Fort Walton Beach Resolution — 2008-02-Golf Club Equipment-Bank of America — reading text

04/ 15/ 09 4, 512. 34 558. 70 3, 953. 63 185, 974. 68 05/ 15/ 09 4, 512. 34 547. 07 3, 965. 27 182, 009. 41 06/ 15/ 09 4, 512. 34 535. 41 3, 976. 93 178, 032. 48 07/ 15/ 09 4, 512. 34 523. 71 3, 988. 63 174, 043. 86 08/ 15/ 09 4, 512. 34 511. 98 4, 000.36 170, 043. 49 09/ 15/ 09 4, 512. 34 500. 21 4, 012. 13 166, 031. 37 10/ 15/ 09 4, 512. 34 . 488. 41 4, 023. 93. 162, 007. 43 11/ 15/ 09 4, 512. 34 476. 57 4, 035. 77 157, 971. 67 12/ 15/ 09 4, 512. 34 464. 70 4, 047. 64 153, 924. 03 01/ 15/ 10 4, 512. 34 452. 79 4, 059. 55 149, 864. 48 02/ 15/ 10 4, 512. 34 440. 85 4, 071. 49 . 145, 792. 99 03/ 15/ 10 4, 512. 34 428. 87 4, 083. 47 141, 709. 52 04/ 15/ 10 4, 512. 34 416. 86 4, 095. 48 137, 614. 05 05/ 15/ 10 4, 512. 34 404. 8 ~ 4, 107. 53 133, 506. 52 06/ 15/ 10 4, 512. 34 392. 73 4, 119. 61 129 ;386. 91 07/ 15/ 10 4, 512. 34 380. 61 4, 131. 73 125, 255. 19 08/ 15/ 10 4, 512. 34 . 368. 46 4, 143. 88 121, 111. 31 09/ 15/ 10 4, 512. 34 356. 27 4, 156. 07 116, 955. 24 10/ 15/ 10 4, 512. 34 344. 04 4, 168. 30 112, 786. 94 11/ 15/ 10 . 4, 512. 34 331. 78 4, 180. 56 108, 606. 38 12/ 15/ 10 4, 512. 34 319. 48 4, 192. 86 104, 413 .53 004. 237866. 4 A-3  01/ 15/ 11 4, 512. 34 307. 15 4, 205. 19 100, 208. 34 J: 02/ 15/ 11 4, 512.34 294. 78 4, 217. 56 95, 990. 78 03/ 15/ 11 4, 512. 34 282. 37 4, 229. 97 91, 760. 81 04/ 15/ 11 4, 512. 34 269. 93 4, 242. 41 87, 518. 40 05/ 15/ 11 4, 512. 34 257. 45 4, 254. 89 83, 263. 51 06/ 15/ 11 4, 512. 34 244. 93 4, 267.41 78, 996. 11 07/ 15/ 11 4, 512. 34 232. 38 4, 279. 96 74, 716. 15 08/ is/ ll 4, 512. 34 219. 79 4, 292. 55 70, 423. 60 09/ 15/ 11 4, 512. 34 207. 16 4,305. 18 66, 118. 42 10/ 15/ 11- 4, 512. 34 194. 50 4; 317. 84 61, 800. 58 11/ 15/ 11 4, 512. 34 181. 80 4, 330. 54 57, 470. 04 12/ 15/ 11 4, 512. 34 169. 06 4,343. 28 53, 126. 76 01/ 15/ 12 4, 512. 34 156. 28 4, 356. 06 48, 770. 70 02/ 15/ 12 4, 512. 34 143. 47 4, 368. 87 44, 401. 8.3 03/ 15/ 12 4, 512. 34 130. 61 4, 381. 72 40, 020. 11 04/ 15/ 12 4, 512.34 117. 73 4, 394.61 35,625. 50 05/ 15/ 12 4, 512. 34 . 104. 80 4, 407. 54 31, 217. 96 06/ 15/ 12 4, 512. 34 91. 83 4, 420.51 26,797. 45 07/ 15/ 12 4, 512. 34 78..83 4, 433. 51 22,363. 94 08/ 15/ 12 4, 512.34 65. 79 4, 446. 55 17, 917.39 09/ 15/ 12 4,~ 12. 34 52. 71 4, 459. 63 13, 457. 76 . 10/ 15/~ 2 4, 512. 34 39. 59 4, 472. 75 8, 985. 01 11/ 15/ 12 4, 512. 34 26. 43 4, 485. 91 4, 499. 10 12/ 15/ 12 . 4, 512. 34 13. 23 4, 499. 10 0. 00 TOTAL 270, 837~76 22, 248. 47 24,8, 589.29 The Purchase Option Commencement Date shall be January 15, 2008. The Purchase Price payable ( i) on any Rental Payment date is the 'amount equal to the aggregate principal portion of the remaining Rental Payments after payment. of the Rental Payment payable on such Rental Payment Date, and ( ii) on any date other than a Rental Payment date is the amount equal to the aggregate principal portion of the remaining Rental Payments plus an amount equal to the interest portion of such Rental Payments accrued thereon to such date. For purposes of this Lease, " Taxable Rate," with respect to the interest component of Rental Payments, .means an annual rate of interest equal to. 5 .5068 % . Lessee: City of Fort Walton Beach e: ~~~ v v After payment of the applicable Purchase Price, Lessee will own the related Equipment, free and clear of any obligations under the related, Lease. 004. 237866. 4 A-4  Essential U.se/ Source of Funds Certificate Banc of America Public Capital Corp 2059 Northlake Parkway, 4th Floor Tucker, GA 30084 Re: Schedule of Property No. 008, dated January 11, 2008~ by and between Bane of America Public Capital Corp, as Lessor and City of Fort Walton Beach, as Lessee, incorporating the tenns of that certain Master Equipment . Lease/Purc~ase Agreement, dated as of April 3, 2002, by and between Bane of America Leasing & .Capital, LLC, and Lessee This certificate confIrms and affirms that the Equipment described in the Agreemen~ referenced above is essential to the goverJ;11Ilental, municipal or public purposes or functions of the Lessee or to the services Lessee provides its citizens. Further, Lessee has an immediate need' for, and expects to make immediate use of, substantially all such Equipment, which need is not temporary or expected to diminish in the f~reseeable future. Equipment will be used by St;lch Lessee only for the purpose of performing one or more of Lessee' s governmental or proprietary f\1nctions permit~ed under the Act ( as defmed in the Agreement referenced above). Lessee expects and. anticipates adequate funds to be available for all future payments or rent du~ after the current budgetary period, subject to annual appropriation. City of Fort Walton Beach Lessee") By: ~~ '" Name: ,() "( lc- J.-. x- ~'(, TV'-" Title: ' i~~ha/YttIJ1A- \.-- 004. 237866. 4 E- l  CERTIFICATE REQUIRED BY SECTIONS 218.385( 2) AND (3), FLORIDA STATUTES December 31, 2007 The Mayor and M'embers of the City. Council of City of Fort Walton' Beach, Florida Re: $ 589. 29 City of Fort Walton Beach Lease/ Purchase of Grounds Equipment 248,, Ladies and Gentlemen: In connection with the proposed Master Equipment Lease/ Purchase Agreement to be entered into between the City of Fort Walton Beach ( the ." City") and us, we have agreed to finance the leases . of equipment described in Schedule of Property No. 008 to .the Master Equipment Lease/ Purchase Agreement the " Schedules") upon the terms. and conditions set forth therein and in the .Master Equipment Lease/ Purchase Agreement. The purpose of this letter is to furnish the City with information in connection with the obligations' described in the Schedules, as required by the provisions of Section 218. 385( 2) and 218. 385( 3), Florida Statutes, as amended. 1. The City is proposing to enter into the obligations represented by the Master Equipment Lease/ Purchase Agreement and the Schedules for the purpose of financing the cost of Grounds Equipment. The obligations are expected to be repaid over a period of five ( 5) years. At the interest rates specified in the Schedules, total interest paid over the life of the obligation is expected to be approximately $ 22, 248. 47. 2'. The source of repayment or security for the obligation is an appropriation of funds to satisfy such obligations on an annual basis, subject to the City' s right tononappropriate in any given year and terminate the obligations. Authorizing the obligations and budgeting and appropriating sufficient funds to pay such obligations each year will result in an av~rage of approximately $ 54, 167. 55 of such revenues not being available to finance other services each year for approximately five ( 5) years. We understand that the statements set forth in paragraphs numbered 1 and 2 are for informational purposes only and shall not affect or control the actual terms and conditions of the obligations. BANC OF AMERICA PUBLIC CAPITAL CORP By: W~~ Laura Pritchett, A VP  Clerk Certificate The undersigned, a duly elected and acting % ~ [ Clerk/Secretary] of City of Fort Walton Beach (the " Lessee") certifies as follows: A. The following listed persons are duly elected and acting officials.ofthe Lessee ( the Officials") in the capacity set forth opposite their respective names below and that the signatures set. opposite thereto are the genuine signatures of such persons; B. The Officials are duly authorized, on behalf of Lessee, to negotiate, execute and deliver the Ma:ster Equipment