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HomeMy WebLinkAboutBPW-03-05-03-02 Indiana Bond Bank/CPDRESOLUTION NO. BPW-03-05-03-02 A RESOLUTION OF THE CITY OF CARMEL BOARD OF PUBLIC WORKS AND SAFETY APPROVING A LEASE WITH THE INDIANA BOND BANK FOR THE CARMEL POLICE DEPARTMENT WHEREAS, in accordance with the provisions of Indiana Code 5-22-2, bids for the purchase of the equipment ("Equipment") listed on attached Exhibit A, incorporated herein by this reference, were received and approved; and WHEREAS, the assignment of such bids to the Indiana Bond Bank in accordance with the provisions of Indiana Code 5-1.5 is in the best interests of the City of Carmel, Indiana ("City"); and WHEREAS, the Carmel Board of Public Works and Safety ("Board") has had an opportunity to examine the proposed master equipment lease agreement between the City of Carmel and the Indiana Bond Bank (the "Lease") and any supplements ("Supplements") thereto, which Lease and Supplements are attached hereto and incorporated herein by this reference as Exhibits B and C__, respectively. NOW, THEREFORE, BE IT RESOLVED by the Board that the Equipment listed on attached Exhibit A is hereby assigned to the Indiana Bond Bank, that the Lease and Supplements for the Equipment listed on Exhibit A provides for a fair and reasonable rental for the use and enjoyment of such Equipment by the Ciiy, and that the execution of the Lease and Supplements is appropriate. BE IT FURTHER RESOLVED, that the delivery by the Carmel Clerk-Treasurer ("Clerk- Treasurer") to the Indiana Bond Bank of the Lease and Supplements in the form same are presented to and approved by the Board herein is hereby authorized and approved, and the Clerk-Treasurer is hereby authorized to execute such documents related to the Lease and Supplements as are reasonable, lawful, necessary and required in order to carry out the transactions authorized hereby, the execution of the Lease and required Supplements by the Board constituting conclusive evidence of such approval. BE IT FURTHER RESOLVED, that the Clerk-Treasurer is authorized and directed to initial and date a copy of the Lease and the Supplements, and to place the same in the minute book immediately following the minutes of this meeting, and that said Lease and Supplements are made a part of this Resolution as fully as if the same were set forth herein. BE IT FURTHER RESOLVED, that the Clerk-Treasurer is hereby authorized and directed to execute on behalf of the City of Carmel any documents lawful, necessary, reasonable and required by the Lease and/or the Supplements, including, but not limited to, Certificates of Acceptance, affidavits on behalf of the City, UCC financing statements and IRS Form 8038GC or 8038G, provided that the Clerk- Treasurer shall have previously had such documents reviewed and approved by the Carmel City Attorney. Page One of Two Pages ALL OF WItICIt IS RESOLVED by the City of Carmel Board of Public Works and Safety, this dayof '~, 2003. CARMEL BOARD OF PUBLIC WORKS AND SAFETY ateeS Brainard, PrEsiding Officer : --*- ~ - 0'7 Mary Ann ~t/urke, Member Date: ~- Lori S. W~, Membe Date: ,/Diana L. Cordray, l)pMG[/Clerk-Treasurer ! Date: ( / BPW Resolution No. BPW-03-05-03-02 Page Two of Two Pages E~dlBIT A EQUIPMENT SCHEDULE NO. 7 lNDIANA BOND BANK 2980 MARKET TOWER, 10 WEST MARKET STREET, INDIANAPOLIS, IN 46204 CITY OF CARMEL ONE CMC SQUARE, CARMEL, IN 46032 This Equipment Schedule entered into this MARCH 5, 2003, by and between Lessor and Lessee pursuant to and subject to the terms and conc6fions of the Master Lease-Purchase Agreement dated as of JUNE 7, 2000. 1. Equipment covered by this Equipment Schedule: . Pursuant tothe terms oftheMasterLcase. Lessora ~reandleaseto Lesseethc equipmentlistedbelow("Equipment"). Equipment Description Location Serial Number Cost (1) NEW 2003 I/2VIE 1500 GPM CARMEL, INDIANA, HAMILTON TO BE DETERMINED $1,124,000.00 PUMPER FIRE APPARATUS COUNTY (19) NEW 2003 CHEVROLET IMPALA POLICE SEDANS WITH EQUIP., (70) NEW MJA COM EDACS PORTABLE RADIOS AND ACCESS., (60) NEW M/A COM ECACS S00M MOBILE RADIOS AND ACCESS., FIRE RANGE TARGET SYSTEM AND OTHER EQ~JIP Total Cost $1,124,000.00 Section 2. Btilin~ Address SAME TWO CIVIC SQUARE, ATTN. DENISE BRISTOW, CARMEL, IN 46032 Section 3. Term In Months: 48 Section 4. Rent See Exhibit B Title:)~ ' I L/ Lessee Payment Frequency: SEMIANNUALLY, IN ADVANCE. Commencement Date: MARCH 5, 2003 INDIANA BOND BANK By: Title: Lessor EXHIBIT B SCHEDULE OF pAYMENTS Payment Date Base Rent* Interest Component 1 09/01/2003 152,324.08 20,283.47 Principal Component 132,040.61 Option to Purchase Price** 991,959.39 2 03/01/2004 152,324.08 18,244.86 134,079.22 857,880.17 3 09/01/2004 152,324.08 15,778.78 136,545.30 721,334.87 4 03/01/2005 152,324.08 13,267.33 139,056.75 5 09/01/2005 152,324.08 10,709.70 141,614.38 582,278.12 440,663.74 6 03/01/2006 152,324.08 8,105.02 144,219.06 296,444.68 7 09/01/2006 152,324.08 5,452.43 146,871.65 149,573.03 8 03/01/2007 152,324.08 2,751.05 149,573.03 0.00 *The Base Rent of the Leasc-Pttrchase Payments is determined by applying an annual rate of interest equal to 3.65 % of the outstanding balance of an original principal amount of $1,124,000.00 for the Equipment, being an amount equal to a portion of the cost of acquiring the Equipment. **After payment of die Lease-Purchase Payment due on such date. Lessee INDIANA BOND BANK By: Title: Lessor EXHIBIT C CERTIFICATE OF ACCEPTANCE The undersigned, Lessee under that Master Lease-Purchase Agreement dated as of JUNE 7, 2000, Individual Payment Schedule No. 7 hereby certifies that: A present need exists for the Equipment which need is not temporary or expected to diminish in the nea~ future. The Equipment is essential to and will be used by Lessee only for the purpose of performing one or more governmental functions of Lessee consistent with the permlasible scope of Lessee's authority, Lessee confirms that sufficient funds have been appropriated to make all Rental Payments due during its current fiscal year and expects and anticipates that sufficient funds will be available to make all Rental Payments due in subsequent years. The Equipm~m is covered by insurance in the types and amounts required by the Agreement and is located at the location set forth in the Exhibit A to the Agreement. No event of default, as such term is defined in the Agreement, and no event which with the giving of notice or lapse of time, or both, would become an event of default, has occurred and is continuing on the date hereof. Lessee hereby authorizes and directs Lessor to fund the acquisition cost of the Equipment by paying the Escrow Agent the amount set forth in the Escrow Agreement.