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8C Consent 2007 1001
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8C Consent 2007 1001
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Last modified
9/28/2007 9:40:15 AM
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9/28/2007 9:40:15 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
1/10/2007
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PERM
Document Relationships
_CC Agenda 2007 1001
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2007\Packet 2007 1001
MO 2007-075
(Reference)
Path:
\City Clerk\City Council\Minute Orders\2007
Reso 2007-129
(Reference)
Path:
\City Clerk\City Council\Resolutions\2007
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O <br />August 28, 2007 <br />SALES ORGANIZATION: <br />LESSEE: <br />TYPE OF EQUIPMENT: <br />EQUIPMENT COST: <br />CUSTOMER DOWNPAYMENT: <br />TRADE-IN: <br />DELIVERY TIME: <br />PAYMENT MODE: <br />FIRST PAYMENT DUE DATE: <br />LEASE COMMENCEMENT DATE <br />Golden State -Ryan <br />Alameda County, CA <br />Two Pierce Quantum Tillers <br />$838,235.11 each includes tax and all discounts <br />$1,676,470.22 total <br />$0.00 <br />$0.00 <br />Standard <br />Annual In Arrears <br />1 year after lease commencement <br />At Contract Signing <br />Term - Number of Payments ~ Payment Amount <br />L~ <br />2 years 2 annual $896,379.08 <br />3 years 3 annual $610,890.47 <br />5 years 5 annual $381,566.65 <br />There are no documentation or closing costs associated with the completion of this financing. Price includes all discounts available <br />to Oshkosh Capital. <br />TYPE OF FINANCING: Tax-exempt Lease Purchase Agreement with a $1,00 buy out option at end of lease term. Said agreement <br />shall be a net lease arrangement whereby lessee is responsible for all costs of operation, maintenance, insurance, and taxes. <br />'~9,r3, 91~~~? <br />BANK QUALIFICATION: This proposal assumes that the lessee will not be issuing more than $10 million in tax-exempt debt this <br />calendar year. Furthermore, it is assumed that the lessee will designate this issue as a qualified tax-exempt obligation per the tax act <br />of 1986. <br />LEGAL TITLE: Legal title to the equipment during the lease term shall vest in the lessee, with Oshkosh Capital perfecting a first <br />security interest <br />AUTHORIZED SIGNORS: The lessee's governing board shall provide Oshkosh Capital with its resolution or ordinance authorizing this <br />agreement and shall designate the individual(s) iD execute all necessary documents used therein. <br />LEGAL OPINION: The lessee's counsel shall furnish Oshkosh Capital with an opinion covering this transaction and the documents <br />used herein. This opinion shall be in a form and substance sa6sfaclory to Oshkosh Capital. <br />VOLUNTEER FIRE DEPARTMENTS: If Lessee is a Volunteer Fire Department, a public hearing under the requirements of Section <br />147(f) of the Internal Revenue Code of 1986 shall be conducted to authorize this transaction. It is recommended that a notice of the <br />public hearing be published 10 to 14 days in advance of the public hearing, <br />This proposal will be valid for thirty (30) days from the above date and is subject to final credit approval by Oshkosh Capital <br />and approval of the lease documents in Oshkosh Capital's sole discretion. To render a credit decision, lessee shall provide <br />Oshkosh Capital with their most recent two years' audited financial statements, copy of their most recent interim financial <br />statement, and current budget. <br />Accepted by: <br />Proposal submitted by: <br />Lessee Date Bob vanDernoot <br />Oshkosh Capita] <br />t~ s}-1KO~~ <br />CAPITA L' <br />
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