HomeMy WebLinkAbout1998-298
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RESOLUTION NO.
98-298
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
3 SAN BERNARDINO APPROVING LEASE-PURCHASE FINANCING OF FIRE
4 APPARATUS FROM GE CAPITAL
5 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCil OF THE CITY OF SAN BERNARDINO AS FOllOWS:
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SECTION 1. That the Director of Finance is hereby authorized and directed to
8 issue an addendum to the Master lease Agreement between GE Capital Public
9 Finance, Inc. and the City of San Bernardino for the financing of one (1) Pierce 105'
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Heavy Duty ladder Truck and seven (7) Pierce 1,500 GPM triple combination pumpers
at a cost of $2,553,900 plus 4.54% interest. The Treasury Note-Interest Rate Index
established to protect the City and share market-rate change risks with lessor shall be
attached hereto and incorporated herein as Exhibit A. Payment schedule as modified
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15 from original bid in accordance with Treasury Note-Interest Rate Index shall be attached
16 hereto and incorporated herein as Exhibit B.
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SECTION 2. The authorization to execute the above referenced Financing
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19 Contract is rescinded if the parties to the Agreement fail to execute it within ninety (90)
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days of the passage of the Resolution.
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98-298
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO APPROVING LEASE-PURCHASE FINANCING OF FIRE APPARATUS
2 FROM GE CAPITAL.
3 I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor
4 and Common Council of the City of San Bernardino at a regular meeting
5 thereof, held on the
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19th
day of
October
, 1998
, by the following vote, to
wit:
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8 COUNCIL MEMBERS
9 ESTRADA
10 LIEN
11 ARIAS
12
SCHNETZ
13
DEVLIN
14
ANDERSON
15
16 MILLER
AYES
NAYS
ABSTAIN ABSENT
x
x
x
x
x
x
x
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Rachel Clark, City Clerk
The foregoing resolution is hereby approved this;:!(J
OCtober ,1998.
Approved as to form
24 and legal content:
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{ /t,u..--'
Judith Valles, Mayor
City of San Bernardino
JAMES F. PENMAN
City Attor ey .,
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By:
98-298
Exhibit ~
GE CAPITAL PUBLIC FINANCE, INC.
TREASURY NOTE. INTEREST RATE INDEX
THE PROGRAM: GECPF adjusts the interest rate to market conditions at the time
of funding the Escrow. When all documents have been received
and approved by GECPF; the applicable interest rate is set
based upon 50% of the change in the weekly average of
Treasury rates as published in the H.15 report. Sample
attached.
DEFINITIONS:
Base Financing Rates
Financina Terms. % (Quoted Rate)
7 annual arrear 4.78
8 annual arrear 4.78
9 annual arrear 4.82
"First payment due July 15, 1998.
H.15 Term
5 year
5 year
5 year
September 11, 1998
Base H.15 Rate %
4.72
4.72
4.72
Current H.15 Rate: The applicable interest rate will be the weekly average interest
rate published in the H.15 5 working days immediately preceding
the day funding occurs.
HOW IT WORKS: When GECPF receives all the completed documentation, we will
identify the Treasury H.15 interest rate corresponding to the
H.15 Term. This interest rate is the Current H.15 Rate and is
subtracted from the Base H .15 Rate which was current at the
time of Base Financing Rate calculation.
The difference between the Current H.15 Rate and the Base
H.15 Rate will be multiplied by 0.50 and then added to the Base
Financing Rate to determine the Final Fixed Interest Rate.
INDEX
CALCULATION: [(Current H.15 Rate - Base H.15 Rate) x .50] + Base Financing
Rate = Fixed Rate
EXPIRATION DATE: This index is valid through November 15, 1998, unless
extended in writing by GECPF. This will only be used for the
Escrow funding anticipated by November 15, 1998.
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OCT 7' 98 <l7: 50 FR GE CAP'lTR.
98-298
512 897 5501 'TO 919~3845043
c& C.,it.a. r.blic Pi.a.ce. lac.
r.,...eat Se~.d.h
FundlqDuc ..... ......---............ ...........---... . . . . . . - - - - - . - Nov-4HI8
Coupon a- ...... . - . . - . - - . . . - - . - . . - . . . . . . , - - . . . . . - ........ ...-
"-' T.... l"McipoI -- ~""'.7..-..a.
..... - "-' eo.. r lbm c...'11 -
No.41.99 3&4.191.75 269.752.69 11.s.o39.06 2.393.7SI.57
Nov-4I.()O 2 334,791.7S 2&1.999.46 102.792.29 2.oa1.729.16
Nov-4I-41 3 334,791.7' 294,802.24 19.!189.s1 1.760,222.70
Nov~I.()2 4 314.791.7' 3OI,Ilki26 76HJSAJ 1,421,9011.72
Nov-4I~3 S 3&4.791.7S 322,117.92 62,613.83 1,ClI7,sIUO
_-41~ 6 3&4.191.7S 336.804.79 47.!186.96 7JS,B60.7lI
Nov~I-o.s 7 314.191.75 3S2,D9S.7J 32,.696.02 m,439.20
Nov-4I-46 8 334,791.75 361.oeo.91 16,710.14 0-00
TOTAL 3,ll7I,J34.oo 2.533,900.00 -,434.00
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