TC Ord. No. 1987-020 #
ORDINANCE NO. 87-2
SERIES OF 1987
AN ORDINANCE AUTHORIZING EXECUTION OF CERTAIN
EQUIPMENT LEASE AGREEMENT
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
AVON, COLORADO:
Section 1. That certain Equipment Lease Agreement
together with Exhibits, copy of the agreement is attached
hereto as Addendum I, and the terms of this agreement is
hereby approved, and hereby authorized.
Section 2. The Mayor and Town Clerk are hereby
authorized and directed to execute said Equipment Lease
Agreement.
INTRODUCED, PASSED ON FIRST READING, APPROVED AND
ORDERED POSTED, this 27th day of January, 1987, and a
public hearing on this ordinance shall be held at the regular
meeting of the Town Council of the Town of Avon, Colorado,
on the 24th day of February, 1987, at 7:30 p.m. in the
Municipal Building of the Town of Avon, Colorado.
TOWN 4 AVON, CO
mister,
Tem
INTRODUCED, PASSED ON SECOND READING, APPROVED AND
ORDERED POSTED this 24th day of February, 1987.
4'rsL
Allan R Nottingh , Mayor
FIRST MUNICIPAL LEASING CORPORATION
857 Grant Street
Denver, Colorado 80203
SELLER
AGREEMENT
NAME AND ADDRESS OF BUYER: Town of Avon
P.O. Box 975
Avon, CO 81620
FIRST MUNICIPAL LEASING CORPORATION (Seller), upon the terms and
conditions contained herein, purchases, from the specified vendor or manufacturer, the
property now or hereafter described on behalf of Buyer on Exhibit A to one or more
Delivery Orders attached hereto (the Equipment), and simultaneously hereby conveys
title to the Equipment to the Buyer for and in consideration of the terms and conditions
contained herein.
AGREEMENT TERM. This Agreement shall be effective as of the date of
execution and shall continue in effect until all Payments specified in each Delivery Order
and all other amounts owed by the Buyer hereunder have been paid or until such earlier
date on which this Agreement is terminated in accordance with its terms. The
Agreement Term of each Delivery Order shall terminate when all Payments provided on
Exhibit B of the Delivery Order have been paid.
PAYMENTS. The Payments under each Delivery Order shall commence as of
the date of acceptance of the Equipment described therein by the Buyer as evidenced by
return of a Receipt Certificate (Exhibit C to each Delivery Order). A portion of each
Payment is paid as and represents payment of interest and Exhibit B of the Delivery
Order sets forth the interest component of each Payment. All Payments shall be made
payable to the Seller or Seller's assignee at the address designated on periodic invoices
submitted for payment hereunder.
Notwithstanding any dispute between Buyer and Seller, Buyer shall make all payments
when due and shall not withhold any payments or portions thereof pending final resolution
of such dispute. Buyer hereby covenants it will not assert any right of setoff or
counterclaim against its obligation to make the payments provided for and that it will
take such action as is necessary under the laws applicable to Buyer to budget for, seek
appropriation for, and include and maintain funds sufficient and available to discharge its
obligations to meet all Payments due during the Agreement Term pursuant to provisions
of this Agreement.
TERMINATION OPTION. Buyer shall have the option to terminate payment
for the Equipment described in any Delivery Order on specified Payment dates upon
payment of an amount equal to the Termination Value on such date -as set forth on
Exhibit B of the Delivery Order. Buyer shall give notice of its intention to exercise its
purchase option at least thirty (30) days prior to the date upon which such right will be
exercised.
COL:Avon
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ASSIGNABQ.ITY. Seller may assign its right and interest in and to this
Agreement, the Payments and Equipment, and its assignee shall have full benefit of all
the covenants made by Buyer and all rights and remedies of Seller contained herein;
provided that no such assignment shall be effective as against Buyer unless and until
Buyer receives a copy of the assignment or written notice thereof stating the name and
address of the assignee and its taxpayer identification number. Buyer shall acknowledge
any assignment so made upon request by Seller. During the Agreement Term, Buyer shall
keep a complete and accurate record of all assignments of which it is given notice in
form necessary to comply with Section 103'Q) of the Internal Revenue Code of-1954, as
amended, and the U.S. Treasury Regulations, existing or proposed, from time to time
promulgated thereunder. Buyer shall not have the right to assign its rights, duties and
obligations under this Agreement either in part or in whole without prior written consent
of Seller or its assignee.
BILLING INSTRUCTIONS. Buyer requests that Seller or its assignee send its
invoices for payment as set forth in each Delivery Order attached hereto.
COVENANTS OF BUYER. Buyer represents, covenants and warrants that it is
a public body corporate and politic and is authorized by the constitution and laws of the
State where it is located to enter into this Agreement and to carry out its obligations
hereunder.. Buyer has duly authorized the execution and delivery of this Agreement, and
agrees that it will do or cause to be done all things necessary to preserve and keep it in
full force and effect. Buyer further represents, covenants and warrants that all
procedures have been met so that this Agreement is enforceable, that Buyer has
sufficient appropriations or other funds available to pay all amounts due hereunder for its
current fiscal year, and that Buyer has complied with all bidding requirements where
necessary.
SECURITY AGREEMENT. To secure the payment of Payments due under each
Delivery Order, and any and all liabilities, direct, indirect, absolute, contingent, due or
to become due now existing or hereafter arising of the Buyer to the Seller, the
undersigned Buyer grants to the'Seller as the Secured Party a security interest in and to
all Equipment described in the Delivery Order, together with all additions, attachments,
accessions, substitutions and proceeds with respect thereto. Buyer agrees, if requested
by Seller or its assignee, to execute and deliver to Seller or its assignee financing
statements or other similar instruments furnished by Seller or its assignee.
LIENS. Buyer shall not directly or indirectly, create, incur, assume or suffer
to exist any mortgage, pledge, lien, charge, encumbrance or claim in or with respect to
the Equipment, except with respect to the respective rights of Seller and Buyer as herein
provided. Buyer shall promptly, at its own expense, take such actions as may be
necessary to duly discharge any such mortgage, pledge, lien, charge, encumbrance or
claim not excepted above if the same shall arise at any time.
TITLE TO EQUIPMENT. Title to the Equipment and any and all additions,
repairs, replacements or modifications thereto shall be in the name of Buyer and Seller
shall have no right, title or interest in the Equipment or any additions, repairs,
replacements or modifications thereto except as expressly set forth in this Agreement.
NOTICES. All notices to be given under this Agreement shall be made in
writing`and mailed to the other party by registered mail at its address set forth herein or
at such address as the party may provide in writing from time to time. Any such notice
shall be deemed to have been received two days subsequent to mailing.
COL : Avo n
- 2 -
MISCELLANEOUS. The waiver by Seller of Buyer's breach of any term,
covenant or condition hereof shall not be a waiver of any subsequent breach of the same
or any other term, covenant or condition. This Agreement, together with the Delivery
Orders and Exhibits hereto, constitutes the entire agreement between the parties and
shall not be modified, amended, altered or changed except in writing. This Agreement
shall be governed by the laws of the State where the Equipment is located and any
provision of this Agreement found to be prohibited by law shall be ineffective to the
extent of such prohibition without invalidating the remainder of this Agreement.
Buyer shall deliver to Seller an opinion of its counsel addressed to Seller in
substantially the form attached.
NONAPPROPRIiATION. It is Buyer's intent to pay Payments for the full
Agreement Term as scheduled on Exhibit B of each Delivery Order and in this regard
Buyer represents that the use of the Equipment is essential to its operations and that the
functions performed by the Equipment will not be transferred to other equipment. The
essential uses of and anticipated funding sources for Equipment described in each
Delivery Order are described by buyer on Exhibit D of the Delivery Order. However, if
the Buyer is not allotted funds for any successive fiscal period to continue paying the
scheduled payments for the Equipment described in any Delivery Order and it has no
funds for such payment from other sources, Buyer may terminate this Agreement with
respect to such Equipment at the end of the then current fiscal period, and Buyer shall
not, in this sole event, be obligated to make any Payments with respect to such
Equipment beyond the end of the then current fiscal period, in which event Seller shall
have and may exercise all rights of a secured party to take possession of the Equipment.
If the provisions of the previous paragraph are utilized by Buyer, Buyer agrees
not to purchase, lease or rent equipment performing functions similar to those performed
by the Equipment, and agrees not to permit functions similar to those performed through
the use of the Equipment to be performed by its own employees or by any agency or
entity affiliated with or hired by Buyer for a period to include the remainder of the then
current fiscal period plus the next succeeding fiscal period; provided, however, that these
restrictions shall not be applicable in the event the Equipment shall be sold by Seller and
Buyer shall pay to Seller an amount equal to (i) the then applicable termination value, (ii)
less the net amount received by Seller or its assignee from the sale of the Equipment.
Should the net amount received from such sale exceed the then applicable termination
value, Seller will refund such excess amount to Buyer.
CARE AND USE OF EQUIPMENT. Buyer, at its own cost and expense, shall
maintain the Equipment in good operating condition, repair and appearance, and protect
same from deterioration other than normal wear and tear; shall use the Equipment in the
regular course of its business only, within its normal capacity, without abuse, and in a
manner contemplated by the manufacturer thereof;' shall not make modifications,
alterations or additions to the Equipment (other than normal operating accessories or
controls) without the written consent of Seller, which shall not be unreasonably withheld;
shall not so affix the Equipment to realty so as to change its nature to real property, and
agrees that the Equipment shall remain personal property at all times regardless of how
attached or installed; and shall keep the Equipment on the premises where delivered and
shall not remove the Equipment without the written consent of Seller, which shall not be
unreasonably withheld. All modification, repairs, alterations, additions, replacements,
substitutions, operating accessories and controls shall accrue to the Equipment and
become the property of the Seller. Seller shall have the right during normal hours, to
enter upon the premises where the Equipment is located in order to inspect, observe or
COL:Avon
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otherwise protect Seller's interest and Buyer shall cooperate in affording Seller the
opportunity to do same. For the purpose of assuring Seller that the Equipment will be
properly serviced, Buyer agrees to cause the Equipment to be maintained pursuant to the
manufacturer's standard preventive maintenance contract and/or recommendations.
Buyer agrees that Seller shall not be responsible for any loss or damage whatsoever to
the Equipment, nor shall Seller be responsible for latent defects, wear and tear or
gradual deterioration or loss of service or use of the Equipment or any part thereof.
Seller shall not be liable to Buyer or anyone else for any liability, claim, loss, damage or
expense of any kind or nature caused directly or indirectly by the inadequacy of the
Equipment or any item supplied by the vendor or any other party, any interruption of use
or loss of service or use or performance of any equipment, any loss of business or other
consequence or damage, whether or not resulting from any of the foregoing.
NET AGREEMENT. Buyer intends the payments in this Agreement to be net
to the Seller. Buyer shall comply with all laws and shall pay all taxes, if any, including
but not limited to sales and use taxes, excise taxes, freight and transportation charges,
permits and any similar charges imposed on the ownership, possession, or use of the
Equipment during the term of this Agreement or on the Payments. Buyer shall obtain
necessary gas, water, steam, electricity, light, heat or power, telephone or other utility
service used on or in connection with the Equipment and shall pay all charges, including
installation, for such services during the Agreement Term. Buyer shall pay to Seller all
costs and expenses including attorney's fees, storage, caretaking and repossession
expenses in connection with the enforcement of Seller's rights under this Agreement. In
case any charges, costs, taxes or expenses required to be paid by the Buyer under this
Agreement shall remain unpaid after the due date thereof, the Seller shall have the right
but shall not be obligated to pay the same and to charge such payments to Buyer with
interest at the highest legal rate from the date of said payment, as additional payments,
to be paid with the next Buyer Payment.
BUYERS RESPONSIBILITIES Buyer shall and does hereby agree to pay or
reimburse to Seller any and all claims, damages, costs and expenses incurred by Seller
arising out of or in connection with the ownership, selection, possession, leasing, renting
operating, control, use, maintenance, delivery and/or return of the Equipment, including
but not limited to, those based on personal injury, property damage and/or death, but
shall be credited with any amounts received by the Seller with respect thereto from
liability insurance provided by Buyer. Said costs and expenses shall include attorney's
fees incurred by Seller in connection with any suits or actions resulting from any such
liability.
WARRANTIES BY THIS AGREEMENT. SELLER MAKES NO WARRANTY OR
REPRESENTATION, BY THE TERMS OF THIS AGREEMENT, EITHER EXPRESS OR
IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERCHANTABILITY, FITNESS
FOR PARTICULAR PURPOSE OR FITNESS FOR USE OF ANY OF THE EQUIPMENT OR
AS TO ITS TITLE THERETO OR ANY OTHER REPRESENTATION OR WARRANTY
WITH RESPECT TO THE EQUIPMENT. Seller hereby assigns to Buyer for and during the
Agreement Term all manufacturer's warranties or guaranties, express or implied, issued
on or applicable to the Equipment and Seller authorizes Buyer to obtain the customary
services furnished in connection with such warranties or guaranties at Buyer's expense.
Buyer acknowledges that the Equipment has been purchased by Seller in accordance with
Buyer's specifications and from a vendor selected by Buyer; that Seller is not a
manufacturer of or dealer of such Equipment and takes no part in or responsibility for
the installation of the Equipment, and that Seller has made no representation or warranty
and assumes no obligation with respect to the merchantability, condition, quality or
COL:Avon
- 4 -
fitness of the Equipment or the enforcement of the manufacturer's warranties or
guaranties.
ENJOYMENT OF EQUIPMENT. Seller hereby covenants to provide Buyer
during the Agreement Term with quiet use and enjoyment of the Equipment, without suit,
trouble or hindrance from Seller except as expressly set forth in this Agreement. Any
assignee of Seller shall not interfere with such quiet use and enjoyment during the
Agreement Term so long as Buyer is not in default pursuant to this Agreement.
EVENTS OF DEFAULT AND REMEDIES. Buyer shall be deemed to be in
default hereunder upon the happening of any of the following events of default: (a) Buyer
shall fail to make any Payment, or to pay any other payments required to be paid
hereunder, or (b) Buyer shall fail to keep any such other term, covenant or condition
contained herein. Upon the occurrence of an event of default as specified in (a) above,
or upon the occurence of an event of default as specified in (b) above which Buyer fails
to remedy with all reasonable dispatch within a period of 30 days, Seller or its assigns
shall have the right, at its option without any further demand or notice, to pursue any
one or more of the following remedies with respect to the Payments due under and the
Equipment described in each Delivery Order affected by such default: (a) by written
notice to Buyer, declare an amount equal to all Payments due during Buyer's current
fiscal period to be immediately due and payable, whereupon the same shall become
immediately due and payable; (b) re-enter and take possession of the Equipment
enforcing the Agreement or terminating the Agreement, and sell the Equipment for the
account of Buyer, and apply the net proceeds of such sale to amounts payable by Buyer
hereunder; and (c) take whatever action at law or in equity may appear necessary or
desirable to collect the Payments then due and thereafter to become due during Buyer's
current fiscal period (or Buyer's possession of the Equipment) and/or to enforce
performance and observance of any obligation, agreement or covenant of Buyer under
this Agreement.
INSURANCE. At its own expense, Buyer shall cause casualty insurance to be
carried and maintained with respect to the Equipment and shall carry public liability and
property damage insurance sufficient to protect the full value of the Equipment and to
protect Seller from liability in all events. All insurance proceeds from casualty losses
shall be payable solely to Buyer, subject to the terms of this Agreement. On acceptance
of the Equipment, Buyer shall have purchased a casualty insurance policy on the
Equipment, a copy of which will be furnished to Seller. Buyer shall carry Workmen's
Compensation insurance covering all employees working on, in, near or about the
Equipment and shall require any other person or entity working on, in, near or about the
Equipment to carry such coverage, and will furnish to Seller certificates evidencing such
coverage throughout the Agreement Term.
DAMAGE OR DESTRUCTION OF EQUIPMENT. In the event the Equipment is
partially damaged or destroyed, Buyer will promptly repair and restore the Equipment to
working order for the purpose intended. Buyer shall not be entitled to any
reimbursement for any such damage or destruction from Seller, nor shall Buyer be
entitled to any diminution of the Payment payable by it pursuant to this Agreement. In
the event the Equipment is totally damaged or destroyed, Buyer may promptly repair and
restore the Equipment to working order for the purpose intended. In the alternative,
Buyer shall have the option to terminate this Agreement upon payment of all Payments
due during the then current fiscal period plus the then applicable Termination Value
Payment.
OOL:Avon
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IN WITNESS WHEREOF, Buyer has caused this Agreement to be executed by
its duly authorized officer this 24th _ day of February., 19 87 .
WITNESS OR ATTEST:
Byi
ATTEST:
By:
Secretary
I
fattest, affi Seal
Town of Awn
(Buyer)
By: Zr
Allan R, Nottinaha Mayor
Printed Name do Title-
ACCEPTED 14, 19 7
FIRST MUNICIPAL LEAS CORPORATION
(Seller)
~,L'- eside
t/ C 1COL :Avon
6
LAW OFFICES
COSGRIFF, DUNN & AePLANALP
A PARTNCR3NIP OF PROFCSSIONAL CORPORATIONS
2211 N. FRONTAGE ROAD SUITE 204
PETER COSGRIFF
JOHN W. DUNN
P.O. BOX 2299
ARTHUR A. ABPLANALP, JR.
VAIL, COLORADO 81658
TIMOTHY M. BERRY
ALLEN C.CHRISTENSEN
(303) 476-7552
LESLIE J. RANNIGER
February 24, 1987
First Municipal
857 Grant Street
Denver, Colorado
Leasing Corporation
80203
IN LEADVILLEt
COSGRIFF, DUNN & BERRY
P. O. BOX It
LEAOVILLE, COLORADO 60461
4031486-1688
Re : Agreement dated February 24, 1987
between Town of Avon as Buyer
and First Municipal Leasing
Corporation as Seller
Gentlemen:
As counsel for Buyer, I acknowledge that I have
reviewed the above-referenced Agreement and all necessary
proceedings taken'by the Buyer to authorize and execute this
Agreement and all laws applicable to Buyer. Based upon such
review,I am of the opinion that:
(a) The Buyer is a duly constituted public
corporation and political subdivision of the State of
Colorado;
(b) The Buyer has full power and authority to
enter into the Agreement and the transactions contemplated
thereby;
(c) This Agreement has been duly authorized,
executed and delivered by Buyer and is a legal, valid and
binding contract of Buyer, enforceable against the Buyer in
accordance with its tems and conditions, and
(d) Delivery Orders for Equipment in the form
attached to the Agreement when executed by authorized
officials of the Buyer will constitute a part of this
Agreement and may be relied upon by Seller.
Yours very truly,
JWD:kem
cc: Town of Avon
TWGR FF,DUNN
t
. Dunn
& ABPLANALP
PROFESSIONAL CORPORATIONS ARE PETER COSGRIFF, P. C.AND TIMOTHY H. BERRY, P.C.IN LEAOVILLE,
DUNN 6 ASPLANALP, P. C. IN VAIL.
DELIVERY ORDER NO. ONE
to Agreement dated February 24_, 19 87 . (Agreement) between FIRST MUNICIPAL
LENSING CORPORATION (Seller) and lown.of Avon (Buyer)
Delivery Order dated as of: February 24, 19 87
THIS DELIVERY ORDER is issued pursuant to an Agreement to authorize payment for the
Equipment listed herein. All terms used herein have the meanings ascribed to them in the Agreement.
The terms and conditions of the Agreement govern this Delivery Order and shall remain. In effect so long
as this Delivery Order is in effect.
A. EQUIPMENT DESCRIPTION.
The Equipment as defined in the Agreement includes the property set forth in the attached
Exhibit A, Equipment Description.
B. PAYMENTS, TERM, TRANSPORTATION AND DELIVERY COSTS.
The Payments required under the Agreement for the Equipment designated on this Delivery
Order are $1,427.16 per month for a term of forty-eight (48) months as set forth in the attached
Exhibit B, Payment Schedule. Buyer shall pay transportation and/or delivery, costs, if any, unless
set forth on Exhibit A.
C. ACCEPTANCE OF EQUIPMENT.
Notification by Buyer of the completed delivery and installation of the Equipment listed on this
Delivery Order shall be evidenced by execution of the attached Exhibit C, Receipt Certificate.
D. USES OF THE EQUIPMENT.
A description of the essential functions and services performed by the Equipment and the
funding sources used to make payment for the Equipment are as set forth in the attached Exhibit
D, Description of Essential Functions and Funding Sources.
-E.
on each January 1 and continues
F. TERMINATION PAYMENT.
Buyer shall have the option to terminate this Delivery Order as relates to Equipment described
herein in accordance with the Agreement upon payment of the Termination Value payment set
forth in Exhibit B hereto plus the Payment then due.
G. LOCATION OF EQUIPMENT: Avon, Colorado
H. INSURANCE COVERAGE/TITLE:
Insurance requirements are as prescribed in the Agreement. Specific insurance certification
relating to the Equipment outlined in Exhibit A shall be attached hereto. Title to the Equipment
shall be in Buyer from and after its delivery to and acceptance by Buyer, subject always to
Seller's security interest therein as provided in the Agreement.
COL : Avo n
FISCAL YEAR.
The Buyer's fiscal period commences
through the following December 31
- 8 -
THE TERMS GOVERNING THIS DELIVERY ORDER ARE CONTAINED IN THE AGREEMENT
,EFERENCED ABOVE AND APPLY WITH THE SAME FORCE AND EFFECT AS IF SET FORTH FULLY
EREIN. Buyer and Seller shall not be bound by this Delivery Order until it is executed by authorized
[facers of Buyer and Seller.
DATED as of the day and year first above stated on this Delivery Order.
ELLER BUYER:
First Municipal Leasing Corporation Town of Avon
y:
itl
By:
Title: Town Manager
COL : Avo n
9 -
EXHIBIT A
TO DELIVERY ORDER NO. ONE
EQUIPMENT DESCRIPTION
Description of Equipment:
Five (5) 1987 AMC Eagle Sport Wagons equipped with:
Sport wagon package
Cold climate group
Suspension package
Skid plates
Rear wiper washer
AM/FM radio
Gauge package
Convenience group
Serial Numbers:
Serial Number (if any)*
2000K3851HB702349, 2000K385XHB702351, 2000K3857HB702355
2000K3853HB702353, 2000K3850HB702357
*To be added when available
Description of Financed Amount:
Cost of above Equipment
Cost of related charges:
Transportation
Physical modifications (specify)
Other (specify)
Add: Sales or other tax, if applicable
Less: Down payment, if applicable
Net Financed Amount
$57,361.75
$
$57,361.75-
COL:Avon
- 10 -
EXHIBIT B
PAYMENT SCHEDULE
CO-TOWN _O -AVON,
MHE CAPITAL COSTS- 57, 361_M
AMT CREDITED TO TERMINATION
D
UP
PAYMENT
AMT_ CREDITED_SIMULAIED-YAL- OR OPTION TO. _
i
DATE
n/ J /R7
AMOUNT
1 4 7 16
TO INTEREST
00
OF CAPITAL COST PURCHASE VALUE
1,427 t A
2
4/
1/87
1,427.16
438.10
989.06
3
5/
1/87
1,427.16
430.35
996.131
4
61
J /R7
1, 427. 16
412_55
1, 004 At
5
7/
1/87
1,427.16
414.68
1,012.48
6
8/
i/87
1,427.16
406.75
1,020.41
7
94
11147
L 427 t 6
398-76
1,028 40
B
10/
1/87
1, 427. 16
390.70
10036.46
9
12/
1/87
1,427.16
382.58
1,044.58
D
12/
1/87
1. 427. 16
374- 40
1, 05 76
1
1/
1/88
1,427.16
366.16
1,061.00
2
3
- 2/
31
1/88
. t /9$
1,427.16
1.427-16
357.e5
34.9_47
11069.31 46, 668. 56
1. 077_ b9
4
4/
1/88
1,427. 16
341.03
1, 086. 13
5
5/
1/88
1,427.16
332.52
1,094.64
6
61
t/98
1.427. lb
323. 95
1, 103-a1
7
7/
1/88
1, 427. 16
315.31
1, ill. 85
8
B/
1/88
1,427.16
306.60
1,120.56
9- 91 i 1H8
1. 427 16
2.27-82
1. 129. 34
O
10/
1/99
1,427.16
288.98
1,138.18
I
11 /
1 /88
1,427.16
280.06
1,147.10
2
121
1/98
1, 427• L6
27-L-QB
1, 156- 013
3
1/
1/89
1,427.16
262.02
j,165.14
4
.2/
1/89
1,427.16
252.90
1, 174. 26 32, 086. 54
5
3/
J /R9
I. 427-2.6_
a43- 70 t P..183-A6
6
4/
1/89
1,427.16
234.43
1, 192. 73
7
5/
1/89
1,427.16
225.09
1_, 202. 07
3
Al
- t /59 .
1. 427 t A
215-A7 1,-21.1- 49
9
7/
1/89
1,427.16
206.19
1,220.97
0
8/
1/89
1,427.16
196.62
1,230.54
t
9/
/99
I. 427_ lb_
186-98.
x..240-18_._
2
10/
1/89
1, 427. 16
177.27
1,249.89
3
11/
1/89
1,427.16
167.48
1,259.68
4
12/
1199 -
t-427-16
15Z-62
t-269-54
5
1/
1/90
1,427.16
147.67
1,279.49
6
2/
1/90
1,427.16
137.65
1,289.51 16,551.14
3/
1 /90
1. 427-„1.{
le27 sue.
1,_394 b 1
4/
1/90
1,427.16
117.37
1,309.79
5/
1/90
~
1,427.16
107.11
T1
9
6
1.320.05
330. M.
1 a
6 /
7/
t /
90
1/90
L 4371,5
1,427.16
-
.
.
86.35 1,340.81
a/
1/90
1,427.16
75.85
1P351.31
1/90
1. 427 16
-4.5.37
t .361 89
F
9/
10/
1/90
1,427.16
54.60
-
1,372.56
i
i 1/
1/90
1,427.16
43.85
1,383.31
14
9
16
1
427
33522
4
l g :3
r
121
1/
1/90
1/91
-
,
1,427.16
22.10
1,405.06
00
3
2/
1/91
1,427.16
11.10
N
1,416.06 .
~
TOTALS
*
M 68, 503. 68
11,141.93
w
57,361.75
CO-TOWN OF AVON
BY
'D-
E%HIBrr C
TO DELIVERY ORDER NO. ONE
RECEIPT CERTIFICATE
The undersigned Buyer under that certain Agreement dated February 24--., 1987
negotiated for the purpose of acquiring Equipment with First Municipal Leasing
Corporation as Seller, hereby acknowledges receipt in good condition of all of the
Equipment described on Exhibit A to Delivery Order No. One to said Agreement
this 24th day of February 19 87 , and hereby certifies that the
Equipment has been installed and is performing satisfactorily and in accordance with
specifications.
Further, Buyer hereby confirms that it will commence Payments for the Equipment
as specified in Exhibit B to Delivery Order No. One with the first payment being due on
March 1, 1987.
Including the Agreement herein so designated, Buyer will not issue more than
$10,000,000, of obligations during the current fiscal year as qualified tax-exempt
obligations.
Town of Avon
(Buyer)
By;
iTitle: Town Manager
Dated: February 24 , 19 87
COL:Avon
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E%HIBN D
TO DELIVERY ORDER NO. ONE
STATEMENT OF ESSENTIAL USE/SOURCE OF FUNDS
BETWEEN
FIRST MUNICIPAL LEASING CORPORATION
AND
.TOWN OF AVON
Dated February 24, 1987
The above referenced contract is to provide financing for the purchase of equipment
rather than for the short-term rental of equipment. For this reason, periodic payment
amounts are calculated to amortize the full cost of the equipment over the agreed
payment term. Because we do not consider your repayment commitment to be a debt
obligation, as that term would be defined by State constitution or regulations, the
contract includes a non-appropriation clause and is subject to funds being encumbered for
repayment on an annual or bi-annual basis. This non-appropriation clause provides some
risk that the equipment will be returned during the life of the contract rather than being
paid in full.
As evidence of your intent to retain the equipment throughout the scheduled term, we
need a description your understanding of the essential governmental use intended for the
equipment, together with an understanding of the sources from which payments will be
made. To satisfy this requirement, please address the following points either by
completing this form or sending a separate letter:
1. What is the specific use of this equipment? Police Vehicles.
What increased capabilities will it provide? These vehicles will replace
five (5) older vehicles.
2. Whyy is the ecq uUip ent e~Sential,to the offratior~gY~ your r nizati in? The new police
~efiicli wi71 Te utilize prove ng pu sa eq serv ces to the Town of
3. Does the equipment ance with Town charter.
replace existing equipment? Yes.
If so, why is the replacement being made? Three (3) 1981 Dodge Diplomats Two (2)
1981 Chrysler LeBaron are being replaced because o mileage and conAition.
4. Why did you choose this specific equipment or system configuration? On site
testing of various vehicles and specific needs of t5d community.
5. What is your estimate of the useful life of the equipment to your operations?
Four (4) years.
6. What is the expected source of funds for payments due under the Agreement
for the current fiscal and future fiscal years? Funds are budgeted for the police
vehicles in the General Fund; further subtitled: Police Department, Public
Safety Division, Line 'Item #3910, Machinery /Equipment Rental.
Torn of Avon
("Buyer")
By:
Title: Town .Manager
ODL:Avon
- 13 -
CERTIFICATE WITH RESPECT TO QUALIFIED
TAX-EXEMPT OBLIGATIONS
I, the Town Manager of the Town of Avon ("Lessee"), am duly
charged with the authority for executing that certain Agreement dated as
of February 24 , 19 87 (the "Agreement") by and between Lessee and First
Municipal Leasing Corporation and do hereby certify as follows:
1. This Certificate with respect to Qualified Tax-Exempt Obligations (the
"Certificate") is executed for the purpose of establishing that the Agreement has been
designated by Lessee as a qualified tax-exempt obligation of Lessee for purposes of
Section 265 (b) (3) of the Internal Revenue Code of 1986 (the "Code").
2. Lessee is a political subdivision of the State of Colorado.
3. The Agreement is being issued in calendar year 1987.
4. No portion of the gross proceeds of the Agreement will be used to make or
finance loans to persons other than government units or be used in any trade or business
carried on by any person other than a governmental unit, and no portion of the payment
of principal of, or interest on, the Agreement is directly or indirectly (i) secured by any
interest in property used or to be used for a private business use, or payments in respect
of such property, or (ii) to be derived from payments (whether. or not to the Lessee) in
respect of property, or borrowed money, used or to be used for a private business use.
5. Lessee has designated the Agreement as a qualified tax-exempt obligation for
purposes of Section 265 (b) (3) of the Code, pursuant to Ordinance 87-2 - adopted
by Town of Avon Counci~~e governing body of Lessee, on -February 24 19 87
6. Including the Agreement herein so designated, Lessee has not designated more
than $10,000,000 of obligations issued during calendar year 1987 as qualified tax-exempt
obligations.
7. Lessee reasonably anticipates that the total amount of tax-exempt obligations
(other than private activity bonds) to be issued by Lessee and all subordinate entities of
Lessee during calendar year 1987 will not exceed $10,000,000.
8. This Certificate is based on facts and circumstances in existence on this date.
IN WITNESS WHEREOF, I have set my hand this day of z~
19,x"7 .
NA ME:
TITLE: Town Manager
Town of Avon
LESSEE
MSC: AvonCer t
j~ Tula`-~y~T.-
_ _ .t:~~ IR .FI1
SEE Pub
1
ISSL+E DATE
'
A 1:4
r
1
2/2u/87
r
Insured
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS
NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND.
EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.
COLORADOINTERGOVERNMENTAL
RISK SHARING AGENCY (CIRSA)
COMPANIES AFFORDING COVERAGE
950 SOUTH CHERRY STREET, #708
DENVER, CO 80222
TEL: (303) 757.5475
COMPANY
LETTER See Attached Schedule
(Town of Avon)
COMPANY B
- Producer
LETTER
Corroon b Black Management, Inc.
COR Y C
1777 S. Harrison, suite 815
COMPANY D
Denver, CO 80210
LETTER
COMPANY IE
LETTER
~ • r.
_
THIS IS TO CERTIFY THAT POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED.
NOTWITHSTANDING ANY REQUIREMENT. TERM OR CONDITION OF
ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY
BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE
POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS, AND CONDO
TIONS OF SUCH POLICIES.
POLICY EFFECT VE
POLICY EXPIRATION
LIABILITY LIMITS IN THOUSANDS
TYPE CF INSURANCE
POLICY NUMBER
DATE ,YAQO`M
DATE (RMOOMI)
A"
OCCURRENCE
AGGgEGATE
GENERAL LIABILITY
EIOOILY
INJURY
$
$
COMPREHENSIVE FORM
PREMJISESIOPERATIONS
PROPERrv
UNDERGROUND
DAMAGE
$
$
EXPLCSION d COLLAPSE HAZARD
PRODUCTSICOMPLETED DPERAr0N5
a] & PO
$
$
CONTRACTUAL
COMBINED
INDEPENOENT CONTRACTORS
BROAD FORM PROPERTY DAMAGE
PERSONAL INJURY
PERSONAL INJURY
$
AUTOMOBILE LIABILITY
WMV
ntUR'r
ANY AUTO
IF6i
$
ALL OWNED AUTOS (PRIV. PASS)
r
PER
E
$
ALL OWNED AUTOS THERp~N)
/
,
I
ACGI
A
HIRED AUTOS
PROPERTY
NON-OWNED AUTOS
DAMAGE
$
GARAGE LIABILITY
& a PO
COMBINED
$
EXCESS LIABILITY
UMBRELLA FORM
81 & PO
COMBINED
$
$
OTHER THAN UMBRELLA FORM
STATUTORY
WORKERS' COMPENSATION
$ (EACH ACCIOENTI
AND
$ (DISEASE-POLICY _tM1T1
EMPLOYERS' LIABILITY
$ (DISEASE-EACH EMP! OYEZ
OTHER
Excess Property
See Attached Schedule
01/01/88
ESCRIPTION OF OPERATIONSILOCATIONSNEHICLESISPECWL ITEMS
and
rence
Annual Aggregate wherever applicable excess of exist-
,
$51,000,000 Any one occur
underlying insurance. As_ respects lease/purchase agreement on attached schedule
in
g
of vehicles. Value: 57 361.75
-
T
I
a
4
. 5 T
LOSS Payee:
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE, THE EX-
First Municipal Leasing Corporation
PIRATION DATE THEREOF, THE ISSUING COMPANY WILL ENDEAVOR TO
MAIL DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE
857 Grant Street
LEFT. BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITY
OF ANY KIND UPON THE COMPANY. ITS AGENTS OR REPRESENTATIVES.
Denver, CO 80203
A HORIZED REPRESENT
Attn: Chris Young
to all
I111TOUCT10MS. e$ 6 ! Oa.
1>eN •wvlpp T7, w.[.
aP~3. Wlpla. , rl
1. P•1ws[ TTO~ sMt Iw. ►en1 salt ale..s nM lap yl.ws. f11S1 371iWr
L suet,., Soc -d Oro swat Ow papa w! .awd a*- I ..a•st -..A ..reds N caW .apw ca M Id.y sfl.sca. Ewabw fd.w► 1w.
2. If .N spec. pe..dpd b. par •ce~lsl r d.. lw .a ...oNaeaa d....as.f.t ATA-Ad w ca«...ad as add.xawa/ adages. p. p1 - , t'. 1'r 1'. IV. owl, swa cep, of savb
o~%t.oaal af.soca aed r prpswned of .M Kl.q ofl.cr rd a tat of d.ae cepn of da I.npac.q sa.epe... Laws schai"es of aslloaard, .w4at s, w., woe be
w
par a.N pope flat con-.awe (r e.e sa" par". Isd.c" dN w.-bw ap s"b-W skeet csf c%od.
d. 10 ulle.wol .s crops or spad..A.ch are r an a bec mme f.e... deur.M 9--alty d.e -W naa -4 s..e waste of nerd o -
S. eAw a capr el A. Nan.r eroaccem..s .sad o • Lwwi«~ aaasuay .r n nq.esM Ar .c M rce.ssew.N Yr a aaN4wd Ifoc -..Vwd at el Qeu lens. «e.wc
opera 0.0.
6. u A..~ o1 r:s«d I.I:nL 61.q efl.a- d.a.ld re%ao dxrd copy of w achoo.ldVowns. A. • 1e.ar r.sa, Nc.nd pre, p-my dye -4 ..1. Trw.we..N Lasawd and .N
•.rd copy as • T--ft- Saas.ur.
'INANCING STATEMENT is presented to a filing officer for filing pursuant to the Uniform Commercial Cade: 13. Maturity date (if
ttor(s) (Last Name First) and address(es) 2. Secured Party(ies) and address(es) or f' (ing Officer a
)wn of Avon end Filing Office)
0. Box 975 First Municipal Leasing Corporation
ron, CO 81620 857 Grant Street
Denver, Colorado 80203
g statement covers the following types (or items) of property:
See Exhibit A, attached hereto and made a part hereof.
As si gnee(s
Address(es
s statement is filed without the debtor's signature to perfect a security interest in collateral. (check ® if so)
D already subject to a security interest in another jurisdiction when it was brought into this slot*.
0 which is proceeds of the original collateral described above in which a security interest was perfected:
® if covered:OProceeds of Collateral are also covered. Droducts ofCollareral are also covered. No.of additional Sheets presented:
ad with:
Town of Avon First Munici-al Leasing Corporation
By:
Signa:Zhhotical tee(s) Signaturd s) a red P ies)
Filing Officer Copy - STANDARD FORM -FORM UCC•1.
a'To be added when available
Description of Financed Amount:
Cast of above Equipment
Cost of related charges:
Transportation
Physical modifications (specify)
Other (specify)
Add: Sales or other tax, if applicable
Less: Down payment, if applicable
Net Financed Amount
COL : Avo n
$57,361.75
$
$
$57,361x75
- 10 -
0
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
AD
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN
COUNCIL OF THE TOWN OF AVON, COLORADO AT 7:30 P.M. ON THE
24TH DAY OF FEBRUARY, 1987, AT THE TOWN HALL FOR THE PURPOSE
OF CONSIDERING THE ADOPTION OF ORDINANCE NO. 87-2, SERIES OF
1987:
AN ORDINANCE AUTHORIZING EXECUTION OF A CERTAIN EQUIPMENT
LEASE AGREEMENT
A copy of said ordinance is attached hereto, and is also on
file at the office of the Town Clerk, and may be inspected
during regular business hours.
Following this hearing the Council may consider final passage
of this ordinance.
This notice is given and published by order of the Town Council
of the Town of Avon.
Dated this 27th day of January, 1987.
TOWN jAVN, COLORADO
y
BY:
P ricia J. D le, Town er
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF
AVON ON JANUARY 28, 1987:
THE AVON POST OFFICE IN THE MAIN LOBBY
THE CITY MARKET IN THE MAIN LOBBY
PESTER GAS STATION; AND
THE AVON MUNICIPAL BUILDING IN THE MAIN LOBBY