TC Res. No. 2000-37RESOLUTION NO. 00-37
A RESOLUTION AUTHORIZING THE USE OF A PREVIOUSLY
APPROVED GOVERNMENTAL LEASE-PURCHASE MASTER
AGREEMENT DATED MAY 19,1999 AND APPROVING A SUPPLEMENT
THERETO AND RELATED DOCUMENTS AND CERTIFICATES
WHEREAS, the Town of Avon has entered into a governmental lease-purchase master
agreement dated May 19, 1999 for the purchase of certain municipal equipment; and
WHEREAS, the Town, in it's 2000 budget has appropriated funds for the purchase of municipal
equipment; and
WHEREAS, the Town desires to use capital lease financing for the purchase of certain items of
equipment.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO:
.Section 1. The Supplement attached to the previously approved Governmental Lease-
Purchase Master Agreement (the "Agreement" or the "Master Lease") with Norwest Investment
Services, Inc. dated May 19, 1999 is hereby approved substantially in the form presented to this
Council and on file in the office of the Town Clerk.
Section 2. The Finance Director of the Town of Avon is hereby authorized to execute
this Supplement thereto on behalf of the Town, and to execute such other certificates and
documents as may be necessary and appropriate to effectuate the transactions contemplated by
the Agreement and said Supplement. The Agreement, the Supplement and the related documents
may contain such necessary and appropriate variations; omissions and insertions as the Finance
Director shall determine to be necessary, and the execution thereof by the Finance Director shall
be conclusive evidence of such determination and its approval by the Council.
Section 3. Lessee does not reasonably anticipate that it will issue tax-exempt obligations
(not including "private activity bonds" as defined in Section 141 of the Internal Revenue Code of
1986, as amended) in an aggregate amount in excess of $10 million during the calendar year in
which the Lease commences. The Lease is designated as a qualified tax-exempt obligation for
the purposes of Section 265(b)(c) of the Internal Revenue Code of 1986, as amended, relating to
deductibility of interest by financial institutions.
ADOPTED this 22`d day of August, 2000.
TOWN OF AVON, COLORADO
-4 - (141
Ju Yoder, a6
COPY
GOVEKNMENTAL LEASE - PURCHASE
MASTER AGREEMENT
Yame and Address of Lessee:
Town of Avon
100 Benchmark Road
kvon, Colorado 81620
Lessor:
Norwest Investment Services, Inc.
Norwest Public Finance Department
1740 Broadway, 2"d Floor
Denver, Colorado 80274-3733
LEASE. Lessor herebv a_rees to lease to Lessee. and Lessee herebv agrees to lease from Lessor. the personal property described in
Suppienenc or Suople nents to this Master Lease from time to time signed by Lessor and Lessee upon the terms and conditions set
brth in the related Supplement (such property to<_ether with ail replacements. repairs and additions incorporated therein or affixed
hereto beinL, referred to herein as "Equipment" The lease of the items described in a particular Supplement shall be considered a
eparate lease pursuant to the teams of the Master Lease and the Supplement the same as if a single lease agreement'containing such
erms had been executed covering such items. The execution by Lessee of each Suvviement shall evidence a determination by the
.essee that the Equipment covered thereby is essential to its proper. efficient and economic operation and desires to enter into that
iupplement for the acquisition of that Equipment under the terms hereof. that the Equipment is necessary for the governmental
unctions of Lessee.. and that Lessor is neither the manufacturer nor a dealer or merchant of'said Equipment. bur has agreed to provide
he funding for and on behalf of Lessee for the acquisition of said Equipment under the teas hereof at the specific request of Lessee.
DELIVERY AND ACCEPTANCE. Lessee will evidence its acceptance of the Equipment by executing and delivering to Lessor a
)e!i~:r~' and Accenrance Cerrihcate (herein so called) in the form to be provided by Lessor.
. TERM. The term of this Lease with respect to each item of Equipment shall begin on the date it is accepted by Lessee and shall
oncinue from the rent commencement date shown in the related Supplement unless earlier terminated as provided herein. The rent
ommencemenr date is the acceptance Dare as recorded on the acceptance Certificate.
RENT. Lessee shall pay as basic rent for the full term of this Lease the amount shown in the related Supplement as Total Rent. and a
ornon of each rent payment is paid as. and represents the payment of interest. and Exhibit "a" attached to the related Supplement sets
)rth the interest component of each rent pavment during the term. The Total Rent shall be .payable in installments each in the amount
f the basic rental payment set forth in the related Supplement plus any applicable sales and use tax thereon. Lessee shall pay rent in
istallments as shown in the Related Supplement. Except as specifically provided in. Section 5 hereof. the rental payments will be
b;6iure and unconditional in all events and will not be subject to any set-off. defense. counter claim or recoupment for any reason
harsoever.
essee reasonably believes that funds can be obtained sufficient to maize all rent payments during the term of the Lease and hereby
ovenants char it will do all things lawfully within its power to obtain. maintain and properly request and pursue funds from which the
!nr payments may be made. The chief executive officer of the unit shall request the required appropriation from the governing board
nd -~;hausr all availabie administrative rep: ie•.vs and appeals in the event such portion of the budget is not approved.
NoN-.-\PPROPRlATION OF Fl_-.NDS. If Lessee periodically requests from its legislative body or funding authority finds.to be
aid -o Lessor under • this Lease and. notwithstandinu, the making in wood faith of such request in accordance with appropriate
roce-dares and with the e>:er~ae of reasonable ;:are and dili_ence. such ie_islative body or funding auchorrr% does nor approve funds to
e'paiu to Lessor for the Equipment. Lessee may. upon prior written notice to Lessor effective 60 days after the giving of such notice
or upon the exhaustion of the funding authorized for the then current appropriation period. whichever is later, return the Equipment to
Lessor at Lessee's expense and thereupon be released of its obligation to make all.rental payments to Lessor due thereafter, provided:
(i) the Equipment is returned to Lessor freight prepaid and insured to any location in the continental united States designated by
Lessor in the same condition as when first delivered to Lessee. reasonable wear and tear resulting solely from authorized use thereof
excepted. (ii) the foregoing notice states the failure of the legislative body or funding authority to appropriate the necessary funds as
reason for cancellation, and (iii) the notice is accompanied by payment of all amounts then due to Lessor under this Lease. In the evert
Lessee returns the Equipment pursuant to the terms of this Section Lessor shall retain all sums paid hereunder by Lessee, including
any security deposit paid hereunder. To the extent permitted by law, if the provisions of this Section :5 are utilized by Lessee. Lessee
agrees not to purchase, lease or rent equipment performing functions similar to those performed through the 'use'of the Equipment. or
to obtain from any source the services or information which the Equipment was to perform or provide, for the balance of the,
appropriation period following Lessee's exercise of its termination right hereunder. This Section 5 will not be construed so as to
permit Lessee to terminate this Lease in order to acquire any other equipment or to allocate funds directly or indirectly to perform
essentially the same application for which the equipment is intended.
6. REPRESENTATIONS AND WARIL~NTIES OF LESSEE. Lessee represents and warrants and, so long as this Lease is in effect or
any part of Lessee's obligations to Lessor remain unfulfilled, shall continue to warrant at all times, that:
(a) Lessee is a State, a Territory or a possession of the united States, the District of Columbia, or a political subdivision of
any of the fore_oina- within the meaning of Section 103(a) of the Internal Revenue Code of 1986, as amended, and Treasury
Regulations and Rulings related thereto. If Lessee is incorporated. it is duly organized and existing under the Constitution and laws of
its jurisdiction of incorporation and will do or cause to be done all things necessary to preserve and keep such organization and
existence in full force and effect.
(b) Lessee has been duly authorized by the Constitution and laws of the applicable jurisdiction and by a resolution of its
governing body (which resolution. if requested by Lessor, is attached hereto) to execute and deliver this Lease and each Supplement
and to carry out its obli=ations hereunder.
(c) All requirements have been met. and procedures have occurred in order to insure the enforceability of this Lease. and
Lessee haz complied with such public bidding requirements, if any, as may be applicable to the transactions contemplated by this
Lease.
(d) The Equipment will be used by Lessee only for the purpose of perforating one or more governmental or proprietary
functions of Lessee consistent with the permissible scope of Lessee's authority and will not be used in a trade or business of any person
or entity other than Lessee.
ie) Lessee has funds available to pay rent until the end of its current appropriation period_ and it will request funds to snake
payments in each appropriation period. from now until the end of the term of this Lease.
(f) This Lease constitutes a valid. le_al and binding obligation of Lessee enforceable against Lessee in accordance with the
respective terms hereof.
(2) This Lease is not an arbitrage bond for purposes of Section 148 of the Internal Revenue Code of 1986, as amended. and
Lessor and its assigns are entitled to treat the interest portion of the payments to be made hereunder as exempt from federal income
taxes under Section 103 (a) of the Internal Revenue Code of 1986. as amended.
(h) Lessee shall maintain records relating.to the Lessor and its assigns sufficient to comply with the registration requirements
of Section 149(a) of the Internal Revenue Code of 1986, as amended.
(i) Lessee does not reasonably antic-,pare that it will issue tax exempt obligations (not including "private activity bonds" as
defined in Section 141 of the Internal Revenue Code of 1986, as amended) in an aggregate amount in excess of S10 million during the
calendar near in which this Lease term commences. and this Lease. is designated as a qualified tax exempt obligation for purposes of
Section 26 (b (3) or the Internal Revenue Code of 1986 relating to deductibility of interest by financial institutions.
(j) This Lease is not and shall not become a "private activity bond" within the meaning of Section 141 of the Internal Revenue
Code of 1986, as amended.
(k) Lessee shall comply with all provisions of the Internal Revenue Code of 1986 which are necessary to preserve the tax
exempt status of the interest component of the payments made and to be made under this Lease. including. without limitation, the
investment and rebate provisions of Section.148. the prohibition against federal guaranties under Section 149 (b) and the information
reporting requirements of Section 149 (e).
7. WARRANTIES. Lessee agrees that it has selected each item of Equipment based upon its own judgment and disclaims any reliance
upon any statements or represeniafions made by Lessor. LESSOR MAKES NO WARRANTY WITH RESPECT TO THE
EQUIPMENT. EXPRESSED OR IMPLIED. AND LESSOR SPECIFICALLY DISCLAIMS ANY WARRANTY OF
MERCHANTABILITY .AND OF FITNESS FOR .A PARTICULAR PURPOSE AND ANY LIABILITY FOR CONSEQUENTLAL
DANL-3GES ARISING OUT OF THE USE OF OR THE INABILITY TO USE THE EQUIPMENT. Lessee agrees to make rental and
other payments required hereunder without regard to the condition of the Equipment and to look only to persons other than Lessor such
as the manufacturer. vendor or carrier thereof should any item of Equipment for any reason be defective. So long as no Event of
Default has occurred and is continuin_, Lessor agrees, to the extent they are assignable, to assign to Lessee, without any recourse to
Lessor. anv warranty received by Lessor.
8. TITLE. Upon acceptance of the Equipment by Lessee hereunder. title to the Equipment will vest in the Lessee: provided. however.
that I it upon the occurrence of an Event of Default, as that term is detined in Section 20 hereof. or (ii) in the event that the purchase
option. if any. has not been exercised prior to the expiration date thereof: title will immediately vest in Lessor or its assignee. For as
long as Title to the Equipment vests in Lessee . Lessee at its expense shall protect and defend the title and keep it free of all claims and
liens other than the rights of Lessee hereunder and claims and liens created by or arisin_ through Lessor. The Equipment shall remain
personal property regardless of its attachment to realr:. and Lessee agrees to take such action at.its expense'as rnav be necessary to
prevent any third part from acquiring any interest in the Equipment as a result of its attachment to realty.
9. SECURITY AGREENTENT: FURTHER .ASSURANCES. To secure the performance of all Lessee's obligations, hereunder. Lessee
herebv .rants to Lessor a "security interest constituting a first lien on the Equipment and on all additions, attachments. repairs.
replacements and modifications thereto or therefor.. including all after-acquired Equipment of Lessee. and on any proceeds therefrom.
Lessee agrees ro, execute or deliver such additional documents. including. without limitation. financing, statements. opinions of counsel.
notices and similar instruments. in form satisrac:on• to Lessor. which Lessor deems necessary or appropriate to establish and maintain
its secarim- interest in the Equipment or for the confirmation or pertecrion of this Lease and Lessor's rights hereunder. Lessor is hereby
authorized to file rinancinu statements sinned only by Lessor in accordance with the Uniform Commercial Code or signed by Lessor as
Lessee's attorney in fact.
10. LAWS AND TAXES. Lessee shall comply. with all laws and regulations relating to the Equipment and its use and shall promptly,
pay when due all sales. use, property. excise and. other taxes and all license and registration fees now or hereafter imposed by any
'yoyertunentai body or agency upon the Equipment or its use or the rentals hereunder excluding, however, any taxes on or measured by
Lessor's net income. Upon request by Lessor. Lessee shall prepare and file all tax returns relating to taxes for which Lessee is
responsible hereunder which Lessee is permitted to file under the laws of the applicable taxing jurisdiction.
11. 1NDENiINITY. Lessee hereby indemnifies and agrees to save Lessor harmless from anv and all liability and expense arising out of
the ordering. ownership. use. condition or operation of each item of Equipment during the term of this Lease. including liability for
death or iniury to persons. damage to property. strict liability under the laws or judicial decisions of any state or the United States, and
le_ai expenses in defending anv claim brou2nt to eniorce anv such liability or expense. but excluding any liability for which Lessee is
not responsible under Section 10.
122. ASSIGNMENT. Without Lessor's prior written consent. Lessee will not sell. assign, sublet. pledge, or otherwise, encumber or
permit a lien arising through Lessee to exist on or against'any interest in this Lease or the Equipment or remove the Equipment from its
location referred to above. Lessor may assign its interest in this Lease and sell or :_ranr,.a security interest in all or any part of the
ecuioment withour Lessee's consent. Lessee a_rets not to assert against anv assignee of Lessor any claim or defense Lessee may have
a,,ainst Lessor.
[\SPECTION. Lessor may inspect the Equipment at any time and from rime to rime durin_ re'_uiar'business hours
14. REPAIRS. Lessee will use the Equipment with due care and,for the purpose for which it is intended. Lessee will maintain the
Equipment in good repair. condition and working order and will furnish all parts and services required therefore. all at its expense. All
such pans. when furnished shall immediately become the property of Lessor and part of the Equipment for all purposes hereof.
15. LOSS OR DAINIAGE. In the event any item of Equipment shall become lost. stolen. destroyed. damaged beyond repair or rendered
permanently unfit for use for any reason. or in the event of condemnation or seizure of any item of Equipment. Lessee shall promptly
pav Lessor (a) the amount of all rent and other amounts payable by Lessee hereunder with respect to such item due but unpaid at the
date of such payment plus (b) the amount stated in.the Supplement or an exhibit thereto as the Termination Balance included in Exhibit
"a" plus (c) an amount equal to the applicable Final purchase option price set forth in the Supplement or any exhibit thereto. Upon
payment of such amount to Lessor. such item shall become the property of Lessee. Lessor will transfer to Lessee. without recourse or
warranty. all of Lessor's right, title and interest therein. the rent with respect to such item shall terminate. and the basic rental payments
on the remaining items shall be reduced accordingly. Lessee shall pay any sales and use taxes due on such transfer. Any insurance or
condemnation proceeds received shall be credited to Lessee's obligation under this paragraph and Lessee shall be entitled to any
surplus.
16. r.NSURANCE. Lessee shall obtain and maintain on or with respect to the Equipment at its own expense (a) liability insurance
against liability for bodily injury, and property damage with a minimum limit of S-500.000 combined single limit and (b) physical
damage insurance insuring against loss or damage to the Equipment in an amount not less than the full. replacement value of the
Equipment or the amount stated in the Supplement or an exhibit thereto as the Termination Balance. Lessee shall furnish Lessor with
certificate of insurance evidencing the issuance of a policy or policies to Lessee in at least the minimum amounts required herein.
naming, Lessor as aft additional insured thereunder for the liability coverage and as loss payee for the property damage coverage. Each
such policy shall be in such form and with such insurers as may be satisfactory to Lessor. and shall contain a clause requiring the
insurer to give to Lessor at least 10 days prior written notice of any alteration in the terms of such policy or the cancellation thereof..
and a clause specifvina that no action or misrepresentation by Lessee shall invalidate such policy. Lessor shall be under no duty to
ascertain the existence of or to examine any such policy or to advise Lessee in the event any such policy shall not comply with the
requirement thereof. In the event that Lessee has been permitted to self=insure. Lessee will furnish Lessor with a letter or certificate to
such effect.
17. RETURN OF THE EQUIPMENT. Upon the expiration or earlier ,errr n--ticn of this Lease. unless all payments are made as
described in the, Supplement: the Lessee wiil immediately deiiyer the Equipment to Lessor in the same condition as when delivered to
Lessee. ordinary wear and tear excepted. at such location within the continental United States as Lessor shall designate. Lessee shall
pay all transportation and other expenses relating to such delivery.
13. ADDITIONAL ACTION. Lessee will promptly execute and deliver to Lessor such further documents and take such further action
as Lessor may request in order to more effectively carry out the intent and purpose of this Lease. including the execution and delivery
of appropriate financing statements to fully protect Lessor's interest hereunder in accordance with the Uniform Commercial Code or
other applicable law. Lessee will furnish. from time to time on request. a copy of Lessee's latest annual balance sheet and income
statement.
19. LATE CHARGES. If any installment of basic rent is not paid when due or within 5 days 'thereafter. Lessor may impose a late
-harge of up to of the amount of the installment but in anv event not more than permitted by applicable law. Payments thereafter
received shall be applied first to delinquent installments and then to current installments.
20. DEFAULT. Each of the following events shall constitute an "Event of Default" hereunder: (a) Lessee shall fail to pay when due
my installment on basic rent: (b) Lessee shall fail to observe or perform any other agreement to be observed or performed by Lessee
hereunder and the continuance thereof for 10 calendar davs following wntten norice thereof by Lessor to Lessee: (c) any warranty.
representation or statement made or furnished to Lessor by or on behalf of Lessee proves to have been false or misleading in any
material respect: or (d) Lessee shall volunmriiv tile. or have filed against it inyoiuntatily, a petition for liquidation. reorganization.
idiustment of debt. or similar relief under the federal or state Bankruptcy Code or any other present or future federal or state
jankruprc:: or insolvency law. or a trustee. receiver. or liquidator shall be appointed of it or all of a substantial part of its assets.
21. REMEDIES. Lessor and Lessee agree that Lessor's damages suffered by reason of an Event of Default are uncertain and not
:apabie of,-xacr measurement at the time this Lease is executed because the value of the Equipment at the expiration of this Lease is
ancertain. and therefore thec agree chat for purposes of this Section 21 "Lessor's Loss" as of any date shall be the sum of the following:
(I) the amount of all rent and other amounts payable by Lessee hereunder due but unpaid as of such date, plus (2) the amount stated in
the Supplement or an exhibit thereto as the Termination Balance, plus (3) an amount equal to the applicable purchase price set forth in
the Supplement.
Upon the occurrence of an Event of Default and at any time thereafter, Lessor may exercise any one or more of the remedies listed
below as Lessor in its sole discretion may lawfully elect: provided, however, that upon the occurrence of an Event of Default specified
in Section 20 (d), an amount equal to Lessor's Loss as of the date of such occurrence shall automatically be and become immediately
due and payable without notice or demand of any kind.
A. Lessor may. by written notice to Lessee. terminate this Lease and declare an amount equal to Lessor's Loss as of the date of such
notice to be immediately due and payable, and the same shall thereupon be and become immediately due and payable without further
notice or demand. and all rights of Lessee to use the Equipment shall terminate but Lessee shall be and remain liable as provided in
this Section 21. Lessee shall at its expense promptly deliver the Equipment to Lessor at a location or locations within the continental
united. States designated by Lessor. Lessor may also enter upon the premises. where the Equipment is located and take immediate
possession of and remove the same with or without instituting legal proceedings.
B. Lessor may proceed by appropriate court action to enforce performance by Lessee of the applicable covenants of this Lease or to
recover. for breach of this Lease. Lessor's Loss as of the date Lessor's. Loss is declared due and payable hereunder: provided. however,
that upon recovery of Lessor's Loss from Lessee in any such action without having to repossess and dispose of the Equipment. Lessor
shall transfer the Equipment to Lessee at its then location upon payment of any additional amount due under clause (C, D, E) below.
C. In the event Lessor repossesses the Equipment. Lessor shall either retain the Equipment in full satisfaction of Lessee's obligation
hereunder or sell or lease each item of Equipment in such a manner and upon such terms as Lessor may in its sole discretion determine.
The proceeds of such sale or lease shall be applied to reimburse Lessor for Lessor's Loss and any additional amount due under clause
(D.,E) below. Lessee shall be entitled to any surplus and Lessee shall remain liable for any deficiency. For purposes of this
subparagraph. the proceeds of any lease of all or any part of the Equipment by Lessor shall be the amount reasonably assigned by
Lessor as the cost of such Equipment in determining the rent under such Lease.
D. Lessor may recover interest on the unpaid balance of Lessor's Loss from date it becomes payable until fully paid at a rate of P'() per
annum.
E. Lessor may exercise anv other right or remedy available to it by law or by agreement, and may in anv event recover legal fees and
other expenses incurred by reason of an Event of Default or to the exercise of anv remedy hereunder. including -,expenses of
repossession. repair, storage. transportation. and disposition of the Equipment.
No remedy given in this section is intended to be exclusive, and each shall be cumulative but only to the extent necessary to permit
Lessor to recover amounts for which Lessee is liable hereunder. No express or implied waiver by Lessor of anv Event of Default shall
constitute a.waiver of any other Event of Default.
22. NOTICES..Anv written notice hereunder to Lessee shall be deemed to have been given when delivered personally or deposited in
the United States trails. postage prepaid. addressed to Lessee at its address set forth above or at such other address as may be last
knovmm to Lessor.
NET LEASE AND GNCONDITIONAL OBLIGATION. This Lease is a completely net lease and Lessee's obligation to pay-the
rent --d amounts payable by Lessee under Sections l~ and 21 is unconditional and not subject to anv_ abatement. reduction. setoff or
defense of any kind except as expressly provided herein.
24. PREPAYMENT. This lease and any related Supplement may be prepaid in whole, but not in part. and on a regular payment date
with fom,-jive (45) days written notice to Lessor, upon payment of the amount set forth as Termination Value on the Exhibit A
attached to said Supplement.
`ON-CANCELLAKE LEASE. This Lease cannot be canceled or terminated except as expressly provided herein.
2 5
26. SURVIVAL OF INDEMNITIES. essee's obhuations under Sections 10 and l I shall sun-ive terminarion of this Lease.
27. MISCELLANEOUS. Any provision of this Lease which is unenforceable in any jurisdiction shall, as to jurisdiction, be ineffective
to the extent of such unenforceability without invalidating the remaining provisions of this lease, and any such unenforceability in any
jurisdiction shall not render unenforceable such provision in any other jurisdiction. This Lease shall in all respects be governed by, and
construed in accordance with, the substantive laws of the state in which the Lessee is located.
Dated: May 13, 1999
Lessee: Town of Avon; Avon, Colorado
Bv:
Its: Mayor
Lessor. No st Invest :7ices, Inc.
By:
Xts: Vke President
b
Wells Fargo Brokerage Services, LLC SUPPLEMENT TO MASTER LEASE
Public Finance Division
1740 Broadway, MAC C7322-026
Denver, CO 80274
Name and address of Lessee:
Supplement # 0900-004
Town of Avon
400 Benchmark Road
Avon, Colorado 81620
This is a Supplement to the Governmental Lease-Purchase Master. Agreement dated May 13, 1999 between Lessor and
Lessee (the "Master Lease") and Supplement dated August 25, 2000. Upon the execution and delivery by Lessor and
Lessee of this Supplement, Lessor hereby agrees to lease to Lessee, and Lessee hereby agrees to lease from Lessor, the
Property described, below upon the terms and conditions of this Supplement and the Master Lease.
PROPERTY DESCRIPTION
Quantity
Serial Number
1
Pierce Quantum Chassis
1
Pierce Quantum Chassis
Location of Property
if different from Lessee's address SCHEDULE OF RENT PAYMENTS
Basic Rental
Number Of
Advance
Payments
Payments
Payments
Rent commencement date: August 25, 2000
$121,865.16
7
4-
Term in months from rent commencement .
Interest Rate
First Payment
Final Purchase
Due
Option Price
84 months
6.15%
Aug. 25, 2001
$1.00
Rental payment period (check one)
❑ Monthly ® Annually FINANCE AMOUNT: $676,685.70
❑ Quarterly ❑ Other - see additional provisions
❑ Semi-annually. OTOTAL RENT: $853,056.12
Additional Provisions:
LESSOR:Wells Fargo Brokerage Services, LLC
By
Its Senior Vice President
Date August 25, 2000
LESSE wn of Avon, Colorado
By
Its .
Date August 25, 2000
Two Pierce Quantum Chassis Town of Avon, Colorado
Exhibit A
Costs Funded Payment Rate
$676,685.70 6.150%
7 Payments
1 per year
Level Payment
$121,865.16
Closing Fees
$0.001
Average Life
4.24 years
6.150% Rate
Fctr-.180091
50.84 months
Commencement: Au 25, 2000
Closing Date: Au 25, 2000
Pmt
Total Payment
Due
Interest
Payment Due
Principal
Payment Due
After Payment
Principal
Balance
After Payment
Termination
value
Payment Due
Date
$676,685.70
Aug 25, 2000
1
$121,865.16
$41,616.17
$80,248.99
$596,436.71
$603,986.49
Ang 25, 2001
2
$121,865.16
$36,680.86
$85,18430
$511,252.41
$516,850.55
Aug 25, 2002
3
$121,865.16
$31,442.02
$90,423.14
$420,829.27
$424,704.29
Aug 25, 2003
4
$121,865.16
$25,881.00
$95,984.16
$324,845.11
$327,259.63
Aug 25, 2004
5
$121,865.16
$19,977.97
$101,887.19
$222,957.92
$224,211.90
Aug 25, 2005
6
$121,865.16
$13,711.91
$108,153.25
$114,804.67
$115,238.92
Aug 25, 2006
7
$121,865.16
$7,060.49
$114,804.67
$0.00
$1.00
A 25, 2007
FINAL PURCHASE OPTION PRICE: $1.00
By: L -
Its: C~
Dated as of kfta IL
[pamelox4l]Lease 08115MO 1:04 PM Wells Fargo Brokerage Services, LLC
INCUMBENCY CERTIFICATE
I, Kris Nash , do hereby certify that I am the duly elected or
appointed and acting Secretary/Clerk of Town, of Avon, a political subdivision or agency duly
organized and existing under the laws of the State of Colorado that I have custody of the records
of such entity, and that, as of the date hereof, the individuals named below are the duly elected or
appointed officers of such entity holding the offices set forth opposite their respective names. I
further certify that (I) the signatures set opposite their respective names and titles are their true
and authentic signatures and (II) such officers have the authority on behalf of such entity to enter
into that certain Governmental Lease-Purchase Master Agreement dated May 13, 1999. and
Supplement dated August 25, 2000 between such entity and Wells Fargo Brokerage Services,
LLC (Lessor).
NAME
Scott Wkight
TITLE
Finance Director
IN WITNESS WHEREOF, I have duly executed
such entity hereto this 24 day of August, 2000.
~t4t10FA
\o ~ww~w
SEAL.
SIGNATURE
certifi a and affixed the seal of
1
SECRET /ELE-RK
RN
Me--- 0
To: Honorable Mayor and Town Council
Thrtc Bill Effing, Town Manager
From Scott Wright, Finance Directo
Date: August 17, 2000
Re: Resolution 00-37, Supplement to Lease Purchase Agreement
$ummar+y:
This resolution adopts a Supplement to the 1999 Master Lease-Purchase. Agreement with Norwest
Investment Services, Inc. for financing of 2 pumper trucks for the Fire Department
Previous Council Action:
Council previously approved through Ordinance the 1999 Master Lease-Purchase Agreement
Discussion:
This supplement is for the purchase of 2 purnper trucks for the Fire Department One truck was
originally budgeted for purchase in 2000. The 2nd truck is a replacement for the one that was wrecked
in an accident earlier this year. The debt service payments for this lease supplement will be
reimbursed to the Town through an Intergovernmental Agreement (IGA) with the new fire protection
district
In addition, the Town has received an insurance payment from CIRSA in the amount of $298,299. The
Town will make a contribution to the fire protection district in a corresponding amount.
FinancU Implications:
The amount of the supplement is $1121,865.16 to be amortized over a period of 7 years at an interest
rate of 6.15%.
Recommendation:
Staff recommends that Council adopt the resolution discussed above as presented.
Town Manager Comments: t
f%
Page 1
Attachments:
A - Resolution 00-37
B -1999 Governmental Lease=Purchase Agreement and Supplement #0900-004
0 Page 2