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HomeMy WebLinkAboutContracts & Agreements_29-1998_CCv0001.pdf Ford Motor Credit Company The American Road P.O.Box 17M Dearb<xn,Michigan 48121-1739 The Honorable William Cunningham June 2, 1998 City of Redlands Police 35 Cajon Street, Suite 30 Redlands, CA 92373 Subject: Lease-Purchase Agreement Number 39672 Dear The Honorable Cunningham: The Lease-Purchase Agreement documents for the equipment being acquired from Fritts Ford are enclosed. Please review the following documents for accuracy and execute where indicated: • Schedule A41, Page I • Delivery and Acceptance Certificate(s)- Please indicate the date the equipment was accepted by you. • Temporary Insurance Form- Please complete. 8038-GC-Please review and execute where indicated. We will forward the Original to the IRS and return a copy with the agreement for you records. Please return all documents with original signatures by June 12 ,1998 to Ford Motor Credit Company at the address below. If documents can not be returned by this date, please call 1-800-241-4199 (ext. 173). OvemiahtflExpress Delivery to: U.S. QuIar Mail FMCC Building MD 7500, Commercial Lending, FMCC Building MD 7500 The American Road, Ste 2478 P. O. Box 1739 Dearborn, MI 48126 Dearborn, MI 48121-1739 ATTN. Dawn Mitchell ATTN: Dawn Mitchell Included with the documents should be a check to Ford Motor Credit Company in the amount of$679.32 for the first payment. Your account number is 3967202, please refer to this number should you require any assistance. I will have the documents executed by Ford Motor Credit Company and return a copy to you. If you have any questions, please call me at(800)241-4199. Sincerely, Enclosures Dawn lViTi4e4lV{/v Municipal Financing INVOICE June 2, 1998 —TCity 0 R Police Poli7jon Street, Suite 30 35 Cajon LESSEE: City of Redlands Redlands, CA 92373 REMIT PAYMENT TO: FORD MOTOR CREDIT COMPANY FOR MUNICIPAL UNICIPAL FINANCING P. O. BOX 1739 - MD7500 DEARBORN, MI 48121 1 PLEASE RETURN A COPY OF THIS INVOICE WITH YOUR PAYMENT ACCOUNT FIRST DESCRIPTION PAYMENT NUMBER PAYMENT AMOUNT DUE DATE 3967202 613/98 (1) 1998 Ford Crown Victoria Police $679.32 Sedan/State Sales Tax 7.75% SN# 2FAFP71W9WX163893 PLEASE REMIT: $679.32 If you have any questions regarding this invoice please call Dawn Mitchell (313) 323-0086. Page 1 SCHEDULE A-II - EQUIPMENT LEASE-PURCHASE AGREEMENT Lease No. 39672 This Equipment Schedule dated as of 6/3/1998, is being executed by Ford Motor Credit Company("Lessor"), and City of Redlands ("Lessee), as a supplement to, and is hereby attached to and made a part of that certain Equipment Lease- Purchase Agreement dated as of 9120/95 {"Lease'), between Lessor and Lessee. Lessor hereby leases to Lessee under and pursuant to the Lease, and Lessee hereby accepts and leases from Lessor under and pursuant to the Lease,subject to and upon the terms and conditions set forth in the Lease and upon the terms set forth below, and following items of Equipment: QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) SUPPLIER (1) 1998 Ford Crown Victoria Police Sedan/State Sales Tax 7.75% SN# Fritts Ford 2FAFP71 W9WX163893 EQUIPMENT LOCATION: City of Redlands Police 35 Cajon Street, Suite 30 Redlands, CA 92373 Initial Term: 36 Months Commencement Date: /3/19998 Periodic Rent: 35 Consecutive Monthly Payments of$679.32 each (including interest), followed by one final payment of$679.94 due under this Lease-Purchase Agreement. The Periodic Rent Payment also include any applicable salestuse tax due and payable on the Lease Payment Dates, set forth in Schedule A-11, Page 2. EXECUTED as of the date first herein set forth. LESSEE: City of Redlands LESSOR: Ford Motor Credit Company Police By: By: Wilffart Cunningha W. Paul Rau Title: Mayor Title: Manager, Municipal Finance ATTEST: OPINION OF COUNSEL. 'Th t Clerk, C c� Rei l d . opinions sed in t ie pinion of Counsel dated 9/20/95 provided to Lessor shall apply to the Lease as amended and es or may rely upon such opinion as if it were addressed and had been delivered to Lessor on the date hereof. 1 NAtftto f Les Dan McHugh Office of the �& City Attorney d t 1�i City of Redlands - r Daniel J. McHugh, Esq. September 20, 1995 Ford Motor Company PQ Box 1739 Dearborn, MI 481276-1739 Re. Ford Motor Credit Company Equipment Lease -Purchase Agreement Number 39672 Ladies and Gentlemen: As City Attorney for the City of Redlands (the "City,), I have reviewed the captioned lease (the "Lease") dated September 20, 1995 by and between the City and Ford Motor Credit Company (the "Company") relating to the lease of seven 1995 Ford Crown Victoria p71 Police Sedans as described in Schedule '"A"' attached to the Lease (the "Equipment"). I have also reviewed the proceedings taken by the City Council of the City on September 19, 1995 with respect to the authorization,execution and delivery of the Lease and authorizing the May of the City to execute the Lease in behalf of the City. I have examined the Lease and have also examined the law and such certified proceedings and other papers as I have deemed necessary to render this opinion. As to questions of fact that are material to my opinion, I have relied upon representations of the City, the certified proceedings and other certifications of officers of the City furnished to me without undertakina, to determine the accuracy, completeness or fairness thereof. Based upon my examination, I am of the opinion, as of the date hereof, that: (i) The City is a municipal corporation duly organized and validly existing under the Constitution and laws of the State of California and as such is a political subdivision of the State of California with police powers, and the power to tax and the authority to enter into and perform all of its obligations under the Le (h) The execution, delivery and performance of the Lease was duly authorized by all necessary actions of the City. DJM458PW P.O. Box 3005, Redlands, CA 92373-1505 (909) 798-7595 FAX {g{}g} 798_7503 Ford Motor Company September 20, 1995 Page Two (iji) The City has duly authorized, executed and delivered the Lease and, assuming due authorization, execution and delivery thereof by the Company, the Lease constitutes a legal, valid and binding agreement of the City enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reortranizatiI ri 0, on, moratorium and other laws affecting the enforcement of creditors' ,hts in general and except as such enforceability may be limited b the applicat ZZ of equitable principles if equitable remedies are sought. y ion (IV) To the best of my knowledge there is no litigation pending or threatened against the City contesting the validity of the Lease or which challenges the validity of action taken by the City in connection ion with Lease or contesting the�7' and delivery of the Lease. I authorization, execution (v) The City is a Political subdivision within the meaning Of Section 103 of the Internal Revenue Code of 1986, as amended. Z:I I express no opinion as to the tax exempt status for federal or State of California income tax purposes of the interest component of rental payments payable by the City under the Lease. Further, I have not been engaged, nor have I undertaken to advise, any party or to opine as to any matters not specifically covered herein, including, but not limited to, matters relating to compliance with any securities law. C, This opinion is solely for your benefit and may not be circulated, quoted from or relied upon by any other party without my prior written consent. Sincerely, Daniel J. McHugh City Attorney c., Gary Luebbers, City Manager DAI,458PW Schedule A-II Page 2 Payment Schedule Lease Number: 39672 Lease Lease Payment Payment Lease Interest Principal Concluding Number Date Payment Portion Portion Payment 1 6 l 3 1998 679.32 0.00 679.32 21,715.51 2 7 3 1998 679.32 111.29 568.03 21, 147.48 3 8 3 1998 679.32 108.38 570.94 20,576.54 4 9 l 3 l 1998 679.32 105.45 573.87 20,002.67 5 10 1 3 1998 679.32 102.51 576.81 19,425.86 6 11 3 1998 679.32 99.56 579.76 18,846.10 7 12 1 3 l 1998 679.32 96.59 582.73 18,263.37 8 1 3 1999 679.32 93.60 585.72 17,677.65 9 2 3 1999 679.32 90.60 588.72 17,088.93 10 3 I 3 1999 679.32 87.58 591.74 16,497.19 11 4 I 3 1 1999 679.32 84.55 594.77 15,902.42 12 5 I 3 1999 679.32 81.50 597.82 15,304.60 13 6 I 3 l 1999 679.32 78.44 600.88 14,703.72 14 7 I 3 1999 679.32 75.36 603.96 14,099.76 15 8 3 11999 679.32 72.26 607.06 13,492.70 16 9 I 3 / 1999 679.32 69.15 610.17 12,882.53 17 10 I 3 / 1999 679.32 66.02 613.30 12,269.23 18 11 3 / 1999 679.32 62.88 616.44 11,652.79 19 12 3 / 1999 679.32 59.72 619.60 11,033.19 20 1 l 3 / 2000 679.32 56.55 622.77 10,410.42 21 2 / 3 / 2000 679.32 53.35 625.97 9,784.45 22 3 / 3 / 2000 679.32 50.15 629.17 9, 155.28 23 4 / 3 / 2000 679.32 46.92 632.40 8,522.88 24 5 / 3 / 2000 679.32 43.68 635.64 7,887.24 25 6 / 3 / 2000 679.32 40.42 638.90 7,248.34 26 7 / 3 / 2000 679.32 37.15 642.17 6,606.17 27 8 / 3 / 2000 679.32 33.86 645.46 5,960.71 28 9 / 3 / 2000 679.32 30.55 648.77 5,311.94 29 10 / 3 / 2000 679.32 27.22 652.10 4,659.84 30 11 / 3 / 2000 679.32 23.88 655.44 4,004.40 31 12 = / 3 / 2000 679.32 20.52 658.80 3,345.60 32 1 / 3 / 2001 679.32 17.15 662.17 2,683.43 33 2 / 3 / 2001 679.32 13.75 665.57 2,017.86 34 3 / 3 / 2001 679.32 10.34 668.98 1,348.88 35 4 / 3 / 2001 679.32 6.91 672.41 676.47 36 5 / 3 / 2001 679.94 3.47 676.47 1.00 TOTAL 24,456.14 2,061.31 22,394.83 LESSOR: FORD MOTOR CREDIT COMPANY P. O, Box 1739 Dearborn, MI 48121-1739 DELIVERY AND ACCEPTANCE CERTIFICATE The undersigned Lessee hereby acknowledges receipt of the Equipment described Mow {"Equipment") as fully installed and in good working condition; and Lessee hereby accepts the Equipment after full inspection thereof as satisfactory for all purposes of the Equipment Lease-Purchase Agreement {"Lease`) executed by Lessee and Lessor. LEASE DATE LEASE SCHEDULE A41 DELIVERY PURCHASE PURCHASE NUMBER DATE NUMBER DATE ORDER NO. 9/20/95 39672 6!311998 1 EQUIPMENT INFORMATION QUANTITY DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.) SUPPLIER {1) 1998 Ford Crown Victoria Police Sedan/State Sales Tax 7.75% SN# Fritts Ford 2FAFP71 W9WX163893 LESSEE: City of Redlands BY: 35 Cajon Street, Suite 30 Redlands, CA 92373 (Title) DATE ACCEPTED: For, 8038-GC Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment (R--"'�''' Sales OMB No.lsas-ono Depertment of the Trewmay Internal Revenue Service ➢ Under Internal Revenue Code section 149(e)➢ For calendar year ending 19_ (Use Form 8038-G If the Issue price of the issue is$100,000 or more.) sPiKin Reporting Authority Check box if Amended Return➢[j I Issuer's name 2 Issuers employer klerrtificatlon number City of Redlands 95 6000766 3 Number and street(or P.O.box if mad Is not delivered to street address) RoorNSulte 35 Ca on Street, Suite 30 4 City,town,or post office,state,and ZIP code Redlands, CA 92373 : . Description of Obligations 5 [saw price of small tax-exempt governmental obligations reported on this form. 5 522,394.83 6 Check the box that most nearly approximates the weighed average maturity of the obligation(s): u a [xj Less than 5 years b [ From 5 to 10 years �x c [ More than 10 years ' 7 Check the box that most nearly approximates the weighted average interest rate on the obligations(s): a ( ) Less than 5% b [[xj From 5%to 10% r c j More than 1096 8 Total issue price of the obligation(s)reported on Ane 5 that Ware: a Obligations)issued in the form of a lease or Installment sale 8a $22,394.83 b Obligation(s)designated by the Issuer under section 265(b)(3)(B)(i)(iihi) 8b c Obligation(s)issued to refund prior issues 8c -0- d Loans made from the proceeds of another tax-exempt obligation 8d -0. 9 Check box if issuer has elected to pay a penalty in lieu of arbitrage rebate [ Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements,and to the best of my PLEASE WOMOdge and belief,they are correct and complete. SIGN HEREJune 11, 1998 Issuer's authorized III iam Cun ham, o Paperwork Reduction Act Notice General Instructions �t lands We ask for the information on ttds form to carry Secjjon rebrsnces ars to the lntemaf Revenue calendar y6ar in wfiich the issue was issued. out the internal Revenue laws of the United Code unku odwwfse noted. States. You aro requked to give us the An issuer of a tax-exempt bond used to finance Information. We need It to ensure dW you are Purpose of Form construction expwxitures must file a separate Form complying with these laws. Form 8038-GC is used by issuers of tax- 8038-GC for each Issue to give notice to the IRS The time needed to complete and file this exempt governmental obligations to provide the that an election was made to pay a penalty in Neu of form varies depending on knctvidual IRS with the information required by section arbitragerebate(see Ane 9 instructions). circumstances. The estimated average time is: 149(e)and to monitor the reWiremwft of Learning about the Filing a consolidated return.—For all tax-exempt law or the farmn . . 1 hr.,46 min. Dns 141 ttxouptm 150. governmental obligations with Issue prices of less Preparing the form . . 2 hr.,60 mhm. Who Must File than$100,000 that are not reported on a separate Copyin%asmT60rog,and Issuers of tax-exempt goveim mom!obligations Form 80338-GC,an issuer must file a consolidated sending the form to the IRS 16 mhn. with issue prices of less than$100,000 must Intiormationreturn kx�all such issues issued Ifyou have corrvno concerning the file Form 8038-GC. wifhkm the calendar year. accuracy of these tine estimates or Issuers of a tax-exempt govermnetutal suggestions for making this form skrpler,we obligation with an issue price of 5100,000 or Thus,an issuer may file a separate Form 8038- would be happy to hear from you. You can more must Me Foran 8038-G,Infomuation GC for each of a nunber of small issues and report write to the internal ReverxA Service,Attention: Return for Tax-Exernpt Goverr vnental the remainder of well Issues issued during the Tax Forms Comrnklee,PC:FP,Washington, Off. calendar year on one cormfidated Form 8038-GC. DC 20224. DO NOT sand the form to this Filing a separate return.—issuers have the However,a separate Form 8038-GC must be filed address. irateed,see Where To File on page option to Me a separate Form 8038-GC for any to give the IRS notice of the election to pay a penalty 2 tax-marrpt governmental obligation with an in Neu of arbitrage rebate. issue price of less$100,000. NXA Form 8038-GC(Rev.6-06) :Y +- :E s E_ a t• t • !.Y -•. -t- m.Y t- :+' Y- - ♦• Mo i' •. • •♦ • •- t t t . tt e m f f s e :.# #.. a -.#.�E ` i • t # r. g♦ All #t` • t •r s{ t.. Y • C i i i ♦i t♦. s. s •t Ye •. + r # t =+t +• t .• : f e 1 it •t f' # i f Yy.' i ff" rr! as-Y • t-. - f ia. - - ♦rv: f t< ! Y ..♦c # •- e • iIt :#K` f' �rk ♦ -r 1�► i.c. w # •c r i-- f {ti' # ♦ ♦ t E _ ! #:: - tit• f M 44 i_ ! .�+•'M f i' if 'k♦ ►t # i.. 4 •• t - � Y• t �• #s#, _ •f -t. t- f it n, t:. :-f #�:[6 4','HI � -f.: t V: -i Y f': : i.. r t' : # •' `i': - 4.. _# i ►^. f,�. :. f►::.:.i- ! '},( a#<<' `! • t r t t 4 ® t INSURANCE FACT SHEET We require a Certificate of Insurance or Declaration Page shown in the name of the Municipality listed below. If more than one insurance company is used, indicate each &for what type coverage. Per the Agreement,we require Liability& Physical Damage on all vehicles. Liability&Property Damage on all other equipment&FORD MOTOR CREDIT COMPANY named as Loss Payee or Additional Insured. RETURN TO: Ford Motor Credit Company, P.O. Box 1739, Dearborn, MI 43121- 1739 8121-1739 TRANS NO: 39672-02 L/P AGREEMENT NO: 39672 MUNI: City of Redlands ADDRESS: 3jr Cajon Street, Suite W 10 CITY: Redlands, CA 92373 CONTACT: Kim Braun PHONE: 909 798_7679 EQUIP DESC: (1) 1998 Ford Crown Victoria Police Sedan/State Sales Tax 7.75% SN#2FAFP71 W9WX1 63893 INSURANCE COMPANY: The Insurance Cc)mpany of the State of Pennsylvania ADDRESS: 70 Pine Street CITY: New York STATE: NY ZIP: 10270 Davis & Graeber Ins. Service PHONE: 909-793-2373 CONTACT PERSON; Ross Jones POLICY NO: 4296-4727 EXPI RATION DATE: 07/01/99 LIABILITY AMT: $10, 000,000 PROPERTY DAMAGE AMT: PHYSICAL DAMAGE AMT: COMPREHENSIVE DEDUCTIBLE: COLLISION DEDUCTIBLE: INSURANCE CO ADDRESS: CITY: STATE: ZIP: PHONE: CONTACT PON; POLICY NO: EXPIRATION DATE: LIABILITY AMT: PROPS DAMAGE AMT: PHYSICAL DAMAGE AMT: COMPREHENSIVE DEDUCTIBLE: COLLISION DEDUCTIBLE: SELF-INSURED: IF YOU ARE SELF-INSURED FOR ANY COVERAGE, PLEASE PROVIDE THE NAME OF YOUR INSURANCE POOLJFUND. NAME OF INSURANCE POOIJFUND: City of Redlands SELF-INSURED FOR: LIABILITY: $, S 0 PROPERTY: $ PHYSICAL:$ CONTINUOUS COVERAGE: FROM TO PLEASE SIGN: k William� nninghaTi, Mayor ATTEST: (!I-tv .4fterk, ((iv f Redlands �-z THE INSURANCE COMPANY OF THE STATE OF PENNSYLVANIA A Capital Stock Company Executive Office 70 Pine Street New York, NY 10270 SPECIAL EXCESS LIABILITY POLICY FOR PUBLIC ENTITIES DECLARATIONS The declarations, schedule, terms, conditions, exclusions, and endorsements complete this insurance policy. Policy No.: 4296-4727 Item 1. Named Insured &Address: CITY OF REDLANDS P.O. BOX 3005 REDLANDS, CALIFORNIA 92373 Item 2. Policy Period: From: JULY 1, 1996 To: JULY 1, 1999 12:01 A.M. Standard Time at the Insured's Address Item 3. Limits of Insurance A. Limits of Insurance Limits of Liability 1. Aggregate Policy Limit $10,000,000 Products-Completed Operations Hazard Aggregate 2. Per Occurrence or Wrongful Act or Employee Benefit Wrongful Act Limit $10,000,000 Any one occurrence or wrongful act or employee benefit wrongful act or series of continuous. repeated. or related occurrences or wrongful acts or employee benefit wrongful acts in excess of your retained limit- B. Retained Limit $500,000 Anv one occurrence or wrongful act or employee benefit wrongful act or series of continuous, repeated, or related occurrences or wrongful acts or employee benefit wrongful acts.