Fort Walton Beach Resolution — 03-04-Golf Club Equipment Lease — reading text

oe O RESOLUTION NO. 03-04 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA, AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER LEASE/PURCHASE AGREEMENT WITH BANK OF AMERICA LEASING & CAPITAL, LLC; AUTHORIZING A LEASE OF GOLF CLUB MAINTENANCE EQUIPMENT THEREUNDER; AUTHORIZING THE EXECUTION OF SUCH OTHER DOCUMENTS AS MAY BE NECESSARY TO COMPLETE THE TRANSACTIONS CONTEMPLATED HEREBY; PROVIDING FOR SEVERABILITY OF INVALID PROVISIONS AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED by the City Council of the City of City of Fort Walton Beach, Florida (the “City”) as follows: Section 1. Findings. It is hereby ascertained, determined, and declared that: (a) The City deems it necessary, desirable and in the best financial interest of the City and its inhabitants that it enter into a Master Equipment Lease/Purchase Agreement (the “Master Lease/Purchase Agreement’) with Bank of America Leasing & Capital, LLC (the “Lessor’), to provide for the lease and purchase from time to time of equipment essential to the governmental, municipal or public purposes or functions of the City or to the services the City provides its inhabitants. (b) The City has an immediate need for Golf Club Maintenance Equipment (the “Equipment”) for the welfare of its citizens, and it is in the best financial interest of the City that the Equipment be leased pursuant to the Master Lease/Purchase Agreement. (c) The City is authorized and empowered by the Constitution and laws of the State of Florida, including particularly Chapter 166, Florida Statutes, and other applicable provisions of law (the “Act”). (d) The City is authorized and empowered by the Act to enter into transactions such as those contemplated by the Master Lease/Purchase Agreement and to fully perform its obligations thereunder in order to acquire the Equipment. (e) The small size of the lease financing, current market conditions and other circumstances require that the Master Lease/Purchase Agreement and the leases of equipment thereunder be negotiated at private sale rather than offered by competitive bid. Section 2. Authorization of Execution and Delivery of Master Lease/Purchase Agreement. The Master Lease/Purchase Agreement, was approved by City Council and executed by the Mayor on April 9, 2002, and is on file in the City Clerk’s Office. Section 3. Authorization of Leases of the Equipment. The lease of the Equipment pursuant to the Master Lease/Purchase Agreement, as set forth on Schedule of Property No(s). 03 (together with the Rental Payment Schedules associated therewith, the “Schedules”), is hereby approved. The City hereby authorizes and directs the Mayor to execute each of the Schedules and deliver the same to the Lessor. All of the Schedules, when executed, dated and delivered by or on behalf of the City as authorized herein and by or on behalf of the Lessor, shall be deemed part of this Resolution as fully and to the same extent as if incorporated verbatim herein. C O Section 4. General Authority. The Mayor, the City Clerk and the officers, attorneys and other agents and employees of the City are hereby authorized to do all acts and things required of them by this Resolution or desirable or consistent with the requirements hereof for the full, punctual and complete performance of all of the terms, covenants and agreements contained in the Master Lease/Purchase Agreement and the Schedules, and they are hereby authorized to execute and deliver all certificates and documents which shall reasonably be required by the Lessor to effectuate the transactions described herein, including without limitation the documents described in Exhibits B, C and E of the Master Lease/Purchase Agreement. Section 5. Severability of Invalid Provisions. If any one or more of the covenants, agreements or provisions of this Resolution shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements and provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements and provisions of this Resolution, and shall in no way affect the validity of any of the other covenants, agreements or provisions hereof. Section 6. Effective Date. This Resolution shall become effective immediately upon its passage. PASSED AND ADOPTED this 25thday of Mar, 2003 [OFFICIAL SEAL] ATTEST: bln. Aponte City Clerk Approved for Legal Sufficiency; Lp ene Dn the, VY) e Miller, City Attorney [DISPOSITION LEinance Docid: P:\Finance\City Manager Agenda Items\equipment finance reso 03-04.doc Cc O Schedule of Property No. 003 Description Make Model Sod Cutter Make: Turfco Model 85520 Top Dresser (2 units) Make: Ty-Crop Model: Quick Pass 300 Tractor Drawn Deep Aerification Unit | Make: Verti-Drain Model: 7316 Greens Sweeper Make: Sweep-N-Clean Model: SW-48 Aerification Core Harvester Make: Cushman Model: 890009 Tractor Make: New Holland Model: TN55