HomeMy WebLinkAboutResolution 96-312 11/04/1996
RESOLUTION NO. g~_„ ~ N.C.S.
of the City of Petaluma, California
RESOLUTION AUTHORIZING LEASE PURCHASE AGREEMENT WITH
KOCH FINANCIAL CORPORATION FOR POLICE VEHICLES
AND VEHICLE EQUIPMENT
WHEREAS, the City Council authorized the acquisition of Police vehicles and vehicle equipment
for City purposes in the FY 96-97 budgets; and
9 WHEREAS, the City Council further approved Resolution No. 96-300 N.C.S which declared the
10 intent to finance certain essential Police vehicles and equipment and reimburse the advance of any
11 city funds for the acquisition in compliance with the requirements of section 1.148-4 of US
12 Treasury regulations; and
13
14 WHEREAS, a significant portion of the vehicles and equipment have now been acquired; and
15
16 WHEREAS, bids were requested from twelve firms for up to $140,000 in vehicles and equipment
17 to be leased; and
18
19 WHEREAS, the Lease is to be a "qualified tax-exempt obligation" pursuant to Section 265(b)(3)
20 of the IRS Code of 1986, as amended; and, in compliance with the requirements of Section
21 265(b)(3)(C) of the Code, the City has issued in 1996 tax exempt obligations greater than
22 $1QOOQ000 and therefore the lease is not bank qualified; and
23
24 WHEREAS, the Koch Financial Corporation, Wichita, KS, submitted the bid with the lowest
25 interest rate and in compliance with the terms of the bid.
26
27 NOW, THEREFORE BE IT RESOLVED, that the City Council hereby authorizes the Mayor or
28 City Manager to execute the lease agreement, and any other necessary documents, with Koch
29 Financial Corporation for the financing of the essential Police vehicles and equipment listed on
30 Attachment A up to the total amount of $140,000.
31
Under the power and authority conferred upon this Council by the Charter of said City
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma ata (Regular) (AR}DXk9i!¢~Wt~ meeting fO~
on the .......9.th........... day of ...............I~Toue.mbec............._......., 19.....9$ by the ,,,, ~ ~
following vote: ~-...~ ~-...-.
City Attorney
AYES: Maguire, Hamilton, Barlas, Read, Shea, Vice Mayor Stompe, Mayor Hilligoss
NOES: None
AITEST:~ .....NonG2~~lll~j-~~~ ...... ................. G~ /~(`J
City Cierk Mayor
CA 1085
Qowct Files _ _
Res. No.. _._ ~ ~-~{•~.._ . NAS.
ATTACI-IMENT A
CITY OF PETALU1vIA
POLICE EQUIPMENT LEASE
NOVEMBER, 1996
Five Police Patrol vehicles -Ford Crown Victorias
s Vehicle Equipment -
• Light Bars
• Sirens & Lights Controller
• Siren Speakers
• Push Bumpers
• Fiberglass Back Seat
• Prisoner Transport Screens
• Radio Racks
o Shotgun Locks
• Scanners
• Police Radios
• Map Lights
• Trunk Organizers
I~~.so . 9 c~ 3 1 ~. Ncs
,;
CITY OF PETALUMA.
MUNICIPAL LEASE :QUOTES -OCTOBER, 1996
FIVE EQUIPPED POLICE PATROL VEHICLES
Two Year Term Annual Total Buyout Montlily Prepayment
Leased Interest at end of In Arrears Terms &
Leasing Companies Rate % Cost Lease $ Payment Penalty
Cazgill Investment Corp. 5.430% $8,055.76 $0.00 . $6,168:99 102% of remaining principal
Koch Financial 5.480% $8,131.22 $1.00 $6172:13 None
Banc One Leasag,Corp, 5:930% $8;81.1.28 $1.00 $6,200.47 Discoun[aY2.93%
Leasource Financial Services 6.378% $9,486:00. $0.00 $6,228.60 No Penalty-Payoff Anytime
CaLease Public Funding Corp. 6:390% $9,508.42 $1.00 $6;229:52 1%Penalty -Payoff Anytime
MLC'Group,„Inc, 7:440% $11,106.98 $0.00 $6,296.12 PV of Remaining Pymts'@ 5:7%
~ CG Financial Services 9.490% $14,257.36 $0.00 $6,427:39 1%on decending balance
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' :+I'~-22= I,~?96 l I' :09x14 FP.UI t r'ETALUr44 F I r~ar.I~E 707 778 4428
City of`Petaluma
F,qupment;Lease Purcha9e Bid Fotyri
October, 1996
Hill Torino
Proposals Duet Thursday, October 24, :1996 ;3 (OO PM;(Fax copios are acceptable)
- Awat'd by. City F,tnmci(; Monday, November 4, 1996, 3 00 P1v1 meeting
p. 6
• EquipmeM:S`Police PatrvY V.rluclee (1996 Pord Crown Victotiia) and various Police vehicle
oquipmeat-'for the nrwr vchicJcs light bars, siren and liglity wntrollw; siren speaker, push
bumpers; 6berglsi;~ hack seat, prisoet:ntrunepori screens, radio rucks, shotgun locks,
'ISCaMef4, police rartins, map ligbts'snd trunk organizers.
Terms
>.Period =:24'Month Tease
-Payments ->Motttl~ly. in;Atrears
- Total,Ainounf,to Ao I'.eased: $14Q000
- Amount'to be Drawn Down;by 12.2=%: $T40,000
-Nvu-Appropriation].ease Form -Allow Prepaymonrof Lease
- Ike Bank Qualified -Bid is to be Lrm<for 30 Jays
- Resolution of Intenttq Finenae Approved'10-21-96
._.~.~.. _ y:~...._.....
Exceorluns (o Above:ierms
Bid Amount
Annual Total Huyout Monthly Prepayment
,Leased interest at End InAtrears Temts &
Term Period Le"% Cost ofIcease S Payrnenta Penalty
2Ybars 5.48Y: S8•.'T31.22 $i.00 56,172.13 None
Lhe above hiilitermsand bid amrnmt gro'hereby authorized snd ubmi ed?for co deration.
lease shall besubtnitfed to City afternotification of bid award-
FirtnName Koch Financial :Corporation
Fiorized°$i ature
Address 4'Lll E. 37th Screec'NOrth Naive Den is McDermo-tc
Wi ~hits-~-I{R 6~72JD „__
Phono 500°53Z-68fi4.
Fax _ 316 82$13Tt
~v
Title Aeaociai:e
Dale 10/24`G96
Form of
R~~.9c~-3ia Nis