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HomeMy WebLinkAboutR-2009-175 Laser Printer and Copier Lease - Purchase Agreement/US Bancorp Business Equipment Finance GroupRESOLUTTION NO. R-2009-175 A RESOLUTION of the City of Yakima, Washington, approving and directing the City Manager to execute the attached Municipal Lease / Purchase Agreement with US Bancorp Business Equipment Finance Group for the lease of two high speed Laser Printer/Copier machines. WHEREAS, the City has determined that it was necessary to replace two old Savin Printer/Copiers with two new Oce Printer/; and WHEREAS, the City has determined that it is advisable to lease the Oce Printer/Copiers through a lease/purchase agreement with US Bancorp; NOW, THEREFORE, BE IT RESOLVED by the City of Yakima, Washington, as follows: Section 1. Approval of Documents. The proper officers of the City are hereby authorized to execute the attached Municipal Lease Purchase Agreement and accompanying exhibits on behalf of the City of Yakima, in substantially the form attached hereto. The above - listed agreements shalt be amended only with the approval of the City. Section 2. Authorization of Documents. The City Manager is herebyauthorized to execute the documents relating to financing the copy machine. The City Manager, Director of Finance and Budget, and each of the other appropriate officers, agents and representatives of the City are each hereby authorized and directed to take such steps, to do such other acts and things, and to execute such letters, certificates, agreements, papers, financing statements, assignments or instruments as in their judgment may be necessary, appropriate or desirable in order to carry out the terms and provisions of, and complete the transactions contemplated by this resolution. Section 3. Prior Acts. All acts taken pursuant to the authority of this resolution but prior to its effective date are hereby ratified and confirmed. Section 4. Effective Date. This resolution shall be in effect from and after its adoption in accordance with law. ADOPTED by the City Council of the City of Yakima, Washington at a regular meeting thereof, held this 8th day of December, 2009. ATTEST APPROVED AS TO FORM: //yy David Edier, Mayor Tank. FvcSurService Guarinreed *** IMPORTANT DOCUMENTS FROM *** U.S. Bancorp Business Equipment Finance Group CUSTOMER NAME: YAKIMA CITY OF 4'- 040Y -/7s— COVER LETTER AGREEMENT # 1223521 ATTN: RICHARD ZAIS JR E -Mail: c/o C44 OE , AGI r'‘ CJ A . v S FAX NUMBER: If you have a thermal paper fax machine, make photocopies of the document and discard the fax pages. If you have a plain paper fax, there is no need to make copies. * Make sure the equipment listed is that which you choose to finance. *** PLEASE NOTE *** Make sure that all signatures are "ORIGINAL" and written in INK. Once completed, fax the following documents to 800-621-3213. Once your fax is received your order will be expedited. jv Signed Documents FL/Authorizing Resolution or Board Minutes authorizing the financing jU Legal Counsel Opinion 7" Federal Tax Form 8038 X j�Origination Fee of $400.00 /taster Insurance Policy showing equipment coverage ... (Must list equipment covered & show us as loss payee) E Second signature if payment is over $1,200.00 ��R XPlease overnight these Original documents to: U.S. BANCORP BUSINESS EQUIPMENT FINANCE GROUP J ATTN: DOCUMENTATION DEPARTMENT 1310 MADRID ST SUITE 106 MARSHALL MN 56258 PHONE 888-333-4778 FAX 800-621-3213 10339 REV06/07 1 11:0 Five Star Service Guaranteed �'�� bank MUNICIPAL LEASE PURCHASE AGREEMENT AGREEMENT # 1223521 This document is written in "Plain English'. The words you and your refer to the customer The words Lessor, we, us and our refer to U.S. Bancorp Business Equipment Finance Group. Every attempt has been made to eliminate confusing language and create a simple, easy -to -read document. CUSTOMER INFORMATION FULL LEGAL NAME YAKIMA CITY OF 129 NORTH SECOND ST CITY/STATEJZIP YAKIMA, WA 98901 PHONE (509) 575-6000 FEDERAL TAX ID # 1- Eco i+a,9'2) SUPPLIER INFORMATION E-MAIL Rdebaaes •YAkt/+lA.1,j/'•VS SUPPLIER NAME OCE IMAGISTICS INC STREET ADDRESS 801 WEST YAKIMA AVE CITY/STATE/ZIP YAKIMA, WA 98902 PHONE (509) 575-0734 FAX ITEM DESCRIPTION MODEL NO. SERIAL NO. OCE VARIOPRINT 1105 LASER PRINTER/COPIER OCE VARIOPRINT 1105 LASER PRINTER/COPIER LEASE TERMS LEASE PAYMENT AMOUNT Term in Months 60 Payments of $ 958 93 60 (Plus Applicable Taxes) $0.00 (mos.) Lease Payment Period is Monthly Unless Otherwise Indicated. (Plus Applicable Taxes) THIS IS A NONCANCELABLE / IRREVOCABLE AGREEMENT, THIS AGREEMENT CANNOT BE CANCELED OR TERMINATED. TERMS'AND CONDITIONS We hereby lease to You, the personal property (the "Equipment") described above, on any attached Exhibit A, or in any subsequent schedules which may hereinafter be made a part hereof, upon the following terns and conditions: 1. TERM AND RENT The term of, and the rental amount ('Rental Amount") due under this Municipal Lease Purchase Agreement ("Agreement') shall begin on the Acceptance Date noted below or as specified on an attached Property Acceptance Certificate (Exhibit C) and continue for the term set above unless earlier terminated per paragraph 18 and end on the date all payments II payments on Exhibit B. or in any subsequent schedules which may hereafter be made a part hereof, have been made. This Agreement will be deemed automatically renewed by Lessee each year (Lessee's fiscal year) unless earlier terminated by Lessee due to nonappropriation as provided in Paragraph 22 herein. The Rental Amount includes specified amounts of principal and interest due on a specific date. Upon full payment by You of the entire Rental Amount including interest due on this Agreement, the security interest held by Us and our successors or assigns shall be released. If any payment (or portion thereof) is not paid when due, it will incur a monthly late charge of 1.5% of the payment amount or the maximum amount permitted by law, whichever is less. You covenant to pay all Rental Amounts when due• and to perform all other covenants contained in this Agreement. Lease payment obligations are absolute and unconditional and are not subject to cancellation, reduction, setoff or counterclaim except as provided in Paragraph 18 herein. 2. COVENANTS OF CUSTOMER: You warrant and represent as follows: (a) You are a body politic and have statutory authority to enter into this transaction and you carry out its obligations; (b) You have authorized the execution of this Agreement by Your appropriate officials; (c) You have, in accordance with the requirements of law, fully budgeted and appropriated sufficient unexhausted and unencumbered funds for the current budget year and to meet Your other obligations under this Lease for the current budget year, and those funds have not been expended for other purposes; (d) the Equipment is essential to Your proper, efficient, economic and continuing operationand will be used for Your general business; (e) You have never failed to appropriate or otherwise make available funds sufficient to pay rental or other payments coming due under any lease purchase, installment sale or other similiar agreement; (f) You warrant this Lease as a "bank qualified tax-exempt obligation" as defined in Section 265(b)(3)(B) of the Internal Revenue Code and represent that the aggregate face amount of all tax-exempt obligations (excluding private activity bonds other than qualified 501 (C)(3) bonds) issued or to be issued by You and Your subordinated entities during the calendar year ui which We fund this Lease is not reasonably expected to exceed 510,000,000; and (g) You and all of Your subordinate entities will not issue in excess of 510,000,000 of qualified tax-exempt obligations (including this Lease but excluding private activity bonds other than qualified 501 (C)(3) bonds) during the calendar year in which we fund this Lease without first obtaining an option of national recognized counsel in the .. tax-exempt municipal obligations acceptable to Us that the designationof this Lease as a 'bank qualified tax-exempt obligation" will not be adversely affected. LESSOR ACCEPTANCE inillals (Continued on the reverse side) U.S. Bancorp Business Equipment Finance Group DATED LESSOR CUSTOMER ACCEPTANCE YAKIMA CITY OF SIGNATURE TITLE CITY MANAGER DATED CUSTOMER YAKIMA CITY OF SIGNATURE RICHARD ZAIS JR TITLE DATED CUSTOMER TITLE ACCEPTANCE OF DELIVERY You certify that all the equipment listed above has been fumished, that delivery and installation has been fully completed and satisfactory Further, all conditions and terms of this Agreement have been reviewed and acknowledged. Upon your signing below, your promises herein will be irrevocable and unconditional in all respects. You understand and agree that we have purchased the equipment from the supplier, and you may contact the above supplier for your warranty rights, which we transfer to you for the term of the agreement. Your approval as indicated below of our purchase of the equipment from the supplier is a condition precedent to the effectiveness of this agreement. YAKIMA CITY OF DELIVERY DATE CUSTOMER SIGNATURE RICHARD ZAIS JR CITY MANAGER TITLE 3. TITLE. Title to the Equipment shall pass to You upon acceptance of delivery conditioned upon Your complete and full performance of Your undertakings as provided in this Agreement and also conditional upon fully payment by You of the entire Rental Amount including interest due on the Agreement. Upon Your full performance, we will release Our interest in tit equipment for the nominal price of $1.00. 4. EQUIPMENT INSPECTION, LIENS, PERSONAL PROPERTY and TITLE: You have fully inspected and acknowledged that the Equipment is in good condition and repair, and that You are satisfied with and have accepted the Equipment in such condition. You will not create or assume any mortgage, pledge, lien, encumbrance, or claim 011 the Equipment, and will, at Your own expense, discharge any such claim. The Equipment is, and will al all times dunng the Agreement Tenn remain, personal property Title to the Equipment has been conveyed to You during the lease term in retum for penodic payments, subject to the terms and conditions herein. 5. SECURITY INTEREST To secure payments and observance by You of the covenants expressed or implied herein, You grant a security interest in and a lien on the equipment to Us, our successors and assigns. 6. USE AND MAINTENANCE. You will use the Equipment in a careful and proper manner, in compliance with all applicable laws and regulations. Equipment is to be used by You exclusively and not subleased, loaned or otherwise used by entities other than You. At Your sole expense and cost, You will maintain the Equipment in good repair, condition and working order and in compliance with manufacturer's suggested maintenance and so as to maintain manufacturer's and for supplier's warranties. 7 DAMAGE OR DESTRUCTION OF EQUIPMENT. You hereby assumes and bears the entire risk of loss of and damage to the Equipment, whether or not insured from any and every cause whatsoever No loss or damage to the Equipment or any part thereof shall impair any of Your obligation under this Agreement, which shall continue in full force and effect. If the Equipment is partially lost, stolen, damaged or destroyed, You will promptly repair and restore it to working order If net insurance proceeds (including proceeds of self-insurance) are not sufficient to pay for repairs, You will nevertheless complete the work and pay the costs. You are not entitled to reimbursement or to any reduction of the payments or other amounts payable pursuant this Agreement. If the Equipment is totally lost, stolen, damaged or destroyed, You shall pay to Us or Our assignee a sum equal to the applicable remaining 'Principal Balance' plus interest as stated on Exhibit B, if paid later than as regularly scheduled. 8. DISCLAIMER OF WARRANTIES: WE MAKE NO WARRANTY EXPRESS OR IMPLIED, INCLUDING THAT THE EQUIPMENT IS FIT FOR A PARTICULAR PURPOSE OR THAT THE EQUIPMENT I5 MERCHANTABLE. YOU AGREE THAT YOU HAVE SELECTED THE SUPPLIER AND EACH ITEM OF EQUIPMENT BASED UPON YOUR JUDGEMENT AND DISCLAIM ANY RELIANCE UPON ANY STATEMENTS OR REPRESENTATIONS MADE BY US OR ANY SUPPLIER. WE DO NOT TAKE RESPONSIBILITY FOR THE INSTALLATION OR PERFORMANCE OF THE EQUIPMENT THE SUPPLIER IS NOT AN AGENT OF OURS AND NOTHING THE SUPPLIER STATES CAN AFFECT YOUR OBLIGATION UNDER THE LEASE. YOU WILL CONTINUE TO MAKE ALL PAYMENTS UNDER THIS AGREEMENT REGARDLESS OF ANY CLAIM OR COMPLAINT AGAINST SUPPLIER. 9. INSURANCE; INDEMNIFICATION: During the term of this Lease, You will keep the Equipment insured against all risks of loss or damage in an amount not less than the replacement cost of the Equipment, without deductible and without co-insurance. We will be the sole named loss payee on the property insurance. We will be named additional msured on public liability coverage. You will pay all premiums for such insurance and must deliver proof of insurance coverage satisfactory to Us. If you do not provide such proof of such insurance before the Lease commences, You agree that We have the right, but no obligation, to enroll you in our property damage coverage program and bill You a property damage surcharge to in part cover Our increased adminstrative costs, credit risk and other costs and on which We may make a profit. Nothing in this paragraph will relieve You of the obligation to provide public liability coverage. 10. SURRENDER OF EQUIPMENT Upon termination of this Agreement, You shall retum the Equipment to Us in good repair, condition and working order, ordinary wear and tear resulting from proper use thereof alone excepted, and have been maintained in accordance with Paragraph 6. In the event of early termination of this Agreement, You will return the Equipment in a condition that permits Us to be eligible for the manufacturer's or supplier's standard maintenance contract without incurring any expense to repair or rehabilitate such Equipment. You will transfer ownership and title to the Equipment to Us and guarantee and indemnify clear title. You, at your own expense, shall deliver the Equipment to such place as specified by Us. 11, TAX INDEMNIFICATION: If You lose Your eligibility for the "Small Issuer Exemption' during the calendar year or this transaction is deemed by any taxing authority not to be tax exempt from federal and/or state income taxation. You agree the implicit interest rate and corresponding monthly interest payment in Exhibit B will be increased to preserve Our originally anticipated yield. 12. TAXES: Unless You have provided Us with evidence of an exemption, You agree to pay any license or registration fees, gross receipts, taxes, assessments, charges and sales, use, property, excise and other taxes imposed by any governmental agency upon the Equipment. My fees, taxes or other lawful charges paid by Us or Our assigns for You shall become immediately due from You to Us or Our assignee including any transfer and taxes pursuant to Paragraph 11. You further agree to pay us an origination fee on the date of the fast lease payment due to cover the expense of originating the agreement. 13. EVENTS OF DEFAULT: The default by You under any term, covenant or condition contained herein which is not cured within ten days after written notice thereof rom Us, shall, at Our option, terminate this Agreement and Your right to possession of the Equipment. 14. REMEDIES ON DEFAULT: Upon termination of this Agreement. We may without notice to or demand upon You, except as stipulated in paragraph 18, pursue one or more of the following remedies: (a) Take any necessary or desirable action to collect all payments due under this Agreement, or to enforce performance of any obligation, agreement or covenant of You under this Agreement, including payment of any amounts which they fail to pay (such as insurance premiums, costs or repairs, taxes). We and Our assigns will also be entitled to recover all costs and expenses, including attomey's tees. incurred in connection with the enforcement of any rights or remedies of Our or Our assigns against You. (b) To sue for and recover all rents, and other payments, then accrued or thereafter accruing, with respect to any or all items of equipment. (c) To take possession of any or all items of equipment, wherever same may be located, without any court order or other process of law. You hereby waive any and all damages occasioned by such taking of possession. Any said taking of possession shall not constitute a termination of this Agreement as to any or all items of equipment unless We expressly notifies You in writing. (d) To terminate this Agreement as to any or all items of equipment. (e) To pursue any other remedy at law or in equity Notwithstanding any said repossession, or any other action which We may take, You shall be and remain liable for the full performance of all obligations on the part of You to be performed under this lease. All such remedies are cumulative, and may be exercised concurrently or separately 15. CONCURRENT REMEDIES: No right or remedy of Ours is exclusive of any other right or remedy Each is cumulative of every other right or remedy given, or now hereafter existing at law, and may be enforced concurrently; separately, or in sequence. 16. ASSIGNMENT: You agrees not to sell, assign, lease, sublease, pledge or allow any lien or encumbrance against any interest in this Agreement or the Equipment without Our prior written consent, which will be withheld if: (1) it would eliminate or decrease Our tax exempt yield or, (2) it would, in Our sole judgment of the Lessor, diminish the prospects for repayment. You agree that Wemay assign, in whole or in part, Our right, title and interest in this Agreement or the Equipment to one or more third parties and shall be free of all defenses, set -offs or counterclaims of any kind which You may be entitled to assert against Us. Any such assignee will have Our rights under the Agreement but not the obligations. Any assignee of Us may reassign its interest in this Agreement and /or the Equipment to any other person who, thereupon, shall be deemed to be Our assignee. 17 UNIFORM COMMERCIAL CODE: You adknowtedge that this Agreement secures a purchase money security interest in such equipment as set forth and enforceable under the Uniform Commercial code, and authorizes Us at Our option to (i) file one or more financing statements signed only by Us, or (ii) file a copy of this Agreement with the appropriate state and local authorities at any time as We shall deem necessary to fully protect the security interest herein granted to it by You. You hereby authorize Us as secured party or its agent or assignee to sign and execute on its behalf any and all necessary UCC -1 loans to perfect the purchase money security interest herein granted to secured party. 15. NONAPPROPRIATION: You may terminate this Agreement if the following events shall have occurred: (a) In the event funds are not budgeted and appropriated in any fiscal year for Lease Payments due under this Agreement for the succeeding fiscal year, or for the acquisition of services, equipment or functions, which in whole or in part are essentially the same as those being leased hereunder, this Agreement shall impose no obligation on the Lessee as to such succeeding fiscal year and shall become null and void except as to the Lease Payments herein agreed upon for which funds will have been appropriated and budgeted, and no right of action or damage shall accrue to Our benefit, Our successors and assigns, for any further payments; (b) If the provisions of Section (a) are utilized by You, You agrees to immediately notify Us or Our assignee of this Agreement that funds are not budgeted and appropriated, and to peaceably surrender possession of the equipment to Us or Our assignee. (c) You made all payments due during the fiscal penod immediately preceding the fiscal period for which sufficient funds were not appropriated. (d) Any early termination due to nonappropriation must be at the end of Your then -current fiscal year 19. CHOICE OF LAW' JURY TRIAL WAIVER: This customer will be governed and construed in accordance with the laws of the slate where You are located. To the extent permitted by law, You agree to waive Your nghts to a trial by jury. 20. CUSTOMER GUARANTY You agree to submit these original Equipment Purchase Agreement documents and any related Supplement(s) to the Lessor or its assignee via ovemight courier the same day of the faxsimile transmission of the Equipment Purchase Agreement documents. Should we fail to receive these originals, you agree to be bound by the faxed copy of this agreement with appropnate signatures on both sides of the document. Customer waives the right to challenge in court the authenticity of a faxed copy of this agreement and the faxed copy shall be considered the original and shall be the binding agreement for the purposes of any enforcement action under the paragraph referencing "DEFAULT AND REMEDIES." YAKIMA CITY OF is Custo� Signature RICHARD ZAIS JR Signature CITY MANAGER Customer X Title asA0 9 Title Date Date bank. Five Stat Service Guaranteed `r'**% Payment and Amortization Schedule: Equipment Cost $51,000.00 Less Trade -In Allowance Less Down Payment Other Costs Financed Equals Amount Financed $51,000.00 EXHIBIT "B" AGREEMENT # 1223521 Customer shall pay MONTHLY payments each in the amount of (see attached schedule). The first such payment shall be due on (see attached), and shall continue on the same day of each MONTH thereafter until the end of the term of this Schedule. The INTEREST RATE ON THIS OBLIGATION IS 4.85 %. The payments herein shall be composed of principal and interest. In the event of changes in the Annual Percentage Rate due to events as outlined in Paragraph 7 of this Agreement (Tax Indemnification), this payment and amortization schedule shall be modified to Lessor's Equivalent Taxable Annual Percentage Rate in order to preserve Lessor's anticipated after tax yield. Amortization and Repayment Schedule: r IF CHECKED, SEE ATTACHED SUPPLEMENT TO EXHIBIT B FOR PAYMENT SCHEDULE PAYMENT NUMBER DATE PRINCIPAL INTEREST TOTAL PRINCIPAL BALANCE plus 1 958 93 YAKIMA CITY OF stomer Customer X Signature RICHARD ZAIS JR Signature CITY MANAGER Title Title I & 7/0 Date Date SUPPLEMENT TO EXHIBIT 'B' Lease # 1223521 CITY OF YAKIMA Payment Interest Principal Balance Loan 51,000.00 1 958.93 206.13 752.80 50,247.20 2 958.93 203.08 755.85 49,491.35 3 958.93 200.03 758.90 48,732.45 4 958.93 196.96 761.97 47,970.48 5 958.93 193.88 765 05 47,205 43 6 958.93 190 79 768.14 46,437.29 7 958.93 187.68 771.25 45,666.04 8 958.93 184.57 774.36 44,891.68 9 958.93 181 44 777 49 44,114 19 10 958.93 178.29 780.64 43,333.55 11 958.93 175 14 783 79 42,549 76 12 958.93 171.97 786.96 41,762.80 13 958.93 168.79 79014 40,972.66 14 958.93 165.60 793.33 40,179.33 15 958.93 162.39 796.54 39,382.79 16 958.93 159 17 799 76 38,583.03 17 958.93 155.94 802.99 37,780.04 18 958.93 152.69 806.24 36,973.80 19 958.93 149 44 809 49 36,164.31 20 958.93 14616 812.77 35,351.54 21 958.93 142.88 816.05 34,535 49 22 958.93 139.58 819.35 33,716.14 23 958.93 136.27 822.66 32,893.48 24 958.93 132.94 825.99 32,067 49 25 958.93 129.61 829.32 31,238.17 26 958.93 126.25 832.68 30,405 49 27 958.93 122.89 836.04 29,569 45 28 958.93 119.51 839 42 28,730.03 29 958.93 116.12 842.81 27,887.22 30 958.93 112.71 846.22 27,041.00 31 958.93 109.29 849.64 26,191.36 32 958.93 105.86 853.07 25,338.29 33 958.93 102.41 856.52 24,481.77 34 958.93 98.95 859.98 23,621 79 35 958.93 95 47 863 46 22,758.33 36 958.93 91.98 866.95 21,891.38 37 958.93 88.48 870 45 21,020.93 38 958.93 84.96 873.97 20,146.96 39 958.93 81 43 877.50 19,269 46 40 958.93 77.88 881.05 18,388.41 41 958.93 74.32 884.61 17,503.80 42 958.93 70 74 888.19 16,615.61 43 958.93 67.15 89178 15,723.83 44 958.93 63.55 895.38 14,828.45 45 958.93 59.93 899.00 13,929 45 46 958.93 56.30 902.63 13,026.82 47 958.93 52.65 906.28 12,120.54 48 958.93 48.99 909.94 11,210 60 49 958.93 45.31 913.62 10,296.98 50 958.93 41.62 917.31 9,379.67 51 958.93 37.91 921.02 8,458.65 52 958.93 34 19 924 74 7,533.91 53 958.93 30 45 928 48 6,605 43 54 958.93 26.70 932.23 5,673.20 55 958.93 22.93 936.00 4,737.20 56 958.93 19 15 939 78 3,797 42 57 958.93 15.35 943.58 2,853.84 58 958.93 11.53 947 40 1,906.44 59 958.93 7 71 951.22 955.22 60 958.93 3 71 955.22 0 00 Grand Totals 57,535.80 6,535.80 51,000.00 CITY OF YAKIMA �� RICHARD ZAIS JR - CITY MA. GER bank.* Five Star Service Guaranteed + w EXHIBIT "C" AGREEMENT # 1223521 Property Acceptance Certificate: Lyon Financial Services, Inc dba U.S Bancorp Business Equipment Finance Group (Lessor) and the undersigned Municipality (Customer), we hereby certify to and agree with the Lessor as follows. 1. The Equipment as defined in the Agreement, has been delivered and installed at the location specified in the agreement and accepted on the date indicated below. 2. Customer has conducted such inspection and/or testing of the Equipment as it deems necessary, and hereby acknowledges that it accepts the Equipment for its purposes. 3 No event of default, as defined in the Agreement, and no event that would cause default, has occurred and is continuing at the date hereof. Based on the above certification, Customer shall commence the Payments as stated in Exhibit B to the Agreement. Dated: r , b,00 9 . YAKIMA CITY OF *tomer Signature RICHARD ZAIS JR Signature Customer X CITY MANAGER Title Title a /o Date Date bank. Five Star Service Guaranteed DRIVERS LICENSE REQUEST AGREEMENT # 1223521 Please attach a copy of ALL SIGNORS Drivers License: (including signature) bank. Five Srar Service Guaranteed tw,, f'9 VERBAL AUTHORIZATION AGREEMENT # 1223521 Kms' �(2ZeAdc) (Name and Title of Contact for Verbal Verification) �2PASc,A. .�rf/ce is authorized r� for and on behalf of YAKIMA CITY OF to verbally verify terms and conditions of the Agreement. *MUST BE SIGNED BY SOMEONE OTHER THAN THE PERSON NAMED ABOVE. YAKIMA CITY OF Customer Signature RICHARD ZAIS JRJ CITY MANAGER Title Dat PRODUCER WELLS FARGO INS SERVICES NW INC PO Box 2547 Yakima, WA 98907 (509)248-7460 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. COMPANIES AFFORDING COVERAGE COMPANY A Affiliated FM Insurance Company INSURED City of Yakima 129 N. 2nd Street Yakima, WA 98901 COMPANY B COMPANY C COMPANY D A X CAUSES X THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. CO LTR TYPE OF INSURANCE POLICY NUMBER POLICY EFFEC1TVE DATE WINDOM') POLICY EXPIRATION DATE (MM/00/YY) COVERED PROPERTY LIMITS A X CAUSES X PROPERTY OF LOSS BASIC BROAD SPECIAL EARTHQUAKE FLOOD PB218 1/10/09 1/10/10 X BUILDING PERSONAL PROPERTY BUSINESS INCOME EXTRA EXPENSE BLANKET BUILDING BLANKET PERS PROP BLANKET BLDG II PP $ $51,000 $ $ $ $ $ $ $ TYPE cpusEsoFuns INLAND MARINE OF POLICY$ NAMED PERILS OTHER . $ ° I7 P $ $ $ $ TYPE CRIME OF OF POUCY$ ___ $ $ BOILER & MACHINERY ___ $ $ j OTHER LOCATION OF PREMISES/DESCRIPTION OF PROPERTY CERTIFICATE HOLDER IS INCLUDED AS LOSS PAYEE REGARDING TWO LEASED COPY MACHINES PER AGREEMENT #1223521. SPECIAL CONOITIONS/OTHER COVERAGES l'CERTIFICATEHOLDERi',,t0t;.!;;,.z, U.S. Bancorp Business Equipment Finance Group Attn: Documentation Dept. 1310 Madrid St., Suite 106 Marshall, MN 56258 SHOULD ANY OF THE ABOVE DESCRIBED POUCIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL. ENDEAVOR TO MAIL 10 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO MAIL SUCH NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE COMPANY, ITS AGENTS OR REPRESENTATIVES. AUTHORIZED REPRESENTATIVE 44.dir:td5 OiRPORATIoN Form 8038 -GC (Rev November 2000) Information Return for Small Tax -Exempt Governmental Bond Issues, Leases, and Installment Sales ► Under Internal Revenue Code section 149(e) Department of the Treasury Internal Revenue Service Reporting Authorit Caution: If the issue price of the issue is S100,000 or more, use Form 8038-G. OMB No. 1545-0720 Check box if Amended Return ► ❑ 1 Issuer's name2 CO/ OT'A )k1- Issuer's employer identification number 9/ :/oo/a93 3 Number and street (or P.O. box if mail is not delivered to street address) I a9 140 Irr4 S6 cog& s12eeT Room/suite 4 City, town, or post office, state, and ZIP code �A .r,A ()c 9q' 96 t 5 Report number 5 6 Name and titl of officer or legal representative whom the IRS may call for more information /,/ L' • �2eAc ci2'1 S� th CA,.., t 'c e� 7 Telephone number of officer or legal representative (Se 9 ��S" 6a a Y _,, Part II Description of Obligations Ch ck if reporting. a single issue ■ or on a consolidated basis ■ 8a Issue price of obligation(s) (see instructions) b Issue date (single issue) or calendar year (consolidated) (see instructions) 11,- 9 Amount of the reported obligation(s) on line 8a: 9 a Used to refund prior issue(s) h Ronro c ntinn a Ivan from tho nrnr•oaric of annther tax-Pxemni ohlination (e.o.. bond bank) 8a 51• 000.0 O -'^' 9a 9b 10 If the issuer has designated any issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check this box ► 11 If any obligation is in the form of a lease or installment sale, check this box ► 12 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check this box ► ❑ 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, thgy are true, cor ct,,a d complete. Sign Here s authorized representative la -9-o 9 Date „kw 4/L36 Type or print name nd title General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 8038 -GC is used by the issuers of tax-exempt governmental obligations to provide the IRS with the information required by section 149(e) and to monitor the requirements of sections 141 through 150. Who Must File Issuers of tax-exempt governmental obligations with issue prices of less than $100,000 must file Form 8038 -GC. Issuers of a tax-exempt governmental obligation with an issue price of $100,000 or more must file Form 8038-G, Information Return for Tax -Exempt Governmental Obligations. Filing a separate retum. Issuers have the option to file a separate Form 8038 -GC for any tax-exempt governmental obligation with an issue price of less than $100,000. An issuer of a tax-exempt bond used to finance construction expenditures must file a separate Form 8038 -GC for each issue to give notice to the IRS that an election was made to pay a penalty in lieu of arbitrage rebate (see the line 12 instructions). Filing a consolidated retum. For all tax-exempt governmental obligations with issue prices of less than $100,000 that are not reported on a separate Form 8038 -GC, an issuer must file a consolidated information return including all such issues issued within the calendar year Thus, an issuer may file a separate Form 8038 -GC for each of a number of small issues and report the remainder of small issues issued during the calendar year on one consolidated Form 8038 -GC. However, a separate Form 8038 -GC must be filed to give the IRS notice of the election to pay a penalty in lieu of arbitrage rebate. When To File To file a separate retum, file Form 8038 -GC on or before the 15th day of the second calendar month after the close of the calendar quarter in which the issue is issued. To file a consolidated return, file Form 8038 -GC on or before February 15th of the calendar year following the year in which the issue is issued. Late filing. An issuer may be granted an extension of time to file Form 8038 -GC under Section 3 of Rev Proc. 88-10, 1988-1 C.B. 635, if it is determined that the failure to file on time is not due to willful neglect. Type or print at the top of the form, "This Statement Is Submitted in Accordance with Rev. Proc. 88-10." Attach to the Form 8038 -GC a letter briefly stating why the form was not submitted to the IRS on time. Also indicate whether the obligation in question is under examination by the IRS. Do not submit copies of any bond documents, leases, or installment sale documents. See Where To File below. Where To File File Form 8038 -GC, and any attachments, with the Internal Revenue Service Center, Ogden, UT 84201. Other Forms That May Be Required For rebating arbitrage (or paying a penalty in lieu of arbitrage rebate) to the Federal govemment. use Form 8038-T, Arbitrage Rebate and Penalty in Lieu of Arbitrage Rebate. For private activity bonds, use Form 8038, Information Retum for Tax -Exempt Private Activity Bond Issues. Rounding to Whole Dollars You may show the money items on this retum as whole -dollar amounts. To do so, drop any amount less than 50 cents and increase any amount from 50 to 99 cents to the next higher dollar Definitions Obligations. This refers to a single tax-exempt govemmental obligation if Form 8038 -GC is used for separate reporting or to multiple tax-exempt governmental obligations if the form is used for consolidated reporting. Tax-exempt obligation. This is a bond, installment purchase agreement, or financial lease, on which the interest is excluded from income under section 103. Tax-exempt govemmental obligation. A tax-exempt obligation that is not a private activity bond (see below) is a tax-exempt governmental obligation. This includes a bond issued by a qualified volunteer fire department under section 150(e). Private activity bond. This includes an obligation issued as part of an issue in which: • More than 10% of the proceeds are to be used for any private activity business use, and Cat. No. 641086 Form 8038 -GC (Rev 11-2000) CITY OF I:A KI 6V.I{'YAKIMA, WASHINGTON 98901 OWARRANTTNUMBER1,, 1111... <,:.;w;:., ..:� 1111....., 1111 t:. , ���' NET�AMOUNT`, .t'G 035:`AMOUNT r . <,DI3COUNT: '`-,;h ;�;x ,,INV.OIGE"<NO. :.> :<< . �:,.,> R . , 1111 ,1111.; 1111.,., ,:1111 1111.. ;:11:11. . _1111: 11::11 ..........: ,11:11. �.......... 1111 11:11. 1111... 840806 TOTAL: 1223521 400:00 $400.00 0.00 400.00 $0.00 $400.00 CITY OF YAKIMA 129 No. 2nd St. YAKIMA, WASHINGTON 98901 TO THE CITY TREASURER OUT OF THE CLAIMS FUND NOT OTHERWISE APPROPRIATED pTO THE ORDER OF oa..... .,.o ...o .1111100 ..,o .,.a FOUR HUNDRED AND NO/100 DOLLARS US BANCORP BUS EQUIP FINANCE ATTN DOCUMENTATION DEPT 1310 MADRID ST SUITE 106 MARSHALL, MN 56258 YAKIMA VALLEY BRANCH BANK OF AMERICA YAKIMA, WASHINGTON 15-2/1250 DATE WARRANT NUMBER 12/08/09 840806 .:AMOUNT ***$400 00 DIRECTOR OF FINANCE CITY MANAGER BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. For Meeting Of 12/08/09 ITEM TITLE: A Resolution approving and authorizing a new lease for two high speed Laser Printer/ Copiers pursuant to the Municipal Lease /Purchase Agreement with US Bancorp Business Equipment Finance Group SUBMITTED BY: Rick Pettyjohn, Information Systems Manager 575-6098 CONTACT PERSON: Jon Lorberau, Treasury Services Officer, 575-6024 SUMMARY EXPLANATION: Inforniati on Systems has replaced two old Savin Laser Printer/Copiers in the City print shop with two new OCE VarioPrint 1105 Laser Printer/Copiers. The old printers were approximately six years old, were failing frequently and seriously disrupting work. Though the printers were covered by a maintenance agreement, the cost of this agreement was very high and the' interruptions of service were costly. The City is executing a new lease to replace the lease that expired on the old machines. Based on existing printing volumes, the new printers will result in reduced 2010 expenditures from the 2009 expenditures due to the substantial reduction in maintenance contract costs. There will be additional savings in reduced down time and in ttilization of the new features included with the new printers. The attached Resolution authorizes a lease/purchase arrangement for the copiers pursuant to the US Bancorp's Municipal Lease Purchase Agreement. Financing will be provided under this agreement as per the payment schedule in the attached lease agreement. This is a five-year installment agreement at an interest rate of 4.85%. Monthly payments will be $958.93 for an annual amount of $11,507.16 which is less than the annual payments of old lease. Three bids from Key Bank, US Bancorp and Leaf Municipal Leasing were reviewed and US Bancorp offered the best balance of rateand term. This loan will close in December and documents will be finalized before December 10th, 2009. This is a housekeeping transaction to complete the financing of the new printer/copiers. The 2009 and 2010 Information Systems' Budget contains sufficient appropriations for. the Capital Lease expenditures and Debt Service expenditures for this transaction. Resolution XX Ordinance Other (Contract) Municipal Lease Purchase Agreement Mail to (name and address): US Bancorp Business Equipment Finance Group APPROVED FOR SUBMITTAL: . -City Manager STAFF RECOMMENDATION: Approve Resolution BOARD / COMMISSION RECOMMENDATION: 'OUNCIL ACTION: Pay -Off Quote ** Contract is in in the process of being closed** Date of Quote: Customer Name: Attn: Email: Contract Number: Contract Balance: Purchase Option: Sales Tax: Personal Property Tax: Late Charges: Other Fees: 12/12/2014 YAKIMA CITY OF Alejandra alejandra.rodriguez@yakimawa.gov 550-0028388-000 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total Payoff Amount: $0.00 Valid Through: 12/19/2014 PLEASE REMIT TO: U.S. Bank Equipment Finance PO Box 790448 St Louis, MO 63179-0448 Payoff Department Phone. 800-328-5371 These figures are subject to final verification upon our receipt of funds. We reserve the right to adjust these figures and refuse any funds which are insufficient to payoff the contract in full for any reason including, but not limited to, error in calculation of the pay-off amount, dishonored check/money order, or additional amounts due for expenses advanced by us. SHOULD FUNDS BE PAYABLE BY A THIRD PARTY ON YOUR BEHALF, WE WILL NEED YOUR PRIOR WRI1"I'EN AUTHORIZATION TO ACCEPT. Notwithstanding the foregoing, if this is a quote for a partial payoff, after receipt of such partial pay-off payment, we shall reduce the amount of your remaining monthly payment(s) accordingly. Issuance of this buy-out statement does not suspend the contract requirement to make monthly payments when due. Payments not received by the contractual due date will be subject to any late fee provisions contained in the Customer's contract. Customer is advised that this Quote in no way releases it from any obligations or liabilities to any third party, including, but not limited to, the original supplier of the Equipment. Our wire instructions are as follows: Beneficiary Name: U.S Bank Equipment Finance, Inc Bank Name. Account No: ABA Routing No : ATTN. U.S Bank 173103320706 091000022 550-0028388-000 * This estimate is based upon the most recent tax assessment on the property or on the tax rates and taxable value calculations as available from the appropriate taxing jurisdiction. If the actual personal property tax bill is within $500 of the assessment, then we shall not seek reimbursement from you for any underpayment, and we may retain any overpayment. If the difference between such estimate and the actual tax bill exceeds $500, we shall refund or you shall remit the entire difference. Please Note: This payoff quote assumes no additional payments will be made. Repeated requests for pay-off information are costly to process. As a result, a $100.00 administrative fee may be added to the pay-off balance for additional pay-off figures quoted for the above contracts(s).