HomeMy Public PortalAbout4-Resolution No. 2017-10 (Governing Body of Lessee)T 7//Aloe Council
,Maprt P Lindsay; aIe'yor
Franklin 11. Caplan, l 7ec,ll€,yor
Luis E de la Cruz
Gary R. Gross
Allison McCormick
Brett G. Moss
Katie Petros
CERTIFICATION
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
I, Conchita H. Alvarez, duly appointed Village Clerk of the Village of Key Biscayne, Florida, do
hereby certify that the attached is a true and correct copy of:
Resolution No. 2017-10 adopted by the Village Council on February 21, 2017.
IN WITNESS WHEREOF, I hereunto set my hand and affix the Seal of the Village of Key Biscayne,
Florida, this 27th day of February, 2017.
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c uta H. Alvarez, MMC
illage Clerk
llage of Key Biscayne, Florida
88 West McIntyre Street • Suite 220 • Key Biscayne, Florida 33149 • (305) 365-5506 • Fax (305) 365-8914
\th51UN STATEMENT 'TO PROVIDE A SAFE, QUALITY COMMUNITY ENVIRONMENT Eon ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT'
www.keybiscayne.11.gov
RESOLUTION NO. 2017-10
A RESOLUTION OF THE VILLAGE COUNCIL OF' THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AUTHORIZING
AND PROVIDING FOR THE VILLAGE TO
LEASE/PURCHASE EIGHT (8) POLICE VEHICLES, ONE (1)
FIRE DEPARTMENT VEHICLE, THREE (3) VEHICLES FOR
CODE ENFORCEMENT/BUILDING AND ZONING AND
PUBLIC WORKS DEPARTMENT, AND ONE (1) VEHICLE
FOR PARKS AND RECREATION DEPARTMENT, IN AN
AMOUNT NOT EXCEEDING $1,495,000; AUTHORIZING
THE VILLAGE MANAGER TO SELL ANY REPLACED
VEHICLES; SELECTING PROPOSAL FROM CITY
NATIONAL BANK TO PROVIDE FINANCING;
AUTHORIZING THE VILLAGE MANAGER AND OTHERS
TO NEGOTIATE FINAL TERMS AND PREPARE AND
EXECUTE DOCUMENTS; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Village Council as the governing body of the Village of Key Biscayne (the
"Village") desires to obtain certain equipment described in Section 2 hereof (the "Equipment"); and
WHEREAS, the Equipment is essential for the Village to perform its governmental
functions; and
WHEREAS, the Village recently sought proposals through a competitive bidding process
for financing the cost of the Equipment; and
WHEREAS, the Village received a proposal (the "Proposal"), from City National Bank (the
"Bank"), to provide lease -purchase financing for the Equipment; and
WHEREAS, the Village Council desires to lease purchase the Equipment for an amount
not exceeding $1,495,000 in substantial accordance with the terms of the Proposal; and
WHEREAS, the Village Council desires to authorize the Village Manager to enter into a
lease purchase agreement and related documents in substantial accordance with the terms of the
Proposal, subject to the approval of the Village Attorney as to form and legal sufficiency; and
WHFREAS, the Village Council finds that this Resolution is in the best interest and welfare
of the residents of the Village.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE VILLAGE COUNCIL
OF' THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. Recitals Adopted. Each of the recitals stated above is hereby adopted,
confirmed and incorporated herein.
Section 2. Description of Equipment. The Equipment to be financed is as follows:
Police Department
❑ 2017 Ford Explorer Mid -Size 4 Door Utility Vehicle — 4x2 (I)
❑ 2017 Ford Interceptor Police Rated Utility— AWD (7)
❑ Window Tinting, Emergency Equipment and Peripherals (7)
O Graphics & Installation (7)
Fire Department
O Pierce Enforcer 107' Automotive Fire Apparatus (1)
Code Enforcement/ Building & Zoning/Public Works Department
❑ 2017 Ford Interceptor Police Rated Utility — AWD (1)
❑ '/ Ton Extended Cab Pickup Truck Special Service Vehicle 4x2 Long
Bed Upgrade (1)
❑ '/ Ton Extended Cab Pickup Truck Special Service Vehicle 4x2 (1)
Parks & Recreation Department
❑ 2016 Turtle Top Odyssey XL Ford Bus (1)
The projected cost of the Equipment, with the breakdown by Department, is set forth in
Exhibit "A" attached to this Resolution. The total projected cost is $1,469,416.40, with the
actual cost not to exceed $1,495,000.
Section 3. Acceptance of Proposal. The Village Council hereby accepts the Proposal
of the Bank to provide lease -purchase financing for the Equipment, a copy of which is attached as
9
Exhibit "A" to this Resolution.
Section 4. Sale of' Replaced Equipment. The Village Manager is authorized to sell
any vehicles and/or equipment which are being replaced by the Equipment.
Section 5. Village Manager and Others Authorized. The Village Manager is hereby
authorized to negotiate with the Bank the final terms of a lease -purchase agreement (the "Lease"),
the related project fund agreement, and other related documents, consistent with the Proposal. The
Village Attorney and Bond Counsel to the Village are hereby authorized to draft documents and to
do all other things necessary to accomplish the lease -purchase financing.
Section 6. Equipment Purchase Authorized: Execution of Documents. The
acquisition of the Equipment is hereby authorized. The Village Council hereby authorizes the Village
Manager to execute the Lease and other related documents, once approved by the Village Attorney
for legal sufficiency, for the acquisition of the Equipment for a cost which is consistent with this
Resolution and the Proposal. The Village Manager is authorized to take all action and execute all
other documents necessary to implement this Resolution and the Lease and other related documents,
and is authorized to expend Village funds for the purchase of the Equipment pursuant to the Lease
and in accordance with Village budget appropriations. The Village Clerk of the Village is authorized
to affix the official seal of the Village to the Lease and such other documents and attest the same.
The proper officers of the Village are, and each of them hereby is, authorized and directed to execute
and deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and
to do or cause to be done any and all other acts and things necessary or proper for carrying out this
Resolution and the Lease and other related documents, subject to the approval of the Village
Attorney as to form and legal sufficiency.
3
VILLAGE ATTORNEY
Section 7. Effective Date. This Resolution shall be effective immediately upon adoption
hereof
PASSED AND ADOPTED this 21st day of February, 2017.
MA Eb.,MAYRA PENA LIN SAY
ATT
,-,7491 /Ar
CONCHITA H, ALVAREZ, MMC, VILLAGE CLE
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY
4
Exhibit A
Sample Amortization
Note 1:
Compound Period:
Nominal Annual Rate:
Cash Flow Data
Event Date
1 Loan 3/1/2017
2
Paymet 3/1/2018
Amortization Schedule -
Date
Loan: 3/1/2017
1 3/1/2018
2 3/1/2019
3 3/1/2020
4 3/1/2021
Grand Totals:
Annual
1.44%
Amount
620,000.00
160,619.89
Normal Amortization
Payment
160, 619.89
160,619.89
160,619.89
160,619.89
642,479,56
Number
1
4
Interest
8,928.00
6,743.64
4,527.82
2,280.10
22,479,56
Period
Annual
Principal
151,691.89
153,876.25
156,092.07
158,339.79
620,000.00
End Date
3/1/2021
Balance
620,000.00
468,308.11
314,431.86
158,339.79
(0.00)
Note 2:
Compound Period: Annual
Nominal Annual Rate: 1.53%
Cash Flow Data
Event Date
1 Loan 4/14/2017
2
Paymet 4/14/2018 259,635.09
Amortization Schedule - Normal Amortization
Date Payment
Loan: 4/14/2017
1 4/14/2018
2 4/14/2019
3 4/14/2020
4 4/14/2021
Grand Totals:
Amount
1,000,000.00
259,635.09
259,635.09
259, 635.09
259,635.09
1,038,540.36
Number
1
4
Period
Annual
End Date
4/14/2021
Interest Principal Balance
1,000,000.00
15,300.00 244,335.09 755,664.91
11,561.67 248,073.42 507,591.49
7,766.15 251,868.94 255,722.55
3,91234 255,722.55 0.00
38,540.36 1,000,000.00
CNCF Confidential Term Sheet
5IPage