TC Ord. No. 1998-02 Authorizing execution of a certain governmental lease purchase master agreeementCOLORADO:
ORDINANCE NO. 98--2
AN ORDINANCE AUTHORIZING EXECUTION OF A
CERTAIN GOVERNMENTAL LEASE - PURCHASE MASTER
AGREEMENT.
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
Section 1. That certain Governmental Lease - Purchase Agreement between the
Town of Avon and Norwest Investment Services, Inc., together with each and every related
Supplement, a copy of which is attached hereto and incorporated herein, and the terms of the
Agreement and each Supplement, are hereby approved.
Section 2. The mayor and the town clerk are authorized and directed to take all
action and to execute -the Agreement and all necessary documents related to the Agreement and
each Supplement.
INTRODUCED, APPROVED, PASSED ON FIRST READING AND
ORDERED POSTED the 13th day of January, and a public hearing on this ordinance shall be held
at the regular meeting of the Town Council the 27th day of January, 1998, at 5:30 P.M. in the
Council Chambers, Avon Municipal Building, 400 Benchmark Road, Avon, Colorado.
Mayor
INTRODUCED, FINALLY APPROVED, PASSED ON SECOND READING
AND ORDERED POSTED the 27`h day of January, 1998.
Mayor
APPROVED AS TO FORM:
To Attorney
GOVERNMENTAL LEASE - PURCHASE
Name and Address of Lessee:
Town of Avon
P.O. Boa 975
Avon, Colorado 81620
MASTER AGREEMENT
Lessor:
Norwest Investment Services, Inc.
Norwest Public Finance Department
1740 Broadway, 2 °d Floor
Denver, Colorado 80274 -8733
1. LEASE. Lessor hereby agrees to lease to Lessee, and Lessee hereby agrees to lease from Lessor, the personal property described in
a Supplement or Supplements to this Master Lease from time to time signed by Lessor and Lessee upon the terms and conditions set
forth in the related Supplement (such property together with all replacements, repairs and additions incorporated therein or affixed
thereto being referred to herein as "Equipment" ). The lease of the items described in a particular Supplement shall be considered a
separate lease pursuant to the terms of the Master Lease and the Supplement the same as if a single lease agreement containing such
terms had been executed covering such items. The execution by Lessee of each Supplement shall evidence a determination by the
Lessee that the Equipment covered thereby is essential to its proper, efficient and economic operation and desires to enter into that
Supplement for the acquisition of that Equipment under the terms hereof that the Equipment is necessary for the governmental
functions of Lessee, and that Lessor is neither the manufacturer nor a dealer or merchant of said Equipment, but has agreed to
provide the funding for and on behalf of Lessee for the acquisition of said Equipment under the terms hereof at the specific request of
Lessee.
2. DELIVERY AND ACCEPTANCE. Lessee will evidence its acceptance of the Equipment by executing and delivering to Lessor a
Delivery and Acceptance Certificate (herein so called) in the form to be provided by Lessor.
3. 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
continue from the rent commencement date shown in the related Supplement unless earlier terminated as provided herein. The rent
commencement date is the Acceptance Date as recorded on the Acceptance Certificate.
4. 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 portion of each rent payment is paid as, and represents the payment of interest, and Exhibit "A" attached to the related
Supplement sets forth the interest component of each rent payment during the term. The Total Rent shall be payable in installments
each in the amount of the basic rental payment set forth in the related Supplement plus any applicable sales and use tax thereon.
Lessee shall pay rent in installments as shown in the Related Supplement. Except as specifically provided in Section 5 hereof, the
rental payments will be absolute and unconditional in all events and will not be subject to any set -off, defense, counter claim or
recoupment for any reason whatsoever.
Lessee reasonably believes that funds can be obtained sufficient to make all rent payments during the term of the Lease and hereby
covenants that it will do all things lawfully within its power to obtain, maintain and properly request and pursue funds from which
the rent payments may be made. The chief executive officer of the unit shall request the required appropriation from the governing
board and exhaust all available administrative reviews and appeals in the event such portion of the budget is not approved.
5. NON - APPROPRIATION OF FUNDS. If Lessee periodically requests from its legislative body or funding authority funds to be
paid to Lessor under this Lease and, notwithstanding the making in good faith of such request in accordance with appropriate
procedures and with the exercise of reasonable care and diligence, such legislative body or funding authority does not approve funds
to be paid 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 event Lessee returns the Equipment pursuant to the terms of this Section 5, 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 WARRANTIES OF LESSEE. Lessee represents and warrants and, so long as this Lease is in effect
or any part of Lessees 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 foregoing 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 obligations hereunder.
(c) All requirements have been met, and procedures have occurred in order to insure the enforceability of this Lease, and
Lessee has 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 performing 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.
(e) Lessee has funds available to pay rent until the end of its current appropriation period, and it will request funds to make
payments in each appropriation period, from now until the end of the term of this Lease.
(f) This Lease constitutes a valid, legal and binding obligation of Lessee enforceable against Lessee in accordance with the
respective terms hereof.
(g) 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 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 this Lease term commences, and this Lease is designated as a qualified tax exempt obligation for purposes
of Section 265 (b) (3) of the Internal Revenue Code of 1986 relating to deductibility of interest by financial institutions.
0) 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 representations made by Lessor. LESSOR MAKES NO WARRANTY WITH RESPECT TO THE
EQUIPMENT, EXPRESSED OR R"LIED, AND LESSOR SPECIFICALLY DISCLAIMS ANY WARRANTY OF
MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE AND ANY LIABILITY FOR CONSEQUENTIAL
DAMAGES ARISING OUT OF THE USE OF OR THE INABILITY TO USE THE EQUIPMENT. Lessee agrees to make rental and
otherpayments 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 continuing, Lessor agrees, to the extent they are assignable, to assign to Lessee, without any recourse to
Lessor, any 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) upon the occurrence of an Event of Default, as that term, is defined 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 arising through Lessor. The Equipment shall
remain personal property regardless of its attachment to realty, and Lessee agrees to take such action at its expense as may be
necessary to prevent any third party from acquiring any interest in the Equipment as a result of its attachment to realty.
9. SECURITY AGREEMENT; FURTHER ASSURANCES. To secure the performance of all Lessee's obligations hereunder, Lessee
hereby grants 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 to execute or deliver such additional documents, including, without -limitation, finan_ cing statements,
opinions of counsel, notices and similar instruments, in form satisfactory to Lessor, which Lessor deems necessary ' or appropriate to
establish and maintain its security interest in the Equipment or for the confirmation or perfection of this Lease and Lessor's rights
hereunder. Lessor is hereby authorized to file financing statements signed 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
governmental 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.
l L. INDEMNITY. Lessee hereby indemnifies and agrees to save Lessor harmless from any 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 injury to persons, damage to property, strict liability under the laws or judicial decisions of any state or the United
States, and legal expenses in defending any claim brought to enforce any such liability or expense, but excluding any liability for
which Lessee is not responsible under Section 10.
12. 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 grant a security interest in all or any part of the
equipment without Lessee's consent. Lessee agrees not to assert against any assignee of Lessor any claim or defense Lessee may have
against Lessor.
13. INSPECTION. Lessor may inspect the Equipment at any time and from time to time during regular business hours.
14. REPAIRS. Lessee will use the Equipment with due rare 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 parts when furnished shall immediately become the property of Lessor and part of the Equipment for all purposes hereof.
15. LOSS OR DAMAGE. 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 pay 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. INSURANCE. 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 $ 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 an 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 specifying 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 termination of this Lease, unless all payments are, made as
described in the Supplement, the Lessee will immediately deliver 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.
18. 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 cry 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
charge of up to 5% of the amount of the installment but in any 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
any 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 days following written notice 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 voluntarily file, or have filed against it involuntarily, a petition for liquidation, reorganization,
adjustment of debt, or similar relief under the federal or state Bankruptcy Code or any other present or future federal or state
bankruptcy or insolvency law, or a trustee, receiver, or liquidator shall be appointed of it or all of a substantial part of its assets.
21. RENMIES. Lessor and Lessee agree that Lessor's damages suffered by reason of an Event of Default are uncertain and not
capable of exact measurement at the time this Lease is executed because the value of the Equipment at the expiration of this Lease is
uncertain; and therefore they agree that for purposes of this Section 21 "Lessor's Loss" as of any date shall be the sum of the
following: (1) 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 8%
per annum.
E. Lessor may exercise any other right or remedy available to it by law or by agreement, and may in any event recover legal fees and
other expenses incurred by reason of an Event of Default or to the exercise of any 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 any Event of Default shall
constitute a waiver of any other Event of Default.
22. NOTICES. Any written notice hereunder to Lessee shall be deemed to have been given when delivered personally or deposited in
the United States mails, postage prepaid, addressed to Lessee at its address set forth above or at such other address as may be last
known to Lessor.
23. NET LEASE AND UNCONDITIONAL OBLIGATION. This Lease is a completely net lease and Lessee's obligation to pay the
rent and amounts payable by Lessee under Sections 15 and 21 is unconditional and not subject to any 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 forty-five (45) days written notice to Lessor, upon payment of the amount set forth as Termination Value on the Exhibit A
attached to said Supplement.
25. NON - CANCELLABLE LEASE. This Lease cannot be canceled or terminated except as expressly provided herein.
26. SURVIVAL OF MEND=& Lessee's obligations under Sections 10 and 11 shall survive termination 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
unenforceabdity 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: January 18, 1998
Lessee: Town of Avon, Colorido
By.
Its: ayo /Prcgem
Lessor: Norivest Investment Services, Inc.
By:
Its: Vice President
6
Debtor.
Town of Avon
P.O. Box 975
Avon, Colorado
Fed I.D.
SCHEDULE 1
Municipal Equipment per attached Schedule 1
Lease No. 0900 -001
Page One of One
Secured Party:
Norwest Investment Services, Inc.
Norwest Public Finance Division
81620 1740 Broadway, 2nd Street
Denver, Colorado 80274 -8733
Municipal Equipment:
1999 Chevrolet Tahoe (4 door)
1998 Chevrolet K3500 Pickup with utility bed (4 door)
1998 Freightliner cab and chassis with a 1,500 gallon water tank
1998 Navistar cab and chassis with an Elliot lift body
1998 Navistar 6 yard dump truck with a plow and slide in V box sander
1998 John Deere 624H wheel loader with Rylirid quick coupler system
1998 Fair model #842SI snow blower to fit on John Deere loader
1998 Holder tractor model C500
1998 Gillig transit bus (35 ft.)
Scott 4.5 Firefighting Air packs (20 count)
Norwest Investment Services, Inc. SUPPLEMENT TO MASTER LEASE
Public Finance Division
1740 Broadway, 2°a Floor
Denver, CO 80274 -8733
Name and address of Lessee:
Town of Avon
P.O. Box 975
Avon, Colorado 81620
Supplement # 0900 -001
This is a Supplement to the Governmental Lease - Purchase Master Agreement identified above between Lessor and
Lessee ( the "Master Lease "). 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
Municipal Equipment per Schedule 1
Location of if different from Lessee's address
SCHEDULE
OF RENT PAYMENTS
Basic Rental
Number Of
Advance
Payments
12 c@ $47,807.18
Payments
Payments
Rent commencement date January 30, 1998
16 @ $35,431.98
28
-0-
Tenn in months from rent commencement
Interest Rate
First Payment
Final Purchase
Due
Option Price
84 months
5.2849/0
AqA 30 1998
S1.00-
Rental payment period (check one)
❑ MonthlY. ❑ Annually
FINANCE AMOUNT* $961,300
® Quarterly ❑ Other - see additional provisions
❑ semi-annually
OTAL RENT: $1,140,597.84
LESSOR: Norwest Investment Services, Inc.
a
Its Vice President
Date January 30, 1998
Additional Provisions:
LESSEE: Town of Avon, Colorado
By
Its yo Pr em
Date January 30, 1998
Municipal Equipment Town of Avon, Colorado Exhibit A
Costs Funded Payment Rate
$961,300.00 5.284%
28 Payments
4 per year
5.284% Rate
Level Payment
$45,425.36
I Fcti- 047254
Closing Fees
50.00
After Payment
Principal
Balance
After Payment
Termination
Value
Pmt
Total Payment
Due
Interest
Payment Due
Principal
Payment Due
After Payment
Principal
Balance
After Payment
Termination
Value
$961;300.00
1
$47,807:18
S12,698.77
S35,108.41
$926,191.59
$945,569.51
2
S47,807.18
S12,234.99
$35,572.19
5890,619.40
$908,636.38
3
547,807.18
$11,76508
$36,042.10
$854,577.311
$871,278.52
4
S47,807.18
$11, 288.97
$36,518.21
S818,059.09
S833,491.04
5
$47,807.18
S10,806.56
S37,000.62
$781,058.47
S795,269.01
6
547,807.18
$10,317.78
$37,489.40
$743,569.08
$756,607.43
7
S47,807.18
59,82155
537,984.63
$705,584.44
$717,501.23
8
S47,807.18
S9, 320.77
$38,486.41
$667,098.03
$677,945.32
9
S47, 807.18
$8,812.37
$38,994.81
5628,103.22
$637,934.51
10
S47,807.18
58, 297.24
S39,509.94
$588,593.28
$597,463.57
11
S47,807.18
S7,775.32
$40,031.86
S548,561.42
$556,527.22
12
$47,807.18
$7, 246.50
$40,560.68
S508,000.74
$515,120.11
13
S35,431.98
$6,710.69
S28,721.29
$479,279.45
S485,61201
14
535,431.98
$6,331.28
$29,100.70
$450,178.75
5455,764.57
15
$35,431.98
55,946.86
$29,485.12
$420,693.63
$425,573.88
16
535,431.98
$5,557.36
$29,874.62
$390,819.01
$395,036.00
17
S35, 431.98
S5,162.72
S30,269.26
$360,549.75
$364,146.93
18
S35,431.98
S4, 762.86
530,669.12
$329,880.63
$332,902.64
19
$35,431.98
54,357.72
531,074.26
$298,806.38
$301,299.04
20
535,431.98
$3,947.23
S31,43C75
_S267,321.63
S269,332.00
21
S35,431.98
$3,531.32
$31,900.66
S235,420.97
5236,997.34
22
535,431.98
53,109.91
$32,322.07
$203,09890
S204,290.83
23
S35,431.98
$2,68294
S32,749.04
$170,349.85
$171,208.19
24
$35,431.98
$2,250.32
S33,181.66
5137,168.20
$137,745.11
25
$35,431.98
$1,81199
S33,61999
$103,548.21
$103,897.20
26
$35,431.98
$1, 367.87
S34,064.11
$69,484.10
S69,660.03
27
535,431.98
$917.88
$34,514.10
534,970.00
535,029.14
28
$35,431.98
5461.95
$34 ,970.03
$0.02
$1.00
FINAL PURCHASE OPTION PRICE: $1.00
By:
Its: Mayor Pro tem
Dated as of January 30, 1998
C: \CINDY\[Avon Mix.xls]Lease 1/14/981:49 PM Norwest Investment Services, Inc.
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN
COUNCIL OF THE TOWN OF'AVON, COLORADO AT 5:30 P.M. ON THE 27TH
DAY OF JANUARY, 1998, AT THE TOWN MUNICIPAL BUILDING FOR THE
PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE NO. 98 -2
SERIES OF 1998:
AN ORDINANCE AUTHORIZING EXECUTION.OF A'CERTAIN GOVERNMENTAL
LEASE - PURCHASE MASTER 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 posted by order of the Town Council of
the Town of Avon, Colorado
Dated this 14th day of January, 1998.
OF AVON, COLORADO
Patty La ert,
.Town Clerk
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON
JANUARY 14, 1998;
EAGLEBEND APARTMENTS - CLUBHOUSE LAUNDRY;
CITY MARKET IN THE MAIN LOBBY
COASTAL MART, INC.; AND -
AVON MUNICIPAL BUILDING IN THE MAIN LOBBY