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HomeMy Public PortalAboutORD15625 BILL NO. 2016-107 SPONSORED BY COUNCILMAN Graham CO-SPONSORED BY COUNCILMAN Prather ORDINANCE NO. AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AMENDING THE 2016-2017 BUDGET OF THE CITY OF JEFFERSON, MISSOURI, BY APPROPRIATING ADDITIONAL FUNDS WITHIN THE GENERAL FUND. BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS FOLLOWS: Section 1. There is hereby supplementally appropriated within the General Fund $1,163,313.93 as indicated on Exhibit A, attached hereto. Section 2. This Ordinance shall be in full force and effect from and after the date of its passage and approval. Passed: f \ ti`--(4 / d�/ lP �© / Approved: `Ww,(',ii (Q, eaA A ePresiding Officer Mayor Carrie Tergin ATTEST: APPROVED AS TO FORM: Vity Clerk. _ City C -lor CERTIFICATION BY MAYOR Pursuant to Article VII, Section 7.1(5.) Of the Charter of the City of Jefferson, Missouri, I hereby certify that the sums appropriated in the ordinance are available in the various funds to meet the requirements of this bill. dam.4.7:0„ Mayor Bill 2016-107 Exhibit A SUPPLEMENTAL APPROPRIATIONS FISCAL YEAR 2016-2017 BUDGET General Fund: Revenue 10-100-495995 Transfer from Surplus $ 1,163,313.93 Expenditure Finance and Fire Department 10-400-575004 Fire Apparatus $ 1,163,313.93 The Finance and Fire Department(s) propose to utilize surplus funds to pay off the current Fire Apparatus Lease with the PNC Financial Services Group. This lump sum payment, along with the regularly scheduled ninth (9th) payment will terminate all obligations with PNC and satisfy the existing lease. Upon receipt of this payment by 2:30 p.m. Eastern Time on March 7, 2017, the City will own the fleet and be in a better position to more competitively order replacement apparatus while taking advantage of current low interest rates. Additionally, the City seeks to capture the existing equity by selling pieces of the existing fleet before those assets are fully deprecated. The remaining unsold apparatus would support the replacement of our aging reserve fleet within the Fire Department. PNC EQUIPMENT FINANCE November 4,2016 City of Jefferson 320 East McCarty Street Jefferson City,MO 65101 RE: Pay off of Lease No.: 108578000(the"Lease") Dear Customer: You have informed us that you desire to repay the Lease,in full,on March 7,2017,(the"Payoff Date"). This letter shall constitute our statement of the amount required in order for you to pay the Lease in full on the Payoff Date.This letter replaces and supersedes any and all prior payoff letters,if any,issued for the Lease,which prior letters are hereby canceled and terminated. As of the Payoff Date,you shall owe the following with respect to the Lease(the"Payoff Sum"): Remaining Payments $373,074.71 Purchase Option $1,163,313.93 Total $1,536.388.64 The Payoff Sum must be received,in immediately available funds,by 2:30 P.M.(Eastern Time)on the Payoff Date. We reserve the right to revise and notify you of any change in the Payoff Sum due to unforseen circumstances, calculation errors,and amounts payable by you which are not included in the Payoff Sum or otherwise. Payment of the Lease should be made by wire transfer to PNC Equipment Finance,LLC,via the following instructions or in other immediately available funds delivered to the undersigned on behalf of PNC Equipment Finance,LLC. WIRING INSTRUCTIONS: MAILING ADDRESS: Bank Name: PNC BANK,National Association PNC Equipment Finance,LLC Bank Address: 1900 E.9'h Street ARC Lockbox#931034 Bank City State: Cleveland,OH USA 4100 West 150th Street Routing Number: 041000124 Cleveland,OH 44135 Account Number: 4206166645 Beneficiary Name: PNC Equipment Finance,LLC Reference#1: Ref BO L#1087578000 Reference#2: Attn:Brenda Powers SWIFT Code: PNCCUS33 Subject to the terms hereof, upon payment in full in immediately available funds,any and all commitments by us to lend to you shall be terminated,and all of your obligations under the documents evidencing the Lease shall be satisfied, terminated and released,except for such provisions which expressly survive such termination. As soon as practicable after receipt of the Payoff Sum,at your request,we shall:(i)deliver to you or such other person as you may designate (the "Customer's Designee"), in accordance with applicable law and with your written instructions provided to us, such other releases and such Uniform Commercial Code certifications or authorizations as may be reasonably required to enable you or the Customer's Designee to terminate or release our interest in any collateral,so long as such collateral does not also serve as collateral for other obligations owed to us(including without Member of The PNC Financial Services Group 995 Dalton Avenue Cincinnati Ohio 45203 www.pnc.com ( 108578000 11/04/2016 Page 2 limitation, any interest rate swap termination costs or foreign exchange exposures, whether or not such transactions have been terminated or finalized),and(ii)cause any other instruments which represent collateral released hereunder to be delivered to you or the Customer's Designee. We shall have no liability to you for the termination,release or assignment of any financing statement,or for the return of any possessory collateral,if we shall have complied with written instructions from you or the Customer's Designee. If you wish to continue to use treasury management and other deposit account services with us after the Payoff Date, we reserve the right to revise (i) the fees relating thereto and (ii) the availability schedules for such services as permitted under Regulation CC. Please contact your PNC treasury management representative or the undersigned for further information. If you wish to have letters of credit,bankers'acceptances,trade acceptances or other instruments continue to be outstanding after the Payoff Date,you must contact the undersigned to arrange for cash collateral to be posted by you and/or indemnity agreements to be delivered to us by you and your new lender(if applicable)or make other arrangements acceptable to us for these services to continue. Further,pursuant to the USA PATRIOT Act and related laws,PNC is required to establish policies and procedures to ensure compliance with anti-money laundering laws of the United States and to otherwise detect and report suspicious transactions. These procedures apply to the repayment of leases,which involves the transfer of substantial sums of money. Please be assured that PNC's application of these procedures to this transaction is not intended to suggest or imply that you or any of your funding sources is in violation of any law, but is rather an impartial part of PNC's ongoing regulatory compliance program. Separately,you may be required to identify each entity which is providing replacement funding to allow us to complete our required due diligence. Very truly yours, PNC Equipment Finance,LLC mss' `,-611."74--7e'- Brenda Powers Assistant Vice President 502-581-7736 brenda.powers@pnc.com Member of The PNC Financial Services Group 995 Dalton Avenue Cincinnati Ohio 45203 www.pnc.com (c) Payment Schedule: - Accrual Date: March 7,2008 Rent Payment Rent Payment Rent PayrrmenY - Interest Termination • Number - Date Amount - Portion Principal Portion Value 1 3/7/2009 373,074.71 169,070.83 204,003.88 3,248,632.80 2 3/7/2010 373,074.71 158,893.27 214,181.44 3,030,167.73 3 3/7/2011 373;074.71 148,207.9.7 224,866.74 2,8.00,803.66 4 3/7/2012 373,074.71 136,989.59 2364085..12 2,559,996:84 5 3/7/2013 373,074.71 125,211.53 247,863.18 2,307,176.39 6 3/7/2014 373,074.71 • 112,845.87 260,228.84 2,041,742.98 7 3/7/2015 373,074.71 99,863.31 273,211.40 1,763,067.35 8 3/7/2016 373,074.71 86,233.06 286,841.65 1,470,48.8.87 9 3/7/2017 373,074.71 71,922.81 301,151.90 1,163,313.93 10 3/7/2018 373,074.71 56,898.63 316,176.08 840,814.33 11 4/7/2018 827,820.56 3,492.79 824,327.77 0.00 • • City of Jefferson Oshkosh Capital ("Lessee") ("Lessor") • By. (` -- -By- /,L Sean D. McAlister Title: Q,�{ c)V. Title: Sr.Vice President Member of The PNC Financial Services Group 995 Dalton Avenue Cincinnati Ohio 45203 www.pnc.com November 4, 2016 City of Jefferson 320 East McCarty Street Jefferson City, MO 65101 RE: Pay off of Lease No.: 108578000 (the “Lease”) Dear Customer: You have informed us that you desire to repay the Lease, in full, on March 7, 2017, (the “Payoff Date”). This letter shall constitute our statement of the amount required in order for you to pay the Lease in full on the Payoff Date. This letter replaces and supersedes any and all prior payoff letters, if any, issued for the Lease, which prior letters are hereby canceled and terminated. As of the Payoff Date, you shall owe the following with respect to the Lease (the “Payoff Sum”): Remaining Payments $373,074.71 Purchase Option $1,163,313.93 ========== Total $1,536.388.64 The Payoff Sum must be received, in immediately available funds, by 2:30 P.M. (Eastern Time) on the Payoff Date. We reserve the right to revise and notify you of any change in the Payoff Sum due to unforseen circumstances, calculation errors, and amounts payable by you which are not included in the Payoff Sum or otherwise. Payment of the Lease should be made by wire transfer to PNC Equipment Finance, LLC, via the following instructions or in other immediately available funds delivered to the undersigned on behalf of PNC Equipment Finance, LLC. WIRING INSTRUCTIONS: MAILING ADDRESS: Bank Name: PNC BANK, National Association PNC Equipment Finance, LLC Bank Address: 1900 E. 9th Street ARC Lockbox #931034 Bank City State: Cleveland, OH USA 4100 West 150th Street Routing Number: 041000124 Cleveland, OH 44135 Account Number: 4206166645 Beneficiary Name: PNC Equipment Finance, LLC Reference #1: Ref BO L#1087578000 Reference #2: Attn: Brenda Powers SWIFT Code: PNCCUS33 Subject to the terms hereof, upon payment in full in immediately available funds, any and all commitments by us to lend to you shall be terminated, and all of your obligations under the documents evidencing the Lease shall be satisfied, terminated and released, except for such provisions which expressly survive such termination. As soon as practicable after receipt of the Payoff Sum, at your request, we shall: (i) deliver to you or such other person as you may designate (the “Customer’s Designee”), in accordance with applicable law and with your written instructions provided to us, such other releases and such Uniform Commercial Code certifications or authorizations as may be reasonably required to enable you or the Customer’s Designee to terminate or release our interest in any collateral, so long as such collateral does not also serve as collateral for other obligations owed to us (including without 108578000 11/04/2016 Page 2 Member of The PNC Financial Services Group 995 Dalton Avenue Cincinnati Ohio 45203 www.pnc.com limitation, any interest rate swap termination costs or foreign exchange exposures, whether or not such transactions have been terminated or finalized), and (ii) cause any other instruments which represent collateral released hereunder to be delivered to you or the Customer’s Designee. We shall have no liability to you for the termination, release or assignment of any financing statement, or for the return of any possessory collateral, if we shall have complied with written instructions from you or the Customer’s Designee. If you wish to continue to use treasury management and other deposit account services with us after the Payoff Date, we reserve the right to revise (i) the fees relating thereto and (ii) the availability schedules for such services as permitted under Regulation CC. Please contact your PNC treasury management representative or the undersigned for further information. If you wish to have letters of credit, bankers’ acceptances, trade acceptances or other instruments continue to be outstanding after the Payoff Date, you must contact the undersigned to arrange for cash collateral to be posted by you and/or indemnity agreements to be delivered to us by you and your new lender (if applicable) or make other arrangements acceptable to us for these services to continue. Further, pursuant to the USA PATRIOT Act and related laws, PNC is required to establish policies and procedures to ensure compliance with anti-money laundering laws of the United States and to otherwise detect and report suspicious transactions. These procedures apply to the repayment of leases, which involves the transfer of substantial sums of money. Please be assured that PNC’s application of these procedures to this transaction is not intended to suggest or imply that you or any of your funding sources is in violation of any law, but is rather an impartial part of PNC’s ongoing regulatory compliance program. Separately, you may be required to identify each entity which is providing replacement funding to allow us to complete our required due diligence. Very truly yours, PNC Equipment Finance, LLC Brenda Powers Assistant Vice President 502-581-7736 brenda.powers@pnc.com {c) Payment Schedule: Accrual Date: March 7, 2008 Rent Payment Rent Payment Rent PaymenY Interest Principal Portion Termination Number Date Amount Portion Value 1 3/7/2009 373,074.71 169,070.83 204,003.88 3,248,632.80 2 3/7/2010 373,074.71 158,893.27 214,181.44 3,030,167.73 3 3/7/2011 373,074.71 148,207.97 224,866.74 2,800,803.66 4 3/7/2012 373,074.71 136,989.59 236,085.12 2,559,996.84 5 3/7/2013 373,074.71 125,211.53 247,863.18 2,307,176.39 6 3/7/2014 373,074.71 112,845.87 260,228.84 2,041,742.98 7 3/7/2015 373,074.71 99,863.31 273,211.40 1 '763,067.35 8 3nt2016 373,074.71 86,233.06 286,841.65 1,470,488.87 9 3/7/2017 373,074.71 71,922.81 301,151.90 1,163,313.93 10 3/7/2018 373,074.71 56,898.63 316,176.08 840,814.33 11 4n1201a 827,820.56 3,492.79 824,327.77 0.00 City of Jeffe~·· Oshkosh Capital ("Lessee") / /~" ("Lessor") By: f/.7/~-----~=s~y: ~~ .,..(;/' Sean D. McAlister Title: I Y\a..,y 0 {.2... Title: __ S_r_. V_i_c_e_P_r_e_s_id_e_n_t ____ _ I