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BILL NO. 89-190
SPONSORED BY COUNCILMAN SCHEULEN
ORDINANCE NO.
' • AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT WITH CENTRAL BANK FOR
T' LEASE/PURCHASE SECURITY AGREEMENT.
Y�{iy
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI,
'. AS FOLLOWS:
Section 1. The Mayor and City Clerk are hereby authorized and
directed to execute an agreement with Central Bank for
Lease/Purchase Security Agreement. The amount of the contract <,
shall not exceed $642, 761. 00.
Section 2 . The agreement shall be substantially the same in
form and content as that agreement attached hereto as Exhibit A. '
Section 3 . This Ordinance shall be in full force and effect
from and after the date of its passage and approval .
Passed` G-4- 5�i /�✓ SO Approved -
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'Pri5i1d1n9,0f f icer 'or
ATTEST:
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EQUIPMENT . •
DATED AS OF . . r
BETWEEN
THE CENTRAL TRUST • .
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AS LESSEE
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LIST OF CLOSING DOCU14ENTS
1. opinion of Stinson, Mag & Fizzell
2. Equipment Lease/Purdhase Agreement dated as of March 1,
1990, between The Central Trust Bank and the City of
Jefferson, with the following items attached thereto:
Exhibit A Opinion of City Counselor
Exhibit B Schedule of Rental Payments
Exhibit C Description of Equipment
. 39 Escrow Agreement dated March 16, 1990, between The
Central Trust Bank and the City of Jefferson
4. Acceptance Certificate
5. Information Return for Tax-Exempt Governmental. Bond
Issues ( IRS Form 8038-G)
6. Evidence of Uniform Commercial Code filings
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STINSON , MAG & FIZZELL
920 MAIN STREET
P. O. Box I9251
THE MAST BUILDING TELEX:477237 TRS
TELEX ANSWERSACK:STtHSONt4AGKSC I
7500 WEST I 10tv STREET KANSAS CITY, MISSOURI 64141-2251
-2329
OvrPILANO PARK,KANSAS 66210 (816) 842-8600 TELLCOPIER:(816)474.6882
(913)451.8600
b
March 16, 1990
City of Jefferson
320 E. McCarty Street
Jefferson City, Missouri 65101
The Central Trust Bank
238 Madison Street
Jefferson City, Missouri 65101
Ladies and Gentlemen:
We have acted as special tax counsel in connection with
a transaction involving an Equipment Lease/Purchase Agreement ,
dated as of March 1, 1990 (the "Lease" ) , between The Central Trust
Missouri trust company ( the
Bank, a Misso "Lessor" ) , and the City of
Jefferson, Missouri (the "Lessee Under the Lease, the Lessee
has the use of and an option to purchase certain equipment on
certa in conditions upon payment of the rentals and purchase price
set forth therein.
We have reviewed an executed copy of the Lease and an
executed copy of the Escrow Agreement , dated March 16, 1.990 (the
"Escrow Agreement" ) , among the Lessor , the Lessee and the escrow
r .
agent named therein and, in addition, we have reviewed and
rY
Code of 1986 , as amend
considered the Internal Revenue amended (the
"Code" ) and the applicable regulations promulgated lations thereunder prom by
ty the United States Treasury Department .
In rendering the opinion set forth herein, we have
assumed without undertaking to investigate the same by independent
investigation or resear ch that (a) the Lease has been duly
authorized and execut ed and constitutes a valid and binding
obligation of the parties thereto, (
obli b) the Lessee has fully to and full coml with
complied wih ad fulfilld ad will contiue
fulfill t all n covenants e and n requirements n of the Leasy e anpd ty he
Escrow Agreement .
Reference is made to the opinion of Allen Garner , City
Counselor for the Lessee, that the Lease has been duly authorized,
approved and executed by the Lessee and is a valid an binding
obligation of the Lessee enforceable in accordance witd h its terms.
U!,
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March 16, 1990
Page 2
Based upon the foregoing review and assumptions, it is
b our opinion that, under existing law and current rulings and
'r>> official interpretations of law by the United States Internal
i ` Revenue Service, the interest components of the rental payments
under the Lease are not includable in gross income for federal
income tax purposes. The interest components of the rental
payments are not an item of tax preference for purposes of the
individual or corporate alternative minimum tax , except that the
interest components of the rental payments may be subject
indirectly to a corporate alternative minimum tax as pre-tax book
?t income (adjusted current earnings for taxable years beginning
after December 31, 1989) . In addition, the interest components of
the rental payments received by certain foreign corporations may
be subject to the branch profits tax under the Code. The interest
components of the rental payments also may be subject to a tax
based on the modified alternative minimum taxable income of a
corporation under the Superfund Amendments and Reauthorization Act
of 1986. The Lessee has designated the Lease as a "qualified
! ,V tax-exempt obligation" under Section 265 of the Code relating to
interest deductions for banks and thrift institutions.
Very truly yours,
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EQUIPMENT LEASE/PURCHASE AGREEMENT $ a'
tr.'511;
Equipment Lease/Purchase Agreement ( the "Agreement" )
'. dated as of March 1 , 1990, and entered into between THE CENTRAL
TRUST HANK, a Missouri trust company ( "Lessor" ) , and the CITY OF
'Y< JEFFERSON, a body corporate and politic existing under the laws � t :
' of the State of Missouri ( "Lessee" ) .
WITNESSETH: > ° '
Lessor desires to lease the Equipment, as
WHEREAS,
hereinafter described, to Lessee and L=essee desires to lease the
Equipment from Lessor subject to the terms and conditions of and
J &M ;.
I for the purposes set forth in this Agreement; and
k;
WHEREAS, Lessee is authorized under the constitution {;}
•" and laws of the State of Missouri to enter into this Agreement
for the purposes set forth herein;
NOW, THEREFORE, for and in consideration of the
` premises hereinafter contained, the parties hereby agree as
?0 follows:
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ARTICLE I »{ :'•
`r Section 1 . 01 . Definitions . The following terms will
' have the meanings indicated below unless the context clearly
requires otherwise:
V
"Agent" means any agent for the Registered Owners, if M ”
any, to which all or a portion of Lessor's right, title and ' *
interest in, to and under this Agreement and the Equipment may be
assigned for the benefit of the Registered Owners .
"Agreement" means this Equipment Lease/Purchase
1 Agreement, the Tax Designations and Covenants and any other 4:
{- schedule, exhibit or escrow agreement made a part hereof by the
parties hereto, together with any amendments to the Agreement
made pursuant to Section 13 . 06 ..,
I Y "Code" means the Internal Revenue Code of 1986, as
amended.
"Commencement Date" is the date when the term of this
Agreement and Lessee ' s obligation to pay rent commence, which
.t. date shall be the earlier of ( i ) the date on which the Equipment
is accepted by Lessee in the manner described in Section 5 .01 , or
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( ii ) the date on which sufficient moneys to purchase the
Equipment are deposited for that purpose with an escrow agent. ,'�kr, ` .
n.
"Equipment” means the property described in Exhibit C
and all replacements, repairs , restorations, modifications and
improvements thereof or thereto made pursuant to Section 7 .01 or , . r
Article VIII .
"Event of Default" means an Event of Default described -"
in Section 12 . 01 .
M, n
Issuance Year" is the calendar year in which the
! Commencement Date occurs .
"Lease Participation Certificates" means certificates
evidencing a right to receive a pro rata share of Rental Payments ,,^,•;<<;.. t1
:1 and Purchase Price payments .
"Lease Term" means the Original Term and all Renewal
Terms.
tint• e5 �F,Er'+J
"Lessee" means the entity described as such in then< �` ` `{ 3'
first paragraph of this Agreement, its successors and its
assigns.
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Lessor means the entity described as such in the ?� s'k=
first paragraph of this Agreement, its successors and its
assigns.
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Original Term means the period from the Commencement {
Date until the end of the budget year of Lessee in effect at the
Commencement Date.
"Purchase Price" means the amount designated as such on
Exhibit H hereto that Lessee may, in its discretion, pay to
Lessor to purchase the Equipment .
"Registered Owners" means the registered owners of `f
r Lease Participation Certificates .
"Renewal Terms" means the renewal terms of this '
Agreement, each having a duration of one year and a term
coextensive with Lessee 's budget year.
"Rental Payments" means the basic rental payments
payable by Lessee pursuant to Section 4 .01.
' "Rental Payment Period" means the period beginning on f
the day a Rental Payment is due and ending the day before the
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next Rental Payment is due. The first Rental Payment Period '' '
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shall begin on the Commencement Date in all cases. If Rental
4 Payment Periods are monthly, subsequent Rental Payment Periods r .:• '
shall begin on the same day of each month after the Commencement
f Date. If Rental. Payment Periods are quarterly, subsequent Rental .
h. Payment Periods shall begin on the same day of each third month F
after the Commencement Date. If Rental Payment Periods are
q Payment
semiannual, subsequent Rental Periods shall be gin on the
same day of each sixth month after the Commencement Date. If � R :'>, ,
Rental Payment Periods are annual, subsequent Rental Payment ;?+ i:" G
Periods. shall begin on the anniversary of the Commencement Date
in each year . If the Commencement Date is the 29th, 30th or 31st
day of a month, any subsequent Rental Payment Period that would
otherwise begin on the 29th 30th or .>
31st day of a month that
does not include such a date shall begin on the last day of that `
month.
"State" means the state in which Lessee is located. "
as en
p
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"Vendor" means the manufacturer of the Equipment
well as the agents or dealers of the manufacturer from whom
'. � Lessor purchased or is purchasing the Equipment.
ARTICLE
I I
Section 2 . 01. Representations and Covenants of Lessee. � ;,t
' Lessee represents, covenants and warrants for the benefit of
Lessor and an Re Ownersf .�'."
r; Y Registered 9 (as hereinbefore defined) as ��:���., , ,
i follows. ,.
(a) Lessee is a public body corporate and politic duly ''
r` organized and existing under the constitution and laws `"
of the State with full power and authority to enter
into this Agreement and the transactions contemplated
;w hereby and to perform all of its obligations hereunder .
(b) Lessee has duly authorized the execution and
' delivery of this Agreement by proper action by its vfl
governing body at a meeting duly called, regularly
f`t convened and attended throughout by the requisite
majority of the members thereof or by other appropriate
official approval, and all requirements have been met
and procedures have occurred in order to ensure the
7t validity and enforceability of this Agreement .
(c) No event or condition that constitutes , or with
the giving of notice or the lapse of time or both would as
constitute, an Event of Default exists at the date .
hereof.
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��(, r t �' t i. r -.i. {� '4 .,',,, i}1<<r?r'.7. i�i%�rlty{�...� {�. :,r�'��r, •ih ¢,`
i1y_ „�.k alkr{ .F1sjr v ` .t. # t r::t �r,. .�ti. •L r: fkr. gSr�..„��};y�°Lr z��.�, 'i r/`.
r. ;, t r ,1 j. trt• ;y .,+ t #, 1 f 't :-J •i<',t�S`f'k} x �:``+� #.y: r s
It .fit r, draft �; 'kba•,"� `'^-,`y
i{ � .b,ird°'L...aa.n.r.�.:;v..w+.++aa+we9i§r{.vf7h7tY.Ei7!'tt4;q'hV.oair.J{cStl R%•d.�l titm'CVr dYYrcrel9£4itA'ttii!•.uxe»,.ne........�.,.. .J�^
t:
d Lessee has, in accordance with the requirements of
( ) q
law, fully budgeted and appropriated sufficient funds IRF
for the current budget year to make the Rental Payments
scheduled to come due during the Original Term, and to
meet its other obligations for the Original Term, and
k, such funds have not been expended for other purposes. _' �;t•,
(e) Lessee will do or cause to be done all things
necessary to preserve and keep in full force and effect �� g?7,,,{"•
its existence as a body corporate and politic.
A" ( f) Lessee has complied with such public bidding
i requirements as may be applicable to this Agreement and
the acquisition by Lessee of the Equipment
During the Lease Term, the Equipment will be used
' by Lessee only for the purpose of performing essential
g overnmental or proprietary functions of Lessee
=4.
consistent with the permissible scope of Lessee 's
authority.
,..r (h) Lessee will annually provide Lessor with current .. ;r , x !
financial statements , budgets, proofs of appropriation • ; ;;,•
for the ensuing budget year and such other financial
information relating to the ability of Lessee to
{, continue this Agreement as may be requested by Lessor .
( i ) Lessee will comply with all applicable provisions
of the Code, including without limitation Sections 103 ".
f and 148 thereof, and the applicable regulations of the
r' Treasury Department to maintain the exclusion of the
interest components of Rental Payments from gross }
�r income for purposes of federal income taxation. .:
r,
r
( j ) Lessee will use the proceeds of this Agreement as
soon as practicable and with all reasonable dispatch
for the purpose for which the Agreement has been
entered into. No part of the proceeds of the Agreement
shall be invested in any securities, obligations or
other investments or used, at any time, directly or
.;; indirectly, in a manner which, if such use had been r
reasonably anticipated on the date of issuance of the
Agreement , would have caused any portion of the
i Agreement to be or become "arbitrage bonds" within the
meaning of Section 103 ( b) ( 2 ) or Section 148 of the Code
and the applicable regulations of the Treasury
r. Department.
'ivtf —
' <r.
�` $?,5 Pi� {I K RT 1 t ( + ,... Af � e.* Ft' S .1 � } 1 t C•1
i at
}b'f7l<M {.
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.{ir"'xa��}'flyri�jSg Ai t rt5'�}�r.�iY! S` i.' r r +.rr v � r. �i+t.' }v t ayi��t T :V1 ,•ti}., �.it �tr:`#!k+�i'}gt`} a't ry1t,1��.{S,t�y'n+ 1�'
,��, ;• ' ' ,+„, � 1r'. do �•
,A. � r° !' .3, �,� � tr.1 : t t r \q �t }}�v s .y K.$t'rv• M���"�$ r;b:;r�,%. :@
'J• t1t.,f t +.t�•.. \t., ..� :Ir r ,. ;`) -+' at,r`a,�t i, ,�.*}.fdn?t�'t v�'Y-� ,
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rr�•'...+estS�4At$t�;. 4N�r d�4�4'i'.ASi'�A�u,rrs..e:u,r......_.._..�...__....u._....w.w..-»..,.,,...,..w.,......+....�...,_.,..........«.....«...r..a+.vr.rr+dams tte'sessanru'%rM.dxNSZ:�rc'�nYt>kA*Ykrxr�f.+hitaMNMie e.w»maan''iw�#. r &, '.
'fr .
AT
(k) Lessee hereby designates the Agreement as a7 °r
11 5 ¢t •`
qualified tax-exempt obligation" as defined in Section „*.. •
26 5 (b) ( 3) (B) of the Code.
The aggregate face amount of ` � ''v'�•
all tax-exempt obligations ( excluding private activity
"j bonds other than qualified 501 (c) (3) bonds ) issued or
' to be issued by Lessee and all subordinate entities
... thereof during the Issuance Year is not reasonably .t.
r : expected to exceed $10, 000 , 000 . Lessee and all _a
subordinate entities thereof will not issue in excess kr � ,
of $10, 000 ,000 of qualified tax-exempt obligations � A' '. �b
( including the Agreement but excluding private activity -
ctivit l� '��u?? '`
bonds other than qualified 501(c) ( 3) bonds ) during the t>, ,
I� ij'lfs }n k
r- Issuance Year without first obtaining an opinion of
nationally recognized counsel in the area of tax-exempt
Jj municipal obligations acceptable to Lessor that the
designation of the Agreement as a qualified tax-exempt
”obligation will not be adverse
Y: 1 y affected.
( 1) Lessee represents and warrants that it is a
governmental unit under the laws of the State with
a 1 r,
taxing
i
general g powers; the Agreement is not a private
x' activity bond as defined in Section 141 of the Code;
955 or more of the net proceeds of the Agreement will
be used for local governmental activities of Lessee; .•}•�
>' ± and the aggregate face amount of all tax-exempt s 1� Fill
obligations (other than private activity bonds) issuedY' '�P `'K
or to be issued by the Lessee and all subordinate
entities thereof during the Issuance Year is not
reasonably expected to exceed $5 ,000, 000 . Lessee and
{ all subordinate entities thereof will t i in z ' � ?
i no issue k
excess of $5,000 , 000 of tax-exempt bonds g t
Y i Hi
Agreement but excluding private activity bonds) during.
the Issuance Year without. first obtaining n o g
h 9 pinion of
t' nationally recognized counsel. in the area of tax-exempt . '.
municipal obligations acceptable to Lessor that the
excludability of the interest on the Agreement from
gross income for federal tax purposes will not be
adversely affected.
Section 2 . 02. Certification as to Arbitrage. Lessee
hereby represents as follows:
(a ) The estimated total costs of the Equipment will t
not be less than the total principal amount of the
Rental Payments .
` ( b) The Equipment has been ordered or is expected to
be ordered within six months of the Commencement Bate,
and the Equipment is expected to be delivered and
t=
• r
5 —
f;
p l T{7
S •+ ,& y.k..)ir Ali;,}} up*e,'t
f •t�}'Ar,�„ ��YS &.i{7`P.C��}1�+�t1',,tJtdfgn�/:�1�CA f1 J Q{/ ! sr t 4,. t. i.. .a #�5 f,`' 11,..i. ..f�l�t t{11j�.i ^�#r)^.F,.'�f�.j Y
1 <r• e,iw r r 1± ,t,�l.�rE'(���r )'�Jt 4# d t `xi,t.!#i }tXiJ 4J. 'r i. h,d 't) s 't:',rr 7 ? y + 'i !� r.r• 111f', iU .i
1 '1'r• h 'ja. r,,djt�''` j r, 4tx� 'rp�`: ;s tx r `'! + 't
t:
�c }) t 3'.i.i YI V
:..
i ''�� a `'*4 t(s"i rr. .t AL �a ,t ,.t rt. r ! r:,`..` ) .e,'"k..S tt r � t .+tgg »•x '.
. , Ik 1j'�_'�;,'�-1!,`,.A e�t•,t l nttf S}!1"r v'�y i i.:t ciTi.(, r.,f.i F, y a A t o,t: $ { y !,+.f, l; .r l t t r" s!Av, �r t�.r i. ti, s,-,J��r i,}o-i.{S t,i+p.'*. �zt`'i�i�rS�{J(:r#"",CC1.'a a.+, ,i zt)kYrtiv�y:k.t r}+N„,•` x
1` ,•.,;.. ....{I'. ,'" .14
r � 1
1
':r t e A}f tv A4i � •:x � r
t i
`�i�ll"i+w.�'f�'k;lkf.+Gtwr.,nwwv.«..:..:......a.,,..w::,..�»...,�*+uia'.ar4Jitie&,,t,Syr•asnt,se..A'.,,..+.iw.<a°r:•»M°+utbct4tlti�``�L'3+�°,:'�?R°?'�.i't�"t�ld:,Fa}+�•'�Y%"�&�;1'�.r'a.1:b`.Y""�a?iip7a"�i'f�'-
xttn u,:
�1
installed, and the Vendor fully paid, within one year
of the Commencement Date.
(c) Lessee has not created or established, and does
not expect to create or establish, any sinking fund or > .
other similar fund ( i ) that is reasonably expected to
be used to pay the Rental Payments, or ( ii ) that may beg � ,f :.;
used solely o prevent a default in the payment of the
Rental Payments.p Y '�' �"`r`
x�s"jhfl
-� " d) The Equipment has not been and is not ex ected .to
/ be sold or otherwise disposed of by Lessee, either in £ ,,r �Fti
whole or in major part, prior to the last maturity of
' the Rental Payments
• ';•`''eft.: .:c.:..
• :y.e..'rUU.s''
(e) To the best of our knowledge, information and
to`rcr^.'-c
belief, the above expectations are reasonable. .f.t
( f) Lessee has not been notified of any listing or
proposed listing of it by the Internal Revenue Service
ti as an issuer whose arbitrage certificates may not be
:I %1iM,'ao
z, relied upon. ,-,..;4 `'"
r�.
ARTICLE III
Section 3. 01. Lease of Equipment. Lessor hereby +
demises, leases and lets to Lessee, and Lessee rents, leases and
hires from Lessor, the Equipment in accordance with this
Agreement for the Lease Term. The Lease Term may be continued, �f;{
solely at the option of Lessee, at the end of the Original Term ' y.
or any Renewal Term for an additional Renewal Term up to the
maximum Lease Term set forth in Exhibit B hereto. At the end of j• .
the Original Term and at the end of each Renewal Term until the
:t maximum Lease Term has been completed, Lessee shall be deemed to
have exercised its option to continue this Agreement for the next
j: Renewal Term unless Lessee shall have terminated this Agreement
i :J
pursuant to Section 3 . 03 or Section 10 . 01 . The terms and
conditions during any Renewal Term shall be the same as the terms:'
and conditions during the Original Term, except that the Rental °
Payments shall be as provided on Exhibit B hereto.
s:
Section 3 .02 . Continuation of Lease Term. Lessee
' intends, subject to Section 3. 03, to continue the Lease Term "
through the Original Term and all Renewal Terms and to pay the
j�1 Rental Payments hereunder . Lessee reasonably believes that
legally available funds in an amount sufficient to make all
Rental Payments during the entire Lease Term can be obtained.
Lessee further intends to do all things lawfully within its power
to obtain and maintain funds from which the Rental Payments may {
'i N 6 - t
+tt��...ht,x���p� �'i�{`�_"r ".,+f� i.0 i.� 1�: +fit t '>_ .:t ,r ^' '.�tr -• r. 1 , r 1 +, } b{t A'f i.t �. FSM1rt+'`!'t� ,rt(� �"���';"k
.:M �'•,�i'tyLi�4t,.br^+�.Y.Y����f .� 7"A l..H�,t1 } It. {! .1 t t )f t' d. t' ':r� � 4F., :o S r<,�.r,,'.i.;s1�7�'s� t { 'I� .�..
V 1� ,�J�( �rr'id;�:e,4tJ'J`,^ �t+!? .`} i F`�•.� t. � rt t'. t 4�'{h 4t{iY��tn
I� .e .���;#��;F�1;;?>� j�7rb�'It C' I z ..1� � r: 1+} �.. z ." •,Jt 1! ✓ � � t 9l�rr lrti}=F��{4{. � 1 ':
.� �, !�, x��t-.9�+ Y) :fiYy,�./ .r .1 r '' / S '(r r. '•t
\ 1 :�`��d;it llJtx tt) ,� f :( ,{ /.• ° I S ` ` .r. 1 i t i4
•r..- t ." t r7 . x,.t ;`i ;'� , 1 Ir 1 xy t a�u fi ��y,�t °� . � j r
�t i �i ' + `'' � ,r � '! � r ,.. 'fdl" f 1'a6 eai��� �t��r�d4"�rftr� •P
w
t
'. _.r. .,..,......« a<,n,.,..:.u«,.....«�,.;.;..,...,....m.,,....�x,pss.Fmk,Xt'_:`•:f+Cc:{.:'S'"l s:�",�'.4s:,��'NiKn^i�4�1^.xrr'.��f$+�i,C�i..�Cw�.'''k�a&'�rcQ�1+.4,t �1"�� : ,f
3?
r..
be made, including making provision for such payments to the 4,=
extent necessary in each budget or appropriation re uest by ''
submitted and adopted in accordance with applicable provisions of '
law, to have such portion of the budget or appropriation requestw
approved and to exhaust all available reviews and appeals in ther'>
event such portion of the budget or appropriation request is not �;; • ,;
approved.
�Z .
Section 3 . 03 . NonaePropriation. Lessee is obligated
only to pay such Rental Payments under this Agreement as may � � {• ,'•
lawfully be made from funds budgeted and appropriated for that
purpose during Lessee ' s then current budget year . Should Lessee
fail to budget, appropriate or otherwise make available funds to
pay Rental Payments following the then current Original Term or
Renewal Term, this Agreement shall bE! deemed terminated at the
end of the then current Original Term or Renewal Term. Lessee
agrees to deliver notice to Lessor of such termination at least
90 days prior to the end of the then current Original Term or
Renewal Term, but failure to give such notice shall not extend
the term beyond such Original Term or Renewal Term. If this
Agreement is terminated in accordance with this Section, Lessee
y location(s)agrees to peaceably delive r the Equipment to L essor a t the �",`���'•>,�.`:'_ "��'"''
to be specified by Lessor .
Section 3 . 04 . N
onsubstitution. To the extent
permitted by law, Lessee agrees that if this Agreement is
terminated in accordance with Section 3 . 03 Lessee will notjq.. ,`_.
purchase, lease or rent equipment performing functions similar to ; F�:
those performed by the Equipment for a period of 90 days
following the end of the then current Original Term or Renewal �
Term; provided this restriction shall not be applicable in the '�f
event the Equipment shall be sold, re-leased or otherwise
disposed of by Lessor and the amount received from such
disposition, less all costs of such sale or disposition, is
sufficient -to pay the then applicable Purchase Price. This
Section shall remain in full force and effect not withstanding "i
the termination of this Agreement .
ARTICLE IV '
Section 4. 01 . Rental Payments . Lessee shall promptly
pay Rental Payments, exclusively from legally available funds, in
lawful money of the United States of America to Lessor on the
Commencement Date and on the first day of each Rental Payment `"
Period thereafter , in such amounts as described on Exhibit 8
Hereto. Lessee shall pay Lessor a charge on any Rental Payment
not paid on the date such payment is due at the rate of 18% per
annum or the maximum amount permitted by law, whichever is less,
from such date. A portion of each Rental Payment is paid as, and ;#
7 _
s�
r
�nn rsxtytti hRlc ti! _;57
ELI
t+"�` iii':;7..li�yit.;9f�a.�i,�, ;x�;+( �i �f!}'�r j ti'1•. f L. i, � .t ''r' '•r :', ! lj ! `.. 1i t z�(�! {�iY��
;i��J'}'k7S�^ 5 1�.� IM1 4 f 3 f . 1 �:r 't.'7: ✓ ,�� t }��"} r'
L. ` ,-t,�i� ', �*A�irk l5r..4tra,k ai.�.b..aa......«,..r.>...,.v,.......,..»_.., .,,K«.«. >..,-n..,n„il ar•�•se,sT.ss+..>i`jnt✓'':."+�S.�k.�f�',§L;�fl".�.:�!;jft�r�`.'�:"•#+:.�^'4�t�r�"a'.�:'�;i"^c.-�:Jn'. "��`i. '.
r' rn<r
s
• { � t A�'1�
represents payment of , interest , as set forth on Exhibit B �b`'
hereto.
fy
Section 4 . 02 . Rental Payments to Constitute a Current , F
Expense of Lessee. Lessor and Lessee understand and intend that
the obligation of Lessee to pay Rental Payments hereunder shallu .
., t.,
constitute a current expense of Lessee and shall not in any way
�?.f;.l; rf.
be construed to be a debt of Lessee in contravention of any �t� t•
applicable constitutional or statutory limitation or requirement
•i,p:�;t;�;;b,:ist, ,
concerning the creation of indebtedness by Lessee, nor shall
anything contained herein constitute a pledge of the general tax
Er revenues, funds or moneys of Lessee.
Section 4.03. RENTAL PAYMENTS TO BE UNCONDITIONAL. sy ...
` ) EXCEPT AS PROVIDED IN SECTION 3.03, THE OBLIGATIONS OF LESSEE TO
{ MAKE RENTAL TS AND TO PERFORM AND OBSERVE THE OTHER
PAYMENTS
t' COVENANTS AND AGREEMENTS CONTAINED HEREIN SHALL BE ABSOLUTE AND art3
UNCONDITIONAL IN ALL EVENTS WITHOUT ABATEMENT, DIMINUTION,
DEDUCTION, SET-OFF OR DEFENSE, FOR ANY REASON, INCLUDING WITHOUT ,th t;;rtt
l LIMITATION ANY FAILURE OF THE EQUIPMENT TO BE DELIVERED OR xx '
;:.
INSTALLED, ANY DEFECTS, MALFUNCTIONS, BREAKDOWNS OR INFIRMITIES
IN THE EQUIPMENT OR ANY ACCIDENT, CONDEMNATION OR UNFORESEEN
:a l CIRCUMSTANCES. SiN '�
i� ARTICLE V
4 Section 5 . 01 . Delivery, Installation and Acceptance of .. . k,'
the Equipment. Lessee shall order the Equipment, cause the , •
Equipment to be delivered and installed at the location specified : ;`
on Exhibit C to this Agreement and a an and all deliver and
9 pay Y Y
installation costs in connection therewith. When the Equipment
has been delivered and installed, Lessee shall immediately accept s s.
y' the Equipment and evidence said acceptance by executing and
delivering to Lessor an acceptance certificate acceptable to TMfi
Lessor .
Section 5. 02. Enjoyment of Equipment . Lessor shall
provide Lessee with quiet use and enjoyment of the Equipment tiA
during the Lease Term, and Lessee shall peaceably and quietly
have, hold and enjoy the Equipment during the Lease Term, without
suit, trouble or hindrance from Lessor , except as otherwise
expressly set forth in this Agreement . No Registered Owner shall ;
t' interfere with such quiet use and enjoyment during the Lease Term
so long as Lessee is not in default under this Agreement .
>r: Section 5 . 03 . Location; Inspection . Once installed,,
4r: the Equipment will not be moved from the location specified on ;
Exhibit C to this Agreement without Lessor ' s consent, which '
consent shall not be unreasonably withheld. Lessor shall have n
8
t
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' i �,flYS�+t#51f� = t
y f., .!�.'s S{tt r;t• .)'� '`"`.t £`",r ,k ' 4• tt}srt'.ir„2. W{4s� ;
8 .t. .�'� r yf'S L,p ri 4s�'� =ff }{=✓it r' if 9 } ' .t . t r'. t Y .� r . t t y��j�'£ ��t .,�.. ��r ..)
1 Fj 'l}`.?!,.,. p? t�' f ( iF t .1" P S 'S•t i:t q 'i. J'.
:'fn Rn�✓Ai (xqi��r�r��5t. �: cx t J t•f.. .rf ff.1 r ) ,. ,} t .:t, ! • s t f{ r��4����s� 1 f `V..t'r�•�•'� �'C
�«t d�7 ,1 .a.f.t tl C•. i,��, Y' .e•r,,,,,:. r ✓' .f .,n': ,! R
�'-� � r(�44S•-.4f..'�„l }ttl�}FJ�. ar �t� -5f)t` < 'f.'� f i; i � '}f r t 2 t.7 .i':t 7 t f � !„ 'ci�Y
.., e� "; t i f t. i j .p •r r ' S 'i�.i.r� i I s$A .� ; .: �
!+• -{a. tl�'*��ir Fkr �.tG }iiK i'��i }�� t '.r'+n i. { ti r.ttMlh t �< Adi.lri� 1 .�J S�1.5 U.t'Ji �- f` "?
h',j 15> F„r.�:{�t}ir dg6.i.'��3 .s;.,r,:.•�,,•7x�,'J,.`s�` 3k} ) x St i., t :-t. 11 '� •j a!, -'j`�s.•'
�i:t, .fix v r' ,.1,�.. ,:jl;, •,)c ! ,'s' f .(.l" 1�' 't ! ,1 �' j'7� �{4r'F �n.`i�' �� s`�' x
,41t,�rf,,•,fo.;tjLs3t rR .�.� f: r t !+t t.. ,�.. r.�:£•:1r,.:
]
f.' - t . l .!: t ^�:� t c >"r `i � r `!° '" v,'�,r�,i L.'P��}4 4�M� •�t','.1., lk
ak�:r t
t t.
ti rr'�
t ��}µy�, .q�{�y�WAite}.v
. ' ,`.. • {. r iC�i�: i":.�re5�%tC%LIa�Y1iYm.:•1�'.}*11'tgNL.4.+aa.,rwwl+ ln,w•a1wMN WC•?•k17.4.MVVS>3.i�'h142.,..5_t.t..hi,.G _ .
'ice e .a
the right at all reasonable times during regular business hours ;, x
. ,
to enter into and upon the property of Lessee for the purpose of ,m ,
7 '
inspecting the Equipment. :
t4
Section 5.04 . Use and Maintenance of the Equipment .
Lessee will not install, use, operate or maintain the Equipment
improperly, carelessly, in violation of any applicable law or in
a manner contrary to that contemplated by this Agreement. Lessee
shall provide all permits and licenses, if any, necessary for theirTx�'
In addition, Lesseet:=.'
installation and operation of the Equipment.
agrees to comply in all respects with all applicable laws,
regulations and rulings of any legislative, executive,
administrative or judicial body; provided that Lessee may contests
in good faith the validity or application of any such law,
t. regulation or ruling in any reasonable manner that does not, in
:} the opinion of Lessor, adversely affect the interest of Lessor in
and to the Equipment or its interest or rights under this
Agreement
Lessee agrees that it will, at Lessee' s own cost and j #,i ;:>.'•
expense, maintain, preserve and keep the Equipment in good repair
and working order . Lessor shall have no responsibility to 4ajtru' r'°
maintain, repair or make improvements or additions to the
+7! Equipment . Upon the request of Lessor , Lessee will enter into a
t maintenance contract for the Equipment with Vendor .
i -psi
1, ARTICLE Vas"x' '"'
Section 6. 01. Title to the Equipment. Upon acceptance
of the Equipment by Lessee, title to the Equipment shall vest in
g g provided
lj •<
Lessee subject to Lessor ' s rights under this Agreement ; p
y ,#.,•
that title shall thereafter immediately and without any action b
Lessee vest in Lessor , and Lessee shall immediately surrender {
possession of the Equipment to Lessor upon (a) any termination of
this Agreement other than termination pursuant to Section 10.01 ra:=fit
r= ;, or (b) the occurrence of an Event of Default. It is the intent ty `
of the parties hereto that any transfer of title to Lessor fk
V
pursuant to this Section shall occur automatically without the
necessity of any bill of sale, certificate of title or other'°
instrument of conveyance . Lessee shall, nevertheless, execute
and deliver any such instruments as Lessor may request to `r '
evidence such transfer . s`
Section 6.02 . Security Interest . To secure the
payment of all of Lessee ' s obligations under this Agreement ,
Lessee hereby grants to Lessor a security interest constituting a ;
:.., .
first lien on the Equipment and on all additions , attachments an
3." accessions thereto, substitutions therefor and proceeds
therefrom. Lessee agrees to execute such additional documents , `
U= rltotaru>..w a+^. '"'•""'^"'w'^'^'ua+ ,t[x3plii1».+xlt.xssa -�,y'1`o'2sI'Y#'4+h'SvN'kriK.dt��is'�. �5 , }J �
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.t, a• a� s. � .s s�. ,1„ r t 'J.; i. y� s f Ig'k ..PttrY`' t '�„�� i'
) .(-•� t��t;,i.., i. •+ ,.�' ff r,. .� e •�.” = pt ..3 orC;i � LV ♦.,14a
Z,t�>7• �s✓!!!�9 ii =Xi 1 ' � ' .`, � t' ttln c �.:;,r.,�'•�, '�},'r o '�' a
1���Jf'.�, tfa.tS' Y _ ,..:. ...'.J 1 7 f t '•� ' �{[; 5t 4f ,t�� =4�J:.• ,.�
tp iV r. i':• ��'f ,st 's , , '= a dr'�f'It f.�).;it�3 r-��l�y� �.,
a
/ S r• �� t r 3 tu�Z�titisc,r�'j
i \�ztY��+ .
In ; , k+i. h' �.'a'.•,mitl.i.tt, �`*6 ,N, "#',. Sd '4v +d1M.'11�5 ' e. . ,t ,+i, :1U 'r ..+t+ Pit. �jj74ii;71�;t'.
...._..ti.....u.wi..A.,�r�rnxat'r'F ft;4.✓?,�'.:t.."'i.a:�'5,��I�..�r.,. a 's�.. ..�' +'�'�.�.�`,. Ell:?}731(et�' .it a 1�.1t,��r�xZa „ `
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in form satisfactory to Lessor, which Lessor deems necessary or
appropriate to establish and maintain its security interest and
the security interest of any assignee of Lessor in the Equipment. } +
Section 6.03. Personal Property. The Equipment is and ; t. r,. <'{
1dS"ff x i.r
will remain personal property. The Equipment will not be deemed +"�_•°}�.�I":�;�;.;
to be affixed to or a part of the real estate on which it may be nr 'F, ta
situated, notwithstanding that the Equipment or any part thereof {•,b.a..'. .w.
may be or hereafter become in any manner physically affixed or
attached to such real estate or any building thereon. Upon the
request of Lesson, Lessee will, at Lessee ' s expense, furnish a
±` waiver of any interest in the Equipment from any party having an
interest in any such real estate or building.
,rV tFT s`'
ARTICLE VII
N ,
,
Section 7.01. Liens Taxes .:;;'r°'
Other Governmental Charges
and Utility Charges. Lessee shall keep the Equipment free of all
j levies, liens and encumbrances except those created by this
Agreement. The parties to this Agreement contemplate that the ;` t;;.
9 P
Equipment will be used for a ?"eahsr f
governmental or proprietary purpose ;rvs�€,s':������•��,
r� of Lessee and that the Equipment will therefore be exempt from
P
all property taxes. If the use, possession or acquisition of the
} Equipment is nevertheless determined to be subject to taxation, '* '
Lessee shall pay when due all taxes and governmental charges ;
4 lawfully assessed or levied against or with respect to the
'I
Equipment. Lessee shall pay all utilit y and other charges �' • ' r {'
_ incurred in the use and maintenance of the Equipment . Lessee
`I shall pay such taxes or charges as the same may become due; `'.
1 es �
provided that, with respect to any such taxes or charges that may
lawfully be paid in installments over a period of years, Lessee fir,` • °' `
shall be obligated to pay only such installments as accrue during
the Lease Term. {
Section 7.02. Insurance. At its own expense, Lessee
shall maintain (a) casualty insurance insuring the Equipment
against loss or damage by fire and all other risks covered by the
standard extended coverage endorsement then in use in the State ''
and any other risks reasonably required by Lessor in an amount at
least equal to the then applicable Purchase Price of the
Equipment, (b) liability insurance that protects Lessor from
liability in all events in form and amount satisfactory to
Lessor, and (c) workers ' compensation coverage as required by the
laws of the State; provided that , with Lessor ' s prior written
consent, Lessee may self-insure against the risks described in '
clauses (a) and (b) . All insurance proceeds from casualty losses
shall be payable as hereinafter provided. Lessee shall furnish
to Lessor certificates evidencing such coverage throughout the
Lease Term.
10
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'�.i'�";.�'dkU.,'!•!iw.�l�jL .lr i�j 1 7 t f. t .+•.e#Vt �''r. .'j',i ' i 1 flll.� {, t;,� ��t�5�•�J'�,AJ....,t#" .� YII
�`�'a.'a�Vl' 13.t('i.':4F`:;j„•r l�Y!::4Pt }i ':i�� 'j �`�V ;'i t 7�V� C .,t sf?t'%f,(�/F'k r.[,�,ti�n.�,r`(Jr 3�x:'.
•�$t t^;,4�,,'��<':i tr..,. K f t .t ; '� '(A! v � ci,Zo{ .1 \}lila .t ���,;,,3 � . t ,t,!r
x 2 x:t .i,: i t { It. tf n r6 S�e•i,i3 j ��. �•°''
t.. �$ytx ' f •l� t 1 r '•+Y �{Ij§zts Afi Si f t i os'k'c. ,�' ,,��,,,,�1
+ra. :!T�* �'A,l
� 5, „qty. . t°}x�l• t ��'�tM;iv�xtu•�'j5�, t
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All such insurance shall be with insurers that are
acceptable to Lessor, shall name Lessee and Lessor as insureds ;°;=rry
:...
and shall contain a provision to the effect that such insurance
shall not be cancelled or modified materially without first :� �,; ';•
giving written notice thereof to Lessor at least 10 days ins ',,
advance of such cancellation or modification. All such casualty
insurance shall contain a provision making any losses .,.•,>`'.
Payable to
Lessee and Lessor as their respective interests may appear.
Section 7 . 03. Advances . In the event Lessee shall
fail to either maintain the insurance required by this Agreement
or keep the Equipment in good repair and working order , Lessor
may, but shall be under no obligation to, purchase the required
insurance and pay the cost of the premiums thereof and maintain
and repair the Equipment and pay the cost thereof . All amounts
so advanced by Lessor shall constitute additional rent for the
then current Original Term or Renewal Term and Lessee covenants
and agrees to pay such amounts so advanced by Lessor with
interest thereon from the due date until paid at the rate of 18% y„ :}r"'tF•,"
' per annum or the maximum amount permitted by law, whichever is
less.
ARTICLE VIII
Section 8. 01. Damage , Destruction and Condemnation.
] If (a) the Equipment or any portion thereof is destroyed, in 5 :;a
t
whole or in part, or is damaged by fire or other casualty or (b)
title to, or the temporary use of, the Equipment or any part
i thereof shall be taken under the exercise or threat of the ower
P t:•�:„h
of eminent domain by any governmental body or by any person, firm * `
or corporation acting pursuant to governmental authority, Lessee
and Lessor will cause the Net Proceeds of any insurance claim, § ", f
condemnation award or sale under threat of condemnation to be rk,.
applied to the prompt replacement, repair, restoration,
modification or improvement of the Equipment, unless Lessee shall 4==f
have exercised its option to purchase the Equipment pursuant to '
$ `y,•
Section 10 . 01 . Any balance of the Net Proceeds remaining after #'
such work has been completed shall. be paid to Lessee. `
..;
For purposes of this Article, the term "Net Proceeds" +
shall mean the amount remaining from the gross proceeds of any
insurance claim, condemnation award or sale under threat of
condemnation after deducting all expenses, including attorneys '
fees, incurred in the collection thereof .
.'4 Section 8. 02. Insufficiency of Net Proceeds . If the
Net Proceeds are insufficient to pay in full the cost of any <<'
a;. repair, restoration, modification or improvement referred to in
�'. Section 8.01, Lessee shall either (a ) complete such replacement,
Gup.K'r tt`4".
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repair , restoration, modification or improvement and pay any �y+ '
costs thereof in excess of the amount of the Net Proceeds, or (b)
purchase Lessor ' s interest in the Equipment pursuant to Section
10 . 01. The amount of the Net Proceeds, if any, remaining after
completing such repair , restoration, modification or improvement
;.
or after purchasing Lessor ' s interest in the Equipment shall be
retained by Lessee. If Lessee shall make an payments
Y P Y pursuant
to this Section, Lessee shall not be entitled to an .::,.
reimbursement therefor from Lessor nor shall Lessee be entitled
to any diminution of the amounts payable under Article IV. .f4 :
ARTICLE IXx° "
Section 9.01. DISCLAIMER OF WARRANTIES. LESSOR MAKES
NO WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, AS TO
;;. THE VALUE, DESIGN, CONDITION, MERCHANTABILITY OR FITNESS FOR
PARTICULAR PURPOSE OR FITNESS FOR USE OF THE EQUIPMENT, OR
:- WARRANTY WITH RESPECT THERETO. IN NO EVENT SHALL LESSOR BE
LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL
DAMAGE IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR THE
EXISTENCE, FURNISHING, FUNCTIONING OR LESSEE'S USE OF ANY ITEM,
PRODUCT OR SERVICE PROVIDED FOR IN THIS AGREEMENT.
Section 9 .02. Vendor ' s warranties . Lessor hereby
irrevocably appoints Lessee its agent and attorney-in-fact during
t ui
the Lease Term, so long as Lessee shall not be in default
hereunder , to assert from time to time whatever claims and rights . ;
( including without limitation warranties) related to the N, ;• _�
Equipment that Lessor may have against the Vendor . Lessee's sole
remedy for the breach of such warranty, indemnification or
representation shall be against the Vendor of the Equipment and
not against Lessor . Any such matter shall not have any effect 3
whatsoever on the rights and obligations of Lessor with respect
to this Agreement, including the right to receive full and timely
payments hereunder . Lessee expressly acknowledges that Lessor Fz'
makes, and has made, no representations or warranties whatsoever
as to the existence or the availability of such warranties by the ys;
Vendor of the Equipment .
r•
ARTICLE X
i„ Section 10 . 01 . Purchase Option. Lessee shall have the option to purchase Lessor ' s interest in the Equipment , upon
giving written notice to Lessor at least 60 days before the date r!�
f . of purchase, at the following times and upon the following terms:
fa) On the last day of the Original Term or. any
Renewal Term then in effect , upon payment in full of the Rental
r�
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it �u=,f4.
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,•.t.�. ( J R.�.�.,-� .f'r t� � ��� � � _..T-' _�.�.. r —.. �-- + Y f'F�}'����S4ys ww��',� .,* � '
try r t r, ., _ i Ny';., S�'S�"AYE'�t'::'�?!YS�[•RH c$�?::�45l�NXOd'hlIyYiria.N.i}.
.4x , .:�rif,t rarn•,ww+.,++:..w:.:...w>...+s`.u'�dst:t�+st?d`..k'frii'1R4kiCriAd^2flkP+YanPxi'4•:.riv:+aucrrNkbY+{+ti'ti4i.c*,}.."J.'°Y,
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Pa ments then due hereunder plus the then applicable Purchase o `1.
y . 00 to Lessor ; or5, j{i
Price plus $1
t
t;.. (b) In the event of substantial damage to or
b:
destruction or condemnation of substantially all of the
Equipment , on the day Lessee specifies as the purchase date in
Lessee' s notice to Lessor of its exercise of the purchase option, xt
nt in full of the Rental Payments then due hereunder
upon payme
applicable Purchase Price to Lessor .
plus
the then app
w. .it,.''tt4 StzL'
Section 10 .02 . Automatic Purchase of Pro ert Lessor
and Lessee agree that Lessee shall be automatically deemed to � ��, .
have purchased a component of .Equipment after said component of ,?' ,"
Equipment shall have been leased to Lessee for the term of years
��
;.: ending on the date set forth below ( the Term Purchase Date" ) ;
Term
provided that Lessee makes the Rental Payment due on suc h
f, Purchase Date and provided further that if an event which � tY4f
constitutes, or with the passage of time or giving of notice or
both, would constitute an Event of Default under Section 12 .01
hereof shall exist at the time of. the Term Purchase Date, suchu.� :
purchase shall not occur unless and until such payment is made or ;, r ,. .;y•�
A such event is cured as the case may be: ` �'` `•
Term Purchase Date `^'`f '<`
Equipment Component
March 16 , 1993
ii Heating System k
March 16 , 19 9 3
Microfilm Equipment '
. .»,• In the event of an automatic purchase of a component under this
.;..;3
Section, Lessor 's rights under this Agreement, including but not
` limited to, its security interest under Section 602 , shall
terminate as to such component of Equipment, and such component
of Equipment shall no longer be Equipment under this Agreemen K#.
Should a component of Equipment be substituted for any reason, as
provided in Article VIII of this Agreement , the term of years of
the substitute component of Equipment shall be the remaining term
P -w•Jr; of years for the component of Equipment that such substitute ,fit
component replaced.
Section 10.03. Determination of Fair Purchase Price.
Lessee and Lessor hereby agree and determine that the Rentals
nk,
t _ hereunder during the Original Term and any Renewal Term represent :
�,{:•r�+�� the fair value of the use of the Equipment and that the amount
s•`'1��k, required to exercise Lessee ' s option to purchase the Equipment s
s, P
ip t pursuant to Section 10.01 re resents, as of the end of the
;�f��.,:
Original Term or any Renewal Term, the fair purchase price of the
7 F:
Equipment . Lessee hereby determines that the Rentals do not
�? exceed a reasonable amount so as to place Lessee under an
economic practical compulsion to renew this Agreement or to 's
13 - '
�y��'°' ! ,trwlw.l'gwet+ew R 7 t13�$7 J'��'t}'fitilii�tl 'i•L�..
=rtr„.4 PY 11' s..l, �fJlrjlrh {: .r: i !t. td S SI,e1rri to : ter tk
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{�,iC,•IS. F• t !.
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r�' �H t'A•rv7� ��'��er iP.r .x ! .� 1+tt R ?r. �i .t /l r � � `nf 4:a l�ppk,,
< sl .,i J •a t e t :i. ,,. ' `� t i, t}s 2�7r'�
p ::!!t ::'...•r ,s �.'. Y., :'� .. , F` '” f�il �.1t��C' '!;r 287 a
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¢j,:...1 ' de. .. 'kj3181F'Aa1NNw45vLi3'.Wi'{ttt,d'1�'tYj'.� +i�7t'':�'Y�„,�a'f:�i't`+.i"�?�?1j�'?'�M�..�'7:k7�/3(N�E11:F.Nl'PLyY.",�T+,yr Y!�?9rL1{6SYUAMvN.HNr�isr.,vii'�A%MKR+!$tib�p2tll` � sry'
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exercise its option to purchase the Equipment hereunder . In
making such determinations, Lessee and Lessor have given �z ;g
consideration to the costs of the Equipment, the uses andxs;` .
purposes for which the Equipment will be employed by Lessee, the -
benefit to Lessee by reason of the acquisition and installation
of the Equipment and the use and occupancy of the Equipment t'
pursuant to the terms and provisions of this Agreement and
�.,
Lessee' s option to purchase the Equipment . Lessee hereby rtiE
determines and declares that the acquisition and installation of rv'.
the Equipment and the leasing of the Equipment pursuant to this
Agreement will result in equipment of comparable quality and
meeting the same requirements and standards as would be necessary '" �� �J<`
if the acquisition and installation of the Equipment were
performed by Lessee other than pursuant to this Agreement.
;+ Lessee hereby determines and declares that the maximum Lease Term
s does not exceed the useful life of the Equipment .
�{
A, +r,SYt, h°
j ARTICLE XIN{_
Section 11. 01 Assignment by Lessor . Lessor ' s right,
title and interest in, to and under this Agreement and the ' }
,..f ;
Equipment may be assigned and reassigned in whole or in part to r. ��_ •" ,,;•
one or more assignees or subassignees by Lessor and, to the
y?' t
extent of his interest, by any Registered Owner , without the
f necessity of obtaining the consent of Lessee; provided that (a) :° 3
} � any assignment, other than an assignment to or by a Registered'
Owner , shall not be effective until Lessee has received written x
notice, signed by the assignor, of the name, address and taxi'
i identification number of the assignee, and (b) any assignment to
or by a Registered Owner shall not be effective until it is
registered on the registration books kept by the Agent as agent ;
"• for Lessee. Lessee shall retain all such notices as a register {
of all assignees (other than Registered Owners) and shall make
k all payments to the assignee or assignees designated in such ud
register or , in the case of Registered Owners, to the Agent. f}
Lease Participation Certificates may be executed and delivered by
the Agent to Registered Owners, if any. Lessee agrees to execute
all documents, including notices of assignment and chattel 1
mortgages or financing statements that may be reasonably t
requested by Lessor or any assignee to protect its interests in
the Equipment and in this Agreement . Lessee shall not have the
right to and shall not assert against any assignee or Registered
Owner any claim, counterclaim or other right Lessee may have
against Lessor . '
'0.- Section 11.02 . Assignment and Subleasing by Lessee .
r, None of Lessee ' s right , title and interest in, to and under this
Agreement and in the Equipment may be assigned or encumbered by
AIL
Lessee for any reason, except that Lessee may sublease all or
14 -
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part of the Equipment if Lessee obtains the prior written consent „'a
of Lessor and an opinion of nationally recognized counsel in the
area of tax exempt municipal obligations satisfactory to Lessor `
that such subleasing will not adversely affect the exclusion of
the interest components of the Rental Payments from gross income
for federal income tax purposes. Any such sublease of all or "}
part of the Equipment shall be subject to this Agreement and the »'
rights of the Lessor in, to and under this Agreement and the ' .
Equipment. ,, ',
ARTICLE XII /<
Section 12 . 01. Events of Default Defined. Subject to
;.
the provisions of Section 3 . 03 , any of the following events shall :'
, constitute an
i•. "Event of Default" under this Agreement :
'iif r•..
a (a) Failure by Lessee to pay any Rental Payment or <
other payment required to be
P Y q paid hereunder at the time ,�'- ;�«a•,i�.
specified herein; N {
(b) Failure by Lessee to observe and perform an :i,r.
covenant , condition or agreement on itsf {
` • 9 part to be
observed or performed, other than as referred to in
subparagraph (a) above, for a period of 30 days after '
written notice specifying such failure and requesting ,, .,. ,
that it be remedied is given to Lessee by Lessor ,
unless Lessor shall agree in writing to an extension of r:
such time prior to its expiration; provided that , ifJ>
the failure stated in the notice cannot be corrected
within the applicable period, Lessor will not
a unreasonably withhold its consent to an extension of s
such time if corrective action is instituted by Lessee ,
within the applicable,= pp period and diligently pursued
until the default is corrected; x
(c) Any statement , representation or warranty made by
Lessee in or pursuant to this Agreement or its
.•<;:: execution, delivery or performance shall prove to have
been false, incorrect, misleading or breached in any
u,• ,,' material respect on the date when made;
(d) Lessee shall
( i ) apply for or consent to the
appointment of a receiver, trustee, custodian or
liquidator of Lessee, or of all or a substantial part
;;.
of the assets of Lessee, ( ii ) be unable, fail or admit
>„ in writing its inability generally to pay its debts as
they become due, ( iii ) make a general assignment for
the benefit of creditors, ( iv) have an order for 'relief
entered against it under applicable federal bankruptcy
15
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et '}��/dnt .�4 '�t1} t• / , >��Sa t�t a,i{�t ,"��. .��'A.. ^'�'r •� lr:...pK
.Sr`1Ft 'it t!?r Sis
� ,. 1;`{G\+.,.5.4`! r,�tr �E ?; .�#�?� , !� ._ 7r+ : t .:' ,. . ' 1� '• r �t r 4 " :t.,� �e t.,%'+Y�`e
f� .{w' ✓ J 't.;,4r+.u:+•v�.a....:'w•r.4a4rwY+�etY�+1s49:7�'its'11'�dt&}'�bY�`,,"�.��9�7�'4'!1L�5'AE'teal "*.T�s��Z�,3'�.w,�I:'i; i''t`4' `
4 law, or (v) file a voluntary petition in bankruptcy or
a petition or an answer seeking reorganization or an
arrangement with creditors or taking advantage of anyszs
=' insolvency law or any answer admitting the material ` '. .
allegations of a petition filed against Lessee in any
x bankruptcy, reorganization or insolvency proceeding; or
:ii. 7
(e) An order , judgment or decree shall be entered by
any court of competent jurisdiction, approving a
r% petition or appointing a receiver , trustee, custodian
i or liquidator of Lessee or of all or a substantial part '' �
q ��,;sr,�
i.<.
of the assets of Lessee, in each case without its N '`_ ,
r; application, approval or consent , and such order,
It judgment or decree shall continue unstayed and in °# :
effect for any period of 30 consecutive days.
Section 12 .02. Remedies on Default . Whenever any
Event of Default exists, Lessor shall have the right, at its sole • 1
; + option without any further demand or notice, to take one or any
<: >� combination of the following remedial steps : R +:?
(a) By written notice to Lessee , Lessor may declare
.; all Rental Payments and other amounts payable by Lessee
�.,
hereunder to the end of the then current Original Term
Yx or Renewal Term to be due; _,
(b) With or without terminating this Agreement, Lessor
may enter the premises where the Equipment is located
and retake possession of the Equipment or require
Lessee at Lessee ' s expense to promptly return any or
all of the Equipment to the possession of Lessor at
r, such place within the United States as Lessor shall
4. •< <
F.;.. specify, and sell or lease the Equipment or , for the
account of Lessee, sublease the Equipment, continuing
to hold Lessee liable for the difference between ( i)
:? the Rental Payments and other amounts payable by Lessee
hereunder to the end of the then current Original Term
or Renewal Term, and ( ii ) the net proceeds of any such
- sale, leasing or subleasing (after deducting all
expenses of Lessor in exercising its remedies under
this Agreement, including without limitation all
expenses of taking possession, storing, reconditioning a
and selling or leasing the Equipment and all brokerage,
$..; auctioneers and attorneys' fees ) ; and
; ._ (c) Lessor may take whatever action at law or in
;t
equity may appear necessary or desirable to enforce its
rights as the owner of the Equipment.
: h :••'
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Ji
Section 12 .03 . No Remedy Exclusive . No remedy herein
conferred upon or reserved to Lessor is intended to be exclusive
;,. and every such remedy shall be cumulative and shall be in
addition to every other remedy given under this Agreement now orMf
hereafter existing t law or in equity. No delay or omission to
g
s" exercise any right or power accruing upon any default shall
..
impair any such right or power or shall be construed to be a
but an such right or power may be exercised from
waiver thereof, y 9 P Y
< : time to time and as often as may be deemed expedient . In order ':,;;1
tN,(.
to entitle Lessor to exercise any remedy reserved to it in this `z ';;
Fjr Article it shall not be necessary to give any notice other than
such notice as may be required in this Article.
ARTICLE XIII
t�1,zr,c,al�rrr'P r
Section 13. 01. Notices. All notices, certificates or
other communications hereunder shall be sufficiently given and
shall be deemed given when delivered or mailed by registered
s� P
mail, posta a re aid, to the parties hereto at the addresses �J„'
9 P P
immediately after the signatures to this Agreement (or at suchG .
other address as either party hereto shall designate in writing (r ,
to the other for notices to such party) , to any assignee at its
address as it appears on the registration books maintained by £r
�i
Lessee or the Agent. ”
ry
Section 13.02. Release and Indemnification. To the
extent permitted by law, Lessee shall indemnify, protect, hold
harmless, save and keep harmless Lessor from and against any and '
all liability, obligation, loss, claim, tax and damage
whatsoever, regardless of cause thereof , and all expenses in
r;
*r connection therewith ( including without limitation counsel fees
and expenses and any federal income tax and interest and
penalties connected therewith imposed on interest received)
arising out of or as the result of (a) the entering into of this $9'.
Agreement , (b) the ownership of any item of the Equipment,
ak
(c) the ordering, acquisition, use, operation, condition,
2 purchase, delivery, rejection, storage or return of any item of *:
the Equipment, (d) or any accident in connection with the F
operation, use, condition, possession, storage or return of any
item of the Equipment resulting in damage to property or injury
to or death to any person, and/or ( a ) the breach of any covenant
herein or any material misrepresentation contained herein. The
indemnification arising under this paragraph shall continue in s,
full force and effect notwithstanding the full payment of all F
a•.
F `y obligations under this Agreement or the termination of the Lease
Term for any reason.
' - 17 - �
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Section 13 . 03 . Attorneys Fees. Lessee agrees to pay
attorneys ' fees in an amount not exceeding $750 . 00 incurred by
Lessor in connection with entering this Agreement .
Section 13. 04 . Entire Agreement . This Agreement
s, constitutes the entire agreement between Lessor and Lessee.
= Section 13. 05. Binding Effect. This Agreement shall .;
inure to the benefit of and shall be binding upon Lessor and
Lessee and their respective successors and assigns . ; 1
l� Section 13 . 06 . Severability. In the event any W1
xr
l
provision of this Agreement shall be held invalid or
,.� unenforceable by any court of competent jurisdiction, such
err- holding shall not invalidate or render unenforceable any other
Fit provision hereof.
Section 13. 07 . Amendments, Changes and Modifications. +f
' i This Agreement may be amended by Lessor and Lessee; provided that `,t+,
+ no amendment that affects the rights of the Registered Owners
`a shall be effective unless it shall have been consented to by the
Registered Owners of a majority, in principal amount, of the
Lease Participation Certificates, if any, then outstanding.
{. Section 13 . 08. Execution in Counterparts . This
` ! Agreement may be simultaneously executed in several counterparts ,
each of which shall be an original and all of which shall
r' constitute but one and the same instrument.
Section 13. 09 . Applicable Law. This Agreement shall
be governed by and construed in accordance with the laws of the
State.
Section 13 . 10 . Captions. The captions or headings in
this Agreement are for convenience only and in no way define,
limit or describe the scope or intent of any provisions or a
sections of this Agreement.
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�33�r� ..t� :"��, rr',,_yf 'iFt�+%+ '.�"y vy,!S-Jr 5•l,r�,l t. l, Jh' �:i. i;; :te z x.v yr{1' " i': ,'•'trr l�l:�i, y�..l�.?,.Y�-y�.1.� :^' t .t�d, {
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dr Yfi i+.,.t( ., , � �' 'at !:': �'i��'�;a•7;G�,,=�t .tk?��:�? ,,, t r/:
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IN WITNESS WHEREOF, Lessor and Lessee have caused this
Agreement to be executed in their names by their duly authorized
representatives as of the date written above.
THE CENTRAL T �ST BANK CITY OF JEFFERSON, MISSOURI
By a By
Title Via:. 1-941
d4W-7 Louise- Ga r , Mayor
Address: 238
Madison Street (SEAL)
Jefferson City, MO ATTEST:
65101
Brenda M. Cirtin,,,City Clerk' .
Address : 320 E. McCar,ty Street
riV
Jefferson City, MO-'. ..
65101
'Oink,
CERTIFICATE OF CLERK OR SECRETARY OF LESSEE
I, the undersigned, do hereby certify ( i) that the officer
of Lessee who executed the foregoing Agreement on behalf of
Lessee and whose genuine signature appears thereon, is the duly
qualified and acting officer of Lessee as stated beneath his or
her signature and has been authorized to execute the foregoing
Agreement on behalf of Lessee, and ( ii ) that the budget year of
Lessee is from November 1 to October 31 .
Dated:�r�a-"_4
Brenda M. Cirtin, City Clerk•.
19
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EXHIBIT B TO EQUIPMENT LEASE/PURCHASE AGREEMENT
. `^ SCHEDULE OF RENTAL PAYMENTS
Rental Payment Periods shall be semiannual . Rental payments
shall be made in accordance with Section 4 .01 and this Schedule
of Rental Agreement is Payments. The maximum Lease Term of this A
y 9
E�x 5 years .
Rental Rental
Payment Due Payment Interest Principal Purchase
Number Date Amount Portion Portion Price
$542,955
1 9-16-90 $78 116
$18,820 $ 59, 296 483,659
2 , 9
3-16-91 76 , 245 16,950 59 , 295 424,364
3 9-16-91 74, 086 14, 791 59, 295 365,069
* . 4 3-16-92 72,089 12,794 59, 295 305,774
5 9-16-92 70,011 10, 716 59, 295 246,479
6 3-16-93 67,933 8, 638 59 295
��.. 187,184
'> 7 9-16-93 53, 320 6 , 524 46,796 140,388
8 3-16-94 51,716 4 , 920 46, 796 93,592
n 9 9-16-94 50, 058 3, 262 46,796 46,796
10 3-16-95 48, 436 1, 640 46, 796 0
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ESCROW AGREEMENT
DATED: March 16 1990y
NAME AND ADDRESS NAME AND ADDRESS NAME AND ADDRESS
e, OF LESSOR OF LESSEE OF ESCROW AGENT '
The Central Trust Bank City of Jefferson, Missouri The Central Trust Bank
u; 238 Madison Street 320 E. McCarty Street 238 Madison Street
Jefferson City, MO Jefferson City, MO 65101 Jefferson City, MO
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5101 6 �6.,101
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Name of Acquisition Fund: 1990 Lease/Purchase �l> .,��';, -:
},. Equipment Acquisi.tion Fund No. 1" i r �'
r� 7.
Amount of deposit into the Ac q uisition Fund: $542,955 . 00
_:�`�'•tt�,.'
xti• �� /��ji i1J,;,�t�,f
TERMS AND CONDITIONS
1. This Escrow Agreement relates to and is hereby made
a part of the Equipment Lease/Purchase Agreement ( the
"Agreement" ) , dated as of the date hereof, between Lessor and
Lessee. 4
2. Except as otherwise defined herein, all terms =s
, a defined in the Agreement shall have the same meaning for the
purposes of this Escrow Agreement as in the Agreement .
ti.
3. Lessor , Lessee and the Escrow Agent identified
F above ( the "Escrow Agent" ) agree that the Escrow Agent will act
rF• as sole Escrow Agent under the Agreement and this Escrow
`r
Agreement, in accordance with the terms and conditions set forth s'
in this Escrow Agreement. This Escrow Agreement shall be deemed
to constitute the entire agreement among Lessor and Lessee and
Escrow Agent.
4 . There is hereby established in the custody of `
Escrow Agent a special trust fund designated as specified above
( the "Acquisition Fund" ) to be held and administered by the
Escrow Agent in trust for the benefit of Lessor and Lessee in
accordance with this Escrow Agreement . .
. . 5. Lessor shall deposit the amount specified above in
the Acquisition Fund. Moneys held by the Escrow Agent hereunder
shall be invested and reinvested by the Escrow Agent upon order
of a representative of Lessee in Qualified Investments (as
hereinafter defined) maturing or subject to redemption at the
option of the holder thereof prior to the date on which it is
expected that such funds will be needed. Such investments shall
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be held by the Escrow Agent in the Acquisition Fund, and any
interest earned on such investments shall be deposited in the
£u
Acquisition Fund. The Escrow Agent may act as purchaser or agent `- ,;" ,�� •.
in the making or disposing of any investment .
6. "Qualified Investments” means to the extent the
same are at the time legal for investment of the funds being }xt;.kit
invested: ( i ) direct general obligations of the United States of '� '`
America; ( ii) obligations the ti payment of t � '``°'hr
igat melt' paym n he principal of
and interest on which is fully and unconditionally guaranteed by :;; f ,' :.
the United States of America; ( iii ) general obligations of the.
agencies and instrumentalities of the United States of America
acceptable to Lessor ; ( iv) certificates of deposit , time deposits
or demand deposits with any bank or savings institution including
the Escrow Agent or any affiliate thereof, provided that such 4
c certificates of deposit , time deposits or demand deposits, if not
insured by the Federal Deposit Insurance Corporation or the
Federal Savings and Loan Insurance Corporation, are fully secured
by obligations described in ( i ) , ( ii ) or (iii ) above ; or (v)
` repurchase agreements with any state or national bank or trust
company, including the Escrow Agent or any affiliate thereof,
that are secured by obligations of the type described in
( ii) or ( iii ) above, provided that such collateral is free and
1 clear of claims of third parties and that the Escrow Agent or a { `�"•.ytY��4
y.' third party acting solely as agent for the Escrow Agent has
possession of such collateral and a perfected first security
interest in such collateral . � . ' ;
". � 7 . Moneys in the Acquisition Fund shall be used to pay 's'
? � for the cost of acquisition of the Equipment . Payment shall be x :
i made from the Acquisition Fund for the cost of acquisition of
part or all Equipment upon presentation to the Escrow Agent of
one or more properly executed Payment Request and Acceptance '
Certificates, a form of which is attached hereto as Exhibit A, say
executed by Lessee and approved by Lessor, together with an k {
invoice for the cost of the acquisition of the Equipment for
which payment is requested and a written approval b Lessor of
the Vendor to be paid.
pp y
8. The Acquisition Fund shall terminate upon the
occurrence of the earlier of (a) the presentation of a proper
Payment Request and Acceptance Certificate with the portion
thereof designated "Final Acceptance Certificate" properly
., r�
executed by Lessee, or (b) the presentation of written J :;
notification by the Lessor , or, if the Lessor shall have assigned
its interest under the Agreement, then the assignees or
subassignees of all of Lessor ' s interest under the Agreement or
r,
t°;. . an Agent on their behalf, that an Event of Default has occurred
or that Lessee has terminated the Agreement pursuant to Section b:
3 . 03 of the Agreement . Upon termination as described in clause Y
V!',', (a) of this paragraph, any amount remaining in the Acquisition
., }f Fund shall be used to prepay the principal component of Rental
!1111111.1 111 11 11141
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z i6'Xa+tsitNafk4uw`cawedlaSdaGi vdAy3t t�00* �{X91.�on'..r` a. 21 i .'•ts'c''.t`''A�'ui;S%K��:k`„"'?.MitWX•tN-.+CS...iwn>n.•tvGaoH;\wa!kwtlf 7".ti'L?R1}St;"?!'b'T'1 f.'Y79evdtVfx+FJu.'j'� i 4
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Payments unless Lessor directs that payment of such amount be M1,
made in such other manner directed by Lessor that, in the opinion tF
of nationally recognized counsel in the area of tax-exempt `'` `
municipal obligations satisfactory to Lessor , will not adversely
affect the exclusion of the interest components of Rental
$ J
r Payments from gross income for federal income tax purposes . If
any such amount is used to prepay principal, the Schedule of
:f Rental Payments appearing as Exhibit A to the Agreement shall be , .P," ,V3
revised accordingly as specified by Lessor. Upon termination as
described in clause //b of this paragraph any amount remaining
in the Acquisition Fund shall immediately b ,
e e aid to Lessor or , •, • � �'�'�
P
pro rata, to an assignees or subassign e ,'
y e s of Lessor.
9 The Escrow Agent may at any time resign by giving
at least 30 days ' written notice to Lessee and Lessor , but such resignation shall not take effect until the appointment of a
successor Escrow Agent . The substitution of another bank or
trust company to act as Escrow Agent under- this Escrow Agreement
may occur by written agreement of Lessor and Lessee. Inzy,f 'q'>=
addition, the Escrow Agent may be removed at any time, with or �''�-•=»~�x �,�`,>:.,
4 Y„ •u.
without cause, by an instrument in writing executed by Lessor and
:. Lessee. In the event of any resignation or removal of the Escrow ': h ;•
Agent, a successor Escrow Agent shall be appointed by an % `•
# .
instrument in writing executed by Lessor and Lessee. Such
successor Escrow Agent shall indicate its acceptance of such
appointment by an instrument in writing delivered to Lessor,
? Lessee and the predecessor Escrow Agent . Thereupon such
`= successor Escrow Agent shall, without any further act or deed, be
fully vested with all the trusts, powers, rights, duties and ! f
obligations of the Escrow Agent under this Escrow Agreement, and
the predecessor Escrow Agent shall deliver all moneys and
securities held by it under this Escrow Agreement to such
successor Escrow Agent .
10 . The Escrow Agent incurs no liability to make any f .
,. disbursements pursuant to the Escrow Agreement except from funds
held in the Acquisition Fund. The Escrow Agent makes no
r' representations or warranties as to the title to any Equipment or
as to the performance of any obligations of Lessor or Lessee.
11 . This Escrow Agreement shall be governed by and
construed in accordance with the laws of the state in which the
` Escrow Agent is located. h
G
1.2 . In the event any provision of this Escrow
` Agreement shall be held invalid or unenforceable by any court of
t competent jurisdiction, such holding shall not invalidate or ;
render unenforceable any other provision hereof.
t
13 . This Escrow Agreement may not be amended except by
a written instrument executed by Lessor, Lessee and the Escrow
Agent.
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14. . This Escrow Agreement may be executed in several
counterparts, each of which so executed shall be an original.
I IN WITNESS WHEREOF, Lessor, Lessee and the Escrow Agent -
have
. caused this Escrow Agreement to be executed by their dul
authorized representatives .
THE CENTRAL TRUST BANK
Lessor
r
'
By
Title:
CITY OF JEFFERSON, ,
MISSOURI
Lessee
r
By
.r? Louise �?ner, + Mayo.r -
2 THE CENT�AL TRUE BANK
Escrow�Ac�gent•
By
Title: /
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'a EXHIBIT A TO ESCROW AGREEMENT
F,.'.
FORM OF
+ PAYMENT REQUEST AND ACCEPTANCE CERTIFICATE
To: The Central Trust Bank, Escrow Agent and Lessor
238• Madison
• Jefferson City, Missouri 65101 '
Re: 1990 Lease/Purchase Equipment Acquisition Fund
t No. 1 established by the Escrow Agreement, dated
r� March 16 , 1990 ( the "Escrow Agreement" ) among The
Central Trust Bank "Lessor"
( ) , the City of J
.t, Jefferson, Missouri ( "Lessee" ) and The Central
Trust Bank as Escrow Agent ( the "Escrow Agent" )
i�
Ladies and Gentlemen:
The Escrow Agent is hereby requested to pay from the Ro3
ti Acquisition Fund to the person or corporation designated below as
y, Payee, the sum set forth below in payment of a portion or all of
the cost of the acquisition of the equipment described below.
The amount shown below is due and payable under the invoice of
the Payee attached hereto with respect to the cost of the
acquisition of the equipment and has not formed the basis of
The a any
prior request for payment
• equipment described below is part �
or all of the "Equipment" that is subject to the Equipment
Lease/Purchase Agreement ( the "Agreement") described in the
Escrow Agreement.
4ua_ ntity
Serial Number Item Amount
1
Payee:
i •
Lessee hereby certifies and represents to and agrees
with Lessor and the Escrow Agent as follows:
F .
(1) The equipment described above has been delivered,
installed and accepted on the date hereof.
M1I
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( 2 ) Lessee has conducted such inspection and/or
testing of s equipment as it deems necessary and appropriate y
and hereby acknowledges that it accepts said equipment for all li"
purposes.
maintaining( 3 ) Lessee is currently the insurance
coverage required by - • of - Agreement .
( 4 ) No event or condition that constitutes, or with
notice or lapse of time or both would constitute, an Event of
1 M1:
rv1�yy Qt
r:
Default term is defined in the Agreement)
date hereof .
t
Dated:
CITY OF JEFFERSON, MISSOURI
LESSEE
By
�e
t'!
Title: r
. APPROVED:
THE i
;a
.'r
CENTRAL }
LESSOR
By
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PAYMENT REQUEST AND ACCEPTANCE CERTIFICATE
=' To: The Central Trust Bank, Escrow Agent and Lessor
` 238 Madison
” Jefferson City, Missouri 65101
t
•,.' Re: 1990 Lease/Purchase Equipment Acquisition Fund
No. 1 established by the Escrow Agreement, dated
try March 16, 1990 ( the "Escrow Agreement" ) among The
rl Central Trust Bank ( "Lessor" ) , the City of N
Jefferson, Missouri ( "Lessee" ) and The Central
x. Trust Bank as Escrow Agent ( the "Escrow Agent" ) ;.' .
Ladies and Gentlemen:
9 The Escrow Agent is hereby requested to " "a`�
9 Y q pay from the
Acquisition Fund to the person or corporation designated below as ;zyF � t`.
Payee, the sum set forth below in payment of a portion or all of } P ;;J
the cost of the acquisition of the equipment described below. t•,., L "'
The amount shown below is due and payable under the invoice ofr s
the Payee attached hereto with respect to the cost of the
acquisition of the equipment and has not formed the basis of any
prior request for payment . The equipment described below is part
or all of the "Equipment" that is subject to the Equipment '
Lease/Purchase Agreement ( the "Agreement" ) described in the
;!t Escrow Agreement.
'M Quantity Serial Number Item Amount
1 1P9CA02JXKA040735 1 $317 , 955. 00 '-
,t
7�1
f;` •f
Payee: City of Jefferson
32n F_ McCarty Rtrppt ;
7effersnn City. Mn C,1
�•' E►..._O 1
Lessee hereby certifies and represents to and agrees
with Lessor and the Escrow Agent as follows:
( 1) The equipment described above has been delivered,
installed and accepted on the date hereof. t
I "9
i
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i
( 2) Lessee has conducted such inspection and/or
`
testing 9 of said equipment as it deems necessary and appropriate
and hereby acknowledges that it accepts said equipment for all
purposes.
+'s ( 3) Lessee is currently maintaining the insurance
coverage required by. Section 7.02 of the Agreement .
( 4) No event or condition that constitutes, or with
notice or lapse of time or both would constitute, an Event of '
Default (as such term is defined in the Agreement) exists at the
a
date hereof.
• Dated
t -
CITY OF JEFFERSON, MISSOURI
LESSEE
By
Title:
`.
APPROVED:,
THE CENTRAL TRUST BANK
LESSOR
gy
VIVA
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r"{ +�`'ns '�' i�:u..:s..•,:.:,::i.:•,.aN�aias+!FE:" .'�`�'FX �'S��` �il��+`3.3r��5�3cit3us~�a�avzl�dti,i��� 'iseerN:YG.....ax'
roan ®38.G in>iormation Ptet�trn for Tax-Exempt Governmental®bllgatlonsm
'f
®Under Section 149(a) OMB No.1545-0720 ,
(Rev.Octobor 1989)
to,See separate Instructions IE,cplrat► 5-31-82
Department of the Treasury
Internal Revenue Service (Use Form 8038 GC It the issue price is under$100,000) r
Re ortln Author) Check box if Amended Roturn ® : '
1 Issuer's name 2 Issuer's employer identification number
44-600091 3 j
City of Jefferson
3 Number and street 4 Report number
320 E. McCarty Street _ -
GIs 90 1 M,; `..
5 City or town,state,and ZIP code 6 Date of issue
ri 65101 3-16-90
Jefferson City Misso - `
7 Name of Issue 8 CUSIP Number . •;
- 3
at4•i
Type of Issue check box(es)that applies and enter the Issue Price)
9 Check box if obligations are tax or other revenue anticipation bonds is ❑ Issue price
C;:• ` 10 Check box if obligations are in the form of a lease or installment sale® ® °
. . . . . . . . . . . . . . . . . . . z
11
Education r,wr
12 ❑ Health and hospital . . . • • • . . . . • . . . . . , . }
r:. 13 ❑ Transportation . . . . . . . . . . . . . . . . . . . x ,.
14 . . . . . . • . . . . . . . . . . . . . . . . . . . . . 95500
Public safety T: �5'M1p
16 ❑ Environment(including sewage bonds . . . . . . . . . . . . . . . . . . . _ F
❑ w,la'u
'�. 16 Housing
17 ❑ Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . f r,. 't y✓ '
:t Mi 0
® �
18 ❑ Other.Describe(see Instructions) " ' y
Descrl tlon of Obligations
Stated r
(b) (dl (e)
edemption Weighted M(c) Net interest
Maturity date Interest rate Issue price price at matury ave mat ur Weld cost
19 Final maturity NA NA NA NA '
:,.
20 Entire issue . 542 9 5 5. 0 0 NA 5.0 ears 7.0 %-7.0 95
{ 5 Uses of Original Proceeds of Bond Issues(including underwriters'discount
21 '
21 Proceeds used for accrued interest • • • • • ' • • • • • • • �
22 r
t 22 Issue price of entire issue(enter line 20c) . . . . . . . . . . . . . . .
23 Proceeds used for bond isstaance costs(including underwriters'discount).
23 4'T
24 r
Proceeds used for credit enhancement • .
25
25 Proceeds allocated to reasonably required reserve or replacement fund /
t 26 Proceeds used to refund prior issues. . . . . . . . . . . . . . 26 r
27 Total(add lines 23,24,25,and 26) . . . . . . . . . . . . . • . . . , , • . . 27 4
28 Nonrefunding proceeds of the issue subtract line 27 from line 22 and enter amount here . . 28
Descriptlon of Refunded Bonds(complete to this part only for refunding bonds)
s'. f,
years
29 29 Enter the remaining weighted average maturity of the bonds to be refunded • . . . . . . . . b y
30 Enter the lust date on which the refunded bonds will be called . . . . . . . . . . . . . p
31 Enter the dates the refunded bonds were issued I*
• Miscellaneous
32 Enter the amount of the state volume cap allocated to the issue • ® ,
33 Enter the amount of the bonds designated by the issuer under section 265(bx3XBXi)(111) (small
issuer exception) . • • • . • . . . . . . . . . . • . ► 542 , 955. 00
f
34 Pooled financings:
a Enter the amount of the proceeds of this issue that are to be used to make loans to other governmental units® —
Y'K b Check box if this issue is a loan made from the proceeds of another tax exempt issue 10. ❑ and enter the name of the
. issuer ® and the date of the issue 0
"w{,' under penalties of perjury,I declare that I have examined this return and accompanying schedules and statements,and to the best of my knowledge and belief.
'� '; they are true,correct,and complete.
Please ,
..:.. Sign
s. -1 - Mayor
i Here
.f•. Srgnatu ofbcer Date Type or print name and title
r" For Paperwork Reduction Act Notl ,see page i of the Instructions.
Form 8038•G (Rev.10-89)
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