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Cll . OF SAN BERNARDI.. J - REQUE" T FOR COUNCIL ACT 'N
Date:
September 20, 1988
SUbject:)lLease Purchase LP9001
1. Refuse Containers - F-88-16
2. Refuse Vehicles - F-88-17
3. UPS System - N~
From:
Dean R. Meech, Purchasing Agent
Purchasing
Dept:
Synopsis of Previous Council action:
None
Recommended motion:
Adopt Resolution
Dean R. Meech
Contact perlon:
Dean R. Meech
Phone:
384-5085
N/A
Supporting data attached:
Yes
Ward:
FUNDING REQUIREMENTS:
Amount: $802,557.92
127-412-55780
Source: (ACCT. NO.) 127-413-55115 001-461-55576
(ACCT. DESCRIPTION) See Report Body
Finance: ~}) I"""'-
Council Notes:
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75.0262
Agenda I tem No.
/6
Cll. OF SAN BERNARDlh4 - REQUE~ ( FOR COUNCIL ACT..~N
STAFF REPORT
LP9001
The proposed Council Action is for a five (5) year lease purchase transaction
covering several combined purchases of equipment by the City. They are...
Bid F-88-16 8,000 each ninety (90) gallon refuse containers for an
automated truck pick-up system. the amount to finance is $411,534.40.
The vendor is Kirk Rotational Molding Inc. The delivery is 90 days
A.R.O. (account number 127-412-55780).
Bid F-88-17 three (3) each 36 cubic yard front loader refuse vehicles.
The amount to fi nance is $315,023.52. The vendor is Engs Motor Truck
Company. the delivery is 180 days A.R.O. (account number
127-413-55135) .
Parti a 1 fi nanci ng of the (UPS>> uni nterrupted power system (to protect
the computer, police and fire dispatch and telecommunications). The
amount to finance is $76,000.00. The vendor is Powerwest Inc.
(Manufacturers are Topaz, Powerwest Inc. and Computer Power Products).
Purchase Order 903250 Computer Power Products
Purchase Order 903252 Topaz
Purchase Order 903251 Powerwest Inc.
Total Including Tax
$73,494.08
$ 419.76
$18,630.40
$92,544.24
(Account number 001-461-55576) $16,544.24 1988/89 Budget
Balance to finance: $76,000 (add to 5 year lease purchase)
The following is a summary of financing quotes received for the selection of a
vendor to arrange the lease purchase transaction.
* *(see attached)* *
Lease purchase quotati ons (LP900l) were soli ci ted from 24 vendors supp 1 i ng
financing. Nine (9) vendors responded.
The vendor Security Pacific Leasing Corp. offers the best interest rate. It is
therefore recommended that the quotation offered be considered by Council for
finalization by the City Attorney's Office of all documents necessary. to
implement and effect a five (5) year lease purchase transaction for the
aforementioned project.
The Purchas i ng Agent met wi th the Attorney's Offi ce so as to insure in the
quotation all the necessary elements favorable to the City. The vendor and
City Attorney's Office will exchange and develop the transaction agreement
documents for signature by the Mayor.
De~~gent
75-0264
1 RESOLUTION NO.
2 RESOLUTION OF THE CITY OF SAN BERNARDINO AWARDING A FIVE
(5) YEAR LEASE PURCHASE AGREEMENT TO SECURITY PACIFIC LEASING
3 CORPORATION FOR THE FINANCING OF 8,000 EACH NINETY (90) GALLON
REFUSE CONTAINERS, THREE (3) EACH 36 CUBIC YARD FRONT LOADER
4 REFUSE VEHICLES AND THE UNINTERRUPTED POWER SYSTEM IN ACCORDANCE
WITH LEASE PURCHASE QUOTATION LP9001.
5
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
6 OF SAN BERNARDINO AS FOLLOWS:
7
SECTION 1:
That Security Pacific Leasing Corp. is the
8 lowest and best responsible bidder for the financing of 8000 each
9 ninety (90) gallon automated refuse containers, three (3) each 36
10 cubic yard front loader refuse vehicles and the Uninterrupted
11 Power System in accordance with Lease Purchase Quotation LP900l
12 for the total amount of $802,557.92; pur~uant to this
13 .determination, the City Attorney is hereby authorized and
14 directed to prepare the necessary lease purchase transaction
15 documents for said financing of 8000 each ninety (90) gallon
16 automated refuse containers, three (3) each 36 cubic yard front
17 loader refuse vehicles and the Uninterrupted Power System to
18 said lowest and best responsible bidder Security Pacific Leasing
19 Corp.; such award shall only be effective upon the issuance of an
20 agreement by the Mayor of the City of San Bernardino; and all
21 other quotations therefor are hereby rejected.
22
SECTION 2: No other transactions hall be initiated under
23 the Master Lease contained in this agreement without the prior
24 approval of the Mayor and Common Council.
25
SECTION 3:
The Director of Finance, Purchasing Agent and
26 the City Attorney are hereby authorized to execute such documents
27 as are necessary for the administration of this transaction.
28
JFW:ss 1
November 23, 1988
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RESO: AWARDING I 'IVE YEAR LEAS'" "URCHASE AGREEMENT TO
SECURITY PACI~IC LEASING CORPORA~~ON
1 I HEREBY CERTIFY that the foregoing resolution was duly
2 adopted by the Mayor and Common Council of the City of San
3 Bernardino at a ________________meeting thereof, held on the
4
day of
19
, by the following
5 vote, to wit:
6
7
AYES:
COUNCIL MEMBERS
8
9
NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this
day of
, 19
Evlyn Wilcox, Mayor
City of San Bernardino
21
20 Approved as to form and
legal content:
23
22 City Attorney
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JFW:ss 2
November 23, 1988
SECURITY PACIFIC CAPITAL
LEASING CORPORATION
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EXECUTIVE OFFICES: FOUR EMBARCADERO CENTER. SUITE 1200 . SAN FRANCISCO. CA 94111 . P.O. BOX 7722 (94120) . (415) 765.7300
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October 3, 1988
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CITY OF SAN BERNARDINO, CALIFORNIA
250 West Cluster Street
San Bernardino, California 92408
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Attention: Mr. Dean Meech
Purchasing Agent
Gentlemen:
We are pleased to inform you that, pursuant to your request, we
are agreeable to entering into a leasing transaction with you in
accordance with the terms of the Master Lease and other
documentation enclosed herewith and upon the following additional
terms and conditions. The capitalized terms used herein have the
same meanings as set forth in the Master Lease.
Lessor:
SECURITY PACIFIC CAPITAL LEASING
CORPORATION
Lessee:
CITY OF SAN BERNARDINO, CALIFORNIA
Eauipment:
Various New Refuse related Equipment/
Power System
Lessor reserves the right to approve
any and all items of Equipment prior
to any scheduling under this leasing
line.
This commitment specifically excludes
any item or items of Equipment with
a unit cost of less than $100.00.
Cost of Eauipment:
Estimated at: $803,000.00
Lessor has approved the leasing line
hereunder for the full estimated
cost. However, in the event of cost
overruns, Lessor reserves the right
to exclude undelivered and unaccepted
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SECURITY
PACIFIC
CAPIT AL
LEASING CORP.
2
Cost of Equipment:
(Continued)
items of Equipment in order to stay
within the estimated Cost, or to
include such items and to adjust ~
the Rentals and rental rates on
this overrun.
Delivery and Takedown:
Eauipment Location:
December, 1988
San Bernardino, California
Term of Lease:
Interest Rate:
Five (5) Years
The Lease Term for each item of
Equipment will commence on and as
of the date of Acceptance of said
Equipment by the Lessee.
Seven and 25/100 percent (7.25%)
Rentals:
Lessee will be required to make ten
(10) equal consecutive semi-annual
rental paYments, each in arrears,
at $121.00 per $1,000 of Equipment
Cost.
Should the proposed leased Equipment
not be accepted by Lessee and the
Lease Schedule not executed prior
to the Expiration Date, referred to
below, Lessor reserves the right to
extend its commitment with respect
to any portion of this transaction
beyond the Expiration Date and/or
to adjust the rentals.
Property Taxes:
Lessor intends to report for assess-
ments all property located in
California. Lessee shall reimburse
Lessor (or upon Lessor's request,
pay directly,) such California
property taxes, including (except
where caused solely by Lessor's
acts or omissions) any penalties,
interest and costs of Lessor
associated therewith.
Purchase option:
At the expiration of the five (5)
year lease term, Lessee shall have
the option to purchase all of Lessor's
right, title and interest in and to
the Equipment for one dollar ($1. 00) .
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SECURITY
PACIFIC
CAPIT AL
LEASING CORP.
Insurance:
3
Notwithstanding the language in
Paragraph 14 of the Master Lease,
so long as Lessee is not in default
under the terms and conditions of
said Lease, Lessee will have the
right to self-insure for public
liability and property damage, and
risk of loss coverages on all
Equipment leased pursuant to this
commitment.
Financina statements:
Appropriate Fin~ncing Statement(s)
will be required.
A $10,000 minimum Equipment Cost
requirement will apply on all lease
scheduling under this commitment.
Should Lessee request schedul!ng
for amounts between $5,000 and
$10,000, a $150.00 scheduling fee
will be due and payable upon execution
of the Lease Schedule.
Lease Schedules:
Financial Statements:
Lessee's audited annual financial
statements, including Fund Balances, .
are to be mailed to Lessor within ~
120 days from Lessee's fiscal year v'.
end as well as such other information
as the Lessor may from time to tiae
reasonably request, and Lessor (and
its affiliates and their
representative agents, employees,
officers and directors) are hereby
irrevocably authorized to interchange /
and utilize all credit information V
files and facilities in possession
of Security Pacific Corporation,
Security Pacific National Bank and
their respective subsidiaries and
affiliates and others as aay be
necessary or desirable for the
analysis, processing, review and
collection of any transactions with
Lessee.
It is hereby required that Le.see
supply Lessor with their June 30,
1987 fiscal year end financial
statements prior.to any funding
under this transaction.
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SECURITY
PACIFIC
CAPIT AL
LEASING CORP.
4
Tax status
Representation:
Lessee represents that it is qualified
as a "political subdivision" within
the meaning of subsections (a) and
(c) to Section 103 of the Internal
Revenue Code of 1986 ("Code") and
that this transaction will constitute
an obligation of the Lessee within
the meaning of said subsections.
Lessee agrees to cooperate with
Lessor in providing evidence as
deemed necessary or desirable by
Lessor to substantiate such tax
status.
Filinq Requirements:
Lessee further represents that it
shall comply with the filing
requirements set forth in Section ~'
149(e) of the Code with respect to
this transaction and will provide
Lessor with a copy of the filing
when made. Copy of the filing is
to be received by Lessor by no later
than the fifteenth day of the second
calendar month following the calendar
quarter of funding. Should Lessee
fail to make the filinq in the manner
or within the time required, Lessee ~/
shall indemnify Lessor for any
resulting loss of Federal income
tax exemption to the interest portion
of the rental payments.
Opinion of Counsel:
Lessee shall provide Lessor with an
opinion from Lessee's counsel stating
that the Master Lease of Personal
Property and other documents required
of the Lessee hereunder have been
duly authorized, executed and
delivered by Lessee and that such
documents are valid and binding
obligations of the Lessee in
accordance with their respective
terms. In addition, the opinion
shall confirm the true and exact
name of Lessee.
Such opinion shall also affirm that
the Lessee qualifies as a "political
subdivision" within the meaning of
subsections (a) and (c) to Section
103 of the Code and that this
transaction will constitute an
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SECURITY
PACIFIC
CAPIT AL
LEASING CORP.
5
Opinion of Counsel:
(Continued)
obligation of the Lessee within the
meaning of said subsections.
Said opinion shall be delivered to
Lessor prior to the commencement of
said Lease and must be acceptable
to Lessor's counsel.
Lessee ReDresentation:
Lessee hereby warrants that this
transaction does not violate any . ~..
terms or conditions of any material ~
credit agreement or any other
agreements or instrument to which
Lessee is a party.
Commitment Fee:
A $16,060.00 or two percent (2%)
commitment fee is hereby required
upon execution of this Commitment
Letter. This fee is based upon the
estimated total Cost of Equipment
to be leased hereunder and will be
applied to the first rental payment(s)
on a pro rata basis as Equipment is
leased. If the lease line is not
utilized, fully or in part, any
portion of the commitment fee not
applied to rentals will be retained
by Lessor in consideration of its
work and commitment hereunder.
/
/
Documentation:
The following additional documents
are necessary to this transaction:
a) Master Lease of Personal
Property
(original and one copy)
b) Leasing Resolution
(original and one copy)
c) Information Form (one copy)
d) UCC Financing Statement (one)
e) Commitment Fee Billing Invoice
(original and one copy)
f) Opinion of Counsel
g) Copy of Section 149(e) filing
h) Financial Statements
Please execute items a through d
above and return them to Lessor,
along with items e through h, as
soon as possible. Upon Lessor's
acceptance, copies will be returned
for Lessee's files.
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SECURITY
PACIFIC
CAPIT AL
LEASING CORP.
6
When Lessee is ready for Lessor to order the Equipment, please
advise Lessor and include the following necessary information:
1. A complete description of the Equipment, including model
number, serial number, etc.
2. The cost, including a detailed breakdown of the unit cost
of each individual item, installation and delivery costs,
and all taxes.
3. The name, address, and phone number of the supplier.
4. Shipping and delivery instructions.
5. Any other relevant instructions.
After Lessor has prepared its purchase order, Lessor will forward
it to Lessee for review and execution. Upon receipt of the approved
purchase order, Lessor will forward the original (supplier's copy)
to the supplier.
When properly invoiced, Lessor will prepare a Lease Schedule which ~.
will be forwarded to Lessee for execution.
Upon return of the properly executed documents, Lessor will then
be in a position to make paYments to the supplier(s).
The form, substance and enforceability of all instruments required
by Lessor in completing the transaction proposed in this Commitment
Letter must be satisfactory to Lessor's legal counsel. Lessee
agrees to give Lessor such evidence of compliance with the
conditions of the Commitment Letter as such legal counsel may
require. Expenses incurred for or attributable to any sighificant ~
amount of lease negotiation, tailoring, or redrafting shall 'be for
the account of the Lessee.
EXDiration Date of
This Commitment:
Lessor's obligation to acquire and
fund Equipment hereunder, terminates
and expires on December 31, 1988.
If the Equipment has not been delivered at the above described
Location and accepted by Lessee on Lessor's forms prior to the
above Expiration Date, or there is, prior to said Expiration Date,
in Lessor's opinion, an adverse change in Lessee's financial
condition since the date shown on the latest financial statement(s)
which Lessee has furnished Lessor, then, at Lessor's option, Lessor
may terminate its obligations under this Commitment Letter as to
any Equipment which has not theretofore been accepted by Lessee
on Lessor's forms.
~
This will be a non-cancelable net lease transaction whereby
maintenance, insurance, full indemnification, property taxes,
documentation costs and all items of a similar nature will be for
Lessee's account.
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SECURITY
PACIFIC
CAPIT AL
LEASING CORP.
7
It is understood that Lessor's obligations are contained only in
this Commitment Letter and any amendment to it in writing, signed
by Lessor's authorized officer. The provisions hereof supersede
all prior and contemporaneous discussions, lease applications and
proposals with respect to the transaction described herein.
If Lessee agrees to enter into the leasing transaction and obtain
Lessor's firm commitment on the terms set forth in this Letter
and in the Master Lease, Lessee must indicate Lessee's acceptance
by executing and delivering to Lessor, at Lessor's office in San .
Francisco, California, the enclosed copy of this Letter within ~
ten (10) days from the date of this letter.
Please be assured of our desire to give you the best and most
efficient leasing service.
Very truly yours,
PACIFIC CAPITAL LEASING CORPORATION
),C2M:J
i
By !
ody L. Osmundson
, ontract Administrator
ACCEPTANCE:
Lessee hereby agrees to enter into the leasing transaction described
herein on the terms and conditions and with the agreements and
covenants as set forth herein and agrees that this Commitment
Letter shall constitute part of the Master Lease.
CITY OF SAN BERNARDINO, CALIFORNIA
Date
By
Title
By
Title
,Enclosures
Robert Humber/SPLC
II
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MASTER LEASE OF PERSONAL PROPERTY
SECURITY PACIFIC
CAPITAL LEASING CORPORATION , herein referred to as
4 "Lessor", hereby leases to the undersigned "Lessee", and Lessee
5 hereby leases from Lessor the personal property (herein called
6 "Equipment") described below, upon the terms and conditions
7 l1ereinafter set forth:
8 1. DEFINITIONS. For all purposes herein, and for the
9 purpose of the documents executed pursuant hereto, the following
10 terms shall have the following meanings (such definitions to be
11 equally applicable to both the singular and the plural forms
12 thereof or to any gender thereof), unless the context indicates
13 otherwise:
the
14 (a) Commitment Letter. "Commitment Letter" shall mean-a-
dated October 3, 1988
15 letter agreemenolbetween Lessor and Lessee describing Lessor's
16 commitment to Lessee to enter into the leasing transaction
17 described therein under and pursuant to the terms and conditions
18 of said Commitment Letter and this Master Lease and the
19 applicable Lease Schedule(s) and said Commitment Letter shall be
20 deemed incorporated herein and a part of this Lease and the
21
22
applicable Lease Schedule(s).
(b) Equipment. "Equipment" shall mean all that equipment
23 leased to Lessee pursuant to this Lease, as more fully described
24 in the Lease Schedule(s) annexed or to be annexed hereto, which
25 must be and remain tangible personal property, and/or any unit or
26 part thereof, together with all additions, accessories,
27 attachments, components, spare parts thereto and rights as to
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warranty or indemnity from any sellers, suppliers, manufacturers,
transporters or installers thereof.
(c) Equipment Cost. "Equipment Cost" shall mean the
aggregate cost of all Equipment leased to Lessee pursuant to the
terms of this Master Lease, or the determinable coat of any unit
or part thereof as indicated in the Lease Schedule(s) annexed or
to be annexed hereto. Nothing herein shall prevent Lessor from
increasing or decreasing said Equipment Cost on any Lease
Schedule(s) in accordance with the provisions of Paragraph 4
hereof, to provide for any element of said Equipment Cost not
reflected therein or to provide for purchase returns, allowances
or adjustments thereon.
(d) Lease Schedule. "Lease Schedule" shall mean a schedule
of Equipment listing, describing and pricing at Equipment Cost,
the Equipment leased, or to be leased upon Lessor's acceptance of
Lessee's request therefor.
(e) Master Lease. The terms "Master Lease of Personal
Property", "Master Lease", and/or "Lease" and all references
thereto, as used throughout this instrument, all Lease Schedules
and all documents issued and executed pursuant hereto or thereto,
shall mean this instrument as originally executed or if later
extended, renewed, amended or supplemented, then as so extended,
renewed, amended or supplemented.
(f) Net Proceeds. In any sale by Lessor of the Equipment
or any unit or part thereof, "Net Proceeds" shall mean the
amount received in cash upon the sale thereof, less all expenses
incurred by or for Lessor in connection with such sale, including
2
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1 reconditioning and removal expenses, repair costs and
2 commissions, reasonable attorneys' fees and less all sums accrued
3 and unpaid to Lessor, pursuant to this Master Lease, to the date
4 of such sale.
5 2. LEASE. Lessee may, concurrently herewith and/or from
6 time to time hereafter, request the lease of Equipment pursuant.
7 hereto. Upon the favorable review and acceptance of any such
8 request by Lessor under the terms of a Commitment Letter, or
9 otherwise, in whole or in part, and upon Lessor's receipt of
10 good, marketable and unclouded title in and to the Equipment,
11 said Equipment shall be leased pursuant to the terms of this
12 Master Lease. All items of Equipment leased by Lessor to Lessee
13 hereunder shall be identified on and leased pursuant to its
14 appropriate Lease Schedule. Lease Schedules shall be separate
15 and consecutively numbered and shall be for amounts satisfactory
16 to Lessor. It is understood and agreed that units of Equipment
17 may be maintained or located at different business locations, may
18 be scheduled at different times, may be leased for different
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periods, may require different rental rates and on account of any
such differences, such units shall, at the discretion of Lessor,
be leased pursuant to a separate Lease Schedule hereto,
notwithstanding that said units are combined in one request for
lease or may coexist at one single location.
3. RENT. The total rent payable hereunder, including
interest shall be the aggregate rent of and as set forth on each
and every Lease Schedule executed pursuant hereto. Lessee
prom1ses to pay Lessor said rent including interest as indicated
on the Lease Schedule{s). .
3
] 4. LEASE SCHEDULE ADJUSTMENTS. Lessor may make adjustments
2 for the benefit of Lessee to the Equipment Cost and total rental
3 listed on any Lease Schedule pursuant to the provisions of
4 Section l(c) hereinabove and/or Section 13 hereinbelow. Periodic
5 rental payments shall also be proportionately adjusted, so that
6 the adjusted total rental will be paid in full by the end of the
7 Lease Schedule term. Lessor will give Lessee notice of any such
8 adjustment within ten (10) days thereof.
9 5. TERM. The term of each Lease Schedule shall be and
10 continue for the time therein provided, or for any renewals or
11 extensions thereof unless earlier terminated pursuant to the
12 provisions of Paragraphs 13, 21, or 22 herein.
13 6. EQUIPMENT SELECTION AND ORDERING. Lessee has selected
14 the type, quantity and suppliers of the Equipment leased
15 hereunder. Lessee shall ensure that all Equipment is properly
16 invoiced to Lessor. Lessor shall insert the serial number,
17 descriptive material, Equipment Cost, and other relevant matters
18 on an appropriate Lease Schedule. LESSOR SHALL NOT BE LIABLE
19 FOR, NOR SHALL THE VALIDITY OF THIS LEASE, OR ANY LEASE SCHEDULE
20 BE AFFECTED BY ANY DELAY IN OR FAILURE OF DELIVERY OF SAID
21 ORDERED EQUIPMENT. Lessor shall have no duty to inspect the
22 Equipment. If the Equipment is not properly installed, does not
23 operate as represented or warranted by any supplier or is
24 unsatisfactory for any reason, Lessee shall make any claim on
25 account thereof solely against said supplier. LESSEE HEREBY
26 ASSUMES THE RISKS, BURDENS AND OBLIGATIONS TO ANY SUPPLIER ON
27 ACCOUNT OF NONACCEPTANCE OF THE EQUIPMENT AND/OR CANCELLATION OF
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1 THE LEASE AND UPON THE OCCURRENCE OF SUCH EVENT LESSOR WILL
2 ASSIGN, WITHOUT RECOURSE OR WARRANTY, ITS RIGHTS AND TITLE TO
3 SAID PURCHASE ORDER AND A~ INVOICES TO LESSEE.
4 7. USE AND MAINTENANCE. Lessee agrees to use the Equipment
5 in a careful and proper manner, and to comply with and conform to
6 all federal, state, municipal, and other laws, ordinances and
7 regulations applicable in any way to the possession, use or
8 maintenance of the Equipment and to comply with and observe all
9 conditions of coverage of any policy of insurance maintained
10 thereon by Lessee, all operation and maintenance instructions and
11 manuals and customary trade practices applicable to the
12 Equipment. The Equipment shall only be used by qualified (and if
13 required by law or regulation, duly licensed) employees of
14 Lessee. Subject to the foregoing, Lessee shall be entitled to
15 unlimited use of the Equipment and to operate the Equipment at
16 any time and for any period of time at the convenience of Lessee
17 and Lessee may use the Equipment for such purposes and functions
18 as it may deem necessary or convenient.
19 8. CLAIMS AGAINST SUPPLIERS. Lessor authorizes and
20 appoints Lessee to enforce, in its own name, any claim warranty,
21 agreement or representation which may be made against any
22 supplier of said Equipment. BUT LESSOR MAKES NO EXPRESS OR
23 IMPLIED WARRANTIES AS TO ANY MATTER WHATSOEVER, INCLUDING,
24 WITHOUT LIMITATION, THE EXTENT OF OR ENFORCEABILITY OF ANY SUCH
25 CLAIM, WARRANTY, AGREEMENT OR REPRESENTATION. NO DEFECT OR
26 UNFITNESS OF THE EQUIPMENT SHALL RELIEVE LESSEE OF THE OBLIGATION
27 TO PAY RENT OR OF ANY OTHER OBLIGATION UNDER THIS LEASE.
28
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1 9. DISCLAIMER OF WARRANTY. LESSOR, NOT BEING THE
2 MANUFACTURER OR SUPPLIER OF ANY OF THE EQUIPMENT NOR A DEALER IN
3 SIMILAR EQUIPMENT, HAS NO~ MADE AND DOES NOT MAKE,ANY
4 REPRESENTATION, WARRANTY, OR COVENANT, EXPRESS OR IMPLIED, WITH
5 RESPECT TO THE DESIGN, DURABILITY, FITNESS FOR USE, SUITABILITY
6 OR MERCHANTIBILITY OF THE EQUIPMENT IN ANY RESPECT, AND AS
7 BETWEEN LESSOR AND LESSEE, ALL EQUIPMENT SHALL BE ACCEPTED AND
8 LEASED BY LESSEE "WHERE IS" "AS IS" AND "WITH ALL FAULTS", AND
9 LESSOR SHALL NOT BE RESPONSIBLE FOR ANY PATENT OR LATENT DEFECTS
10 THEREIN. LESSEE AGREES TO SETTLE SUCH CLAIMS DIRECTLY WITH THE
11 SUPP~IERS AND WILL NOT ASSERT ANY SUCH CLAIMS AGAINST LESSOR.
12 10. TITLE. Title in or to said Equipment shall not pass to
13 Lessee, except in accordance with the terms, conditions and
14 provisions of this Lease and pursuant to the rights herein
15 expressly granted to Lessee. Lessor and Lessee do not intend nor
16 admit that this Lease is intended as security, but to the extent
17 (at any time or from time to time), if any, that this Lease is
18 asserted to be or have been intended as security, Lessee and
19 Lessor intend and agree that Lessee hereby grants a security
20 interest to Lessor in the equipment leased hereby, the proceeds
21 of any sale, assignment, lease, or sublease thereof, and any
22 other rights Lessee may have in or to said equipment or proceeds.
23 At the expense of Lessee, Lessee agrees to cooperate with Lessor
24 in executing such financing statements or other documentation
25 required by law, the U.C.C. or otherwise to protect Lessor's
26 title and rights to said Equipment and Lessee irrevocably
27 authorizes Lessor to file financing statements signed only by
28 Lessor in all jurisdictions where permitted by- law.
6
I 11. ALTERATIONS. Lessee shall notify Lessor and shall make
2 all alterations, modifications, additions or attachments deemed
3 · necessary by any federal, -_.state or local governmental agency for
4 the continued usefulness of the Equipment. Lessee is hereby
5 given the right, at its sole expense, to make other alterations,
6 mOdifications, additions or attachments to the Equipment so long
7 as the value or the usefulness of the Equipment is not reduced
8 thereby. Lessee shall not alter, remove, deface, destroy or
9 permanently cover any manufacturer's nameplate, serial number or
10 other similar distinguishing number or mark on the Equipment.
11 Except as otherwise agreed by Lessor, all alt~rations,
12 modifications, additions and attachments of whatsoever kind or
13 nature made to the Equipment shall immediately be sUbject to all
14 the terms of this Lease.
15 12. LABELS. If Lessor supplies Lessee with labels, plates
16 or other markings showing Lessor's interest in the Equipment,
17 Lessee shall affix and keep the same affixed to each separately
18 placed or housed component thereof in a prominent place thereon.
19 13. LOSS AND DAMAGE. Lessee shall assume and bear risk of
20 loss and damage (including any governmental requisition,
21 condemnation or confiscation) to the Equipment and all component
22 parts thereof from any and every cause whatsoever, whether or not
23 covered by insurance. No loss or damage to the Equipment or any
24 component part thereof shall impair any obligation of Lessee
25 under this Lease, which shall continue in full force and effect
26 except as hereinafter expressly provided. Lessee shall repair or
27 cause to be repaired all damage to the Equipment. In the event
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that all or part of the Equipment shall, as a result of any cause
whatsoever, become lost, stolen, destroyed, or rendered
irreparably unusable or damaged, as determined by Lessee, the
Lessee shall within ten (10) days after it shall have made such
determination, fully inform Lessor in regard thereto and shall
pay Lessor the remaining rentals due as of the date of payment
thereof, and all rentals and other sums past due or becoming due
to and including such payment date, in respect of such Equipment.
Upon payment of said amounts, the Lease Schedule shall terminate
10 as to said Equipment.
11
14. I~SURANCE. Commencing at such time as any risks pass
12 to Lessor from any supplier of the Equipment and continuing
13 thereafter, until Lessee has delivered possession of the
14
15
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Equipment to Lessor, or as otherwise herein provided, Lessee at
its expense, agrees to and shall keep the Equipment adequately
insured with responsible insurers satisfactory to Lessor, and
17 said insurance shall protect all interest of Lessor and be for
18 such risks, including the liability of Lessor for public
19 liability and property damage, and be in such amounts and Jorm as
20 Lessor may require. Said insurance shall name Lessor as an
21 insured or additional insured and shall not be excess over other
22 coverage but shall be primary insurance up to and including the
23 'stated policy limits. Said insurance shall cover the interest of
24 both the Lessor and Lessee in the Equipment, or as the case may
25 be, shall protect both the Lessor and Lessee in respect to all
26 risks arising out of the condition, delivery, installation,
27
maintenance, use or operations of the Equipment. All such
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insurance shall provide for ten ClO} days prior written notice to
Lessor of cancellation, restriction, or reduction of coverage.
All policies or certificates of insurance shall be delivered to
Lessor. Said insurance shall be in such amounts as Lessor may
require. The proceeds of said loss or damage insurance shall be
6 payable to Lessor, but Lessor shall remit all such insurance
7 proceeds to Lessee at such time as Lessee either Ci} provides
8 Lessor satisfactory proof that the damage has been repaired and
9 the Equipment has been restored to good working order and
10 condition or Cii} has paid to Lessor the amounts otherwise due to
11 Lessor on loss of such Equipment.
12
15. TAXES. Lessee shall be responsible for the ~imely
13 payment and discharge of all license or registration fees,
14
assessments, sales and use taxes, rental taxes, gross receipts
15 taxes, personal property taxes and other taxes now or hereafter
16
imposed by any federal, state or local government upon the
17
Equipment or upon the ownership, leasing, purchase, possession or
18 use thereof Cwhether the same be assessed to Lessor or Lessee}.
19
Lessee shall pay and discharge at least ten ClO} days befQre
20
delinquency any and all such fees, assessments and taxes directly
21
to the proper levying authority, unless otherwise required by law
22 or otherwise directed from time to time by Lessor. Lessee shall
23
pay to Lessor the amount of any taxes billed to or otherwise
24
remitted by Lessor within ten CI0) days of notice thereof.
25
Lessee, upon notice to Lessor, may, in Lessee's own name and at
26
Lessee's expense contest or protest any such taxes. Lessee
27
shall, in addition, be responsible to Lessor for the payment and
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discharge of any penalties or interest.
Nothing herein shall be
construed to require Lessee to be so responsible for any federal
or state taxes, or payments in lieu thereof, imposed upon or
measured by the net income of Lessor or, except as provided
hereinabove, any penalties or interest resulting from Lessor's
failure to timely remit such tax payments.
16. LIENS AND ENCUMBRANCES. Lessee will at all times
protect and defend, at its own cost and expense, the Lessor's
interest in the Equipment and keep the Equipment free and clear
from all claims, liens and processes and other encumbrances,
except (i) the rights of Lessor and Lessee hereunder, (ii) liens
for taxes either not yet due or being contested in good faith and
by appropriate proceedings, so long as such proceedings do not
involve any danger of the sale, forfeiture or loss of the
Equipment, and (iii) inchoate materialmen's, mechanic's,
workmen's, repairmen's, employees or other like liens arising in
the ordinary course of business and not delinquent, and (iv)
18 liens and encumbrances arising from the acts or omissions of
19 Lessor which are not otherwise the responsibility of Lessee
hereunder.
17. INDEMNITY. Lessee assumes liability for and hereby
agrees (whether or not Lessor is otherwise insured thereon) to
indemnify, protect, save and keep harmless Lessor and its agents
and employees from and against any and all liabilities,
obligations, losses, damages, penalties, claims, tax claims
actions, suits and proceedings, including legal expenses and
reasonable attorneys' fees, of whatsoever kind and nature,
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imposed on, incurred by or asserted against Lessor because of the
manufacturer, purchase, transportation acceptance, ownership
(including absolute or st~ict liability in torts, contract or
otherwise) use or rejection of the Equipment (including, without
limitation, latent and other defects, whether or not discoverable
by Lessor or Lessee), and any claim for patent, trademark or
copyright infringement.
18. LESSOR'S PERFORMANCE OPTION. Should Lessee fail to
make any payment or to do any act as provided by this Lease, then
Lessor shall have the right (but not the obligation), without
notice to Lessee of its intention to do so and without releasing
Lessee from any obligation hereunder, to make or to do the same,
to make advances to preserve the Equipment or Lessor's interest
thereto, and to pay, purchase contest or compromise any insurance
premium, encumbrance, charge, tax lien or other sum which in the
judgment of Lessor appears to affect the Equipment or the
interest of Lessor thereto, and in exercising any such rights,
Lessor may incur any liability and expend whatever amounts in its
absolute discretion it may deem necessary therefor. All sums so
incurred or expended by Lessor shall be due and payable by Lessee
within ten (10) days of notice thereof.
19. ASSIGNMENT. Any transfer, assignment, sublease,
conveyance or pledge of Lessee's interest in and to this Lease o~
the Equipment, whether by operation of law or otherwise, without
the prior written consent of Lessor, shall be void. Lessor, its
Successors and assigns, may assign this Lease and/or grant
security interests therein or in the Equipment, in whole or in
part, without notice to Lessee.
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hereunder to be paid by Lessee, which nonpayment continues for a
2
period of ten (10) days following written notice thereof from
3 Lessor.
4
(b) The failure of Lessee to perform any other term,
5 covenant or condition of this Lease which is not cured within ten
6
7
(10) days after written notice thereof from Lessor.
(c) The failure of Lessee to meet Lessee's bond or other
8
material credit obligations when required under the instrument(s)
9
evidencing such obligations.
10
(d) The determination that any of Lessee's representations
11
or warranties made herein or on any statement or certificate at
12
any given time in writing pursuant hereto or in connection
13 herewith are false or misleading in any material respect.
14
22. REMEDIES. Should any event of default occur and be
15
continuing, Lessor may without retaking possession of the leased
16
property, hold Lessee liable for all rents and other sums which
17 shall become due thereafter under the terms of this Lease and may
18
recover such sums from Lessee from time to time as they become
19
due or at any time thereafter (subject to any applicable ~tatutes
20
of limitation), or Lessor may retake (by Lessor, independent
21
contractors, or by requiring Lessee to assemble the Equipment for
22
Lessor) possession of the Equipment (without liability to Lessee
23
therefor, which is hereby expressly waived) and either:
24
(a) Retain possession of the Equipment and terminate this
25
Lease by giving Lessee ten (10) days written notice to that
26
effect, in which event Lessee shall be liable for all rents and
27 other sums accrued and unpaid prior to such termination.
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(b) Lease the Equipment to a third party for the account of
2 Lessee and recover from Lessee any deficiency between the rents
3 provided for herein as they fall, due and those received from such
4 third party.
5 (c) Sell such Equipment at public or private sale, in which
6 event Lessee shall be liable to Lessor in the amount, if any, by
7 which the Net Proceeds of sale shall be less than the present
8 value of the then balance of rentals and interest due on the
9 Equipment. Lessor's pursuit and enforcement of anyone or more
10 remedy shall not be deemed an election or waiver by Lessor of ~ny
11 other remedy. Notwithstanding any other provision of this
12 agreement, it is understood that Lessor's pursuit of any remedy
13 or remedies shall conform with Article XVI Section 18 of the
14 California Constitution. Any Net Proceeds received by Lessor in
15 excess of all remaining rents and other amounts due Lessor
16 hereunder shall be received for the account of Lessee but Lessor
17 shall have no liability for interest thereon. Lessor shall not
18 be entitled to recover a greater amount in damages than Lessor
19 could have gained by receipt of Lessee's full, timely and
-
20 complete performance of its obligations pursuant to the terms of
21 this Lease. In addition, Lessor shall attempt in good faith to
22 mitigate its damages, but Lessor shall not be obligated to sell
23 or re-lease the Equipment and in the event of any such sale
24 Lessor may bid upon and purchase any of the Equipment. Any sale
25 or re-lease may be held at such place or places as are selected
26 by Lessor with or without having the Equipment present. Any such
27 sale" or re-lease, may be at wholesale or retail, in bulk or in
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parcels. Time and exactitude of each of the terms and conditions
of the Lease are hereby declared to be of the essence. Lessor
may accept past due payments without modifying the terms of this
lease and without waiving any further rights of Lessor hereunder.
Except as ey.pressly provided herein, neither Lessor nor Lessee
shall be liable to the other for any consequential or incidental
damages.
23. LOCATION. The location of the Equipment shall be as
hereinabove set forth and Lessee shall not remove said Equipment
therefrom without the prior written consent of Lessor.
24. INSPECTION BY LESSOR. Lessor, its agents or employees,
shall at any and all reasonable times during business hours have
the right to enter into and upon the premises where any Equipment
may be located for the purpose of inspecting the same or
observing its use.
25. PURCHASE OPTION. Upon Lessee's repayment of all rents
and other sums provided for in any Lease Schedule and upon the
termination of the Lease term or any renewal thereof, all the
right, title and interest of Lessor in and to the Equipment set
forth in its Lease Schedule shall vest in and become the property
of said Lessee upon payment of One Dollar ($1.00) and said Lessor
covenants that it will thereupon execute to Lessee, a Bill of
Sale of all its right, title and interest in and to the Equipment
under said Lease Schedule as evidence of said transfer of title.
Anything in this Master Lease to the contrary notwithstanding,
all replacements, equipment, repairs or accessories made to or
placed in or upon said Equipment shall become a component. part
15
1 thereof and title thereto shall be immediately vested in Lessor
2 and shall be included under the terms hereof. All advances made
3 by Lessor to preserve saiQ Equipment or the interest of Lessor
4 therein, including attorney's fees, or to pay insurance premium
5 for insurance thereof or to discharge and pay any taxes, liens or
6 encumbrances thereon shall be added to the unpaid balance of
7 rentals due hereunder and shall be repayable by Lessee to Lessor
8 immediately upon demand, and, if not paid upon demand, shall bear
9 interest at the rate of ten percent (10%) per annum until paid.
10 26. INTEREST. Any amounts required to be paid by Lessee
11 pursuant to this Lease and not paid when due (except as extended
12 in Paragraph 21(a) hereinabove) shall bear additional interest at
13 the greater rate (compounded annually and based upon a year
14 having 365 days, actual day months) of (1) Lessor's then highest
15 cost.of funds or ten percent (10%) per annum.
16 27. HEADINGS. Section headings herein are used for
17 convenience only and shall not otherwise affect the provisions of
18 this Lease.
19 28. EFFECT OF WAIVER. No failure or delay on the part of
20 Lessor in the exercise of any power, right or privilege hereunder
21 shall operate as a waiver thereof, nor shall any single or
22 partial exercise of any such power, right or privilege preclude
23 other or further exercise thereof of any other right, power or
24 privilege. All rights and remedies existing under this Master
25 Lease are cumulative to, and not exclusive of, any rights or
26 remedies otherwise available.
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29. SURVIVAL OF WARRANTIES. All agreements,
representations and warranties of Lessee made herein shall
survive the termination of this Master Lease and any Lease
Schedule.
30. APPLICABLE LAW. This Master Lease, the Lease Schedules
(j
7
8
and all documents issued or executed pursuant thereto and the
rights and obligations of the parties thereunder and hereunder
shall be governed by the laws of the State of California.
If any
9 provision of this Lease or any remedy provided herein be invalid
]0
11
under any applicable law, such provision shall be inapplicable
and deemed omitted, but the remaining provisions of this Lease
]2 shall be and remain effective in accordance with their terms.
13 THIS MASTER LEASE MAY ONLY BE AMENDED OR MODIFIED BY AN
14
INSTRUMENT IN WRITING SIGNED BY A DULY AUTHORIZED REPRESENTATIVE
15 OF THE PARTY TO BE CHARGED THEREBY. LESSEE UNDERSTANDS AND
16 AGREES THAT NEITHER THE SUPPLIER NOR ANY SALESMAN IS AN AGENT OF
17 LESSOR, AND NO SUCH SUPPLIER OR SALESMAN IS AUTHORIZED TO ALTER,
]8 AMEND OR ADD TO ANY TERM OR CONDITION OF THIS MASTER LEASE, AND
19 NO REPRESENTATION AS TO THE EQUIPMENT OR ANY OTHER MATTER BY ANY
20 SUPPLIER OR SALESMAN SHALL IN ANY WAY AFFECT LESSEE'S DUTY TO PAY
21
22
RENT AND PERFORM ITS OTHER OBLIGATIONS AS SET FORTH HEREIN.
31. COUNTERPARTS. This Master Lease may be executed in any
23
number of counterparts, each of which shall be deemed an
24
original, but all such counterparts together shall constitute but
25 one and the same instrument, except to the extent, if any, that
26
this Master Lease constitutes chattel paper, no security interest
27
therein may be created except through the transfer or possession
28
17
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]
of the original counterpart, which may be s.o identified by
2
Lessor.
3
4
32. NOTICES. All cQrrespondence, payments and/or notices
required or permitted to be given shall be in writing, and may be
5
personally served or sent by United States mail with postage
6
prepaid and properly addressed. For the purposes hereof, the
7 addresses of the parties hereto (until notice of a change thereof
8 is served provided in the preceding sentence) shall be
as as
9 follows:
10 LESSOR LESSEE
11 SECURITY PACIFIC CAPITAL LEASING
CORPORATION
12 Post Office Box 7722
San Francisco, CA 94120
13
14
CITY OF SAN BERNARDINO,
CALIFORNIA
250 West Cluster Street
San Bernardino, CA 92408
33. REPOSSESSION. LESSEE ACKNOWLEDGES THAT, PURSUANT TO
15
PARAGRAPH 22 HEREOF, LESSOR HAS BEEN GIVEN THE RIGHT TO REPOSSESS
16
THE EQUIPMENT SHOULD LESSEE BECOME IN DEFAULT OF ITS OBLIGATIONS
17
HEREUNDER. LESSEE HEREBY WAIVES THE RIGHT, IF ANY, TO REQUIRE
18
LESSOR TO GIVE LESSEE NOTICE AND A JUDICIAL HEARING PRIOR TO
19
EXERCISING SOCH RIGHT OF REPOSSESSION.
20
21
22
23
24
By . 1y
Dated as of: October 3, 1988
SECURITY PACIFIC CAPITAL
LEASING CORPORATION
"LESSOR"
CITY OF SAN BERNARDINO,
CALIFORNIA
"LESSEE"
25 Contract Administrator
26 Lease No.
4185
E.y
27
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18 EXECUTED COUNTERPAR
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Approved as to form:
19
EXECUlt:u COUNTthrAf ..
CITY OF
San Bernardino
PURCHASINO. STORES DIVISION
DEAN R. MEECH
PURCHASINO AOENT
August 23, 1988
Dear Sir:
Please furnish on this form a Lease Purchase Quotation per the following
particulars.
Project to Finance:
,
1. 8,000 each 90 gallon refuse containers for an automated truck
pick-up system.
Amount to finance: $411,534.40
Vendor: Kirk Rotational Molding Co.
Bid:
F-88-16
2. Three 36 cubic yard front loader refuse vehicles.
Amount to finance: $315,023.52
Vendor: Engs Motor Truck Co.
3. Partial financing of uninterrupted power system (to protect
computer, police & fire dispatch and telecommunications).
Bi d: F-88-17
Amount to finance: $76,000.00
Bid: N/A
Thank you for your quick response.
Sincerely,
250 WEST CLUSTER STREET. SAN BERNARDINO.
CALIFORNIA 92408 71..13....50.5
PRIDE -I
..~~:~~; IN PROGRESS
.., ~
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COUDITIONS
1. Down payment or balloon payments are not acceptable.
2. Use of reserve amount or buy down account not acceptable.
3. The City of San Oernardino will not allow private placement to public
market of any lease obligation.
4. Quote accordingly.
Indicate under 10 million tax exempt debt rate
or
over 10 million tax exempt debt rate
D
~
This quote required by
9/9/88
(Oa te )
SECURITY PACIFIC LEASING CORPORATION
(Company)
Robert C. Humber
(Contact)
(714) 641-3235
(Phone)
September 7. 1988
(Da te )
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Please quote each separately and all together.
1. 5 Year Lease....Effective Annual Percentage Rate % 7.25
Semi-Annual in Arrears Payment...................$ 49,795.72
Total Payout..................................... $ 497,957.20
Rate Good Until................................... 12-31-88
2. 5 Year Lease....Effective Annual Percentage Rate %7.25
Semi-Annual in Arrears Payment...................$ 38,117.89
Total Payout.....................................$ 381,178.90
Rate Good Until................................... 12-31-88
3. 5 Year Lease....Effective Annual Percentage Rate % 7.25
Semi-Annual in Arrears Payment...................$ 9,196.01
Total Payout.....................................$ 91,960.10
Ra te Good Un t i 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 12 - 31- B 8
All:
5 Year Lease fXXlRentx. ~t.f.~qt~y~. .~E;t~~.rl~~9!=l. .I!~$e 7.25%
Semi-Annual in Arrears Payment...................$ q7 lnq ';1
Total Payout.....................................$ q71 ,nq~_1n
Rate Good Until................................... 12-31-88
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INFORMATION FORM
You will help us provide a more efficient service to you by
completing the information request below and returning this form
to us along with the Commitment Letter.
1) Billing Address (the location where you want security P~cific
to send your invoice for lease rentalsj:
Name:
CI1Y OF SAN BEP.NARDIOO. CALIFORNIA
Address (a):
Address (b):
City:
state:
Zip Code:
(a) Use for street address, P.O. Box, division, attention of, etc.
(b) Use only if (a) is not sufficient.
2) Federal Tax Payer I.D. Number (9 digits):
3) Accounts Payable supervisor:
Name:
Telephone:
SECURITY PACIFIC CAPITAL
LEASING CORPORATION
J
~.
~~w@~~~
EXECUTIVE OFFICES: FOUR EMBARCADERO CENTER. SUITE 1200 . SAN FRANCISCO. CALIFORNIA 94111 . P.O. BOX 7722 (94120) · TEL (415) 765.7300
COMMITMENT FEE BILLING INVOICE
Date: October 3, 1988
CITY OF SAN BERNARDINO, CALIFORNIA
250 West Cluster Street
San Bernardino, California 92408
Attention: Mr. Dean Meech
Purchasing Agent
Master Lease Number: 44185
Invoice Number: 890LGM
Two percent (2.0%) Commitment Fee, as required
in the "Commitment Fee" section of the Commitment
Letter dated October 3, 1988 due upon receipt
$ 16.060.00
Please make check payable to SECURITY PACIFIC LEASING CORPORATION
and return it with the duplicate copy of this invoice upon receipt.
Thank you.
PLEASE RETURN A COPY OF THIS INVOICE WITH YOUR PAYMENT
l
..........4. la..
..,..-.,.n'" IT
-.Q, III' 1 .
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.......rUlUllIA
UNifORM COMMERCIAL CODc-FINANCING STAIIN- T-PORM UCC-1 CREV. 1/76)
IMPORTANT-Read instrUdions on back before filling out form
This FINANCING STATEMENT is presented for filing pursuant to the California Uniform Commercial Code.
I. DEaTOR I LAST NA..IE "'ItS1'--II' AN INDIVIDUAL) lA. SOCIAL SIECUItITY DIt I'IEDIEIt..1. TAX NO.
CI'IY OF SAN BERNARDINJ. CALIFORNIA
la. MAILING ADDRESS
250 West Cluster Street
2. ADDITIONAL DEaTOR 1I1' ANY) lLAST NA... I'IItS1'--'1' AN INDIVIDUAL)
fl C. CITY. STATI:
San Bernardino. CA
2A. SOCIAL _CUItITY Olt 1'lE01EltAI. TAX NO.
l'D. ;;4C;;1E
2a. MAILING ADDRESS
3. DEaToR'S TRADE NAMES OR STYLES 1I1' ..NY)
/2C.
CITY., .TATIE
120.
ZII'COD.
3A. ...DlEItAI. TAX NU...1E1t
4. SECURED PARTY
SECURIlY PACIFIC CAPITAL LEASI~ CORroRATION
"'"LING ADDItIESS Post Office Box 7722
CITY San Francisco STA TI: CA
NA".
4A. SOCIAL S[CUlln 110.. FEGUAL TAl 110.
01 'AIIIE TIAIISlT AIID A.'.A. 110.
S. ASSIGNEE OF SECURED PARTY (II' ANY)
NAME
ZII'CODIE 9412C 94-2960964
SA. SOCIAL S[CUlln 110.. FlDUAL TAX NO
01 SAllIE TUIISlT AIID A.'.A. 110.
"AILING ADDItIESS
CITY
6. This FINANCING STATEMENT covers the following types or items of property (Include description of real property on which
located and owner of record when required by instruction 4).
Various New Refuse related Equipment/Power System leased pursuant to that ~ter Lease of
Personal Property #4185 dated as of October 3, 1988.
STATE
ZII'CODIE
. PROCEEDS OF COLLATERAL ARE ALSO COVERED.
7. ~ I
CHECK 17A.
IF APPLICABLE I
I
e. CHECK ~
IF APPLICABLE
O PRODUCTS OF COLLATERAL
ARE ALSO COVERED
7a. DEBTOR IS) SIGNATURE NOT REQUIRED IN ACCORDANCE WITH
INSTRUCTION IS (0) ITEM:
0(1) 0(2) 0(3) 0(4)
o DEBTOR IS A "TRANSMITTING UTILITY" IN ACCORDANCE WITH UCC f 9105 (t) (n)
9.
~
DATE:
C
o
o
~
10. THIS SPACE FOR USE OF FILING OFFICER
<DATE. TIME. FILE NUMBER
AND FILING OFFICER)
SlGN..TURE(S) 01' DEBTORIS)
CIlY OF SAN BERNARDIID, CALIFORNIA
TYPE OR I'RINT N....EI.' 01' DEBTORIS)
~
2
SIGNATUREIS) 01' SECUItIED I'ARTY(IES)
Contract Administrator
3
SECURIlY PACIFIC CAPITAL LEASI~ CORroRATION
4
TYPE OR PRINT NAMEeS) OF SECURED PARTYflES}
11. Return copy to:
5
6
NAME
ADDRESS
CITY
STATE
~ECURIlY PACIFIC CAPITAL LEASI~ CORroRAT])N
Post Office Box 7722
San FranCisco, CA 94120
I Attn: L Mn'rlT.:In
7
e
9
'JI.. Aft...
o
RESOLUTION
WHEREAS, it is desirable and important to the business success of this
CITY OF SAN BERNARDINO. CALIFORNIA to lease personal property consisting
of:
Various New Refuse related Equipment/Power System
WHEREAS, this CITY OF SAN BERNARDINO. CALIFORNIA desires from time to
time to lease said personal property from SECURITY PACIFIC CAPITAL LEASING
CORPORATION
NOW, THEREFORE, BE IT RESOLVED that this CITY OF SAN BERNARDINO.
CALIFORNIA, from time to time lease from SECURITY PACIFIC CAPITAL LEASING
CORPORATION personal property as described above and that- the authorized
official(s) named below is/are hereby authorized in the name and on
behalf of this CITY OF SAN BERNARDINO. CALIFORNIA from time to time to
enter into agreements with SECURITY PACIFIC CAPITAL LEASING CORPORATION
for the leasing of said personal property upon such terms as may seem
advisable to such officers, to execute agreements, leases, applications
for leases, and other documents in connection therewith or incidental
thereto, any instruments executed hereunder to be in such form and with
such terms and conditions as may be agreed upon between them and said
Lessor. Anyone of such officers is also authorized to accept or direct
delivery from said Lessor of any such property leased hereunder. The
authority given hereunder sho~ld be deemed retroactive and any and all
acts authorized hereunder performed prior to the passage of this
resolution are hereby ratified and affirmed.
*********************
I, I Secretary of CITY OF SAN BERNARDINO.
CALIFORNIA hereby certify that the foregoing is a -true copy of a
resolution duly and legally adopted by the
at a legal meeting of said
duly and regularly held
, 19___, and that said resolution has not been revoked.
I further certify that the offices referred to in the foregoing resolution
are now held by the following, whose signatures app,~ar after their
respective names:
Title(s) of Authorized
Officials
Typed Name
Siqnatures
Dated:
, 19___
(SEAL) Signature
Title
Signature
Title
ORIGINAL