipment Finance, Inc. and Town of Avon, originally dated August 26, 2011
Ladies and Gentlemen:
We have acted as special counsel to the Town of Avon ( "Lessee "), in connection with the
Master Tax- Exempt Lease /Purchase Agreement, dated as of August 26, 2011 (the "Master
Agreement "), between the Town of Avon as lessee, and U.S. Bancorp Equipment Finance, Inc. as
lessor ( "Lessor'l, and the execution of Property Schedule No. 02 (the "Property Schedule'l
pursuant to the Master Agreement.
We have examined the law and such certified proceedings and other papers as we deem
necessary to render this opinion.
All capitalized terms not otherwise defined herein shall have the meanings provided in the
Master Agreement and Property Schedule.
As to questions of fact material to our opinion, we have relied upon the representations of
Lessee in the Master Agreement and the Property Schedule and in the certified proceedings and
other certifications of public officials furnished to us without undertaking to verify the same by
independent investigation.
Based upon the foregoing, we are of the opinion that, under existing law:
1. Lessee is a public body corporate and politic, duly organized and existing under the laws of
the State, and has a substantial amount of one or more of the following sovereign powers: (a)
the power to tax, (b) the power of eminent domain, and (c) the police power.
2. Lessee has all requisite power and authority to enter into the Master Agreement and the
Property Schedule and to perform its obligations thereunder.
3. The execution, delivery and performance of the Master Agreement and the Property Schedule
by Lessee has been duly authorized by all necessary action on the part of Lessee.
HEIL LAw & PLANNING, LLC OFFICE: 303.975.6120
2696 SOUTH COLORADO BLVD., SUITE 550 FAX: 720.836.3337
DENVER, CO 80222 E -MAIL: ERIC@HEILLAW.COM
U.S. Bancorp Equipment Finance, Inc.
Master Tax- Exempt Lease/Purchase Agreement — Property Schedule No. 02
Opinion of Lessee's Legal Counsel
February 28, 2012
Page 2 of 2
4. All proceedings of Lessee and its governing body relating to the authorization and approval of
the Master Agreement and the Property Schedule, the execution thereof and the transactions
contemplated thereby have been conducted in accordance with all applicable open meeting
laws and all other applicable state and federal laws.
5. Lessee has acquired or has arranged for the acquisition of the Property subject to the Property
Schedule, and has entered into the Master Agreement and the Property Schedule, in
compliance with all applicable public bidding laws.
b. Lessee has obtained all consents and approvals of other governmental authorities or agencies
which may be required for the execution, delivery and performance by Lessee of the Master
Agreement and the Property Schedule.
7. The Master Agreement and the Property Schedule have been duly executed and delivered by
Lessee and constitute legal, valid and binding obligations of Lessee, enforceable against
Lessee in accordance with the terms thereof, except insofar as the enforcement thereof may
be limited by any applicable bankruptcy, insolvency, moratorium, reorganization or other laws
of equitable principles of general application, or of application to municipalities or political
subdivisions such as the Lessee, affecting remedies or creditors' rights generally, and to the
exercise of judicial discretion in appropriate cases.
8. As of the date hereof, based on such inquiry and investigation as we have deemed sufficient,
no litigation is pending, (or, to our knowledge, threatened) against Lessee in any court (a)
seeking to restrain or enjoin the delivery of the Master Agreement or the Property Schedule or
of other agreements similar to the Master Agreement; (b) questioning the authority of Lessee
to execute the Master Agreement or the Property Schedule, or the validity of the Master
Agreement or the Property Schedule, or the payment of principal of or interest on, the
Property Schedule; (c) questioning the constitutionality of any statute, or the validity of any
proceedings, authorizing the execution of the Master Agreement and the Property Schedule;
or (d) affecting the provisions made for the payment of or security for the Master Agreement
and the Property Schedule.
This opinion may be relied upon by Lessor, its successors and assigns, and any other legal
counsel who provides an opinion with respect to the Property Schedule.
;Very Tru r ic J. eil, sq., A.I.C.P.
Avon Town Attorney
EXHIBIT
Lessee's Certificate
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon. (,�
The undersigned, being the duly elected, qualified and acting 1 6k"71 c� 01 Q the Town of Avon
('Lessee') do hereby certify, as of March 15, 2012, as follows:
1. Lessee did, at a meeting of the governing body of the Lessee held (date} by
resolution or ordinance duly enacted, in accordance with all requirements of law, approve and authorize the execution
and delivery of the above - referenced Property Schedule (the "Property Schedule ") and the Master Tax - Exempt
Lease/Purchase Agreement (the 'Master Agreement) by the following named representative of Lessee, to wit:
NAME TITLE
OF EXECUTING OFFICIAL OF EXECUTING OFFICIAL
SIGNATURE
OF EXECUTING OFFICIAL
C
2. The above -named representative of the Lessee held at the time of such authorization and holds at the
present time the office set forth above.
3. The meeting(s) of the governing body of the Lessee at which the Master Agreement and the Property
Schedule were approved and authorized to be executed was duly called, regularly convened and attended throughout by
the requisite quorum of the members thereof, and the enactment approving the Master Agreement and the Property
Schedule and authorizing the execution thereof has not been altered or rescinded. All meetings of the governing body of
Lessee relating to the authorization and delivery of Master Agreement and the Property Schedule have been: (a) held
within the geographic boundaries of the Lessee; (b) open to the public, allowing all people to attend; (c) conducted in
accordance with internal procedures of the governing body; and (d) conducted in accordance with the charter of the
Lessee, if any, and the laws of the State.
4. No event or condition that constitutes, or with the giving of notice or the lapse of time or both would
constitute, an Event of Default or a Nonappropriation Event (as such terms are defined in the Master Agreement) exists at
the date hereof with respect to this Property Schedule or any other Property Schedules under the Master Agreement.
5. The acquisition of all of the Property under the Property Schedule has been duty authorized by the
governing body of Lessee.
6. Lessee has, in accordance with the requirements of law, fully budgeted and appropriated sufficient funds
for the current budget year to make the Lease Payments scheduled to come due during the current budget year under the
Property Schedule and to meet its other obligations for the current budget year and such funds have not been expended
for other purposes.
7. As of the date hereof, no litigation is pending, (or, to my knowledge, threatened) against Lessee in any
court (a) seeking to restrain or enjoy in the delivery of the Master Agreement or the Property Schedule or of other
agreements similar to the Master Agreement; (b) questioning the authority of Lessee to execute the Master Agreement or
the Property Schedule, or the validity of the Master Agreement or the Property Schedule, or the payment of principal of or
interest on, the Property Schedule; (c) questioning the constitutionality of any statute, or the validity of any proceedings,
authorizing the execution of the Master Agreement and the Property Schedule; or (d) affecting the provisions made for the
payment of or security for the Master Agreement and the Property Schedule.
Town of Avon
By:
Title:
a. D
SIGNER MU T NOT BE THE SAME AS THE EXECUTING OFFICIALS) SHOWN ABOVE
EXHIBIT 6
Bank Qualification And Arbitrage Rebat
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 to Master Tax - Exempt Lease/Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon
Bank_Quallfled Tax- Exempt Obllaotlon under Section 265
Lessee hereby designates this Property Schedule as a "qualified tax - exempt obligation" as defined in Section
265(b)(3)(B) of the Code. Lessee reasonably anticipates issuing tax - exempt obligations (excluding private activity bonds
other than qualified 501(c)(3) bonds and including all tax - exempt obligations of subordinate entities of the Lessee) during the
calendar year in which the Commencement Date of this Property Schedule falls, in an amount not exceeding $10,000,000.
Arbitraae Rebate
Eighteen Month Exception:
Pursuant to Treasury Regulations Section 1.148 -7(d), the gross proceeds of this Property Schedule will be expended
for the governmental purposes for which this Property Schedule was entered into, as follows: at least 15% within six months
after the Commencement Date, at least 60% within 12 months after the Commencement Date, and 100% within 18 months
after the Commencement Date. If Lessee is unable to comply with Section 1.148 -7(d) of the Treasury Regulations, Lessee
shall compute rebatable arbitrage on this Agreement and pay rebatable arbitrage to the United States at least once every five
years, and within 60 days after payment of the final Lease Payment due under this Agreement.
Lessee: Town of Avon
Name: C
Title: ��Ck O
INSURANCE AUTHORIZATION AND VERIFICATION
Date: M4 \ t '!? i `Co t'L Property Schedule No: 02
To: Town of Avon (the "Lessee ") From: U.S. Bancorp Government Leasing and Finance, Inc. (the
"Lessor")
PO Box 976 13010 SW 68th Parkway, Suite 100
Avon, CO 81620 Portland, OR 97223
Attn: Myra Aksamit
TO THE LESSEE: In connection with the above- referenced Property Schedule, Lessor requires proof in the form of this document,
executed by both Lessee* and Lessee's agent, that Lessee's insurable interest in the financed property (the 'Property") meets Lessor's
requirements as follows, with coverage including, but not limited to, fire, extended coverage, vandalism, and theft:
Lessor, AND ITS SUCCESSORS AND ASSIGNS, shall be covered as both ADDITIONAL INSURED and LENDER'S LOSS
PAYEE with regard to all equipment financed or leased by policy holder through or from Lessor. All such Insurance
shall contain a provision to the effect that such insurance shall not be canceled or modified without first giving
written notice thereof to Lessor and Lessee at least thirty (30) days in advance of such cancellation or modification.
Lessee must carry GENERAL LIABILITY (and /or, for vehicles, Automobile Liability) in the amount of no less than
$1,000,000.00 (one million dollars).
Lessee must carry PROPERTY insurance (or, for vehicles, Physical Damage Insurance) in an amount no less than the
'Insurable Value' $217,004.00, with deductibles no more than $10,000.00.
*Lessee: Please execute this form and return with your document package. Lessor will fax this form to your insurance agency for
endorsement. In lieu of agent endorsement, Lessee's agency may submit insurance certificates demonstrating compliance with all
requirements. If fully executed form (or Lessee - executed fort plus certificates) is not provided within 15 days, we have the right to
purchase such insurance at your expense. Should you have any questions, please contact Myra Aksamit at (303) 585 -4054.
By signing, Lessee authorizes the Agent named below: 1) to complete and return this form as indicated; and 2) to endorse the
policy and subsequent r enewals to reflect the required coverage as outlined above.
Agency /Agent: CA IC 0.
Address: 4 C1,err., se &4c 11�or4►� �r•,.re
rCo?�'ot
Phone /Fax: o /
E -Mail
TO THE AGENT: In lieu of providing a cert/flcate, please execute this form in the space below and promptly fax it to
Lessor at 303 - 585 -4732. This fully endorsed form shall serve as proof that Lessees Insurance meets the above
requirements.
Agent hereby verifies that the above requirements have been met in regard to the Property listed below.
Print Name Of Agency: X
By: X
(Agent's Signature)
Print Name: X p
insurable Value: $217,004.00
ATTACHED: PROPERTY DESCRIPTION FOR PROPERTY SCHEDULE NO.: 02
Notification of Tax Treatment to Tax - Exempt Lease /Purchase Agreement
This Notification of Tax Treatment is pursuant to a Master Tax - Exempt Lease /Purchase Agreement dated as of August 26, 2012 and
the related Property Schedule No. 2 dated March 15, 2012, between Lessor and Lessee {the "Agreement'}.
Lessee agrees that this Property Schedule SHOULD be subject to sales/use taxes
_ Lessee agrees that this Property Schedule should NOT be subject to sales/use taxes and Lessee has included our tax_
exemption certificate with this document package
Lessee agrees that this Property Schedule should NOT be subject to sales/use taxes and no tax -exemption certificate is
issued to us by the State
Lessee agrees that this Property Schedule is a taxable transaction and subject to any /all taxes
Lessee agrees that this Property Schedule is subject to salestuse taxes and will pay those taxes directly to the State or
Vendor
IN WITNESS WHEREOF, Lessee has caused this Notification of Tax Treatment to be executed by their duly authorized representative.
Date:
Lessee: Town of Avon
s
B:
Name: o
Title: 0
DR 0160 (t12/O&"
COLORADO DEPARTMENT OF REVENUE
DENVERCOSM61 -0013 CERTIFICATE OF EXEMPTION FOR COLORADO STATE SALES /USE TAX ONLY
THIS LICENSE IS
NOT TRANSFERABLE
USE ACCOUNT NUMBER LIABILITY INFORMATION ISSUE DATE
for ail references
98- 03947 -0000 44 003 N 090181 OCT 28 2008
UNE LAKE STREET
CITY OF AVON
AVON CITY OF
PO BOX 975
AVON CO 81620 -0975
NEW AUTOMATED SERVICES FOR AND ABOUT BUSINESSES
74 ate.
Exe=lve Director
Department of Revenue
The Colorado Department of Revenue Sales Tax Information System provides the following automated services:
' Colorado Sales Tax Rates - find specific city, county and special district rates.
' Verification of Sales Tax License Exemption Numbers - determine whether a Colorado sales tax license or exemption
certificate is valid.
' Tax Rates by Account Number - find sales tax rates and locations for specific sales tax accounts.
These services make it possible for taxpayers to help themselves to information 24 hours a day - without requiring the
assistance of a customer service representative. in this way, more complicated or confidential tax information inquiries can be
reserved for speaking to a live agent.
AVON CO
Listen and look for these services on the department's business tax information phone line at 303 -238 -FAST (3278) for specific
account Information, 303 - 238 -SERV (7378) for general information or the DOR Web site at www.taxcolorado.com
Web users can try the new system online at www.taxview.state.co.us We are interested in your comments about the system.
You can send us an e-mail with your comments through our Department of Revenue Web site.
Form 8038 -G
(Rev. September 2011)
Department of the Treasury
Internal Revenue Service
• Reporting
Information Return for Tax - Exempt Governmental Obligations
► under Internal Revenue Code section 149(e) OMB No. 1545 -0720
► See separate instructions.
Caution: If the issue price is under $100, 000, use Form 8038 -GC.
If Amended Return. check hPra ►
1 Issuer's name
2 Issuer's employer identification number (EIN)
Town of Avon, Colorado
84. 0771088
38 Name of person (other than issuer) with whom the IRS may communicate about this return (see instructions)
3b Telephone number of other person shown on 3a
4 Number and street (or P.O. box if mail is not delivered to street address)
Room/suite
5 Report number (For IRS Use Only)
PO Box 975
217,004
1 1
S City, town, or post office, state, and ZIP code
7 Date of issue
Avon, CO 81620
03/15/2012
8 Name of issue
9 CUSIP number
Master Tax - Exempt Lease /Purchase, Schedule No. 2
None
Ida Name and title of officer or other employee of the issuer whom the IRS may call for more information (see
10b Telephone number of officer or other
instructions)
employee shown on 10a
Scott Wright, Finance director
(970) 748 -4055
LiMILM i ype or issue tenter the issue price. See the Instructions and attach schedule.
11 Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Health and hospital . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Public safety . . . . . . . . . . . . . . . . . . . . . . .
15 Environment (including sewage bonds) . . . . . . . . . . . . . . . . . . . .
16 Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 Other. Describe ► Municipal Capital Lease - Purchase
19 If obligations are TANS or RANs, check only box 19a . . . . . . . . . . . . . ► ❑
If obligations are BANS, check only box 19b . . . . . . . . . . . . . . . . ► ❑
20 If obligations are in the form of a lease or installment sale, check box . . . . . . . . ► Z
Ll uescription or uougazions. complete Tor the entire issue Tor wnlcn tnls Corm Is belt
date i (c) Stated redemption (d) Weighted
(a) Final Maturity I (b) issue price price at maturity average maturity
21 03/15/2019 $ 217,004.00 $ NA 3.87 ve
217,0041 00
(e) Yield
2.17 0/
Uses of Proceeds of Bond Issue (including underwriters' discount)
22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . .
22
23 Issue price of entire issue (enter amount from line 21, column (b)) . . . . .
23
217,004
00
24 Proceeds used for bond issuance costs (including underwriters' discount) . 24
25 Proceeds used for credit enhancement . . . . . . . . . . . . 25
26 Proceeds allocated to reasonably required reserve or replacement fund . 26
27 Proceeds used to currently refund prior issues . . . . . . . . . 27
28 Proceeds used to advance refund prior issues . . . . . . . . . 28
29 Total (add lines 24 through 28) . . . . . . . . . . . . . . . . . . . . . . .
29
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here)
30
1 217,0041
00
KOM Description of Refunded Bonds. Complete this part only for refundin bonds.
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . . ► years
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . . ► years
33 Enter the last date on which the refunded bonds will be called (MM /DD/YYYY) . . . . . . ►
34 Enter the dat s the refunded bonds were issued ► (MM /DD/YYYY)
For Paperwork Reduction Act Notice, see separate instructions, Cat. No. 63773S Form 8038 -G {Rev. 9 -2011)
fi
Form 8038 -G (Rev. 9-2011)
Page 2
35
Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . . 35
36a
Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . 36
b
Enter the final maturity date of the GIC Do-
c
Enter the name of the GIC provider 10-
37
Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans
to other governmental units . . . . . . . . . . . . . . . . . . . . . . . . 37
38a
If this issue is a loan made from the proceeds of another tax- exempt issue, check box ► ❑ and enter the following information:
b
Enter the date of the master pool obligation ►
c
Enter the EIN of the issuer of the master pool obligation ►
d
Enter the name of the issuer of the master pool obligation ►
39
If the issuer has designated the issue under section 265(b)(3)(B)(i)(111) (small issuer exception), check box . . . . ►
❑✓
40
if the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . . . . . ►
❑
41a
If the issuer has identified a hedge, check here ► ❑ and enter the following information:
b
Name of hedge provider lm-
c
Type of hedge ►
d
Term of hedge ►
42
If the issuer has superintegrated the hedge, check box . . . . . . . . . . . . . . . . . . . . . ►
❑
43
If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations (see instructions), check box . . . . . . . . ►
❑
44
If the issuer has established written procedures to monitor the requirements of section 148, check box . . . . . ►
45a
If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount
of reimbursement . . . . . . . . . ►
b
Enter the date the official intent was adopted ►
Signature
and
Consent
Paid
Preparer
Use Only
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
and belief, they are true, correct, and complete. I further declare that I consent to the IRS's disclosure of the issuer's return information, as necessary to
process this return, to the person that I have authorized above.
Signature of issuer's authorized representative
it/Type preparer's name I Prep
Firm's name ►
Firm's address ►
'
Scott Wright, Finance Director
Date Type or print name and title
Date Check ❑ 'rf PTIN
self - employed
Firm's EIN ►
Form tfU;Sd -U (Rev. 9 -2011)
VEHICLE TITLING ADDENDUM
Master Tax - Exempt Lease/Purchase Agreement dated August 26, 2011; Property Schedule No. 02 dated March 15,
2012, between Town of Avon as Lessee and U.S. Bancorp Government Leasing and Finance, Inc. as Lessor.
I. Lessor and Lessee hereby agree to amend the above referenced Agreement to add additional terms and conditions as
set forth below:
Lessee agrees that it will provide to Lessor the original title documentation to the
Equipment. Lessee shall provide such title documentation to Lessor within 15 days of
Lessee's receipt of such title documentation from the appropriate titling authority.
Lessee's failure to provide Lessor with title documentation to the Equipment in a timely
fashion shall be deemed a condition of Default as defined in the default paragraph herein
subject to remedies available to Lessor pursuant to the remedies paragraph. You further
agree to pay a month to month unobtained titling fee if we have not received the correct
transferred title in our office.
2. Location: Lessor agrees that in regard to the location of the equipment, Lessee must be responsible for maintaining
records showing the location of each piece of Leased equipment. Lessee will report this location to Lessor upon written
request by Lessor. Failure to do so shall constitute a breach of the Agreement, which default shall be governed by the
terms and conditions specked in the default and /or remedies paragraph of the Agreement.
3. Lessee will complete the physical titling of the vehicle as required by the state of Lessee's residence and guarantee
U.S. Bancorp Government Leasing and Finance, Inc. that U.S. Bancorp Government Leasing and Finance, Inc. will
receive the original title to the leased vehicle in a timely manner. Lessee agrees to indemnify U.S. Bancorp Government
Leasing and Finance, Inc. from any damage or loss it incurs, including legal fees, due to its failure to complete its
agreement herein.
THE APPLICATION FOR TITLE MUST INCLUDE THE FOLLOWING AS 1 ST LIEN HOLDER:
U.S. BANCORP GOVERNMENT LEASING AND FINANCE, INC.
13010 SW 68P Parkway, Suite 100
Portland, OR 97223
By signing this Addendum, Lessee acknowledges the above changes to the Agreement and authorizes Lessor to make
such changes. In all other respects the terms and conditions of the Agreement remain in full force and effect.
Lessor: U.S. Bancorp Government Leasing
and Finance Inc.
B:
Name:
Tile:
Date:
Lessee: Town of Avon
B:
Name:
Title: p
Date:
[ Payment of Proceeds Instruction
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 (the "Property Schedule ") to Master Tax- Exempt Lease /Purchase Agreement
between U.S. Bancorp Government Leasing and Finance, Inc. ( "Lessor") and Town of Avon ( "Lessee ").
Ladies and Gentlemen:
The undersigned, an Authorized Representative of the Lessee hereby requests and authorizes Lessor to disburse the net
proceeds of the Property Schedule as follows:
Name of Payee:
By check By wire transfer
If by check, Payee's address:
If by wire transfer, instructions as follows:
Pay to Bank Name:
Bank Address:
Bank Phone #:
For Account of:
Account No.:
ABA No.:
Lessee: Town of Avon
Name: P j CA - 1 Y Ir v
Title: M Q
u6iffN
cceptance Certificat
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 to Master Tax - Exempt Lease/Purchase Agreement between U.S. Bancorp
Government Leasing and Finance, Inc. and Town of Avon
Ladies and Gentlemen:
In accordance with the above - referenced Master Tax - Exempt Lease/Purchase Agreement (the "Master Agreement'), the
undersigned ( "Lessee ") hereby certifies and represents to, and agrees with, U.S. Bancorp Government Leasing and
Finance, Inc. ( "Lessor'), as follows:
(1) The Property, as such terms are defined in the above - referenced Property Schedule, has been acquired,
made, delivered, installed and accepted on the date indicated below.
(2) Lessee has conducted such inspection and/or testing of the Property as it deems necessary and
appropriate and hereby acknowledges that it accepts the Property for all purposes.
(3) No event or condition that constitutes, or with notice or lapse of time, or both, would constitute, an Event of
Default or a Non appropriation Event (as such terms are defined in the Master Agreement) exists at the date
hereof.
Acceptance Date:
/ 7
Lessee: Town of Avon
B
Name: fu cl a f ,r () I
Title: 1 40. Q
7333 HWY 88 €?O BOX 1885
COMMERCE CITY, CO 00037 -1865 PH 303 - 287 -7401 FAX 303 - 287 -7404
DATE: J
January 26, 2012
SOLD TO: T
Town of Avon
500 Swift Gulch Road
Avon, CO 81620
CUSTOMER A
P.O. #
DELIVER TO. A
Avon, CO 81820
VIA-
Avon, CO 81620
Date.
Net 30 Days
Demo 2011 Johnston Model VTOW Dual Gutter Broom Sweeper with all standard equipment mounted on a 2011
CMG Cab -Over Chassis ISO 6.7 200HP Engine with EPA 201 D emissions and A/C
Less Demo Credit $M,710.06
($8
Options
6' Catch Basin Extension
Donded Inlet Duct & Seat $335.00
Extra Try Rear $M00.00
Rear Worts Lights 81,300.00
$760.00
Less Trade In 19% J0hnstan YT-6DS Sweeper
$10,00000)
TAXES OF APPLICABLE) Non Taxable Governmental
'* WARRANTY TERMS: Standard Factory
Purchaser: Authorized Sig naurre .�
Title: r: Date ..
vm.bt
FED TAX ID0 ,r,
zo
Tgpa of business EFieaso c r6e or3ek Sole pry PnetaE56+iQ ��porat,or+. Parinerst+lp, tP, E LC
t3nyn agars to p*W arty and all Sates, U_ and pederar F -IcLvc w', etc. -h= appti.,btc,
Macdonald Egnipmrut Company makes no warranty expressed or implied of merchantabtitity or
fitness, beyond the descriptwnon the famhermo£
•'• All Orden SUbjcttoMadonaldEquipmant Comp Office Approvaiand .Amcp tan M
AD Payment Mug Be in, Us Fuacts.
All deposits —man refvndahte unless noted above is terms
... Approved By: - .._ Date
Take:
Salesman:
loft
TAXES OF APPLICABLE) Non Taxable Governmental
'* WARRANTY TERMS: Standard Factory
Purchaser: Authorized Sig naurre .�
Title: r: Date ..
vm.bt
FED TAX ID0 ,r,
zo
Tgpa of business EFieaso c r6e or3ek Sole pry PnetaE56+iQ ��porat,or+. Parinerst+lp, tP, E LC
t3nyn agars to p*W arty and all Sates, U_ and pederar F -IcLvc w', etc. -h= appti.,btc,
Macdonald Egnipmrut Company makes no warranty expressed or implied of merchantabtitity or
fitness, beyond the descriptwnon the famhermo£
•'• All Orden SUbjcttoMadonaldEquipmant Comp Office Approvaiand .Amcp tan M
AD Payment Mug Be in, Us Fuacts.
All deposits —man refvndahte unless noted above is terms
... Approved By: - .._ Date
Take:
Salesman:
loft
Lanauaae for UCC Financing Statements
Schedule 1
SECURED PARTY: U.S. Bancorp Government Leasing and Finance, Inc
DEBTOR: Town of Avon
This financing statement covers all of Debtor's right, title and interest, whether now owned or hereafter acquired, in and to
the equipment leased to Debtor under Property Schedule No. 02 dated March 15, 2012 to that certain Master Tax - Exempt
Lease Purchase Agreement dated as of August 26, 2011, in each case between Debtor, as Lessee, and Secured Party,
as Lessor, together with all accessions, substitutions and replacements thereto and therefore, and proceeds (cash and
non - cash), including, without limitation, insurance proceeds, thereof, including without limiting, all equipment described on
Exhib A attached hereto and made a part hereof.
Debtor has no right to dispose of the equipment
C1 bancorp
Government Leasing and finance, Inc.
January 31, 2012
Town of Avon
Attn: Scott Wright
At your request, U.S. Bancorp Government Leasing and Finance, Inc. ( "USBGLF ") has prepared for your consideration the following
proposal for financing ( "Proposal "). This is only a proposal and does not represent a commitment by U.S. Bancorp Government
Leasing and Finance, Inc.
Customer:
Town of Avon, CO
Lessor:
U.S. Bancorp Government Leasing and Finance, Inc.
PROPERTY:
Johnston Model VT650 Sweeper
EXPIRATION:
March 15, 2012
LEASE QUOTE:
Amount
Rate
Payments
Factor
Pmts / Year
Term
Adv. / Arr.
217,004.00
2.19%
16,803.27
0.0774330
2
84 Months
Arrears
217,004.00
2.12%
19,353.10
0.0891831
2
72 Months
Arrears
217,004.00
1.99%
22,905.59
0.1055538
2
60 Months
Arrears
Notes: There are no fees associated with this offer including the establishment and use of a U.S. Bank N.A. escrow account
should one be required.
The Lease will be structured as a tax- exempt municipal lease, with title in the Lessee's name and USBGLF holding a security interest
in the equipment during the term. The lease is "triple -net" with the Lessee responsible for taxes, maintenance and insurance.
Documentation will be provided by USBGLF, including (i) standard representations, warranties and covenants by the Lessee
pertaining to the accuracy of information, organization, authority, essential use, compliance with laws, pending legal action, location
and use of collateral, insurance, financial reporting and financial covenants; and (ii) standard USBGLF provisions pertaining to events
of default and remedies available upon default. This offer is subject to the execution of all documentation by the Lessee within a
reasonable time and in form and substance acceptable to Lessee, USBGLF and USBGLF's counsel, including terms and conditions
not outlined in this Proposal.
This Proposal is conditioned on there being no material adverse change in the financial condition of the Lessee. Additionally, the
terms and conditions outlined herein are subject to final review and approval (including collateral and essential use review) by
USBGLF's business, legal, credit, and equipment risk management personnel.
TSincerely, / "
Thomas E. Seybold
Vice President
ACCEPTANCE:
By accepting this Proposal, Lessee acknowledges that this Proposal does not represent a commitment to provide financing but only outlines general
terms and conditions of the USBGLF's financing program currently available to qualified lessees.
PTED BY:
Name / Title [
dated: l' I t_ -r—
(Mbancorp
Government Leasing and Finance, Inc.
Application for Equipment Lease
vb+-� 010 U 0 k _ %3
Legal Name of Lessee (Applicant) IF Tax ID # Web address (if, applicable)
$at 91, 15 AYo%,- Q-10 Btcz
Person(s) to Contact for Clarification Regarding Project
Title
Name Title Phone
5 W C, IgVN�— @ec*koVN .00�% _ C°r�o� `� ,` (oz'Z
Email
Obligations / Economics
Bank Qualified 74 Non -Bank Qualified
Are the Applicant's obligations bank qualified (i.e., expected to issue less than $10 Million in tax - exempt financing this calendar year)?
Mood 's Investors Service: 4 Standard & Poor's: A Fitch: A
Please list the Applicant's current underlying bond rating from the rating agencies listed above (if applicable)
b (
Discuss the Applicant's economic trends (stable, positive, negative) and reasons for any variation
Yes I1 No v li
Has the Appliaanf ever defaulted or non - appropriated on an obligation?
Please explain
Demographic Information
Please provide the following demographic information (please attach any applicable demographic statistics)
Aplorox square mile .7s Population w4 Increasing or Decreasin Po ulation� I ° t `
Cities, Towns and Counties
If Decreasing,
Please explain
Educational Applicants Only
Enrollment Increasing or Decreasing Enrollment?
Please also answer the above question regarding the resident city
If Decreasing,
Please explain
Elementary: Middle: _ High School: Other:
How many schools make up the district (please list the number and type of each school)?
THIS DOCUMENT IS NOT A COMMITMENT OR AN OFFER TO PROVIDE FINANCING
us . .
EQUIPMENT FINANCE
Government Leasing and Finance
Essential Use Form
SG
any applicable equipment lists or
Est Equipment Delivery Date
Is th6 Equipment replacing existing equipment?
If Yes %7 \ C. hoc O
Please state how long yo have currently usrd the Equipment and the reason you are replacing the Equipment
What will the Applicant do with the old equipment that is being replaced?
If No.
Please state the reason additional equipment is needed
What will the Applicant do with the old equipment that is being replaced?
Please describe in detail the following (please be specific)
Lease Payments
From which Special fund will the lease payments be made?
Will any tedeFal gTant or loan monies be used'? It so, please describe - Yes No
Has a rst payment been appropriated?
Terms and Conditlons
Total Cost of Equi ent Advance payment Amount tcF Finance
Term (in years) r' Frequency (choose one): / "
Ad vance 0 Arrea t` 6%-% k `Z,G 1-r—
Remittance (choose one . Equipment Delivery Da
i � Cj ` fir► : k Loy -.� tr✓1 I { tp ,.,
Insurance Company Name or indicate Self Insured Amount of Liability Insurance Amount of Property Damage Insurance
The undersigned hereby certifies that all the information in the above Application for Equipment Lease and Essential Use Form is true, complete and correct.
=ebt~u
Date
THIS DOCUMENT IS NOT A COMMITMENT OR AN OFFER TO PROVIDE FINANCING
ust me specifc cepanment mar writ De me primary user or me tquipmenr
91 till
1" Commerce Bank
8000 Forsyth Boulevard
St. Louis, Missouri 63105 -1797
(314) 746 -3678
01/31/12
Town of Avon, CO
Mr. Scott C. Wright CPA, CHO
Finance Director
500 Swift Gulch Road.
Avon, CO 81620
Dear Mr. Wright:
On behalf of Commerce Bank, we would like to offer the following lease- purchase proposal for your consideration:
Type of Financing: A tax- exempt, State and Municipal LeaseV Purchase Agreement (the "Lease ").
Lessor: Commerce Bank
Lessee: Town of Avon, CO
Equipment: One (1) New /Demo 2011 Johnston Model VT 650 Dual Gutter Broom Sweeper
Total Finance Amount: $217,004.00
Commencement Date: 03/01/12 or before.
Base Term: 84 months
Interest Rate: 2.58%
Payment Amount: $34,281.28 (7 Payments)
Payment Frequency: Annual - First Payment one year from closing- Arrears
Interest Rate Adjustment: The above quoted interest rate is based on a spread over the 7 year Interest Rate
Swap as quoted in the Federal Reserve Statistical Release H.15 (the "Index "). For
Purposes of this proposal, the Seven (7) year interest rate swap as of 01/30/12 is
1.50 %.
Lessor reserves the right, but has no obligation, to adjust the Interest Rate after
03/01/12 based on changes in the Index between the Quote Date and the
Commencement Date. The adjustment, if made, would preserve Lessor's original
lease investment assumption on a nominal pre -tax yield basis.
Early purchase Option: In the event Lessee desires to prepay the Lease, a premium shall be added to the
outstanding principal balance in accordance with the following: 3% in yearone, 2%
in year 2, 1% in year 3 0% thereafter.
Titles/Liens: Lessor shall have a perfected security interest in the Equipment.
Non - appropriation: The Lease shall provide for Lessee to terminate the agreement at the end of any
fiscal period if insufficient funds are available to make the scheduled Rental
Payments due in the following fiscal period.
Documentation: Shall be provided by Lessor. Funding of the Lease is contingent, in part; upon
receipt and review by Lessor of executed Lease documentation in form
acceptable to Lessor.
Net Lease: The lease shall be a net lease in all respects, and Lessee shall be responsible for all
fees, charges, assessments or other costs and expenses of every nature whatsoever
arising from the lease of the Equipment.
This proposal is subject to credit approval, mutually acceptable lease documentation, and there having been no material
adverse change in Lessee's financial condition, as determined by Lessor, in its sole and absolute discretion. This
proposal is not intended to, and does not create, in any way, a legally binding or any other type of commitment or
obligation on the part of Commerce Bank, or any of its/their subsidiaries, and/or any of its/their employees. Information
regarding this proposal, including the financial statements of Lessee or any guarantor necessary to complete the credit
process, may be provided to third party funding sources in either written or electronic format.
Thank you for the opportunity to offer this proposal. We appreciate your consideration and look forward to your
favorable response. Should you have any questions, please do not hesitate to contact us.
Respectfully submitted,
Frank D. Hill
Director, Tax Exempt - Leasing
Phone: 785 -587 -1541
frank. hill comme rcebank.com
To accept this proposal, please sign below and fax a copy to 785 - 587 -1586. This proposal expires, if not sooner
accepted, at 5:30 p.m. February 17, 2012.
ACCEPTED: Town of Avon, CO
BY:
TITLE:
DATE:
......._........... .
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Legal: Eric Heil, Town Attorney
From: Scott Wright, Finance Director
Date: February 23, 2012
Initials
P_R!M;____
Re: Ordinance No. 12 -04 Master Tax- Exempt Lease/Purchase Agreement
Summary
This ordinance adopts Property Schedule No. 02 pursuant to the Master Tax- Exempt
Lease/Purchase Agreement with U.S. Bancorp Equipment Finance, Inc. that was adopted last
year.
Property Schedule No. 02 is for the financing of the purchase of a replacement street sweeper.
The street sweeper is a demo 2011 Johnston. The Town is receiving an $8,000 credit for the
demo and a $10,000 trade -in allowance on its 1999 Johnston sweeper. This item and the lease
financing were previously approved in the 2012 budget in the amount of $260,000. A copy of
the sales order is attached.
Financial Implications:
Capital lease purchases are a capital financing tool that lessen the burden of an initial purchase
of capital equipment and spreads the cost out over the estimated useful life of the asset.
The amount of the lease is $217,004.00 to be amortized over a term of seven (7) years with
semi - annual payments at an interest rate of 2.19 %.
Requests for quotes were sent to five different financing entities. The Town received two
quotes back that met our terms for the financing. US Bancorp's interest rate for the seven year
term was the lowest received.
Page 1
Recommendation:
Staff recommends that the Town Council approve the ordinance discussed above as presented.
Town Mananer Comments:
Attachments:
A— Eric Heil memorandum
B — Ordinance No. 12 -04
C — Property Schedule No. 02 and Exhibits
D — Sales Order
® Page 2
MEMORANDUM
& P� 9►NNI f G, LLC
TO: Honorable Mayor Carroll and Town Council Members
FROM: Eric J. Heil, Town Attorney
THROUGH: Larry Brooks, Town Manager; Scott Wright, Finance Director
RE: Review of Lease Purchase Agreement for Street Sweeper
DATE: February 23, 2012
Summary: This memorandum provides a legal summary for Council concerning the lease purchase
financing agreement for the Johnston Model VT650 Street Sweeper ( "Sweeper'). I have reviewed
the various documents and certificates required to close on the lease- purchase financing and the
Master Tax - Exempt Lease /Purchase Agreement ( "Master Agreement ") dated August 26, 2011
with US Bancorp Government Leasing and Finance, Inc. ( "Bank "). Overall, the proposed lease
purchase agreement is in a form which is legally acceptable. Attached is a draft form of my
opinion letter as legal counsel for the Town of Avon.
Lease Purchase Agreement Terms: The Town entered into the Master Agreement in 2011 to
finance the purchase of plow truck and transit bus. The terms of the Master Agreement allowed
for additional lease purchase financing through the additional "Property Schedules." The
financing for the Sweeper will occur through the approval of Property Schedule No. 2. Through
this method, the terms of the Master Agreement apply to the proposed additional lease purchase
financing.
Section 6.06 Nonaonropriations of the Master Agreement sets forth the language which complies
with the restriction of TABOR by acknowledging that the Town may elect to not appropriate funds
for the lease purchase payment (i.e. "Nonappropriation Event "), in which case the equipment must
be returned to the Lessor (Bank). The Town, as Lessee would grant a security interest to Bank as a
first lien (Master Agreement, Sec. 7.03). The Town would have the option to purchase the
equipment for $1 after completing all lease payments (Master Agreement, Sec. 11.01). The Town
must provide insurance for the Sweeper (Master Agreement, Sec. 8.03 and INSURANCE
AUTHORIZATION AND VERIFICATION form). The Town agrees to indemnify the Bank for any
liability or claims arising from the financing or use of the Sweeper (Master Agreement, Sec. 12.04)
which indemnification by the Town doesnot include losses from Lessor's willful or negligent
conduct or arising out of preparation of a disclosure materials. Town has the right to pay the
Prepayment Balance of the lease- purchase agreement at any time (Para. 8 of Property Schedule
No. 02, Master Agreement Sec. 11.02 Option to Prepay).
Conclusion: The Avon Town Council may lawfully enter into the lease- purchase financing set forth
in Property Schedule No. 2 of the Master Agreement.
Thank you, Eric
Heil Law & Planning, LLC Office: 303.975.6120
2696 South Colorado Blvd., Suite 550 Fax: 720.836.3337
Denver, CO 80222 E -Mail: ericheillaw @gmaii.com
TOWN OF AVON, COLORADO
ORDINANCE NO. 12 -04
SERIES OF 2012
AN ORDINANCE OF THE TOWN COUNCIL OF TOWN OF AVON,
AUTHORIZING THE EXECUTION AND DELIVERY OF PROPERTY
SCHEDULE NO. 02 PURSUANT TO THAT CERTAIN MASTER
LEASE/PURCHASE AGREEMENT DATED AUGUST 26, 2011
BETWEEN THE TOWN OF AVON AND U.S. BANCORP GOVERNMENT
LEASING AND FINANCE, INC., WITH RESPECT TO THE
ACQUISITION, PURCHASE, FINANCING AND LEASING OF CERTAIN
EQUIPMENT FOR THE PUBLIC BENEFIT; AUTHORIZING THE
EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN
CONNECTION THEREWITH; AND AUTHORIZING THE TAKING OF
ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF
THE 'TRANSACTIONS CONTEMPLATED BY THIS ORDINANCE
Whereas, Town of Avon ( "Lessee "), a body politic and corporate duly organized and
existing as a home rule authority municipal corporation and body politic organized under the
laws of the State of Colorado, is authorized by the laws of the State of Colorado and by Section
14.9(a) of the Avon Home Rule Charter to purchase, acquire and lease personal property for the
benefit of the Lessee and its inhabitants and to enter into leasehold agreements with respect
thereto; and
Whereas, the Lessee desires to purchase, acquire and lease a Johnston Model VT650 Dual C
Gutter Broom Sweeper ( "Equipment ") constituting personal property necessary for the Lessee
to perform essential governmental functions; and
Whereas, the Avon Town Council finds that the Property Schedule No. 2 to the Master
Agreement allows the Town to acquire the Equipment within a period not exceeding the useful
life of the Equipment; and
Whereas, in order to acquire such equipment, the Lessee has previously entered into a
Master Tax - Exempt Lease/Purchase Agreement dated August 26, 2011 ( "Master Agreement ")
with U.S BANCORP GOVERNMENT LEASING AND FINANCE, INC. ( "Lessor "); and
Whereas, the Avon Town Council, as the governing body of the Lessee, deems it for the
benefit of the Lessee and for the efficient and effective administration thereof to enter into
Property Schedule No. 02 as provided in the Master Agreement for the purchase, acquisition and
leasing of the Equipment therein described on the terms and conditions therein provided.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Approval of Documents The form, terms and provisions of Property Schedule
No. 02 and the Master Agreement as provided are hereby approved in substantially the form
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
February 23, 2012
Page 1 of 4
presented at this meeting, with such insertions, omissions and changes as shall be approved by
the Mayor of the Town of Avon or other members of the governing body of the Town of Avon
executing the same, the execution of such documents being conclusive evidence of such
approval; and the Mayor of the Town of Avon is hereby authorized and directed to execute, and
the Town Clerk of the Town of Avon is hereby authorized and directed to attest and countersign
Property Schedule No. 2 and any related Exhibits attached thereto and to deliver Property
Schedule No. 2 (including Exhibits) to the respective parties thereto, and the Town Clerk of the
Town of Avon is hereby authorized to affix the seal of the Town of Avon, as Lessee, to such
documents. Capitalized terms in this Ordinance shall have the same meaning as defined in the
Master Agreement unless such terms are otherwise defined in this Ordinance.
Section 2. Other Actions Authorized The officers and employees of the Lessee shall take
all action necessary or reasonably required by the parties to carry out, give effect to and
consummate the transactions contemplated thereby including execution and delivery of the
following document and to take all action necessary in conformity therewith, including, without
limitation, the execution and delivery of any closing and other documents required to be
delivered in connection with Property Schedule No. 2, including the following documents:
(1) Property Schedule No. 02
(2) Property Description and Payment Schedule — Exhibit 1
(3) Lessee's Certificate — Exhibit 3
(4) Payment of Proceeds Instructions — Exhibit 4
(5) Acceptance Certificate — Exhibit 5
(6) Bank Qualification and Arbitrage Rebate — Exhibit 6
(7) Insurance Authorization and Verification
(8) Notification of Tax Treatment
(9) Form 8038 -G
(10) Vehicle Titling Addendum
Section 3. No General Liability Nothing contained in this Ordinance, Property Schedule
No. 2, nor any other instrument shall be construed with respect to the Lessee as incurring a
pecuniary liability or charge upon the general credit of the Lessee or against its taxing power, nor
shall the breach of any agreement contained in this Ordinance, Property Schedule No. 2, or any
other instrument or document executed in connection therewith impose any pecuniary liability
upon the Lessee or any charge upon its general credit or against its taxing power, except to the
extent that the Lease Payments payable under each Property Schedule of the Master Agreement
are special limited obligations of the Lessee as provided in such Property Schedule.
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
February 23, 2012
Page 2 of 4
Section 4. Appointment of Authorized Lessee Representatives The Town Manager and
Finance Director of the Lessee are each hereby designated to act as authorized representatives of
the Lessee for purposes of the Property Schedule No. 2 until such time as the Town Council of
the Town of Avon, as Lessee, shall designate any other or different authorized representative.
Section 5 Severability If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 6 Effective Date This Ordinance shall take effect thirty days after final adoption in
accordance with Section 6.4 of the Avon Home Rule Charter.
Section 7 Safety Clause The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare.
Section 8 Publication by Posting The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
[SIGNATURE PAGE FOLL®WS]
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Pankcorp
February 23, 2012
Page 3 of 4
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for 5:30 on
March 13, 2012 at the Council Chambers of the Avon Municipal Building, located at One Lake
Street, Avon, Colorado, on February 28, 2012.
Rich Carroll, Mayor
Published by posting in at least three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
ATTEST:
APPROVED AS TO FORM:
Patty McKenny, Town Clerk Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on March 13, 2012.
Rich Carroll, Mayor
Published by posting by title in at least three public places in Town and posting by title at the
office of the Town Clerk.
ATTEST:
Patty McKenny, Town Clerk
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
February 23, 2012
Page 4 of 4
NOTICE OF SALE OF MENTAL PAYMENTSANDASSIGNMENT OF LEASE
U.S. Bancorp Equipment Finance, Inc. and Town of Avon ( "Lessee ") have entered into a Master Tax - Exempt
Lease /Purchase Agreement ( "Agreement ") dated August 26, 2011 and Property Schedule No. 01 dated August 26 2011
under which Lessee has, or will have prior to its execution hereof, leased Property (the "Property ") described in Exhibit A to
the Agreement.
Lessee is hereby notified that U.S. Bancorp Equipment Finance, Inc. has assigned its interest in the
Agreement, in the leased Property, and in the Lease Payments and all other amounts provided for under the
Agreement.
Lessee is hereby directed to pay any and all rental payments and other amounts due with respect to which
U.S. Bancorp Equipment Finance, Inc.'s Assignee ( "Assignee ") renders an invoice, at the address set out
immediately below or as otherwise directed in said invoice:
"ASSIGNEE
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68 Parkway — Suite 100
Portland, OR 97223
Lessee agrees that it will pay all amounts due under the Agreement as directed in the invoice without any set-
off or deduction whatsoever notwithstanding any defect in, damage to, or requisition of any property leased
under the Agreement, any other similar or dissimilar event, any defense, set -off, counterclaim or recoupment
arising out of any claim against U.S. Bancorp Equipment Finance, Inc. or Assignee.
Lessee further agrees that Assignee has not assumed any duties under the Agreement or made any
warranties whatsoever as to the Agreement. or the Property. Lessee agrees that no:change may be made to
the Agreement without the prior written consent of the Assignee.
In signing this, Lessee warrants that its representations and warranties under the Agreement are true and
correct.on the date hereof.
Seller U.S. Bancorp Equipment Finance, Inc.
B y ti. 1
Printed Name. 7 1
Title:
ICE FA65 e oow
Bate. j j .,
J Pro p erty Schedule N ®o 02
Master Tax - Exempt Lease /Purchase Agreement
This Property Schedule No. 02 is entered into as of the Commencement Date set forth below, pursuant to that certain Master Tax -
Exempt Lease /Purchase Agreement (the "Master Agreement "), dated as of August 26, 2011, between U.S. Bancorp Government
Leasing and Finance, Inc., and Town of Avon.
1. Interpretation The terms and conditions of the Master Agreement are incorporated herein by reference as if fully set forth herein.
Reference is made to the Master Agreement for all representations, covenants and warranties made by Lessee in the execution of this
Property Schedule, unless specifically set forth herein. In the event of a conflict between the provisions of the Master Agreement and
the provisions of this Property Schedule, the provisions of this Property Schedule shall control. All capitalized terms not otherwise
defined herein shall have the meanings provided in the Master Agreement.
2. Commencement Date The Commencement Date for this Property Schedule is March 15, 2012.
3. Property Description and Payment Schedule. The Property subject to this Property Schedule is described in Exhibit 1 hereto. Lessee
shall not remove such property from the locations set forth therein without giving prior written notice to Lessor. The Lease Payment
Schedule for this Property Schedule is set forth in Exhibit 1.
4. Opinion. The Opinion of Lessee's Counsel is attached as Exhibit 2.
5. Lessee's Certificate The Lessee's Certificate is attached as Exhibit 3.
6. Proceeds Lessor shall disburse the proceeds of this Property Schedule in accordance with the instructions attached hereto as Exhibit
4.
7. Acceptance Certificate The form of Acceptance Certificate is attached as Exhibit 5.
8. Additional Purchase Option Provisions In addition to the Purchase Option provisions set forth in the Master Agreement, Lease
Payments payable under this Property Schedule shall be subject to prepayment in whole at any time by payment of the applicable
Termination Amount set forth in Exhibit 1 (Payment Schedule) and payment of all accrued and unpaid interest through the date of
prepayment.
9. Bank Qualification and Arbitrage Rebate Attached as Exhibit 6.
10. Expiration. Lessor, at its sole determination, may choose not to accept this Property Schedule if the fully executed, original Master
Agreement (including this Property Schedule and all ancillary documents) is not received by Lessor at its place of business by March
15, 2012.
IN WITNESS WHEREOF, Lessor and Lessee have caused this Property Schedule to be executed in their names by their duly authorized
representatives as of the Commencement Date above.
Lessor: U.S. Bancorp Government Leasing and
Finance, Inc.
Name:
Title:
Lessee: Town of Avon
lR 1ir
Title:
Attest:
By
Name:
Title:
EXHIBIT
Property Description and Payment Schedule
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon.
THE PROPERTY IS AS FOLLOWS: The Property as more fully described in Exhibit A incorporated herein by reference
and attached hereto. It includes all replacements, parts, repairs, additions, accessions and accessories incorporated
therein or affixed or attached thereto and any and all proceeds of the foregoing, including, without limitation, insurance
recoveries.
PROPERTY LOCATION: 500 Swift Gulch Road, Avon, CO 81620
USE: Vehicles - This use is essential to the proper, efficient and economic functioning of Lessee or to the services that
Lessee provides; and Lessee has immediate need for and expects to make immediate use of substantially all of the
Property, which need is not temporary or expected to diminish in the foreseeable future.
Lease Payment Schedule
Total Principal Amount: $217,004.00
Pay #
Date
Beginning
Balance
Pa ment
Principal
Interest
Prepayment
Balance
1
15-Sep-2012
217 004.00
16,803.27
14 427.08
2 376.19
208,654.23
2
15- Mar -2013
202,576.92
16 803.27
14,585.05
2,218.22
193 631.62
3
15- Sep -2013
187,991.87
16,803.27
14,744.76
2
178,444.52
4
15- Mar -2014
173 247.11
16,803.27
14,906.22
1,897.06
163,091.12
5
15-Sep-2014
158 340.89
16 803.27
15 069.44
1733.83
147 569.59
6
15- Mar -2015
143 271.45
16 803.27
15 234.45
1
131 878.11
7
15-Sep-2015
128 037.00
16 803.27
15 401.27
1,402.01
116 .81
8
15- Mar -2016
112 635.74
16 803.27
15 569.91
123336
99 977.80
9
15-Sep-2016
97 .82
16,803.27
15 740.40
1
83,765.19
10
15- Mar -2017
81 325.42
16,803.27
15 912.76
890.51
67,375.05
11
15-Sep-2017
65 412.67
16 803.27
16,087.00
716.27
50 805.43
12
15- Mar -2018
49 325.66
16,803.27
16 263.16
540.12
34 .38
13
15-Sep-2018
33 062.51
16,803.27
16 441.24
362.03
17,119. 1
14
15- Mar -2019
16 621.27
16,803.27
16,621.27
182.00
0.00
TOTAL:
235,245.81
217,004.00
18 241.81
Lessee: Town of Avon
Name:
Title:
ERIC J. HEIL, ESQ., A.LC.P., OWNER
MEREDITH VAN HORN, ESQ., ASSOCIATE
February 28, 2012
U.S. Bancorp Equipment Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
RE: Property Schedule No. 2 to Master Tax - Exempt Lease /Purchase Agreement between U.S.
Bancorp Equipment Finance, Inc. and Town of Avon, originally dated August 26, 2011
Ladies and Gentlemen:
We have acted as special counsel to the Town of Avon ( "Lessee "), in connection with the
Master Tax - Exempt Lease /Purchase Agreement, dated as of August 26, 2011 (the "Master
Agreement "), between the Town of Avon as lessee, and U.S. Bancorp Equipment Finance, Inc. as
lessor ( "Lessor'), and the execution of Property Schedule No. 02 (the "Property Schedule ")
pursuant to the Master Agreement.
We have examined the law and such certified proceedings and other papers as we deem
necessary to render this opinion.
All capitalized terms not otherwise defined herein shall have the meanings provided in the
Master Agreement and Property Schedule.
As to questions of fact material to our opinion, we have relied upon the representations of
Lessee in the Master Agreement and the Property Schedule and in the certified proceedings and
other certifications of public officials furnished to us without undertaking to verify the same by
independent investigation.
Based upon the foregoing, we are of the opinion that, under existing law:
1. Lessee is a public body corporate and politic, duly organized and existing under the laws of
the State, and has a substantial amount of one or more of the following sovereign powers: (a)
the power to tax, (b) the power of eminent domain, and (c) the police power.
2. Lessee has all requisite power and authority to enter into the Master Agreement and the
Property Schedule and to perform its obligations thereunder.
3. The execution, delivery and performance of the Master Agreement and the Property Schedule
by Lessee has been duly authorized by all necessary action on the part of Lessee.
HEIL LAw & PLANNING, LLC OFFICE: 303.975.6120
2696 SOUTH COLORADO BLVD., SUITE 550 FAX: 720.836.3337
DENVER, CO 80222 E -MAIL: ERIC @HEILLAW.COM
U.S. Bancorp Equipment Finance, Inc.
Master Tax- Exempt Lease /Purchase Agreement— Property Schedule No. 02
Opinion of Lessee's Legal Counsel
February 28, 2012
Page 2 of 2
4. All proceedings of Lessee and its governing body relating to the authorization and approval of
the Master Agreement and the Property Schedule, the execution thereof and the transactions
contemplated thereby have been conducted in accordance with all applicable open meeting
laws and all other applicable state and federal laws.
5. Lessee has acquired or has arranged for the acquisition of the Property subject to the Property
Schedule, and has entered into the Master Agreement and the Property Schedule, in
compliance with all applicable public bidding laws.
6. Lessee has obtained all consents and approvals of other governmental authorities or agencies
which may be required for the execution, delivery and performance by Lessee of the Master
Agreement and the Property Schedule.
7. The Master Agreement and the Property Schedule have been duly executed and delivered by
Lessee and constitute legal, valid and binding obligations of Lessee, enforceable against
Lessee in accordance with the terms thereof, except insofar as the enforcement thereof may
be limited by any applicable bankruptcy, insolvency, moratorium, reorganization or other laws
of equitable principles of general application, or of application to municipalities or political
subdivisions such as the Lessee, affecting remedies or creditors' rights generally, and to the
exercise of judicial discretion in appropriate cases.
8. As of the date hereof, based on such inquiry and investigation as we have deemed sufficient,
no litigation is pending, (or, to our knowledge, threatened) against Lessee in any court (a)
seeking to restrain or enjoin the delivery of the Master Agreement or the Property Schedule or
of other agreements similar to the Master Agreement; (b) questioning the authority of Lessee
to execute the Master Agreement or the Property Schedule, or the validity of the Master
Agreement or the Property Schedule, or the payment of principal of or interest on, the
Property Schedule; (c) questioning the constitutionality of any statute, or the validity of any
proceedings, authorizing the execution of the Master Agreement and the Property Schedule;
or (d) affecting the provisions made for the payment of or security for the Master Agreement
and the Property Schedule.
This opinion may be relied upon by Lessor, its successors and assigns, and any other legal
counsel who provides an opinion with respect to the Property Schedule.
Very Truly Yours,
[DRAFT— NOT FOR EXECUTION)
Eric J. Heil, Esq., A.I.C.P.
Avon Town Attorney
EXHIBIT 3
Lessee's Certificate
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon.
The undersigned, being the duly elected, qualified and acting
( "Lessee ") do hereby certify, as of March 15, 2012, as follows:
the Town of Avon
1. Lessee did, at a meeting of the governing body of the Lessee held (date) by
resolution or ordinance duly enacted, in accordance with all requirements of law, approve and authorize the execution
and delivery of the above - referenced Property Schedule (the "Property Schedule ") and the Master Tax - Exempt
Lease /Purchase Agreement (the "Master Agreement ") by the following named representative of Lessee, to wit:
NAME
OF EXECUTING OFFICIAL
TITLE
OF EXECUTING OFFICIAL
SIGNATURE
OF EXECUTING OFFICIAL
And/ Or
2. The above -named representative of the Lessee held at the time of such authorization and holds at the
present time the office set forth above.
3. The meeting(s) of the governing body of the Lessee at which the Master Agreement and the Property
Schedule were approved and authorized to be executed was duly called, regularly convened and attended throughout by
the requisite quorum of the members thereof, and the enactment approving the Master Agreement and the Property
Schedule and authorizing the execution thereof has not been altered or rescinded. All meetings of the governing body of
Lessee relating to the authorization and delivery of Master Agreement and the Property Schedule have been: (a) held
within the geographic boundaries of the Lessee; (b) open to the public, allowing all people to attend; (c) conducted in
accordance with internal procedures of the governing body; and (d) conducted in accordance with the charter of the
Lessee, if any, and the laws of the State.
4. No event or condition that constitutes, or with the giving of notice or the lapse of time or both would
constitute, an Event of Default or a Nonappropriation Event (as such terms are defined in the Master Agreement) exists at
the date hereof with respect to this Property Schedule or any other Property Schedules under the Master Agreement.
5. The acquisition of all of the Property under the Property Schedule has been duly authorized by the
governing body of Lessee.
6. Lessee has, in accordance with the requirements of law, fully budgeted and appropriated sufficient funds
for the current budget year to make the Lease Payments scheduled to come due during the current budget year under the
Property Schedule and to meet its other obligations for the current budget year and such funds have not been expended
for other purposes.
7. As of the date hereof, no litigation is pending, (or, to my knowledge, threatened) against Lessee in any
court (a) seeking to restrain or enjoy in the delivery of the Master Agreement or the Property Schedule or of other
agreements similar to the Master Agreement; (b) questioning the authority of Lessee to execute the Master Agreement or
the Property Schedule, or the validity of the Master Agreement or the Property Schedule, or the payment of principal of or
interest on, the Property Schedule; (c) questioning the constitutionality of any statute, or the validity of any proceedings,
authorizing the execution of the Master Agreement and the Property Schedule; or (d) affecting the provisions made for the
payment of or security for the Master Agreement and the Property Schedule.
Town of Avon
By:
Title:
SIGNER MUST NOT BE THE SAME AS THE EXECUTING OFFICIAL(S) SHOWN ABOVE.
EXHIBIT 4
Pa meat of Proceeds Instructions
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 (the "Property Schedule ") to Master Tax - Exempt Lease /Purchase Agreement
between U.S. Bancorp Government Leasing and Finance, Inc. ( "Lessor ") and Town of Avon ( "Lessee ").
Ladies and Gentlemen:
The undersigned, an Authorized Representative of the Lessee hereby requests and authorizes Lessor to disburse the net
proceeds of the Property Schedule as follows:
Name of Payee:
By check By wire transfer
If by check, Payee's address:
If by wire transfer, instructions as follows:
Pay to Bank Name:
Bank Address:
Bank Phone #:
For Account of:
Account No.:
ABA No.:
Lessee: Town of Avon
Name:
Title:
EXHIBIT 5
cceptance Certificate
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement between U.S. Bancorp
Government Leasing and Finance, Inc. and Town of Avon
Ladies and Gentlemen:
In accordance with the above - referenced Master Tax - Exempt Lease /Purchase Agreement (the "Master Agreement "), the
undersigned ( "Lessee ") hereby certifies and represents to, and agrees with, U.S. Bancorp Government Leasing and
Finance, Inc. ( "Lessor "), as follows:
(1) The Property, as such terms are defined in the above - referenced Property Schedule, has been acquired,
made, delivered, installed and accepted on the date indicated below.
(2) Lessee has conducted such inspection and /or testing of the Property as it deems necessary and
appropriate and hereby acknowledges that it accepts the Property for all purposes.
(3) No event or condition that constitutes, or with notice or lapse of time, or both, would constitute, an Event of
Default or a Nonappropriation Event (as such terms are defined in the Master Agreement) exists at the date
hereof.
Acceptance Date:
Lessee: Town of Avon
Name:
Title:
ATTACHED EXHIBIT A -- PROPERTY DESCRIPTION
Equipment as described in Macdonald Equipment Sales Order dated January 25. 2012, inserted below,
incorporated herein by this reference.
MICE-
Demo 2011 Juonston Moo E-( VT650 Dual Gutter Broom Svmeper vAh ag standard equipmam mounfeed on a ral I
CMG C26-0.*rCh2ssia t 6.7 200HP Engine w41h — r-PA2Gt0emi*tons and AjC
Less Cm-mo Credit
00006.
S'CatCh Basin Extension
Banded Inlet Duct & Son
Extra Try Rear
Rear Work Ugh;s
Lem, Trade U) .1 M Jutwistan W-605 Swelter
MAXES(tF-APPLICA8LE-) NonTayzWeGrwermenlaf
T(5-rAL
EXHIBIT 6
Bank Qualification And Arbitrage Rebate
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon
Bank Qualified Tax - Exempt Obligation under Section 265
Lessee hereby designates this Property Schedule as a "qualified tax - exempt obligation" as defined in Section
265(b)(3)(B) of the Code. Lessee reasonably anticipates issuing tax - exempt obligations (excluding private activity bonds
other than qualified 501(c)(3) bonds and including all tax - exempt obligations of subordinate entities of the Lessee) during the
calendar year in which the Commencement Date of this Property Schedule falls, in an amount not exceeding $10,000,000.
Arbitrage Rebate
Eighteen Month Exception:
Pursuant to Treasury Regulations Section 1.148 -7(d), the gross proceeds of this Property Schedule will be expended
for the governmental purposes for which this Property Schedule was entered into, as follows: at least 15% within six months
after the Commencement Date, at least 60% within 12 months after the Commencement Date, and 100% within 18 months
after the Commencement Date. If Lessee is unable to comply with Section 1.148 -7(d) of the Treasury Regulations, Lessee
shall compute rebatable arbitrage on this Agreement and pay rebatable arbitrage to the United States at least once every five
years, and within 60 days after payment of the final Lease Payment due under this Agreement.
Lessee: Town of Avon
Name:
Title:
Language for UCC Financing Statements
Schedule 1
SECURED PARTY: U.S. Bancorp Government Leasing and Finance, Inc
DEBTOR: Town of Avon
This financing statement covers all of Debtor's right, title and interest, whether now owned or hereafter acquired, in and to
the equipment leased to Debtor under Property Schedule No. 02 dated March 15, 2012 to that certain Master Tax - Exempt
Lease Purchase Agreement dated as of August 26, 2011, in each case between Debtor, as Lessee, and Secured Party,
as Lessor, together with all accessions, substitutions and replacements thereto and therefore, and proceeds (cash and
non - cash), including, without limitation, insurance proceeds, thereof, including without limiting, all equipment described on
Exhibit A attached hereto and made a part hereof.
Debtor has no right to dispose of the equipment.
INSURANCE AUTHORIZATION AND VERIFICATION
Date: Property Schedule No: 02
To: Town of Avon (the "Lessee ") From: U.S. Bancorp Government Leasing and Finance, Inc. (the
"Lessor ")
PO Box 975 13010 SW 68th Parkway, Suite 100
Avon, CO 81620 Portland, OR 97223
Attn: Myra Aksamit
TO THE LESSEE: In connection with the above - referenced Property Schedule, Lessor requires proof in the form of this document,
executed by both Lessee" and Lessee's agent, that Lessee's insurable interest in the financed property (the "Property ") meets Lessor's
requirements as follows, with coverage including, but not limited to, fire, extended coverage, vandalism, and theft:
Lessor, AND ITS SUCCESSORS AND ASSIGNS, shall be covered as both ADDITIONAL INSURED and LENDER'S LOSS
PAYEE with regard to all equipment financed or leased by policy holder through or from Lessor. All such insurance
shall contain a provision to the effect that such insurance shall not be canceled or modified without first giving
written notice thereof to Lessor and Lessee at least thirty (30) days in advance of such cancellation or modification.
Lessee must carry GENERAL LIABILITY (and /or, for vehicles, Automobile Liability) in the amount of no less than
$1,000,000.00 (one million dollars).
Lessee must carry PROPERTY Insurance (or, for vehicles, Physical Damage Insurance) in an amount no less than the
'Insurable Value' $217,004.00, with deductibles no more than $10,000.00.
*Lessee: Please execute this form and return with your document package. Lessor will fax this form to your insurance agency for
endorsement. In lieu of agent endorsement, Lessee's agency may submit insurance certificates demonstrating compliance with all
requirements. If fully executed form (or Lessee - executed form plus certificates) is not provided within 15 days, we have the right to
purchase such insurance at your expense. Should you have any questions, please contact Myra Aksamit at (303) 585 -4054.
By signing, Lessee authorizes the Agent named below: 1) to complete and return this form as indicated; and 2) to endorse the
policy and subsequent renewals to reflect the required coverage as outlined above.
Agency /Agent: /
Address:
Phone /Fax:
E -Mail
TO THE AGENT: In lieu of providing a certificate, please execute this form in the space below and promptly fax it to
Lessor at 303 - 585 -4732. This fully endorsed form shall serve as proof that Lessee's insurance meets the above
requirements.
Agent hereby verifies that the above requirements have been met in regard to the Property listed below.
Print Name Of Agency:
By:
(Agent's Signature)
Print Name: X Date: X
Insurable Value: $217,004.00
ATTACHED: PROPERTY DESCRIPTION FOR PROPERTY SCHEDULE NO.: 02
Notification of Tax Treatment to Tax- Exempt Lease /Purchase Agreement
This Notification of Tax Treatment is pursuant to a Master Tax - Exempt Lease /Purchase Agreement dated as of August 26, 2012 and
the related Property Schedule No. 2 dated March 15, 2012, between Lessor and Lessee (the "Agreement ").
Lessee agrees that this Property Schedule SHOULD be subject to sales /use taxes
Lessee agrees that this Property Schedule should NOT be subject to sales /use taxes and Lessee has included our tax -
exemption certificate with this document package
Lessee agrees that this Property Schedule should NOT be subject to sales /use taxes and no tax - exemption certificate is
issued to us by the State
Lessee agrees that this Property Schedule is a taxable transaction and subject to any /all taxes
Lessee agrees that this Property Schedule is subject to sales /use taxes and will pay those taxes directly to the State or
Vendor
IN WITNESS WHEREOF, Lessee has caused this Notification of Tax Treatment to be executed by their duly authorized representative.
Date:
Lessee: Town of Avon
B:
Name:
Title:
Form 8038®; Information Return for Tax - Exempt Governmental Obligations
(Rev. September 2011) ® Under Internal Revenue Code section 149(e) OMB No. 1545 -0720
11i See separate instructions.
Department of the Treasury
Internal Revenue Service Caution: If the issue price is under $100,000, use Form 8038 -GC.
MRiIIIII■ Reoortina Authoritv If Amended Return. check here ► n
1 Issuer's name
2 Issuer's employer identification number (EIN)
3a Name of person (other than issuer) with whom the IRS may communicate about this return (see instructions)
3b Telephone number of other person shown on 3a
4 Number and street (or P.O. box if mail is not delivered to street address)
Room /suite
5 Report number (For IRS Use Only)
3
6 City, town, or post office, state, and ZIP code
7 Date of issue
8 Name of issue
9 CUSIP number
10a Name and title of officer or other employee of the issuer whom the IRS may call for more information (see
instructions)
10b Telephone number of officer or other
employee shown on 10a
■:Trial■ Tvne of Issue (enter the issue Dricel. See the instructions and attach schedule.
11
12
13
14
15
16
17
18
19
20
Education . . . . . . . . . . . . . . . . . . . . . . . .
Health and hospital . . . . . . . . . . . . . . . . . . . .
Transportation . . . . . . . . . . . . . . . . . . . . . .
Public safety . . . . . . . . . . . . . . . . . . . . . . .
Environment (including sewage bonds) . . . . . . . . . . . . . .
Housing . . . . . . . . . . . . . . . . . . . . . . . .
Utilities . . . . . . . . . . . . . . . . . . . . . . . .
Other. Describe ►
If obligations are TANS or RANs, check only box 19a . . . . . . . . .
If obligations are BANS, check only box 19b . . . . . . . . . . . .
If obligations are in the form of a lease or installment sale, check box . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . ► ❑
. . . . ► ❑
. . . . ► ❑
11
Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . .
22
12
23
13
23 Issue price of entire issue (enter amount from line 21, column (b)) . . . . .
14
Proceeds used for bond issuance costs (including underwriters' discount) . . 24
15
25
16
17
26
Proceeds allocated to reasonably required reserve or replacement fund . 26
18
27
Proceeds used to currently refund prior issues . . . . . . . . . 27
Description of Obligations. Complete for the entire issue for which this form is being filed.
(a) Final maturity date
(b) Issue price
(c) Stated redemption
price at maturity
(d) Weighted
average maturity
(e) Yield
21
Total (add lines 24 through 28) . . . . . . . . . . . . . . . . . . . . . . .
$
$
years
%
limm
Uses of Proceeds of Bond Issue (including underwriters' discount)
22
Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . .
22
23
23 Issue price of entire issue (enter amount from line 21, column (b)) . . . . .
24
Proceeds used for bond issuance costs (including underwriters' discount) . . 24
25
Proceeds used for credit enhancement . . . . . . . . . . . . 25
26
Proceeds allocated to reasonably required reserve or replacement fund . 26
27
Proceeds used to currently refund prior issues . . . . . . . . . 27
28
Proceeds used to advance refund prior issues . . . . . . . . . 28
29
Total (add lines 24 through 28) . . . . . . . . . . . . . . . . . . . . . . .
29
30
Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) .
30
EMBU - Description
of Refunded Bonds. Complete this part only for refunding bonds.
31
Enter the remaining weighted average maturity of the bonds to be currently refunded . . . . ►
years
32
Enter the remaining weighted average maturity of the bonds to be advance refunded . . . . ►
years
33
Enter the last date on which the refunded bonds will be called (MM /DD/YYYY) . . . . . . ►
34
Enter the date(s) the refunded bonds were issued ► (MM /DD/YYYY)
For Paperwork Reduction Act Notice, see separate instructions. cat. No. 637735
Form 8038 -G (Rev. 9 -2011)
Form 8038 -G (Rev. 9 -2011)
Page 2
35
Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . . 35
36a
Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . 36a
b
Enter the final maturity date of the GIC ►
C
Enter the name of the GIC provider 10-
37
Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans
to other governmental units . . . . . . . . . . . . . . . . . . . . . . . . 37
38a
If this issue is a loan made from the proceeds of another tax - exempt issue, check box ► ❑ and enter the following information:
b
Enter the date of the master pool obligation ►
C
Enter the EIN of the issuer of the master pool obligation ►
d
Enter the name of the issuer of the master pool obligation ►
39
If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box . . . pp-
40
If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . . . . . ►
❑
41a
If the issuer has identified a hedge, check here ► ❑ and enter the following information:
b
Name of hedge provider Do-
c
Type of hedge ►
d
Term of hedge ►
42
If the issuer has superintegrated the hedge, check box . . . . . . . . . . . . . . . . . . . . . ►
❑
43
If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations (see instructions), check box . . . . . . . . ►
❑
44
If the issuer has established written procedures to monitor the requirements of section 148, check box . . . . . ►
❑
45a
If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount
of reimbursement . . . . . . . . . ►
b
Enter the date the official intent was adopted ►
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
Signature and belief, they are true, correct, and complete. I further declare that I consent to the IRS's disclosure of the issuer's return information, as necessary to
and process this return, to the person that I have authorized above.
Consent
Signature of issuer's authorized representative Date ' Type or print name and title
Paid Print/Type preparer's name Preparer's signature Date Check ❑ if PTIN
Preparer self - employed
Use Only Firm's name ► Firm's EIN ►
Firm's address ► Phone no.
Form 8038 -G (Rev. 9 -2011)
VEHICLE TITLING ADDENDUM
Master Tax - Exempt Lease /Purchase Agreement dated August 26, 2011; Property Schedule No. 02 dated March 15,
2012, between Town of Avon as Lessee and U.S. Bancorp Government Leasing and Finance, Inc. as Lessor.
1. Lessor and Lessee hereby agree to amend the above referenced Agreement to add additional terms and conditions as
set forth below:
Lessee agrees that it will provide to Lessor the original title documentation to the
Equipment. Lessee shall provide such title documentation to Lessor within 15 days of
Lessee's receipt of such title documentation from the appropriate titling authority.
Lessee's failure to provide Lessor with title documentation to the Equipment in a timely
fashion shall be deemed a condition of Default as defined in the default paragraph herein
subject to remedies available to Lessor pursuant to the remedies paragraph. You further
agree to pay a month to month unobtained titling fee if we have not received the correct
transferred title in our office.
2. Location: Lessor agrees that in regard to the location of the equipment, Lessee must be responsible for maintaining
records showing the location of each piece of Leased equipment. Lessee will report this location to Lessor upon written
request by Lessor. Failure to do so shall constitute a breach of the Agreement, which default shall be governed by the
terms and conditions specified in the default and /or remedies paragraph of the Agreement.
3. Lessee will complete the physical titling of the vehicle as required by the state of Lessee's residence and guarantee
U.S. Bancorp Government Leasing and Finance, Inc. that U.S. Bancorp Government Leasing and Finance, Inc. will
receive the original title to the leased vehicle in a timely manner. Lessee agrees to indemnify U.S. Bancorp Government
Leasing and Finance, Inc. from any damage or loss it incurs, including legal fees, due to its failure to complete its
agreement herein.
THE APPLICATION FOR TITLE MUST INCLUDE THE FOLLOWING AS IT LIEN HOLDER:
U.S. BANCORP GOVERNMENT LEASING AND FINANCE, INC.
13010 SW 68` Parkway, Suite 100
Portland, OR 97223
By signing this Addendum, Lessee acknowledges the above changes to the Agreement and authorizes Lessor to make
such changes. In all other respects the terms and conditions of the Agreement remain in full force and effect.
Lessor: U.S. Bancorp Government Leasing
and Finance, Inc.
By:
Name:
Title:
Date:
Lessee: Town of Avon
Name:
Title:
Date:
7333 HWY 85 PO BOX 1865
COMMERCE CrFY, CO 80037-1865 PH 303-287-7401 FAX 303-287-7404
SALES ORDER Customer No. 03331
DATE:
January 25, 2012
SOLD TO: Town of Avon
500 Swift Gulch Road
Avon, CO 81620
CUSTOMER
P.O.4
DELIVER TO: Avon, GO 81620
VIA:
F.O.B.
Avon, GO 81620
Delivery
Charge YIN
Terms
(Specify):
Net 30 Days
Requested
Del- Date:
QTY
DESCRIPTION (Specify)
PRICE
Demo 2011 Johnston Model VI`650 Dual Gutter Broom Sweeper with aff standard equipment mounted on a. 2011
CIVIC Cab-Over Chassis ISB 6.7 200HP Engine with EPA 201 emissions and AfC
$229,719.00
Less Demo Credit
Options.
6' Catch Basin Extension
$,535,00
Bonded Inlet Duct & Seat
$2,500..L
Extra Try Rear
$1,500.00
Rear Work Lights
$750.00
Less Trade In: 1999 Johnston, VT-60 Sweeper
1 0.000.001
TAXES (IF APPLICABLE) Non-Taxable Gaveramental'
TOTAL
$217,004.00:
WARRANTY TERMS: Standard Factory
Purchaser: Authorized Signature
(C-1—Y
Title- X Date X
FED TAX ID# X
oil swrr.
Type of , business (please circle one). Sore propnetorship,, corporation, partnership, LLF>, LLc
Buyer agatees to 13%,kv any;jnd all Sales, L.T and I F = - : , K , se �Yu2j, etc NVIICFQ ap,
11 1 CL P ic ithIc
Macdonald Equipment Company makes no warranty expressed or implied of merch antabilavor
filuess, beyond the description on the face. hereof.
All ordm subject to Macdonald Equipfli-C Cmnpar�y Office. Approval and Aecupralice.
All Pa,,mcrn Must Be in US.- Funds-
AIJ deposits are non reffindable- unless noted above in terms
FOR OFFICE USE ONL
Approved: By — Date
Title:
Salesman: —Date
PAGE 1 of 1
Memo
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
Legal: Eric Heil, Town Attorney
From: Scott Wright, Finance Director
Date: March 6, 2012
Initials
MIMI
Re: Second Reading - Ordinance No. 12 -04, Authorizing the Execution and Delivery of
Property Schedule No. 2 to Purchase a Street Sweeper
Summary
This ordinance adopts Property Schedule No. 02 pursuant to the Master Tax - Exempt
Lease/Purchase Agreement with U.S. Bancorp Equipment Finance, Inc. that was adopted last
year. First reading of the ordinance was passed on February 28. Since first reading the title of
the ordinance has been changed slightly to be more informative.
Property Schedule No. 02 is for the financing of the purchase of a replacement street sweeper.
The street sweeper is a demo 2011 Johnston. The Town is receiving an $8,000 credit for the
demo and a $10,000 trade -in allowance on its 1999 Johnston sweeper. This item and the lease
financing were previously approved in the 2012 budget in the amount of $260,000. A copy of
the sales order is attached.
Financial Implications:
Capital lease purchases are a capital financing tool that lessen the burden of an initial purchase
of capital equipment and spreads the cost out over the estimated useful life of the asset.
The amount of the lease is $217,004.00 to be amortized over a term of seven (7) years with
semi - annual payments at an interest rate of 2.19 %.
Requests for quotes were sent to five different financing entities. The Town received two
quotes back that met our terms for the financing. US Bancorp's interest rate for the seven year
term was the lowest received.
Page 1
Recommendation:
Staff recommends that the Town Council approve the ordinance discussed above as presented.
Town Mananer Comments:
nil
Attachments:
A — Eric Heil memorandum
B — Ordinance No. 12 -04
C — Property Schedule No. 02 and Exhibits
D — Sales Order
• Page 2
MEMORANDUM
TO: Honorable Mayor Carroll and Town Council Members
FROM: Eric J. Heil, Town Attorney
THROUGH: Larry Brooks, Town Manager; Scott Wright, Finance Director
RE: Review of Lease Purchase Agreement for Street Sweeper
D ATE: February 23, 2012
Summary: This memorandum provides a legal summary for Council concerning the lease purchase
financing agreement for the Johnston Model VT650 Street Sweeper ( "Sweeper'). I have reviewed
the various documents and certificates required to close on the lease- purchase financing and the
Master Tax - Exempt Lease /Purchase Agreement ( "Master Agreement ") dated August 26, 2011
with US Bancorp Government Leasing and Finance, Inc. ( "Bank "). Overall, the proposed lease
purchase agreement is in a form which is legally acceptable. Attached is a draft form of my
opinion letter as legal counsel for the Town of Avon.
Lease Purchase Agreement Terms: The Town entered into the Master Agreement in 2011 to
finance the purchase of plow truck and transit bus. The terms of the Master Agreement allowed
for additional lease purchase financing through the additional "Property Schedules." The
financing for the Sweeper will occur through the approval of Property Schedule No. 2. Through
this method, the terms of the Master Agreement apply to the proposed additional lease purchase
financing.
Section 6.06 Nonap rn opri ations of the Master Agreement sets forth the language which complies
with the restriction of TABOR by acknowledging that the Town may elect to not appropriate funds
for the lease purchase payment (i.e. "Nonappropriation Event`l, in which case the equipment must
be returned to the Lessor (Bank). The Town, as Lessee would grant a security interest to Bank as a
first lien (Master Agreement, Sec. 7.03). The Town would have the option to purchase the
equipment for $1 after completing all lease payments (Master Agreement, Sec. 11.01). The Town
must provide insurance for the Sweeper (Master Agreement, Sec. 8.03 and INSURANCE
AUTHORIZATION AND VERIFICATION form). The Town agrees to indemnify the Bank for any
liability or claims arising from the financing or use of the Sweeper (Master Agreement, Sec. 12.04)
which indemnification by the Town doesnot include losses from Lessor's willful or negligent
conduct or arising out of preparation of a disclosure materials. Town has the right to pay the
Prepayment Balance of the lease- purchase agreement at any time (Para. 8 of Property Schedule
No. 02, Master Agreement Sec. 11.02 Opti to Prepa
Conclusion: The Avon Town Council may lawfully enter into the lease- purchase financing set forth
in Property Schedule No. 2 of the Master Agreement.
Thank you, Eric
Heil Law & Planning, LLC Office: 303975.6120
2696 South Colorado Blvd., Suite 550 Fa)c 720.836.3337
Denver, CO 80222 E -Mail: ericheillaw @gmaii.com
TOWN OF AVON, COLORADO
ORDINANCE NO. 12 -04
SERIES OF 2012
AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF
PROPERTY SCHEDULE NO. 02 TO PURCHASE A STREET SWEEPTER
PURSUANT TO THE MASTER LEASE/PURCHASE AGREEMENT DATED
AUGUST 26, 2011 BETWEEN THE TOWN OF AVON AND U.S. BANCORP
GOVERNMENT LEASING AND FINANCE, INC.
Whereas, Town of Avon ( "Lessee "), a body politic and corporate duly organized and
existing as a home rule authority municipal corporation and body politic organized under the
laws of the State of Colorado, is authorized by the laws of the State of Colorado and by Section
14.9(a) of the Avon Home Rule Charter to purchase, acquire and lease personal property for the
benefit of the Lessee and its inhabitants and to enter into leasehold agreements with respect
thereto; and
Whereas, the Lessee desires to purchase, acquire and lease a Johnston Model VT650 Dual
Gutter Broom Sweeper ( "Equipment ") constituting personal property necessary for the Lessee
to perform essential governmental functions; and
Whereas, the Avon Town Council finds that the Property Schedule No. 2 to the Master
Agreement allows the Town to acquire the Equipment within a period not exceeding the useful
life of the Equipment; and
Whereas, in order to acquire such equipment, the Lessee has previously entered into a
Master Tax - Exempt Lease /Purchase Agreement dated August 26, 2011 ( "Master Agreement ")
with U.S BANCORP GOVERNMENT LEASING AND FINANCE, INC. ( "Lessor "); and
Whereas, the Avon Town Council, as the governing body of the Lessee, deems it for the
benefit of the Lessee and for the efficient and effective administration thereof to enter into
Property Schedule No. 02 as provided in the Master Agreement for the purchase, acquisition and
leasing of the Equipment therein described on the terms and conditions therein provided.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Approval of Documents The form, terms and provisions of Property Schedule
No. 02 and the Master Agreement as provided are hereby approved in substantially the form
presented at this meeting, with such insertions, omissions and changes as shall be approved by
the Mayor of the Town of Avon or other members of the governing body of the Town of Avon
executing the same, the execution of such documents being conclusive evidence of such
approval; and the Mayor of the Town of Avon is hereby authorized and directed to execute, and
the Town Clerk of the Town of Avon is hereby authorized and directed to attest and countersign
Property Schedule No. 2 and any related Exhibits attached thereto and to deliver Property
Schedule No. 2 (including Exhibits) to the respective parties thereto, and the Town Clerk of the
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 1 of 4
Town of Avon is hereby authorized to affix the seal of the Town of Avon, as Lessee, to such
documents. Capitalized terms in this Ordinance shall have the same meaning as defined in the
Master Agreement unless such terms are otherwise defined in this Ordinance.
Section 2. Other Actions Authorized The officers and employees of the Lessee shall take
all action necessary or reasonably required by the parties to carry out, give effect to and
consummate the transactions contemplated thereby including execution and delivery of the
following document and to take all action necessary in conformity therewith, including, without
limitation, the execution and delivery of any closing and other documents required to be
delivered in connection with Property Schedule No. 2, including the following documents:
(1) Property Schedule No. 02
(2) Property Description and Payment Schedule — Exhibit 1
(3) Lessee's Certificate — Exhibit 3
(4) Payment of Proceeds Instructions — Exhibit 4
(5) Acceptance Certificate — Exhibit 5
(6) Bank Qualification and Arbitrage Rebate — Exhibit 6
(7) Insurance Authorization and Verification
(8) Notification of Tax Treatment
(9) Form 8038 -G
(10) Vehicle Titling Addendum
Section 3. No General Liability Nothing contained in this Ordinance, Property Schedule
No. 2, nor any other instrument shall be construed with respect to the Lessee as incurring a
pecuniary liability or charge upon the general credit of the Lessee or against its taxing power, nor
shall the breach of any agreement contained in this Ordinance, Property Schedule No. 2, or any
other instrument or document executed in connection therewith impose any pecuniary liability
upon the Lessee or any charge upon its general credit or against its taxing power, except to the
extent that the Lease Payments payable under each Property Schedule of the Master Agreement
are special limited obligations of the Lessee as provided in such Property Schedule.
Section 4. Appointment of Authorized Lessee Representatives The Town Manager and
Finance Director of the Lessee are each hereby designated to act as authorized representatives of
the Lessee for purposes of the Property Schedule No. 2 until such time as the Town Council of
the Town of Avon, as Lessee, shall designate any other or different authorized representative.
Section 5. Severability If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 2 of 4
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 6. Effective Date This Ordinance shall take effect thirty days after final adoption in
accordance with Section 6.4 of the Avon Home Rule Charter.
Section I Safety Clause The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare.
Section 8. Publication by Posting The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
[SIGNATURE PAGE FOLLOWS]
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 3 of 4
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for 5:30 on
March 13, 2012 at the Council Chambers of the Avon Municipal Building, located at One Lake
Street, Avon, Colorado, on February 28, 2012.
Rich Carroll, Mayor
Published by posting in at least three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
ATTEST:
APPROVED AS TO FORM:
Patty McKenny, Town Clerk Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on March 13, 2012.
Rich Carroll, Mayor
Published by posting by title in at least three public places in Town and posting by title at the
office of the Town Clerk.
ATTEST:
Patty McKenny, Town Clerk
Ord No. 12 -04 Lease - Purchase Property Schedule No. 02 US Bankcorp
March 6, 2012
Page 4 of 4
NOTICE OF SALE OF RENTAL PAYMENTSANDASSIGNMENT OF LEASE
U.S. Bancorp Equipment Finance, Inc. and Town of Avon ( "Lessee ") have entered into a Master Tax - Exempt
Lease/Purchase Agreement ( "Agreement") dated August 26, 2011 and Property Schedule No. 01 dated August 26, 2011
under which Lessee has, or will have'prior to its execution hereof, leased Property (the "Property') described in Exhibit A to
the Agreement.
Lessee is hereby notified that U.S. Bancorp Equipment Finance, Inc. has assigned its interest in the
Agreement, in the leased Property, and in the Lease Payments and all other amounts provided for under the
Agreement.
Lessee is hereby directed to pay any and all rental payments and other amounts due with respect to which
U.S. Bancorp Equipment Finance, Inc.'s Assignee ( "Assignee ") renders an invoice, at the address set out
immediately below or as otherwise directed in said invoice:
"ASSIGNEE"
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 6e Parkway — Suite 100
Portland, OR 97223
Lessee agrees that it will pay all amounts due under the Agreement as directed in the invoice without any set-
off or deduction whatsoever notwithstanding any defect in, damage to, or requisition of any property leased
under the Agreement, any other similar or dissimilar event, any defense, set -off, counterclaim or recoupment
arising'out of any claim against U.S. Bancorp Equipment Finance, Inc. or Assignee.
Lessee further agrees that Assignee has not assumed any duties under the Agreement or made any
warranties whatsoever as to the Agreement or the Property. Lessee agrees that no- change may be made to
the Agreement without the prior written consent of the Assignee.
In signing this, Lessee warrants that its representations and warranties under the Agreement are true and
correct on the date hereof.
Seller- U.S. Bancorp Equipment Finance; Inc.
BY
Printed Name: 7
Title:
Date:
Property Schedule No. 02
Master Tax - Exempt Lease /Purchase Agreement
This Property Schedule No. 02 is entered into as of the Commencement Date set forth below, pursuant to that certain Master Tax -
Exempt Lease /Purchase Agreement (the "Master Agreement "), dated as of August 26, 2011, between U.S. Bancorp Government
Leasing and Finance, Inc., and Town of Avon.
1. Interpretation The terms and conditions of the Master Agreement are incorporated herein by reference as if fully set forth herein.
Reference is made to the Master Agreement for all representations, covenants and warranties made by Lessee in the execution of this
Property Schedule, unless specifically set forth herein. in the event of a conflict between the provisions of the Master Agreement and
the provisions of this Property Schedule, the provisions of this Property Schedule shall control. All capitalized terms not otherwise
defined herein shall have the meanings provided in the Master Agreement.
2. Commencement Date The Commencement Date for this Property Schedule is March 15, 2012.
3. Property Description and Payment Schedule. The Property subject to this Property Schedule is described in Exhibit 1 hereto. Lessee
shall not remove such property from the locations set forth therein without giving prior written notice to Lessor. The Lease Payment
Schedule for this Property Schedule is set forth in Exhibit 1.
4. 0 inion. The Opinion of Lessee's Counsel is attached as Exhibit 2.
5. Lessee's Certificate The Lessee's Certificate is attached as Exhibit 3.
6. Proceeds Lessor shall disburse the proceeds of this Property Schedule in accordance with the instructions attached hereto as Exhibit
4.
7. Acceptance Certificate The form of Acceptance Certificate is attached as Exhibit 5.
8. Additional Purchase Option Provisions In addition to the Purchase Option provisions set forth in the Master Agreement, Lease
Payments payable under this Property Schedule shall be subject to prepayment in whole at any time by payment of the applicable
Termination Amount set forth in Exhibit 1 (Payment Schedule) and payment of all accrued and unpaid interest through the date of
prepayment.
9. Bank Qualification and Arbitrage Rebate Attached as Exhibit 6.
10, Expiration. Lessor, at its sole determination, may choose not to accept this Property Schedule if the fully executed, original Master
Agreement (including this Property Schedule and all ancillary documents) is not received by Lessor at its place of business by March
15, 2012.
IN WITNESS WHEREOF, Lessor and Lessee have caused this Property Schedule to be executed in their names by their duly authorized
representatives as of the Commencement Date above.
Lessor: U.S. Bancorp Government Leasing and
Finance, Inc.
B:
Name:
Title:
Lessee: Town of Avon
B:
Name:
Title:
Attest:
B
Name:
Title:
EXHIBIT 1
l Property Description and Payment Schedule
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon.
THE PROPERTY IS AS FOLLOWS: The Property as more fully described in Exhibit A incorporated herein by reference
and attached hereto. It includes all replacements, parts, repairs, additions, accessions and accessories incorporated
therein or affixed or attached thereto and any and all proceeds of the foregoing, including, without limitation, insurance
recoveries.
PROPERTY LOCATION: 500 Swift Gulch Road, Avon, CO 81620
USE: Vehicles - This use is essential to the proper, efficient and economic functioning of Lessee or to the services that
Lessee provides; and Lessee has immediate need for and expects to make immediate use of substantially all of the
Property, which need is not temporary or expected to diminish in the foreseeable future.
Lease Payment Schedule
Total Principal Amount: $217,004.00
Pa #
Date
Beginning
Balance
Payment
Principal
Interest
Prenavmen_t
Balance
1
15-Sep-2012
2-1-7,0-0-4,0-0-
16 803.27
14 427.08
2
208 654.23
2
15- Mar -2013
20Z 576.92
16 803,27
14 585.05
2
193 631.62
3
15-Sep-2013
187 991.87
16 803.27
14 744.76
2,058.51
178 444.52
4
15- Mar -2014
173,247,11
16 803.27
14 906.22
1
163 091.12
5
15-Sep-2014
158,34 .
16 803.27
15 069.44
1733.83
147 569.59
6
15- Mar -2015
143 271.45
16 803.27
15 234.45
1,568.82
131 878.11
7
15 -Se -2015
128 037.00
16 803.27
15 401.27
1402.01
116 014.81
8
15- Mar -2016
112 635.74
16 .27
15 569.91
1,233.36
99 977.80
9
15 -Se -2016
97 065.82
16 803.27
15 740.40
1062.87
83,765.19_
10
15- Mar -2017
81325.42
16 803.27
15 912.76
890.51
67 375.05
11
15-Sep-2017
65 412.67
16 803.27
16 087.00
716.27
50 805.43
12
15- Mar -2018
49 325.66
16 803.27
16 263.16
540.12
34,054-38
13
15-Sep-2018
33 062.51
16 803.27
16 441.24 1
362.03
17 119.91
14
15- Mar -2019
16 621.27 1
1 7
21.27
182.00
0.00
TOTAL:
235 245.81
217 004.00
18 241.81
Lessee: Town of Avon
Name:
ERIC J. HEIL, ESQ., A.I.C.P., OWNER
MEREDITH VAN HORN, ESQ., ASsoaAFE
February 28, 2012
U.S. Bancorp Equipment Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
RE: Property Schedule No. 2 to Master Tax - Exempt Lease /Purchase Agreement between U.S.
Bancorp Equipment Finance, Inc. and Town of Avon, originally dated August 26, 2011
Ladies and Gentlemen:
We have acted as special counsel to the Town of Avon ( "Lessee "), in connection with the
Master Tax- Exempt Lease /Purchase Agreement, dated as of August 26, 2011 (the "Master
Agreement "), between the Town of Avon as lessee, and U.S. Bancorp Equipment Finance, Inc. as
lessor ( "Lessor "), and the execution of Property Schedule No. 02 (the "Property Schedule ")
pursuant to the Master Agreement.
We have examined the law and such certified proceedings and other papers as we deem
necessary to render this opinion.
All capitalized terms not otherwise defined herein shall have the meanings provided in the
Master Agreement and Property Schedule.
As to questions of fact material to our opinion, we have relied upon the representations of
Lessee in the Master Agreement and the Property Schedule and in the certified proceedings and
other certifications of public officials furnished to us without undertaking to verify the same by
independent investigation.
Based upon the foregoing, we are of the opinion that, under existing taw:
1. Lessee is a public body corporate and politic, duly organized and existing under the laws of
the State, and has a substantial amount of one or more of the following sovereign powers: (a)
the power to tax, (b) the power of eminent domain, and (c) the police power.
2. Lessee has all requisite power and authority to enter into the Master Agreement and the
Property Schedule and to perform its obligations thereunder.
3. The execution, delivery and performance of the Master Agreement and the Property Schedule
by Lessee has been duly authorized by all necessary action on the part of Lessee.
HEIL LAw & PLANNING, LLC OFFICE: 303.975.6120
2696 SOUTH COLORADO BLVD, SUITE 550 FAX: 720.836.3337
DENVER, CO 80222 E-MAIL: ERIC @HEILLAw.COM
U.S. Bancorp Equipment Finance, Inc.
Master Tax- Exempt Lease/Purchase Agreement— Property Schedule No. 02
Opinion of Lessee's Legal Counsel
February 28, 2012
Page 2 of 2
4. All proceedings of Lessee and its governing body relating to the authorization and approval of
the Master Agreement and the Property Schedule, the execution thereof and the transactions
contemplated thereby have been conducted in accordance with all applicable open meeting
laws and all other applicable state and federal laws.
5. Lessee has acquired or has arranged for the acquisition of the Property subject to the Property
Schedule, and has entered into the Master Agreement and the Property Schedule, in
compliance with all applicable public bidding laws.
6. Lessee has obtained all consents and approvals of other governmental authorities or agencies
which may be required for the execution, delivery and performance by Lessee of the Master
Agreement and the Property Schedule.
7. The Master Agreement and the Property Schedule have been duly executed and delivered by
Lessee and constitute legal, valid and binding obligations of Lessee, enforceable against
Lessee in accordance with the terms thereof, except insofar as the enforcement thereof may
be limited by any applicable bankruptcy, insolvency, moratorium, reorganization or other laws
of equitable principles of general application, or of application to municipalities or political
subdivisions such as the Lessee, affecting remedies or creditors' rights generally, and to the
exercise of judicial discretion in appropriate cases.
8. As of the date hereof, based on such inquiry and investigation as we have deemed sufficient,
no litigation is pending, (or, to our knowledge, threatened) against Lessee in any court (a)
seeking to restrain or enjoin the delivery of the Master Agreement or the Property Schedule or
of other agreements similar to the Master Agreement; (b) questioning the authority of Lessee
to execute the Master Agreement or the Property Schedule, or the validity of the Master
Agreement or the Property Schedule, or the payment of principal of or interest on, the
Property Schedule; (c) questioning the constitutionality of any statute, or the validity of any
proceedings, authorizing the execution of the Master Agreement and the Property Schedule;
or (d) affecting the provisions made for the payment of or security for the Master Agreement
and the Property Schedule.
This opinion may be relied upon by Lessor, its successors and assigns, and any other legal
counsel who provides an opinion with respect to the Property Schedule.
Very Truly Yours,
[[RAFT- N4T FOR EXEcunom
Eric J. Heil, Esq., A.I.C.P.
Avon Town Attorney
igammw
Lessee's Certificate
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S. Bancorp Government
Leasing and Finance, Inc. and Town of Avon.
The undersigned, being the duly elected, qualified and acting
("Lessee") do hereby certify, as of March 15, 2012, as follows:
the Town of Avon
1. Lessee did, at a meeting of the governing body of the Lessee held (date) by
resolution or ordinance duly enacted, in accordance with all requirements of law, approve and authorize the execution
and delivery of the above - referenced Property Schedule (the "Property Schedule ") and the Master Tax - Exempt
Lease /Purchase Agreement (the "Master Agreement") by the following named representative of Lessee, to wit:
NAME
OF EXECUTING OFFICIAL
TITLE
OF EXECUTING OFFICIAL
SIGNATURE
OF EXECUTING OFFICIAL
And/ Or
2. The above -named representative of the Lessee held at the time of such authorization and holds at the
present time the office set forth above.
3. The meeting(s) of the governing body of the Lessee at which the Master Agreement and the Property
Schedule were approved and authorized to be executed was duly called, regularly convened and attended throughout by
the requisite quorum of the members thereof, and the enactment approving the Master Agreement and the Property
Schedule and authorizing the execution thereof has not been altered or rescinded. All meetings of the governing body of
Lessee relating to the authorization and delivery of Master Agreement and the Property Schedule have been: (a) held
within the geographic boundaries of the Lessee; (b) open to the public, allowing all people to attend; (c) conducted in
accordance with internal procedures of the governing body; and (d) conducted in accordance with the charter of the
Lessee, if any, and the laws of the State.
4. No event or condition that constitutes, or with the giving of notice or the lapse of time or both would
constitute, an Event of Default or a Nonappropriation Event (as such terms are defined in the Master Agreement) exists at
the date hereof with respect to this Property Schedule or any other Property Schedules under the Master Agreement.
5. The acquisition of all of the Property under the Property Schedule has been duly authorized by the
governing body of Lessee.
6. Lessee has, in accordance with the requirements of law, fully budgeted and appropriated sufficient funds
for the current budget year to make the Lease Payments scheduled to come due during the current budget year under the
Property Schedule and to meet its other obligations for the current budget year and such funds have not been expended
for other purposes.
7. As of the date hereof, no litigation is pending, (or, to my knowledge, threatened) against Lessee in any
court (a) seeking to restrain or enjoy in the delivery of the Master Agreement or the Property Schedule or of other
agreements similar to the Master Agreement; (b) questioning the authority of Lessee to execute the Master Agreement or
the Property Schedule, or the validity of the Master Agreement or the Property Schedule, or the payment of principal of or
interest on, the Property Schedule; (c) questioning the constitutionality of any statute, or the validity of any proceedings,
authorizing the execution of the Master Agreement and the Property Schedule; or (d) affecting the provisions made for the
payment of or security for the Master Agreement and the Property Schedule.
Town of Avon
By:
Title:
SIGNER MUST NOT BE THE SAME AS THE EXECUTING OFFICIAL(S) SHOWN ABOVE
Payment of Proceeds instruction
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 (the "Property Schedule ") to Master Tax - Exempt Lease /Purchase Agreement
between U.S. Bancorp Government Leasing and Finance, Inc. ( "Lessor") and Town of Avon ( "Lessee ").
Ladies and Gentlemen:
The undersigned, an Authorized Representative of the Lessee hereby requests and authorizes Lessor to disburse the net
proceeds of the Property Schedule as follows:
Name of Payee:
By check By wire transfer
If by check, Payee's address:
If by wire transfer, instructions as follows:
Pay to Bank Name:
Bank Address:
Bank Phone #:
For Account of:
Account No.:
ABA No.:
Lessee: Town of Avon
1
EXf -IfBIT 5
4cceptance Certificate
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement between U.S. Bancorp
Government Leasing and Finance, Inc. and Town of Avon
Ladies and Gentlemen:
In accordance with the above - referenced Master Tax - Exempt Lease /Purchase Agreement (the "Master Agreement "), the
undersigned ( "Lessee ") hereby certifies and represents to, and agrees with, U.S. Bancorp Government Leasing and
Finance, Inc. ( "Lessor'), as follows:
(1) The Property, as such terms are defined in the above- referenced Property Schedule, has been acquired,
made, delivered, installed and accepted on the date indicated below.
(2) Lessee has conducted such inspection and /or testing of the Property as it deems necessary and
appropriate and hereby acknowledges that it accepts the Property for all purposes.
(3) No event or condition that constitutes, or with notice or lapse of time, or both, would constitute, an Event of
Default or a Nonappropriation Event (as such terms are defined in the Master Agreement) exists at the date
hereof.
Acceptance Date:
Lessee: Town of Avon
Title:
ATTACHED EXHIBIT A -- PROPERTY DESCRIPTION
• Equipment as described in Macdonald Equipment Sales Order dated January 25. 2012, inserted below,
incorporated herein by this reference.
Demo 2011 Johnston Model VT850 Dual Gutter am= sweeper wilt► ax standard equipment mounted an a 2011
CW CabcW Chassis MR 6.? 20OW Engine wile EPA 201 G ernissim and AM
!test [temp Credit
lsa.0oo.n0)
Options:
IT Catch Basin Extension
Banded Inlet Duct & Seat
F.xtre'rry Rear
i�tT00 00
Rear Work t.lghts
f1,A0D,dpl,
Lem Trade In .1990 Jotaistun V 806 Sweeper
($10,000.00)
TAXES (IF APPLICABLE) Nwa - Taxable Gm mtnenla}
EXHIBIT 6
Bank Qualification And Arbitrage Rebate
U.S. Bancorp Government Leasing and Finance, Inc.
13010 SW 68th Parkway, Suite 100
Portland, OR 97223
Re: Property Schedule No. 02 to Master Tax - Exempt Lease /Purchase Agreement U.S, Bancorp Government
Leasing and Finance, Inc. and Town of Avon
Bank Qualified Tax - Exempt Obligation under Section 266
Lessee hereby designates this Property Schedule as a "qualified tax- exempt obligation" as defined in Section
265(b)(3)(B) of the Code. Lessee reasonably anticipates issuing tax - exempt obligations (excluding private activity bonds
other than qualified 501(c)(3) bonds and including all tax - exempt obligations of subordinate entities of the Lessee) during the
calendar year in which the Commencement Date of this Property Schedule falls, in an amount not exceeding $10,000,000.
Arbitrage Rebate
Eighteen Month Exception:
Pursuant to Treasury Regulations Section 1.148 -7(d), the gross proceeds of this Property Schedule will be expended
for the governmental purposes for which this Property Schedule was entered into, as follows: at least 15% within six months
after the Commencement Date, at least 60% within 12 months after the Commencement Date, and 100% within 18 months
after the Commencement Date. If Lessee is unable to comply with Section 1.148 -7(d) of the Treasury Regulations, Lessee
shall compute rebatable arbitrage on this Agreement and pay rebatable arbitrage to the United States at least once every five
years, and within 60 days after payment of the final Lease Payment due under this Agreement.
Lessee: Town of Avon
Name:
Title:
Language for UCC Financing Statements
Schedule i
SECURED PARTY: U.S. Bancorp Government Leasing and Finance, Inc.
DEBTOR: Town of Avon
This financing statement covers all of Debtor's right, title and interest, whether now owned or hereafter acquired, in and to
the equipment leased to Debtor under Property Schedule No. 02 dated March 15, 2012 to that certain Master Tax - Exempt
Lease Purchase Agreement dated as of August 26, 2011, in each case between Debtor, as Lessee, and Secured Party,
as Lessor, together with all accessions, substitutions and replacements thereto and therefore, and proceeds (cash and
non - cash), including, without limitation, insurance proceeds, thereof, including without limiting, all equipment described on
Exhibit A attached hereto and made a part hereof.
Debtor has no right to dispose of the equipment.
INSURANCE AUTHORIZATION AND VERIFICATION
Date: Property Schedule No: 02
To: Town of Avon (the "Lessee ") From: U.S. Bancorp Government Leasing and Finance, Inc. (the
"Lessor")
PO Box 975 13010 SW 68th Parkway, Suite 100
Avon, CO 81620 Portland, OR 97223
Attn: Myra Aksamit
TO THE LESSEE: in connection with the above - referenced Property Schedule, Lessor requires proof in the form of this document,
executed by both Lessee* and Lessee's agent, that Lessee's insurable interest in the financed property (the "Property ") meets Lessor's
requirements as follows, with coverage including, but not limited to, fire, extended coverage, vandalism, and theft:
Lessor, AND ITS SUCCESSORS AND ASSIGNS, shall be covered as both ADDITIONAL INSURED and LENDER'S LOSS
PAYEE with regard to all equipment financed or leased by policy holder through or from Lessor. All such insurance
shall contain a provision to the effect that such insurance shall not be canceled or modified without first giving
written notice thereof to Lessor and Lessee at least thirty (30) days in advance of such cancellation or modification.
Lessee must carry GENERAL LIABILITY (and /or, for vehicles, Automobile Liability) in the amount of no less than
$1,000,000.00 (one million dollars).
Lessee must carry PROPERTY Insurance (or, for vehicles, Physical Damage insurance) in an amount no less than the
'Insurable Value' $217,004.00, with deductibles no more than $10,000.00.
*Lessee: Please execute this form and return with your document package. Lessor will fax this fomn to your insurance agency for
endorsement. in lieu of agent endorsement, Lessee's agency may submit insurance certificates demonstrating compliance with all
requirements. If fully executed form (or Lessee - executed form plus certificates) is not provided within 15 days, we have the right to
purchase such insurance at your expense. Should you have any questions, please contact Myra Aksamit at (303) 585 -4054.
By signing, Lessee authorizes the Agent named below: 1) to complete and return this form as indicated; and 2) to endorse the
policy and subsequent renewals to reflect the required coverage as outlined above.
Agency /Agent:
Address:
Phone /Fax:
E -Mail
TO THE AGENT: In lieu of providing a certificate, please execute this form in the space below and promptly fax it to
Lessor at 303 -585 -4732. This fully endorsed form shall serve as proof that Lessee's Insurance meets the above
requirements.
Agent hereby verifies that the above requirements have been met in regard to the Property listed below.
Print Name Of Agency: X
By: X
(Agent's Signature)
Print Name: X -- -_ -__ _ Date:
Insurable Value: $217,004.00
ATTACHED: PROPERTY DESCRIPTION FOR PROPERTY SCHEDULE NO.: 02
Notification of Tax Treatment to Tax - Exempt Lease /Purchase Agreement
This Notification of Tax Treatment is pursuant to a Master Tax - Exempt Lease /Purchase Agreement dated as of August 26, 2012 and
the related Property Schedule No. 2 dated March 15, 2012, between Lessor and Lessee (the "Agreement ").
Lessee agrees that this Property Schedule SHOULD be subject to sales/use taxes
Lessee agrees that this Property Schedule should NOT be subject to sales /use taxes and Lessee has included our tax -
exemption certificate with this document package
Lessee agrees that this Property Schedule should NOT be subject to sales/use taxes and no tax - exemption certificate is
issued to us by the State
Lessee agrees that this Property Schedule is a taxable transaction and subject to any /all taxes
Lessee agrees that this Property Schedule is subject to sales/use taxes and will pay those taxes directly to the State or
Vendor
IN WITNESS WHEREOF, Lessee has caused this Notification of Tax Treatment to be executed by their duly authorized representative.
Date:
Lessee: Town of Avon
Title:
Form 8038 -G Information Return for Tax - Exempt Governmental Obligations
(Rev. September 2011) ► Under internal Revenue Code section 149(e) OMB No. 1545 -0720
10- See separate instructions.
Department of the Treasury A
Internal Revenue Service Caution: If the issue rice is under $100,000, use Form 8038 -GC.
If Amended Return_ check harp ►
1 Issuer's name
2 Issuer's employer identification number (EIN)
3a Name of person (other than issuer) with whom the IRS may communicate about this return (see instructions)
3b Telephone number of other person shown on 3a
4 Number and street (or P.O. box if mail is not delivered to street address)
Room/suite
5 Report number (For IRS Use Only)
3
6 City, town, or post office, state, and ZIP code
7 Date of issue
8 Name of issue
9 CUSIP number
10a Name and title of officer or other employee of the issuer whom the IRS may call for more information (see
instructions)
Type of Issue (enter the issue price). See the instructions and attach schedule.
10b Telephone number of officer or other
employee shown on 10a
11
Education . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . .
11
22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . .
22
12
Health and hospital . . . . . . . . . . . . . . . . . . . .
. . . . .
12
13
Transportation . . . . . . . . . . . . . . . . . . . . .
. . . . . .
13
25 Proceeds used for credit enhancement . . . . . . . . . . . . 25
14
Public safety . . . . . . . . . . . . . . . . . . . . . .
. . . . . .
14
15
Environment (including sewage bonds) . . . . . . . . . . . . . .
. . . . . .
15
28 Proceeds used to advance refund prior issues . . . . . . . . . 28
16
Housing . . . . . . . . . . . . . . . . . . . . . .
. . . . . .
16
17
Utilities . . . . . . . . . . . . . . . . . . . . . . .
. . . . . .
17
Description of Refunded Bonds. Complete this part only for refunding bonds.
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . . ► years
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . . ► years
33 Enter the last date on which the refunded bonds will be called (MM /DD/yyyy) . . . . . . ►
18
Other. Describe ►
1$
19
20
If obligations are TANS or RANs, check only box 19a . . . . . . . . .
If obligations are BANS, check only box 19b . . . . . . . . . . . .
If obligations are in the form of a lease or installment sale, check box
. . . ► ❑
. . . ► ❑
► ❑
1 ","�f�4i
e;l 1 '1 11 b i Iraq;.
f
Description of Obligations. Complete for the entire issue for which this form is being filed.
(a) Final maturity date (b) Issue price (e) Stated redemption
price at maturity
(d) weighted
I average maturity
(e) Yield
21 ears
Uses of Proceeds of Bond Issue (including underwriters' discount)
22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . .
22
23 Issue price of entire issue (enter amount from line 21, column (b)) . . . . . .
23
24 Proceeds used for bond issuance costs (including underwriters` discount) . 24
25 Proceeds used for credit enhancement . . . . . . . . . . . . 25
26 Proceeds allocated to reasonably required reserve or replacement fund . 26
27 Proceeds used to currently refund prior issues . . . . . . . . . 27
28 Proceeds used to advance refund prior issues . . . . . . . . . 28
29 Total (add lines 24 through 28) . . . . . . . . . . . . . . . . . . . . . . .
29
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here)
30
Description of Refunded Bonds. Complete this part only for refunding bonds.
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . . ► years
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . . ► years
33 Enter the last date on which the refunded bonds will be called (MM /DD/yyyy) . . . . . . ►
34 Enter the date(s) the refunded bonds were issued ► (MM /DD/YYYY)
For Paperwork Reduction Act Notice, see separate instructions Cat. No. 63773S Form 8038 -G (Rev. 9 -2011)
Form 8038 -G (Rev. 9 -2011)
Page 2
Miscellaneous
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) 35
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . 36a
b Enter the final maturity date of the GIC ►
C Enter the name of the GIG provider ►
37 Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans
to other governmental units . . . . . . . . . . . . . . . . . . . . . . . . 37
38a If this issue is a loan made from the proceeds of another tax- exempt issue, check box ► ❑ and enter the following information:
b Enter the date of the master pool obligation Bi-
c Enter the EIN of the issuer of the master pool obligation ►
d Enter the name of the issuer of the master pool obligation ►
39 If the issuer has designated the issue under section 265(b)(3)(B)(i)(111) (small issuer exception), check box . . . . ► ❑
40 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . . . . . ► ❑
41a If the issuer has identified a hedge, check here ► ❑ and enter the following information:
b Name of hedge provider No-
0 Type of hedge Po-
d Term of hedge ►
42 If the issuer has superintegrated the hedge, check box . . . . . . . . . . . . . . . 01. ❑
43 If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations (see instructions), check box . . . . . . . . ► ❑
44 If the issuer has established written procedures to monitor the requirements of section 148, check box . . . . . ► ❑
45a If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount
of reimbursement . . . . . . . . . lo-
b Enter the date the official intent was adopted ►
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
Signature and belief, they are true, correct, and complete. I further declare that I consent to the IRS's disclosure of the issuer's return information, as necessary to
and process this return, to the person that I have authorized above.
Consent '
' Signature of issuer's authorized representative Date
Type or print name and tine
Paid Print/Type preparer's name Preparer's signature Date Check ❑ if PTIN
Preparer I � self - employed
Use Only Firm's name ► Firm's EIN ►
Firm's address ► Phone no
Form $(y3$ -G (Rev. 9 -2011)
VEHICLE TITLING ADDENDUM
Master Tax - Exempt Lease/Purchase Agreement dated August 26, 2011; Property Schedule No. 02 dated March 15,
2012, between Town of Avon as Lessee and U.S. Bancorp Government Leasing and Finance, Inc. as Lessor.
1. Lessor and Lessee hereby agree to amend the above referenced Agreement to add additional terms and conditions as
set forth below:
Lessee agrees that it will provide to Lessor the original title documentation to the
Equipment. Lessee shall provide such title documentation to Lessor within 15 days of
Lessee's receipt of such title documentation from the appropriate titling authority.
Lessee's failure to provide Lessor with title documentation to the Equipment in a timely
fashion shall be deemed a condition of Default as defined in the default paragraph herein
subject to remedies available to Lessor pursuant to the remedies paragraph. You further
agree to pay a month to month unobtained titling fee if we have not received the correct
transferred title in our office.
2. Location: Lessor agrees that in regard to the location of the equipment, Lessee must be responsible for maintaining
records showing the location of each piece of Leased equipment. Lessee will report this location to Lessor upon written
request by Lessor. Failure to do so shall constitute a breach of the Agreement, which default shall be governed by the
terms and conditions specified in the default and/or remedies paragraph of the Agreement.
3. Lessee will complete the physical titling of the vehicle as required by the state of Lessee's residence and guarantee
U.S. Bancorp Government Leasing and Finance, Inc. that U.S. Bancorp Government Leasing and Finance, Inc. will
receive the original title to the leased vehicle in a timely manner. Lessee agrees to indemnify U.S. Bancorp Government
Leasing and Finance, Inc. from any damage or loss it incurs, including legal fees, due to its failure to complete its
agreement herein.
THE APPLICATION FOR TITLE MUST INCLUDE THE FOLLOWING AS 1 1T LIEN HOLDER:
U.S. BANCORP GOVERNMENT LEASING AND FINANCE, INC.
13010 SW 68 Parkway, Suite 100
Portland, OR 97223
By signing this Addendum, Lessee acknowledges the above changes to the Agreement and authorizes Lessor to make
such changes. In all other respects the terms and conditions of the Agreement remain in full force and effect.
Lessor: U.S. Bancorp Government Leasing
and Finance, Inc.
B:
Name:
Title:
Date:
Lessee: Town of Avon
Title:
7333 HWY 85 PO BOX 1865
COMMERCE CITY, CO 80037 -1865 PH 303 - 287 -7401 FAX 303- 287 -7404
SALES ORDER Customer No 03331
DATE:
January 25, 2012
SOLD TO: Town of Axon
500 Swift Gulch Road
Avon, CO 81620
CUSTOMER
P.Q.4
DELVER TO. Avon, CO 81620
VIA:
17.0.6.
Avon, CO 81620
Delivery
Charge Ylhl
Terms
(Specify):
Net 30 Days
Requested
Del. pate:
QTY
DESCRIPTIONS
PRICE
Demo 2011 Johnston Model VTO50 Dual Gutter Broom Sweeper with all standard equipment mounted on a 2011
CMC Cab -Over Chassis iSI3 6.7 200HP Engine with EPA 2010 emissions and A/C
$229,719.00
Less Demo Credit
($8,000,00)
Options:
6' Catch Basin Extension
Bonded Inlet Duct &Seat
$535.00
Extra Try Rear
$2,500.00
Rear Work Lights
$1,500.00
$750.00
Less Trade In . 13 99 Johnston VT -608 Sweeper
('$10,000.00)
TAXES (IF APPLICABLE) Nan - Taxable Governmental
TOTAL
$217,004.00
WARRANTY TERMS: Standard Factory
Purchaser. Authorized S' nature x
Title: x Date,:
FED TAX IDO x
mi sure Z#F -' -
Type of business Wea, circle oneg Sole propnetamhip, corporataoa. partnership. LLP, LLC
Rayef ads to pay ang acrd alt sacs, Use 2nd Fetlerat 2.'11 TW4 etc, whcxc apptiuthia
Macdonald Equipment Company makes no warranty exxpressed of implied of mercbantabitay ac
fitness, beyond the deseiiption on the fare hurt:.
• �•
Ali orders subject to Masxtonald Equipment Company Office Approval and.Acceptance
AIt Paytvent Musr Be in US FtmcLs
All deposits are non refundable, unless hated above in terms
`FOR OMCE USE ONLY • "
AppravecF By: pate
'roe:
Salesman: Date
PAGE 1 of 1