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HomeMy WebLinkAbout25-181 Unsigned Resolution No. 25-181 RESOLUTION AUTHORIZING EXECUTION OF A LEASE AGREEMENT WITH PNC EQUIPMENT FINANCE, LLC REGARDING THE LEASE OF GOLF CARS AND MAINTENANCE UTILITY VEHICLES AT THE HIGHLANDS AND WING PARK GOLF COURSES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that pursuant to Elgin Municipal Code Section 5.02.020B(9)the City Council hereby finds that an exception to the requirements of the procurement ordinance is necessary and in the best interest of the city; and BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Richard G. Kozal, City Manager, and Kimberly A. Dewis, City Clerk, be and are hereby authorized and directed to execute a Lease Agreement on behalf of the City of Elgin with PNC Equipment Finance, LLC, regarding the lease of golf cars and maintenance utility vehicles at the Highlands and Wing Park golf courses, in such form as approved by the Corporation Counsel. s/ David J. Kaptain David J. Kaptain, Mayor Presented: October 22, 2025 Adopted: October 22, 2025 Omnibus Vote: Yeas: 9 Nays: 0 Attest: s/Kimberly Dewis Kimberly Dewis, City Clerk co. EQUIPMENT FINANCE Dated as of September 3,2025 Lease Number 1105625-5 City of Elgin,IL 150 DEXTER CT ELGIN,IL 60120 Dear Customer; Enclosed are the necessary documents needed to complete your lease transaction. Please review,sign and return the following: • Lease—Purchase Agreement—Please have the Authorized Signor execute the documents and provide their title- • Certificate of Acceptance—At the point of delivery,fill out this form and return the original to us. We will be unable to disburse funds until we receive this signed form. • Schedule of Payments—Please sign and provide the title of the signor. • Resolution-Certificate of Incumbency — List your Authorized Representative(s) and their title(s) in the body of the Resolution. Have the Authorized Representatives provide their names,title and signatures(s)on the lines which appear under the Authorized Representative Signature Section near the bottom of the Resolution. Finally,have the Secretary or appropriate Trustee attest to the information of the Authorized Representative(s)by signing and printing his/her name, title and date on the last signature line provided. The person who validates the signature should not sign the Lease Agreement. The Resolution must reflect the tit e(s)of the irdividual(s)who have authorization to sign the documents. • Insurance Request Form—Fill in your insurer's information and sign. Please contact your insurer,prior to delivery,to obtain a certificate of insurance. Please enclose the certificate with the signed documentation or have the insurer fax the certificate directly to me.A copy of the Physical and Liability Insurance Certificate are required for this deal due to the semi-annual payments. • Customer Information Form: Please complete and return. • Notification of Tax Treatment: Please complete and return. • Above documentation can be emailed to SMEDocst leasery cam. PNC Bank,National Association,in its sole discretion,reserves the right to adjust the payment factors In the enclosed documentation to reflect any changes in market conditions up to the date of funding. Thank you for choosing PNC Bank,National Association for your financing needs. We appreciate your business. If I can be of assistance,please contact me at SMEDocs@leaserv.com or kcolagreco@leasery corn. If you have questions or need information on your contract in the future,you can call our customer service team at 800-559-2755 or email them at cus tomercare@loaserv.coin. Sincerely, Kelsey Colagreco Commercial Transaction Coordinator SE Welcome Letter—Muni Exempt t$1 OutrPLJT) V20241003 Lease-Purchase Agreement Dated as of September 3, 2025 Lease Number:1105625-5 Lessor: PNC Bank, National Association 655 Business Center Drive Horsham, Pennsylvania 190.4.4 Lessee: LESSEE F U:I LEGAL.NAME FEDERAL TAX ID City of Elgin, IL 366005862 150 DEXTER CT ELGIN, IL 60120 Equipment Description: Quantity Description 73 Used 2025 E-Z-GO RXV-E Payment Information Number of Payments: Rent Amount: Payable: Lease Term(in months): End of Lease Provision: 83 See Attached Payment Due Date(to be inserted by 83 months p EMv Cars Schedule Lessor): Rental ®PUT.$13.000.00 Monthly ❑ FMV—Turf(Annual Hours ❑Quarterly St o t ®See Schedule A for variable payment structure. Lessee shall pay Rent payments exclusively from legally available funds in U.S. currency to Lessor in the amounts and on the dates set forth herein,without notice or demand. TERMS AND CONDITIONS 1. LEASE. Subject to the terms of this Lease, Lessee agrees to lease from Lessor the equipment(the'Equipment")described above when Lessor accepts this Lease. Lessee agrees to be bound by all the terms of this Lease. 2. DELIVERY AND ACCEPTANCE OF EQUIPMENT. Acceptance of the Equipment occurs upon delivery. When Lessee receives the Equipment, Lessee agrees to inspect it and to verify by telephone or in writing such information as Lessor may require. Delivery and installation costs are Lessee's responsibility. If Lessee signed a purchase contract for the Equipment, by signing this Lease Lessee assigns its rights, but none of its obligations under the purchase contract,to Lessor. 3. RENT. Lessee agrees to pay Lessor Rent (plus applicable taxes) in the amount and frequency stated above. If Lessee's Rent payments are due in Advance, Lessee's first Rent payment is due on the date Lessee accepts the Equipment under the Lease. Lessor will advise Lessee as to(a)the due date of each Rent payment, and(b)the address to which Lessee must send payments. Rent is due whether or not Lessee receives an invoice from Lessor. Lessee will pay Lessor any required advance rent when Lessee signs this Lease. Lessee authorizes Lessor to change the Rent by not more than 15% (i) due to changes in the Equipment configuration, or(ii) an increase in the comparable Swaps Rate between the date you sign this Lease and the acceptance of the Equipment by you. As used herein, 'Swaps Rate" shall mean the Interest Rate Swap for the corresponding period as set forth on Bloomberg Screen 3 (Interest Rate Swaps Bloomberg) as the "SOFR Swap Rate"on a date determined by the Lessor that is no more than five(5) days before the date the Lease is made(or if no such rate is published therein for any reason, a comparable rate as published therein or in another publication determined by the Lessor, which determination shall be conclusive absent manifest error). Restrictive endorsements on checks Lessee sends to Lessor will not reduce Lessee's obligations to Lessor. Lessee hereby authorizes Lessor to insert a Due Date where applicable under this Lease once determined. NON-APPROPRIATION OF FUNDS. Lessee intends to remit all Rent and other payments to Lessor for the full Lease Term if funds are legally available In the event Lessee is not granted an appropriation of funds at any time during the Lease Term for the Equipment subject to this Lease and operating funds are not otherwise available to Lessee to pay the Rent and other payments due and to become due under this Lease, and there is no other legal procedure or available funds by or with which payment can be made to Lessor, and the non- appropriation did not result from an act or omission by Lessee, Lessee shall have the right to return the Equipment as provided herein and terminate this Lease on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee,except as the portion of Rent for which funds shall have been appropriated and budgeted. At least 30 days prior to the end of Lessee's fiscal year, Lessee's chief executive officer (or legal counsel)shall certify in writing that(a)funds have not been appropriated for the upcoming fiscal period, (b)such non-appropriation did not result from any act or failure to act by Lessee, and (c) Lessee has exhausted all funds legally available for the payment of Rent. 4. UNCONDITIONAL OBLIGATION. LESSEE AGREES THAT IT IS UNCONDITIONALLY OBLIGATED TO PAY ALL RENT AND ANY OTHER AMOUNTS DUE UNDER THIS LEASE IN ALL FISCAL YEARS IN WHICH FUNDS HAVE BEEN APPROPRIATED NO MATTER WHAT HAPPENS. EVEN IF THE EQUIPMENT IS DAMAGED OR DESTROYED, IF IT IS DEFECTIVE OR IF LESSEE HAS TEMPORARY OR PERMANENT LOSS OF ITS USE. LESSEE IS NOT ENTITLED TO ANY REDUCTION OR SET-OFF AGAINST RENT OR OTHER AMOUNTS DUE UNDER THIS LEASE FOR ANY REASON WHATSOEVER. SE Mud s crt I Ott,l c,as,-r3 F'JL lT a.ab e$i,{.,.'Kitt( ✓2C :;'t',1 5. DISCLAIMER OF WARRANTIES. THE EQUIPMENT IS BEING LEASED TO LESSEE IN "AS IS" CONDITION. LESSEE AGREES THAT LESSOR HAS NOT MANUFACTURED THE EQUIPMENT AND THAT LESSEE HAS SELECTED THE EQUIPMENT BASED UPON LESSEE'S OWN JUDGMENT. LESSEE HAS NOT RELIED ON ANY STATEMENTS LESSOR OR ITS EMPLOYEES HAVE MADE. LESSOR HAS NOT MADE AND DOES NOT MAKE ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES WHATSOEVER, INCLUDING WITHOUT LIMITATION, THE EQUIPMENT'S MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY, DESIGN, CONDITION, DURABILITY, OPERATION, QUALITY OF MATERIALS OR WORKMANSHIP, OR COMPLIANCE WITH SPECIFICATIONS OR APPLICABLE LAW. Lessee is aware of the name of the Equipment manufacturer. If the manufacturer has provided Lessor with a warranty, Lessor assigns its rights to such warranty to Lessee and Lessee may enforce all warranty rights directly against the manufacturer of the Equipment. Lessee agrees to settle any dispute regarding performance of the Equipment directly with the manufacturer of the Equipment. 6. TITLE AND SECURITY INTEREST. Unless otherwise required by the laws of the state where Lessee is located, Lessee shall have title to the Equipment immediately upon delivery and shall be deemed to be the owner of the Equipment as long as Lessee is not in default under this Lease. In the event of a default,title to the Equipment shall revert to Lessor free and clear of any rights or interest Lessee may have in the Equipment. To secure all of Lessee's obligations to Lessor under this Lease Lessee hereby grants Lessor a security interest in(a)the Equipment to the extent of Lessee's interest in the Equipment, (b)anything attached, added, replaced and/or substituted to the Equipment at any time, (c)any money or property from the sale of the Equipment, and (d)any money from an insurance claim if the Equipment is lost or damaged. Lessee agrees that the security interest will not be affected if this Lease is changed in any way. 7. USE, MAINTENANCE AND REPAIR. Lessee will not move the Equipment from the Equipment Location without Lessor's advance written consent. Lessee will give Lessor reasonable access to the Equipment Location so that Lessor can check the Equipment's existence, condition and proper maintenance. Lessee will use the Equipment in the manner for which it was intended, as required by all applicable manuals and instructions, and keep it eligible for any manufacturer's certification and/or standard full-service maintenance contract At Lessee's own cost and expense, Lessee will keep the Equipment in good repair, condition and working order, ordinary wear and tear excepted. Lessee will not make any permanent alterations to the Equipment and will remove any alterations or markings from the Equipment before returning to Lessor. 8. TAXES. Unless a proper exemption certificate is provided, applicable sales and use taxes will be added to the Rent. Lessee agrees to pay Lessor, when invoiced, all taxes (including any sales, use and personal property taxes), fines, interest and penalties relating to this Lease and the Equipment(excluding taxes based on Lessor's net income). Lessee agrees to file any required personal property tax returns and, if Lessor asks, Lessee will provide Lessor with proof of payment. Lessor does not have to contest any tax assessments. 9. INDEMNITY. Lessor is not responsible for any injuries, damages, penalties,claims or losses, including legal expenses, incurred by Lessee or any other person caused by the transportation, installation, manufacture,selection, purchase, lease,ownership, possession,modification, maintenance, condition, operation, use, return or disposition of the Equipment. To the extent permitted by law, Lessee agrees to reimburse Lessor for and defend Lessor against any claims for such losses, damages, penalties, claims, injuries, or expenses. This indemnity continues even after this Lease has expired,for acts or omissions that occurred during the Lease Term. 10. IDENTIFICATION. Lessee authorizes Lessor to insert or correct missing information on this Lease, including serial numbers and any other information describing the Equipment. 11. LOSS OR DAMAGE. Lessee is responsible for any loss of the Equipment from any cause at all, whether or not insured,from the time the Equipment is shipped to Lessee until it is returned to Lessor. If any item of Equipment is lost,stolen or damaged, Lessee will promptly notify Lessor of such event. Then, at Lessor's option, Lessee will either(a)repair the Equipment so that it is in good condition and working order, eligible for any manufacturer's certification, or(b)pay Lessor an amount equal to the Net Book Value(as defined herein)of the lost,stolen or damaged Equipment. If Lessee has satisfied their obligations herein, Lessor will forward to Lessee any insurance proceeds which Lessor receives for lost, damaged, or destroyed Equipment. If Lessee is in default, Lessor will apply any insurance proceeds Lessor receives to reduce Lessee's obligations pursuant to this Lease. 12. INSURANCE. Lessee agrees to(a)keep the Equipment fully insured against loss, naming Lessor as loss payee, and (b)obtain a general public liability insurance policy covering both personal injury and property damage in amounts not less than Lessor may tell Lessee,naming Lessor as additional insured, until Lessee has met all their obligations under this Lease. Lessor is under no duty to tell Lessee if Lessee's insurance coverage is adequate. The policies shall state that Lessor is to be notified of any proposed cancellation at least 30 days prior to the date set for cancellation. Upon Lessor's request, Lessee agrees to provide Lessor with evidence of insurance acceptable to Lessor. If Lessee does not provide Lessor with evidence of proper insurance within ten days of Lessor's request or Lessor receives notice of policy cancellation, Lessor may (but Lessor is not obligated to) obtain insurance on Lessor's interest in the Equipment at Lessee's expense. Lessee will pay all insurance premiums and related charges. 13. DEFAULT. Lessee will be in default under this Lease if any of the following happens: (a) Lessor does not receive any Rent or other payment due under this Lease within ten days after its due date, (b)Lessee fails to perform or observe any other promise or obligation in this Lease and does not correct the default within ten days after Lessor sends Lessee written notice of default, (c) any representation, warranty or statement Lessee has made in this Lease shall prove to have been false or misleading in any material respect, (d) any insurance carrier cancels or threatens to cancel any insurance on the Equipment, (e) the Equipment or any part of it is abused, illegally used, misused, lost, destroyed, or damaged beyond repair, (f)a petition is filed by or against Lessee under any bankruptcy or insolvency laws,or(g)Lessee defaults on any other agreement between it and Lessor(or Lessor's affiliates). 14. REMEDIES. Upon the occurrence of a default, Lessor may, in its sole discretion,do any or all of the following: (a)provide written notice to Lessee of default, (b)as liquidated damages for loss of a bargain and not as a penalty, declare due and payable,the present value of(i)any and all amounts which may be then due and payable by Lessee to Lessor under this Lease, plus(ii)all Rent payments remaining through the end of the then current fiscal year, discounted at the higher of 3%or the lowest rate allowed by law(collectively, the"Net Book Value") and (c) require Lessee to immediately return the Equipment to Lessor. Lessor has the right to require Lessee to make the Equipment available to Lessor for repossession during reasonable business hours or Lessor may repossess the Equipment, so long as Lessor does not breach the peace in doing so, or Lessor may use legal process in compliance with applicable law pursuant to court order to have the Equipment repossessed. Lessee will not make any claims against Lessor or the Equipment for trespass, damage or any other reason. If Lessor takes possession of the Equipment Lessor may (a) sell or lease the Equipment at public or private sale or lease without notice, and/or(b)exercise such other rights as may be allowed by applicable law. Although Lessee agrees that Lessor has no obligation to sell the Equipment, if Lessor does sell the Equipment, Lessor will reduce the Net Book Value by the amounts Lessor receives. Lessee will immediately pay Lessor the remaining Net Book Value. Lessee agrees(a)to pay all of the costs Lessor incurs to enforce Lessor's rights against Lessee, including attorney's fees, and(b)that Lessor will retain all of Lessor's rights against Lessee even if Lessor does not choose SE Mum Shod Form l ease Pkg PUT(Taxable S5COA uncer) V20250131 to enforce them at the time of Lessee's default. Lessee acknowledges and agrees that the Equipment may contain GPS tracking capabilities and consent to the use by us of GPS tracking, and all information gathered therefrom, to locate the Equipment at any time if such Equipment is not returned by you in accordance with this Lease. Lessee further authorizes the manufacturer of the Equipment to share any GPS tracking information(including without limitation geolocation information)with us upon our request(which request should only be made by us upon a default,event of default and/or your failure to return the Equipment in accordance with the terms of this Lease). 15. LESSEE'S OPTION AT END OF LEASE. Provided Lessee is not in default, upon expiration of the Lease Term, Lessee shall purchase all but not less than all of the Equipment pursuant to the End of Lease Provision set forth above(plus all sales and other applicable taxes). 16. RETURN OF EQUIPMENT. If (a) default occurs, or (b) a non-appropriation of funds occurs as provided herein, Lessee will immediately return the Equipment to any location(s)in the continental United States and aboard any carriers(s) Lessor may designate. The Equipment must be properly packed for shipment in accordance with the manufacturer's recommendations or specifications, freight prepaid and insured, maintained in accordance with this Lease,and in"Average Saleable Condition." "Average Saleable Condition"means that all of the Equipment is immediately available for use by a third-party buyer, user or lessee,other than Lessee named in this Lease, without the need for any repair or refurbishment. Lessee will pay Lessor for any missing or defective parts or accessories. Lessee will continue to pay Rent until the Equipment is received and accepted by Lessor. 17. LESSEE'S REPRESENTATIONS AND WARRANTIES. Lessee hereby represents and warrants to Lessor that as of the date of this Lease, and throughout the Lease Term: (a) Lessee is the entity indicated in this Lease; (b) Lessee is a state or a fully constituted political subdivision or agency of the State in which Lessee is located; (c)Lessee is duly organized and existing under the constitution and laws of the state in which they are located; (d) Lessee is authorized to enter into and carry out Lessee's obligations under this Lease. any documents relative to the acquisition of the Equipment and any other documents required to be delivered in connection with this Lease (collectively, the "Documents"); (e) the Documents have been duly authorized, executed and delivered by Lessee in accordance with all applicable laws, rules, ordinances, and regulations, the Documents are valid, legal, binding agreements, enforceable in accordance with their terms and the person(s)signing the Documents have the authority to do so, are acting with the full authorization of Lessee's governing body, and hold the offices indicated below their signature, each of which are genuine; (f) the Equipment is essential to the immediate performance of a governmental or proprietary function by Lessee within the scope of Lessee's authority; (g) Lessee intends to use the Equipment for the entire Lease Term for such function and shall take all necessary action to include in Lessee's annual budget any funds required to fulfill Lessee's obligations for each fiscal year during the Lease Term; (h) Lessee has complied fully with all applicable law governing open meetings, public bidding and appropriations required in connection with this Lease and the acquisition of the Equipment; (i) Lessee's obligations to remit Rent under this Lease constitutes a current expense and not a debt under applicable state law and no provision of this Lease constitutes a pledge of Lessee's tax or general revenues, and any provision which is so constructed by a court of competent jurisdiction is void from the inception of this lease; and (j) all financial information Lessee has provided to Lessor is true and accurate and provides a good representation of Lessee's financial condition. 18. LESSEE'S PROMISES. In addition to the other provisions of this Lease, Lessee agrees that during the term of this Lease(a)Lessee will promptly notify Lessor in writing if it moves its principal office or changes its name or legal structure, (b)Lessee will provide to Lessor such financial information as may reasonably request from time to time,and(c)Lessee will take any action Lessor reasonably requests to protect Lessor's rights in the Equipment and to meet Lessee's obligations under this Lease. 19. ASSIGNMENT. LESSEE WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE, SUB-LEASE OR PART WITH POSSESSION OF THE EQUIPMENT OR FILE OR PERMIT A LIEN TO BE FILED AGAINST THE EQUIPMENT. Lessee will not attach any of the Equipment to any real estate. 20. ASSIGNMENT BY LESSOR. This Lease, and the rights of Lessor hereunder and in and to the Equipment, may be assigned and reassigned in whole or in part to one or more assignees by Lessor or its assigns at any time without the necessity of obtaining the consent of Lessee Upon an assignment, Lessee agrees to make all payments as designated in the assignment, notwithstanding any claim,defense, setoff or counterclaim whatsoever (whether arising from a breach of this Lease or otherwise) that Lessee may from time to time have against Lessor or Lessor's assigns. 21. COLLECTION EXPENSES, OVERDUE PAYMENT. Lessee agrees that Lessor can, but does not have to, take on Lessee's behalf any action which Lessee fails to take as required by this Lease, and Lessor's expenses will be in addition to that of the Rent which Lessee owes Lessor. If Lessor receives any payment from Lessee after the due date, Lessee shall pay Lessor on demand as a late charge 5a/0 of such overdue amount,limited, however,to the maximum amount allowed by law. 22. MISCELLANEOUS. This Lease contains the entire agreement and supersedes any conflicting provision of any equipment purchase order or any other agreement. TIME IS OF THE ESSENCE IN THIS LEASE. If a court finds any provision of Lease to be unenforceable, the remaining terms of this Lease shall remain in effect. THIS LEASE IS A "FINANCE LEASE" AS DEFINED IN ARTICLE 2A OF THE UNIFORM COMMERCIAL CODE. Lessee authorizes Lessor (or Lessor's agent) to (a) obtain credit reports, (b) make such other credit inquires as Lessor may deem necessary, and (c)furnish payment history information to credit reporting agencies. To the extent permitted by law, Lessor may charge Lessee a fee of S250.00 to cover Lessor's documentation and investigation costs. 23. NOTICES. All of Lessee's written notices to Lessor must be sent by certified mail or recognized overnight delivery service, postage prepaid, to Lessor at Lessor's address stated in this Lease, or by facsimile transmission to Lessor's facsimile telephone number, with oral confirmation of receipt. All of Lessor's notices to Lessee may be sent first class mail, postage prepaid, to Lessee's address stated in this Lease. At any time after this Lease is signed, Lessee or Lessor may change an address or facsimile telephone number by giving notice to the other of the change. 24. ANTI-MONEY LAUNDERING/INTERNATIONAL TRADE COMPLIANCE. Lessee represents, warrants and covenants to Lessor, as of the date of this Lease, the date of each advance of proceeds under the Lease, the date of any renewal, extension or modification of this Lease, and at all times until this Lease has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a)no Covered Entity (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned Person; (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Jurisdiction or Sanctioned Person; (b) the proceeds of this Lease will not be used to fund any unlawful activity; (c)the funds used to repay the Lease are not derived from any unlawful activity; (d)each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws; and (e) no Equipment is or will become Embargoed Property. Lessee covenants and agrees that (a) it shall immediately notify Lessor in writing upon the occurrence of a Reportable Compliance Event; and (b) if, at any time, any Equipment becomes Embargoed Property, in addition to all other rights and remedies available to Lessor,upon request by Lessor. Lessee shall provide substitute Equipment acceptable to Lessor that is not Embargoed Property. SE Mum Shcrt Form Lease Mg PUT(Taxat e S500k under; V20250131 As used herein: 'Anti-Terrorism Laws" means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering,or bribery,all as amended, supplemented or replaced from time to time;"Compliance Authority"means each and all of the(a) U.S. Treasury Department/Office of Foreign Assets Control, (b)U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; "Covered Entity"means Lessee, its affiliates and subsidiaries, all other obligors,all owners of the foregoing,and all brokers or other agents of Lessee acting in any capacity in connection with this Lease;"Embargoed Property"means any property(a)in which a Sanctioned Person holds an interest: (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d) that is located in a Sanctioned Jurisdiction; or (e)that would otherwise cause any actual or possible violation by Lessor of any applicable Anti- Terrorism Law if Lessor were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services in consideration of such property; Reportable Compliance Event" means (1) any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (2)any Covered Entity engages in a transaction that has caused or may cause Lessor to be in violation of any Anti-Terrorism Laws, including a Covered Entity's use of any proceeds of the Lease to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Equipment becomes Embargoed Property. "Sanctioned Jurisdiction" means a country subject to a sanctions program maintained by any Compliance Authority; and "Sanctioned Person" means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions(including but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority. 25. USA PATRIOT ACT NOTICE. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each lessee that opens an account. What this means: when the Lessee opens an account, Lessor will ask for the business name, business address,taxpayer identifying number and other information that will allow the Lessor to identify Lessee, such as organizational documents. For some businesses and organizations, Lessor may also need to ask for identifying information and documentation relating to certain individuals associated with the business or organization. 26. WAIVERS. LESSOR AND LESSEE EACH AGREE TO WAIVE,AND TO TAKE ALL REQUIRED STEPS TO WAIVE,ALL RIGHTS TO A JURY TRIAL. To the extent Lessee is permitted by applicable law, Lessee waives all rights and remedies conferred upon a lessee by Article 2A (Sections 508-522)of the Uniform Commercial Code To the extent Lessee is permitted by applicable law, Lessee waives any rights they now or later may have under any statute or otherwise which requires Lessor to sell or otherwise use any Equipment to reduce Lessor's damages, which requires Lessor to provide Lessee with notice of default, intent to accelerate amounts becoming due or acceleration of amounts becoming due, intent to sale the Equipment at a public or private sale,or which may otherwise limit or modify any of Lessor's rights or remedies. Lessor will not be liable for specific performance of this Lease or for any losses, damages, delay or failure to deliver Equipment. 27. IMPORTANT INFORMATION ABOUT PHONE CALLS. By providing telephone number(s) to Lessor, now or at any later time, Lessee authorizes Lessor and its affiliates and designees to contact Lessee regarding Lessee accounts)with Lessor or its affiliates, whether such accounts are Lessee individual accounts or business accounts for which Lessee is a contact, at such numbers using any means, including but not limited to placing calls using an automated dialing system to cell, VoIP or other wireless phone number, or leaving prerecorded messages or sending text messages, even if charges may be incurred for the calls or text messages. Lessee consents that any phone call with Lessor may be monitored or recorded by Lessor. IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS LEASE SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. TERMS OR ORAL PROMISES WHICH ARE NOT CONTAINED IN THIS WRITTEN AGREEMENT MAY NOT BE LEGALLY ENFORCED. THE TERMS OF THIS LEASE MAY ONLY BE CHANGED BY ANOTHER WRITTEN AGREEMENT BETWEEN LESSEE AND LESSOR. LESSEE AGREES TO COMPLY WITH THE TERMS AND CONDITIONS OF THIS LEASE. LESSEE AGREES THAT THE EQUIPMENT WILL BE USED FOR BUSINESS PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. LESSEE CERTIFIES THAT ALL THE INFORMATION GIVEN IN THIS LEASE AND LESSEE'S APPLICATION WAS CORRECT AND COMPLETE WHEN THIS LEASE WAS SIGNED. THIS LEASE IS NOT BINDING UPON LESSOR OR EFFECTIVE UNLESS AND UNTIL LESSOR EXECUTES THIS LEASE. THIS LEASE WILL BE GOVERNED BY THE LAWS OF THE STATE OF THE LESSEE. Lessor: PNC Bank, National Association Lessee: City of Elgin, IL 655 Business Center Drive 150 DEXTER CT Horsham, PA 19044 ELGIN, . ►'0 Signature: Si 1, Print Name Print Name: Richard G.Kozel Tale. T;,,c. City Manager Dale. I Date November 17,2025 Si.M.,'S'w, (1, ..aasc Pkg PUT,Te,aNe 11`4)k ur er1 v?C?S0t3' CERTIFICATE OF ACCEPTANCE Lease Number: 1 to_5625-5 In compliance with the terms,conditions and provisions of Lease Agreement# 1105625-5("Lease")by and between the undersigned City.of Elgin.IL("Lessee")and PNC Bank,National Association("Lessor"),Lessee hereby: 1. certifies and warrants that all Equipment described in the Lease referenced above ("Equipment") is delivered, inspected and fully installed, and operational as of the Acceptance Date as indicated below; 2. accepts all the Equipment for all purposes under the Lease and all attendant documents as of the date of return of this Certificate to Lessor("Acceptance Date");and 3. restates and reaffirms,as of such Acceptance Date, each of the representations,warranties and covenants heretofore given to Lessor in the Lease. Lessor is hereby authorized to insert serial numbers on the Lease. Lessee: City of Elgin, IL 150 DEXTER ELGIN, 1 f Sig re: • Print Flame: Richard G. Kozel Title: City Manager Date: November 17, 2025 SE Mum Short Form Lease Pkg PUT(Takata*$500k under) V20250131 SCHEDULE A Lease Number 1105625-5 This Schedule supplements and is hereby incorporated by reference as part of above referenced Lease#("Lease")by and between Lessee and Lessor. Variable Payments Structure 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 6 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222 07 +Applicable Sales Tax 6 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222 07 +Applicable Sales Tax 6 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 6 @ $0 00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ S0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 6 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 6 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $38,222.07 +Applicable Sales Tax 1 @ $73,000.00 +Applicable Sales Tax Year _ I Jan Feb Mar Apr May Jun__ Jul Aug Sep Oct Nov Dec WV$0.00 $O.00 $0.00 $0.00 $38,222.07 0o $0.00 $0.00 $000 $38,22207 $0.00 $0.00 2027 $0.00 $0.00 - --$0.00 _ . $0.00 $38.222.07 $0.00 $0.00 $0.00 $000 $38,222.07 $0.00 $0.00 2028 40.00 $0.00 Saw $0.00 $38,222.07 $0.00 $0.00 $0.00 $0 00 $38,222 07 $0 00 $0.00 2029 $o.00 $0.0o so 00 $0.00 $38,222.07 $0.00 $0.00 $0.00 $0.00 138,222 07 WOO $0.00 2030 s0.00 $0.00 so 00 $0.00 $38,222.07 $0 00 $6.00 $0.00 S0.00 $38,222 07 $0 00 $0.00 2031 $0.00 S0.00 $0.00 $0.00 538,222.07 $0.00 $0.00 $0.00 $0 00 $38,222 07 $0.00 3300 2032 $0.00 $O dO 50.00 $0.00 $38.222.07 $0 00 $0.00 S0.00 $0 00 $38,222 07 $73,000.00 Plus applicable taxes Payment on invoice could be different based on applicability of sales and use tax. Lessor: PNC Bank,National Association Lessee: Elgin,IL Signature: Sig : X ( +‘--4t - Print Name: Print Name: Richard G.Kozal Tine. Title. City Manager Date: Date: November 17,2025 SE Muni Short Form Lease Pkg PUT(Taxable$500k under) V20250131 RESOLUTION AND CERTIFICATE OF INCUMBENCY Lease Number 1105625-5 Lessee: City of Elgin.IL Amount' $6.483.18 WHEREAS,Lessee.a body politic and corporate duly organized and existing as a political subdivision, municipal corporation or similar public entity of the State or Commonwealth("State")is authorized by the laws of the State to purchase,acquire and lease certain equipment and other property for the benefit of the Lessee and its inhabitants and to enter into contracts with respect thereto:and WHEREAS,pursuant to applicable law,the governing body of the Lessee("Governing Body")is authorized to acquire.dispose of and encumber real and personal property,including,without limitation,rights and interest in property.leases and easements necessary to the functions or operations of the Lessee. WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Lease Agreements or lease schedules("Leases`)in the amount not exceeding the amount stated above for the purpose of acquiring the property("Equipment")to be described in the Leases is appropriate and necessary to the functions and operations of the Lessee. WHEREAS,PNC Bank,National Association("Lessor")shall act as Lessor under said Leases. NOW,THEREFORE,Be It Ordained by the Governing Body of the Lessee: Section 1. Either one of the .City Manag@r-0R (each an"Authorized Representative")acting on behalf of the Lessee,is hereby authorized to negotiate. enter into, execute, and deliver one or more Leases in substantially the form set forth in the document presently before the Governing Body, which document is available for public inspection at the office of the Lessee. Each Authorized Representative acting on behalf of the Lessee is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Lease as the Authorized Representative deems necessary and appropriate. All other related contracts and agreements necessary and incidental to the Leases are hereby authorized Section 2. By a written instrument signed by any Authorized Representative. said Authorized Representative may designate specifically identified officers or employees of the Lessee to execute and deliver agreements and documents relating to the Leases on behalf of the Lessee. Section 3. The aggregate original principal amount of the Leases shall not exceed the amount stated above and shall bear interest as set forth in the Leases and the Leases shall contain such options to purchase by the Lessee as set forth therein. Section 4. The Lessee's obligations under the Leases shall be subject to annual appropriation or renewal by the Governing Body as set forth in each Lease and the Lessee's obligations under the Leases shall not constitute general obligations of the Lessee or indebtedness under the Constitution or laws of the State. Section 5. As to each Lease,the Lessee reasonably anticipates to issue not more than$10,000,000 of tax-exempt obligations(other than"private activity bonds" which are not'qualified 501(c)(3)bonds")during the fiscal year in which each such Lease is issued and hereby designates each Lease as a qualified tax-exempt obligation for purposes of Section 265(b)of the Internal Revenue Code of 1986,as amended. Section 6. This resolution shall take effect immediately upon its adoption and approval. NAMES AND TITLES OF AUTHORIZED REPRESENTATIVES: AUTHORIZED LEASE SIGNERS ONLY "'me`` °" Richard G. Kozel Title: City Manager ADOPTED AND APPROVED as of the date signed below. Section 7. I,the undersigned Secretary/Clerk identified below,does hereby certify that I am the duly elected or appointed and acting Secretary/Clerk of the above Lessee,a political subdivision duly organized and existing under the laws of the State where Lessee is located,that I have the title stated below,and that,as of the date hereof,the individuals named above are the duly elected or appointed officers of the Lessee holding the offices set forth opposite their respective names. The undersigned Secretary/Clerk of the above-named Lessee hereby certifies and attests that the undersigned has access to the official records of the Governing Body of the Lessee,that the foregoing resolutions were duly adopted by said Governing Body of the Lessee at a meeting of said Governing Body and that such resolutions have not been amended or altered and are in full force and effect on the date stated below. LESSEE: City of Elgin,IL Signature of Secretary/Clerk of Lessee Signatu l�1\ I Prin a Kimberly Dewis Title: City Clerk Date: November 17,2025 SE Muni Short Form Lease Pkg PUT(Taxable$500k under) V20250131 I PNC EQUIPMENT FINANCE Request for Insurance September 3,2025 Customer# 1105625 City of Elgin,IL 150 DEXTER CT ELGIN,IL 60120 Attn:Taryn Goldschmidt RE: Insurance Coverage Requirements for Equipment Financing Transaction between PNC Bank,National Association and City of Elgin,IL Under the terms of your Agreement# 1105625-5,you are required to carry adequate insurance coverage on the financed equipment. If your Certificate of Insurance is not received, and your Agreement is $1,000,000 or less you will automatically be enrolled in our Equipment Protection Program underwritten by Great American. If your Agreement is over$1,000,000 evidence of insurance is required prior to funding. Please forward this request to your insurance company,agent or broker as soon as possible and ask for the evidence of insurance to be sent to the address below. PNC Bank,National Association will have an insurable interest in the following equipment: Quantity Description Serial No. 73 Used 2025 E-Z-GO RXV-E As a condition to entering into the equipment financing transaction, PNC Bank,National Association requires,the following at all times during the term of the transaction: 1. All of the equipment must be insured for its full insurable value on a 100% replacement cost basis. The replacement cost in the amount of $473,272.14 USD must be listed on the Certificate of Insurance. 2. PNC Bank, National Association must be named as lender loss payee under a property insurance policy insuring all risks to the equipment,including fire, theft,and other customary coverage under an"extended coverage"endorsement. 3. For leases only,PNC Bank,National Association must receive evidence that a comprehensive general liability insurance policy is in place with a minimum coverage of$1,000,000. PNC Bank,National Association must be named as an additional insured under the liability policy. 4. Each property insurance policy must contain a lender's loss payable clause, or special endorsement. in which the insurer agrees that any loss will be payable in accordance with the policy terms,notwithstanding any act or negligence of the insured. 5. Each policy must provide for 30 days'written notice to PNC Bank,National Association prior to any cancellation,non-renewal or amendment of the policy. The evidence of Insurance can consist of a Certificate of Insurance form for this specific transaction or a blanket certificate for all equipment financed by PNC under Customer Number# 1105625 , Evidence of Insurance form, Memorandum of Insurance,binder for insurance, declarations page,or the actual policy and endorsements,in each case naming PNC Bank,National Association as follows: PNC Bank,National Association,and its successors and assigns,as lender loss payee Attn Insurance Department 655 Business Center Drive,Suite 250 Horsham,PA 19044 When completed,the evidence of insurance should be emailed to: SMEDocs@leaserv.com Lessee: City ,IL Signatur / Print Name: iditer, Richard G. Kozel Title: City Manager Date November 17, 2025 SE Insurance Letter(Lease) V2D250423 PNC EQUIPMENT FINANCE. Customer Information Lease # 1105625-5 Please provide the following information. By providing such information,you will enable us to ensure prompt payment of your vendor and the correct processing of your lease transaction. Thank you. Lessee Information Full Business Legal Name: .City of Elgin,IL Federal Tax ID Number: 366005862 Preferred Method of Payment: Is a Purchase Order Number required on Invoices? ❑ YES ❑ NO Purchase Order# Please enter your preferred method (Mail/Email): • Mail- If you would like to receive your Monthly Invoice by Mail, please provide this information: Invoices should be directed to: Attention: Address: City: State: Zip: • Email- If you would like to receive your Monthly Invoice by Email, please provide this information: Contact Name: Email: Contact Information In order to verify receipt of equipment and review terms and conditions of the lease, please provide contact information for one or more staff that can assist in this process. Contact 1: Phone: Email: Contact 2: Phone: Email: I hereby attest the above information is accurate. Signature Date X E mail: PNC Bank, National Association 655 Business Center Drive,Suite 250•Horsham,PA 19044 Questions? Call(800)559-2755 SE Lrac,,Ccs'vnei into ►) PN C EQUIPMENT FINANCE Notification of Tax Treatment PNC Bank, National Association ("PNC"), is required to collect and remit sales/use tax in the taxing jurisdiction where your equipment will be located. If you select that you are exempt by marking one of the checkboxes below, you must provide a valid exemption certificate. If you do not provide this certificate prior to the booking of your transaction, you will be responsible for sales tax on all accrued payments. • If tax has been remitted up front and financed into your lease payment, your account will not be marked sales tax exempt if you provide an exemption certificate after your transaction has been booked. • If your tax is remitted on a monthly basis, your lease may be marked sales tax exempt for the remaining payments left to be invoiced if you provide a valid exemption certificate after your transaction has been booked. • In the event we do not receive a valid sales tax exemption certificate prior to the date your lease commences, you will be charged sales/use tax. Personal property tax returns will be filed as required by local law. In the event that any tax abatements or special exemptions are available on the equipment you will be leasing from us, please notify us as soon as possible and forward the related documentation to us. This will ensure that your leased equipment will be reported correctly. Please indicate below if your lease is subject to tax or whether a valid exemption exists. Sales Tax ❑ I agree that my lease is subject to sales/use tax. ❑ I am exempt from sales/use tax and I have attached a completed exemption certificate to PNC. ❑ I am claiming a partial exemption from tax. I have attached a completed exemption certificate or other documented proof of this partic!exemption. ❑ I agree that my business is subject to sales/use tax and I have attached a completed resale certificate. This certificate indicates that I will be responsible for collection and remittance of sales/use tax based on the subsequent re-rental of the property. If applicable to the tax rates in your state, are you outside the city limits or in an unincorporated area? ❑ Inside city limits ❑ Outside city limits ❑ Unincorporated area Property Tax ❑ I have a valid abatement or property tax exemption(documentation attached). ❑ Location: State Taxing District Additional comments: Lease Number 1105625-5 Less l of Elgin, IL X at 196(4,-c— RichardPrint Name: G. Kozal Title: City Manager Date: November 17, 2025 SE Tax Noldicat or V20240910 PLEASE COMPLETE AND SIGN FORM e PNC EQUIPMENT FINANCE Dated as of September 3,2025 Lease Number 1105625-6 City of Elgin,IL 150 DEXTER CT ELGIN,IL 60120 Dear Customer; Enclosed are the necessary documents needed to complete your lease transaction. Please review,sign and return the following: • Lease—Purchase Agreement—Please have the Authorized Signor execute the documents and provide their title. • Certificate of Acceptance—At the point of delivery,fill out this form and return the original to us. We will be unable to disburse funds until we receive this signed form. • Schedule of Payments—Please sign and provide the title of the signor. • Resolution-Certificate of Incumbency —List your Authorized Representative(s) and their title(s) in the body of the Resolution. Have the Authorized Representatives provide their names,title and signatures(s)on the lines which appear under the Authorized Representative Signature Section near the bottom of the Resolution. Finally,have the Secretary or appropriate Trustee attest to the Information of the Authorized Representative(s)by signing and priming his/her name, title and date on the last signature line provided. The person who validates the signature should not sign the Lease Agreement. The Resolution must reflect the title(s)of the individual(s)who have authorization to sign the documents. • Insurance Request Form—Fill in your insurers information and sign Please contact your insurer,prior to delivery,to obtain a certificate of insurance. Please enclose the certificate with the signed documentation or have the insurer fax the certificate directly to me.A copy of the Physical and Liability Insurance Certificates are required due to the semi-annual payments. • Customer Information Form: Please complete and return. • Notification of Tax Treatment: Please complete and return. • Above documentation can be emailed to SMEDocs@leaserv&om. PNC Bank,National Association,in its sole discretion,reserves the right to adjust the payment factors in the enclosed documentation to reflect any changes in market conditions up to the date of funding. Thank you for choosing PNC Bank,National Association for your financing needs. We appreciate your business. If I can be of assistance,please contact me at SMEDocs@leaserv_corn or kcoiagrecotftnc.com. If you have questions or need Information on your contract in the future,you can call our customer service team at 800-559-2755 or email them at 9Jlston ercare@feaserv,corn. Sincerely, Kelsey Colagreco Commercial Transaction Coordinator SE Welcome Letter-Muni Exempt(S OJt/PUTl V2N41 CO3 Lease-Purchase Agreement Dated as of September 3,2025 Lease N umbe r: 1105625-6 Lessor: PNC Bank, National Association 655 Business Center Drive Horsham, Pennsylvania 19044 Lessee: LESSEE FULL LEGAL NAME FEDERAL TAX ID City of Elgin, IL 366005862 150 DEXTER CT ELGIN, IL 60120 Equipment Description: Quantity Description 36 Used 2023 E-Z-GO RXV-E Payment Information Number of Payments: Rent Amount: Payable: Lease Term(in months): End of Lease Provision: 59 See Attached Payment Due Date(to be Inserted by 59 months Schedule Lessor): ❑ `mv'cars ❑Rental ® PUT.$18.000.00 Monthly ❑ FMV—Turf(Annual Hours ❑ Quarterly �$1 out EISee Schedule A for variable payment structure Lessee shall pay Rent payments exclusively from legally available funds in U.S. currency to Lessor in the amounts and on the dates set forth herein,without notice or demand. TERMS AND CONDITIONS 1. LEASE. Subject to the terms of this Lease, Lessee agrees to lease from Lessor the equipment (the "Equipment")described above when Lessor accepts this Lease. Lessee agrees to be bound by all the terms of this Lease. 2. DELIVERY AND ACCEPTANCE OF EQUIPMENT. Acceptance of the Equipment occurs upon delivery. When Lessee receives the Equipment, Lessee agrees to inspect it and to verify by telephone or in writing such information as Lessor may require. Delivery and installation costs are Lessee's responsibility. If Lessee signed a purchase contract for the Equipment,by signing this Lease Lessee assigns its rights,but none of its obligations under the purchase contract,to Lessor. 3. RENT. Lessee agrees to pay Lessor Rent(plus applicable taxes) in the amount and frequency stated above. If Lessee's Rent payments are due in Advance, Lessee's first Rent payment is due on the date Lessee accepts the Equipment under the Lease. Lessor will advise Lessee as to(a)the due date of each Rent payment, and(b)the address to which Lessee must send payments. Rent is due whether or not Lessee receives an invoice from Lessor. Lessee will pay Lessor any required advance rent when Lessee signs this Lease. Lessee authorizes Lessor to change the Rent by not more than 15% (i) due to cnanges in the Equipment configuration, or(ii) an increase in the comparable Swaps Rate between the date you sign this Lease and the acceptance of the Equipment by you. As used herein, "Swaps Rate" shall mean the Interest Rate Swap for the corresponding period as set forth on Bloomberg Screen 3(Interest Rate Swaps Bloomberg) as the'SOFR Swap Rate"on a date determined by the Lessor that is no more than five(5)days before the date the Lease is made(or if no such rate is published therein for any reason, a comparable rate as published therein or in another publication determined by the Lessor, which determination shall be conclusive absent manifest error). Restrictive endorsements on checks Lessee sends to Lessor will not reduce Lessee's obligations to Lessor.Lessee hereby authorizes Lessor to insert a Due Date where applicable under this Lease once determined NON-APPROPRIATION OF FUNDS. Lessee intends to remit all Rent and other payments to Lessor for the full Lease Term if funds are legally available. In the event Lessee is not granted an appropriation of funds at any time during the Lease Term for the Equipment subject to this Lease and oaerating funds are not otherwise available to Lessee to pay the Rent and other payments due and to become due under this Lease, and there is no other legal procedure or available funds by or with which payment can be made to Lessor, and the non- appropriation did not result from an act or omission by Lessee, Lessee shall have the right to return the Equipment as provided herein and terminate this Lease on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee,except as the portion of Rent for which funds shall have been appropriated and budgeted. At least 30 days prior to the end of Lessee's fiscal year, Lessee's chief executive officer (or legal counsel)shall certify in writing that (a)funds have not been appropriated for the upcoming fiscal period, (b) such non-appropriation did not result from any act or failure to act by Lessee, and (c) Lessee has exhausted all funds legally available for the payment of Rent. 4. UNCONDITIONAL OBLIGATION. LESSEE AGREES THAT IT IS UNCONDITIONALLY OBLIGATED TO PAY ALL RENT AND ANY OTHER AMOUNTS DUE UNDER THIS LEASE IN ALL FISCAL YEARS IN WHICH FUNDS HAVE BEEN APPROPRIATED NO MATTER WHAT HAPPENS,EVEN IF THE EQUIPMENT IS DAMAGED OR DESTROYED,IF IT IS DEFECTIVE OR IF LESSEE HAS TEMPORARY OR PERMANENT LOSS OF ITS USE. LESSEE IS NOT ENTITLED TO ANY REDUCTION OR SET-OFF AGAINST RENT OR OTHER AMOUNTS DUE UNDER THIS LEASE FOR ANY REASON WHATSOEVER. `4.MJci Short Fo'm Lease 1.),1 r'U'(Tara CIe$50Ck...,7[., .:02`�131 5. DISCLAIMER OF WARRANTIES. THE EQUIPMENT IS BEING LEASED TO LESSEE IN "AS IS" CONDITION. LESSEE AGREES THAT LESSOR HAS NOT MANUFACTURED THE EQUIPMENT AND THAT LESSEE HAS SELECTED THE EQUIPMENT BASED UPON LESSEE'S OWN JUDGMENT. LESSEE HAS NOT RELIED ON ANY STATEMENTS LESSOR OR ITS EMPLOYEES HAVE MADE. LESSOR HAS NOT MADE AND DOES NOT MAKE ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES WHATSOEVER, INCLUDING WITHOUT LIMITATION, THE EQUIPMENT'S MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY, DESIGN, CONDITION, DURABILITY, OPERATION, QUALITY OF MATERIALS OR WORKMANSHIP, OR COMPLIANCE WITH SPECIFICATIONS OR APPLICABLE LAW. Lessee is aware of the name of the Equipment manufacturer. If the manufacturer has provided Lessor with a warranty, Lessor assigns its rights to such warranty to Lessee and Lessee may enforce all warranty rights directly against the manufacturer of the Equipment Lessee agrees to settle any dispute regarding performance of the Equipment directly with the manufacturer of the Equipment. 6. TITLE AND SECURITY INTEREST. Unless otherwise required by the laws of the state where Lessee is located, Lessee shall have title to the Equipment immediately upon delivery and shall be deemed to be the owner of the Equipment as long as Lessee is not in default under this Lease. In the event of a default,title to the Equipment shall revert to Lessor free and clear of any rights or interest Lessee may have in the Equipment. To secure all of Lessee's obligations to Lessor under this Lease Lessee hereby grants Lessor a security interest in(a)the Equipment to the extent of Lessee's interest in the Equipment, (b)anything attached, added, replaced and/or substituted to the Equipment at any time, (c)any money or property from the sale of the Equipment, and(d)any money from an insurance claim if the Equipment is lost or damaged. Lessee agrees that the security interest will not be affected if this Lease is changed in any way. 7. USE, MAINTENANCE AND REPAIR. Lessee will not move the Equipment from the Equipment Location without Lessor's advance written consent. Lessee will give Lessor reasonable access to the Equipment Location so that Lessor can check the Equipment's existence, condition and proper maintenance. Lessee will use the Equipment in the manner for which it was intended, as required by all applicable manuals and instructions, and keep it eligible for any manufacturer's certification and/or standard full-service maintenance contract. At Lessee's own cost and expense, Lessee will keep the Equipment in good repair, condition and working order, ordinary wear and tear excepted. Lessee will not make any permanent alterations to the Equipment and will remove any alterations or markings from the Equipment before returning to Lessor. 8. TAXES. Unless a proper exemption certificate is provided,applicable sales and use taxes will be added to the Rent. Lessee agrees to pay Lessor, when invoiced, all taxes(including any sales, use and personal property taxes), fines, interest and penalties relating to this Lease and the Equipment(excluding taxes based on Lessor's net income). Lessee agrees to file any required personal property tax returns and, if Lessor asks,Lessee will provide Lessor with proof of payment. Lessor does not have to contest any tax assessments. 9. INDEMNITY. Lessor is not responsible for any injuries, damages, penalties,claims or losses,including legal expenses, incurred by Lessee or any other person caused by the transportation,installation,manufacture,selection,purchase, lease,ownership,possession,modification, maintenance,condition,operation, use, return or disposition of the Equipment. To the extent permitted by law, Lessee agrees to reimburse Lessor for and defend Lessor against any claims for such losses, damages, penalties, claims, injuries, or expenses. This indemnity continues even after this Lease has expired,for acts or omissions that occurred during the Lease Term. 10. IDENTIFICATION. Lessee authorizes Lessor to insert or correct missing information on this Lease, including serial numbers and any other information describing the Equipment. 11. LOSS OR DAMAGE. Lessee is responsible for any loss of the Equipment from any cause at all,whether or not insured,from the time the Equipment is shipped to Lessee until it is returned to Lessor. If any item of Equipment is lost,stolen or damaged,Lessee will promptly notify Lessor of such event. Then, at Lessor's option, Lessee will either(a)repair the Equipment so that it is in good condition and working order, eligible for any manufacturer's certification,or(b)pay Lessor an amount equal to the Net Book Value(as defined herein)of the lost,stolen or damaged Equipment. If Lessee has satisfied their obligations herein,Lessor will forward to Lessee any insurance proceeds which Lessor receives for lost, damaged, or destroyed Equipment. If Lessee is in default, Lessor will apply any insurance proceeds Lessor receives to reduce Lessee's obligations pursuant to this Lease. 12. INSURANCE. Lessee agrees to(a)keep the Equipment fully insured against loss, naming Lessor as loss payee, and(b)obtain a general public liability insurance policy covering both personal injury and property damage in amounts not less than Lessor may tell Lessee, naming Lessor as additional insured, until Lessee has met all their obligations under this Lease. Lessor is under no duty to tell Lessee if Lessee's insurance coverage is adequate. The policies shall state that Lessor is to be notified of any proposed cancellation at least 30 days pnor to the date set for cancellation. Upon Lessor's request, Lessee agrees to provide Lessor with evidence of insurance acceptable to Lessor. If Lessee does not provide Lessor with evidence of proper insurance within ten days of Lessor's request or Lessor receives notice of policy cancellation, Lessor may (but Lessor is not obligated to) obtain insurance on Lessor's interest in the Equipment at Lessee's expense. Lessee will pay all insurance premiums and related charges. 13. DEFAULT. Lessee will be in default under this Lease if any of the following happens: (a) Lessor does not receive any Rent or other payment due under this Lease within ten days after its due date, (b)Lessee fails to perform or observe any other promise or obligation in this Lease and does not correct the default within ten days after Lessor sends Lessee written notice of default, (c) any representation, warranty or statement Lessee has made in this Lease shall prove to have been false or misleading in any material respect, (d) any insurance carrier cancels or threatens to cancel any insurance on the Equipment, (e)the Equipment or any part of it is abused, illegally used, misused, lost, destroyed, or damaged beyond repair, (f)a petition is filed by or against Lessee under any bankruptcy or insolvency laws,or(g)Lessee defaults on any other agreement between it and Lessor(or Lessor's affiliates). 14. REMEDIES. Upon the occurrence of a default, Lessor may, in its sole discretion,do any or all of the following: (a)provide written notice to Lessee of default,(b)as liquidated damages for loss of a bargain and not as a penalty,declare due and payable,the present value of(i)any and all amounts which may be then due and payable by Lessee to Lessor under this Lease, plus(ii)all Rent payments remaining through the end of the then current fiscal year, discounted at the higher of 3%or the lowest rate allowed by law(collectively,the"Net Book Value") and (c) require Lessee to immediately return the Equipment to Lessor. Lessor has the right to require Lessee to make the Equipment available to Lessor for repossession during reasonable business hours or Lessor may repossess the Equipment,so long as Lessor does not breach the peace in doing so, or Lessor may use legal process in compliance with applicable law pursuant to court order to have the Equipment repossessed. Lessee will not make any claims against Lessor or the Equipment for trespass, damage or any other reason. If Lessor takes possession of the Equipment Lessor may (a) sell or lease the Equipment at public or private sale or lease without notice, and/or(b)exercise such other rights as may be allowed by applicable law. Although Lessee agrees that Lessor has no obligation to sell the Equipment, if Lessor does sell the Equipment, Lessor will reduce the Net Book Value by the amounts Lessor receives. Lessee will immediately pay Lessor the remaining Net Book Value. Lessee agrees (a)to pay all of the costs Lessor incurs to enforce Lessor's rights against Lessee, including attorney's fees,and(b)that Lessor will retain all of Lessor's rights against Lessee even if Lessor does not choose SE Muni Short Form Lease Pkg PUT(Taxable S5004c under) V20250131 to enforce them at the time of Lessee's default. Lessee acknowledges and agrees that the Equipment may contain GPS tracking capabilities and consent to the use by us of GPS tracking, and all information gathered therefrom, to locate the Equipment at any time if such Equipment is not returned by you in accordance with this Lease. Lessee further authorizes the manufacturer of the Equipment to share any GPS tracking information(including without limitation geolocation information)with us upon our request(which request should only be made by us upon a default,event of default and/or your failure to return the Equipment in accordance with the terms of this Lease). 15. LESSEE'S OPTION AT END OF LEASE. Provided Lessee is not in default, upon expiration of the Lease Term, Lessee shall purchase all but not less than all of the Equipment pursuant to the End of Lease Provision set forth above(plus all sales and other applicable taxes). 16. RETURN OF EQUIPMENT. If (a) default occurs, or (b) a non-appropriation of funds occurs as provided herein, Lessee will immediately return the Equipment to any location(s)in the continental United States and aboard any carriers(s)Lessor may designate. The Equipment must be properly packed for shipment in accordance with the manufacturer's recommendations or specifications, freight prepaid and insured, maintained in accordance with this Lease, and in"Average Saleable Condition.' "Average Saleable Condition"means that all of the Equipment is Immediately available for use by a third-party buyer, user or lessee,other than Lessee named in this Lease, without the need for any repair or refurbishment. Lessee will pay Lessor for any missing or defective parts or accessories. Lessee will continue to pay Rent until the Equipment is received and accepted by Lessor. 17. LESSEE'S REPRESENTATIONS AND WARRANTIES. Lessee hereby represents and wan-ants to Lessor that as of the date of this Lease, and throughout the Lease Term: (a) Lessee is the entity indicated in this Lease; (b) Lessee is a state or a fully constituted political subdivision or agency of the State in which Lessi e is located; (c)Lessee is duly organized and existing under the constitution and laws of the state in which they are located; (d) Lessee is authorized to enter into and carry out Lessee's obligations under this Lease, any documents relative to the acquisition of the Equipment and any other documents required to be delivered in connection with this Lease (collectively, the "Documents"); (e) the Documents have been duly authorized, executed and delivered by Lessee in accordance with all applicable laws, rules, ordinances, and regulations, the Documents are valid, legal, binding agreements, enforceable in accordance with their terms and the person(s)signing the Documents have the authority to do so,are acting with the full authorization of Lessee's governing body, and hold the offices indicated below their signature, each of which are genuine; (f) the Equipment is essential to the immediate performance of a governmental or proprietary function by Lessee within the scope of Lessee's authority; (g) Lessee intends to use the Equipment for the entire Lease Term for such function and shall lake all necessary action to include in Lessee's annual budget any funds required to fulfill Lessee's obligations for each fiscal year during the Lease Term; (h) Lessee has complied fully with all applicable law governing open meetings, public bidding and appropriations required in connection with this Lease and the acquisition of the Equipment; (i) Lessee's obligations to remit Rent under this Lease constitutes a current expense and not a debt under applicable state law and no provision of this Lease constitutes a pledge of Lessee's tax or general revenues, and any provision which is so constructed by a court of competent jurisdiction is void from the inception of this lease; and (j) all financial information Lessee has provided to Lessor is true and accurate and provides a good representation of Lessee's financial condition. 18. LESSEE'S PROMISES. In addition to the other provisions of this Lease, Lessee agrees that during the term of this Lease(a)Lessee will promptly notify Lessor in writing if it moves its principal office or changes its name or legal structure, (b)Lessee will provide to Lessor such financial information as may reasonably request from time to time, and(c)Lessee will take any action Lessor reasonably requests to protect Lessor's rights in the Equipment and to meet Lessee's obligations under this Lease. 19. ASSIGNMENT. LESSEE WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE, SUB-LEASE OR PART WITH POSSESSION OF THE EQUIPMENT OR FILE OR PERMIT A LIEN TO BE FILED AGAINST THE EQUIPMENT. Lessee will not attach any of the Equipment to any real estate. 20. ASSIGNMENT BY LESSOR. This Lease, and the rights of Lessor hereunder and in and to the Equipment, may be assigned and reassigned in whole or in part to one or more assignees by Lessor or its assigns at any time without the necessity of obtaining the consent of Lessee Upon an assignment, Lessee agrees to make all payments as designated in the assignment, notwithstanding any claim,defense, setoff or counterclaim whatsoever (whether arising from a breach of this Lease or otherwise) that Lessee may from time to time have against Lessor or Lessor's assigns. 21. COLLECTION EXPENSES, OVERDUE PAYMENT. Lessee agrees that Lessor can, but does not have to, take on Lessee's behalf any action which Lessee fails to take as required by this Lease, and Lessor's expenses will be in addition to that of the Rent which Lessee owes Lessor. If Lessor receives any payment from Lessee after the due date, Lessee shall pay Lessor on demand as a late charge 5%of such overdue amount, limited, however,to the maximum amount allowed by law. 22. MISCELLANEOUS. This Lease contains the entire agreement and supersedes any conflicting provision of any equipment purchase order or any other agreement. TIME IS OF THE ESSENCE IN THIS LEASE. If a court finds any provision of Lease to be unenforceable, the remaining terms of this Lease shall remain in effect. THIS LEASE IS A "FINANCE LEASE" AS DEFINED IN ARTICLE 2A OF THE UNIFORM COMMERCIAL CODE. Lessee authorizes Lessor (or Lessor's agent) to (a) obtain credit reports, (b) make such other credit inquires as Lessor may deem necessary, and (c)furnish payment history information to credit reporting agencies To the extent permitted by law, Lessor may charge Lessee a fee of$250.00 to cover Lessor's documentation and investigation costs. 23. NOTICES. All of Lessee's written notices to Lessor must be sent by certified mail or recognized overnight delivery service, postage prepaid, to Lessor at Lessor's address stated in this Lease, or by facsimile transmission to Lessor's facsimile telephone number, with oral confirmation of receipt. All of Lessor's notices to Lessee may be sent first class mail, postage prepaid, to Lessee's address stated in this Lease. At any time after this Lease is signed, Lessee or Lessor may change an address or facsimile telephone number by giving notice to the other of the change. 24. ANTI-MONEY LAUNDERING/INTERNATIONAL TRADE COMPLIANCE. Lessee represents, warrants and covenants to Lessor, as of the date of this Lease, the date of each advance of proceeds under the Lease, the date of any renewal, extension or modification of this Lease, and at all times until this Lease has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a Sanctioned Person; (iii) does business in or with, or derives any of its operating Income from investments in or transactions with, any Sanctioned Jurisdiction or Sanctioned Person; (b) the proceeds of this Lease will not be used to fund any unlawful activity; (c)the funds used to repay the Lease are not derived from any unlawful activity; (d)each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws, and (e) no Equipment is or will become Embargoed Property. Lessee covenants and agrees that (a) it shall immediately notify Lessor in writing upon the occurrence of a Reportable Compliance Event; and (b) if, at any time, any Equipment becomes Embargoed Property, in addition to all other rights and remedies available to Lessor, upon request by Lessor, Lessee shall provide substitute Equipment acceptable to Lessor that is not Embargoed Property SL Muni Short Form Lee Pl,g PUl;Tanarle$SOOk underi W0250131 As used herein: "Anti-Terrorism Laws" means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering,or bribery,all as amended,supplemented or replaced from time to time;"Compliance Authority" means each and all of the(a)U.S. Treasury Department/Office of Foreign Assets Control. (b)U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; "Covered Entity'means Lessee, its affiliates and subsidiaries. all other obligors, all owners of the foregoing,and all brokers or other agents of Lessee acting in any capacity in connection with this Lease;"Embargoed Property"means any property(a)in which a Sanctioned Person holds an interest, (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned Person; (d)that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by Lessor of any applicable Anti- Terrorism Law if Lessor were to obtain an encumbrance on, lien on, pledge of or security interest in such property or provide services in consideration of such property; "Reportable Compliance Event" means (1) any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (2)any Covered Entity engages in a transaction that has caused or may cause Lessor to be in violation of any Anti-Terrorism Laws, including a Covered Entity's use of any proceeds of the Lease to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Equipment becomes Embargoed Property; 'Sanctioned Jurisdiction" means a country subject to a sanctions program maintained by any Compliance Authority; and 'Sanctioned Person' means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions(including but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority. 25. USA PATRIOT ACT NOTICE. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each lessee that opens an account. What this means: when the Lessee opens an account, Lessor will ask for the business name, business address, taxpayer identifying number and other information that will allow the Lessor to identify Lessee, such as organizational documents. For some businesses and organizations, Lessor may also need to ask for identifying information and documentation relating to certain individuals associated with the business or organization. 26. WAIVERS. LESSOR AND LESSEE EACH AGREE TO WAIVE,AND TO TAKE ALL REQUIRED STEPS TO WAIVE,ALL RIGHTS TO A JURY TRIAL. To the extent Lessee is permitted by applicable law, Lessee waives all rights and remedies conferred upon a lessee by Article 2A (Sections 508-522)of the Uniform Commercial Code. To the extent Lessee is permitted by applicable law, Lessee waives any rights they now or later may have under any statute or otherwise which requires Lessor to sell or otherwise use any Equipment to reduce Lessor's damages, which requires Lessor to provide Lessee with notice of default, intent to accelerate amounts becoming due or acceleration of amounts becoming due,intent to sale the Equipment at a public or private sale,or which may otherwise limit or modify any of Lessor's rights or remedies. Lessor will not be liable for specific performance of this Lease or for any losses, damages, delay or failure to deliver Equipment. 27. IMPORTANT INFORMATION ABOUT PHONE CALLS. By providing telephone number(s) to Lessor, now or at any later time, Lessee authorizes Lessor and its affiliates and designees to contact Lessee regarding Lessee account(s)with Lessor or its affiliates, whether such accounts are Lessee individual accounts or business accounts for which Lessee is a contact, at such numbers using any means, including but not limited to placing calls using an automated dialing system to cell, VoIP or other wireless phone number, or leaving prerecorded messages or sending text messages,even if charges may be incurred for the calls or text messages. Lessee consents that any phone call with Lessor may be monitored or recorded by Lessor. IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS LEASE SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. TERMS OR ORAL PROMISES WHICH ARE NOT CONTAINED IN THIS WRITTEN AGREEMENT MAY NOT BE LEGALLY ENFORCED. THE TERMS OF THIS LEASE MAY ONLY BE CHANGED BY ANOTHER WRITTEN AGREEMENT BETWEEN LESSEE AND LESSOR. LESSEE AGREES TO COMPLY WITH THE TERMS AND CONDITIONS OF THIS LEASE. LESSEE AGREES THAT THE EQUIPMENT WILL BE USED FOR BUSINESS PURPOSES ONLY AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. LESSEE CERTIFIES THAT ALL THE INFORMATION GIVEN IN THIS LEASE AND LESSEE'S APPLICATION WAS CORRECT AND COMPLETE WHEN THIS LEASE WAS SIGNED. THIS LEASE IS NOT BINDING UPON LESSOR OR EFFECTIVE UNLESS AND UNTIL LESSOR EXECUTES THIS LEASE. THIS LEASE WILL BE GOVERNED BY THE LAWS OF THE STATE OF THE LESSEE. Lessor: PNC Bank,National Association Lessee: City of Elgin,IL 655 Business Center Drive 150 DEXTER CT Horsham, PA 19044 ELGIN, I Signature' Si e: X Print Name: Print Name: Richard G. Kozal Tine: title: City Manager Date: Datc. November 17,2025 SE Muni Shot Farm Lew Pkg PUT(Tumble$500 u1cC' V20250131 CERTIFICATE OF ACCEPTANCE Lease Number: 11125625ji In compliance with the terms,conditions and provisions of Lease Agreement# 1105625-6("Lease")by and between the undersigned City of Elgin.IL("Lessee")and PNC Bank, National Association("Lessor"), Lessee hereby: 1. certifies and warrants that all Equipment described in the Lease referenced above ("Equipment") is delivered, inspected and fully installed, and operational as of the Acceptance Date as indicated below: 2. accepts all the Equipment for all purposes under the Lease and all attendant documents as of the date of return of this Certificate to Lessor("Acceptance Date"):and 3. restates and reaffirms, as of such Acceptance Date, each of the representations,warranties and covenants heretofore given to Lessor in the Lease. Lessor is hereby authorized to insert serial numbers on the Lease. Lessee: City of Elgin, IL 150 DEXTER C ELGIN,I Sig Print Richard G. Kozal Title: City Manager Date: November 17, 2025 SE Muni Short Form Lease Pig PUT(Taxado S5001i under) V20250131 SCHEDULE A Lease Number 1105625-6 This Schedule supplements and is hereby incorporated by reference as part of above referenced Lease#("Lease")by and between Lessee and Lessor. Variable Payments Structure _ 4 @ $0.00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 4 @ $o.00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 6 @ S0•00 +Applicable Sales Tax 1 @ $16.178.40 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 6 @ $0.00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ $16.178.40 +Applicable Sales Tax 6 @ i0•00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 4 @ $0.00 +Applicable Sales Tax 1 @ S16,178.40 +Applicable Sales Tax 6 @ 50,00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 4 @ 50.00 +Applicable Sales Tax 1 @ $16,178.40 +Applicable Sales Tax 1 @ $18,000 00 +Applicable Sales Tax Year Jan Feb - Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2026 so pc 10.00 $0.00 $0.00 $16.178.40 S0•00 $0.00 $0.03 $0.00 S16,178.40 50.00 50.00 2027 $0 OC S0.00 S0.00 $0.00 516,178.40 S0.00 $0.00 so S0.00 $16,178.40 SC.00 $0.00-- 2028 $0.00 $0.00 $0.00 $0.00 $16.178.40 $0.00 $0.00 $0.00 S0.00 316,178.40 SC.00 $0.00 2029 $0.00 $0.00 $0.00 $0.00 $16.178.40 $080 S0 00 SC.00 $0.00 $16,178.40 S0.00 $0.00 2030 $0.00 S0.00 $0.00 $0.00 _j_S16,178.40 $0:iW S0.00 SC.00 S000 S16,178.40 S18.000.00 Plus applicable taxes. Payment on invoice could be different based on applicability of sales and use tax. Lessor: PNC Bank, National Association Less:• of Elgin,IL Signature: urs /i A'47/1";"1"1" 1 Print Name: _ Print Name: Richard G.KOZaI Title: Title: City Manager Date. Date. November 17,2025 SE Muni Short Form Lease Pkg PUT(Taxable$500k under) \n0250131 RESOLUTION AND CERTIFICATE OF INCUMBENCY Lease Number 1105625-6 Lessee: City of Elgin,IL Amount: 34.170 64 WHEREAS,Lessee,a body politic ano corporate duly organized and existing as a political subdivision,municipal corporation or similar public entity of the State or Commonwealth ("State")is authorized by the laws of the State to purchase,acquire and lease certain equipment and other property for the benefit of the Lessee and its inhabitants and to enter into contracts with respect thereto;and WHEREAS,pursuant to applicable law,the governing body of the Lessee("Governing Body")is authorized to acquire,dispose of and encumber real and personal property,including,without limitation,rights and interest in property,leases and easements necessary to the functions or operations of the Lessee. WHEREAS.the Governing Body hereby finds and determines that the execution of one or more Lease Agreements or lease schedules(`Leases")in the amount not exceeding the amount stated above for the purpose of acquiring the property("Equipment")to be described in the Leases is appropriate and necessary to the functions and operations of the Lessee. WHEREAS,PNC Bank,National Association("Lessor")shall act as Lessor under said Leases. NOW,THEREFORE,Be It Ordained by the Governing Body of the Lessee Section 1 Either one of theCit- Manager OR (each an"Authorized Representative")acting on behalf of the Lessee,is hereby authorized to negotiate. enter into,execute, and deliver one or more Leases in substantially the form set forth in the document presently before the Governing Body, which document is available for public inspection at the office of the Lessee. Each Authorized Representative acting on behalf of the Lessee is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Lease as the Authorized Representative deems necessary and appropriate. All other related contracts and agreements necessary and incidental to the Leases are hereby authorizes. Section 2. By a written instrument signed by any Authorized Representative, said Authorized Representative may designate specifically identified officers or employees of the Lessee to execute and deliver agreements and documents relating to the Leases on behalf of the Lessee Section 3. The aggregate original principal amount of the Leases shall not exceed the amount stated above and shall bear interest as set forth in the Leases and the Leases shall contain such options to purchase by the Lessee as set forth therein. Section 4. The Lessee's obligations under the Leases shall be subject to annual appropriation or renewal by the Governing Body as set forth in each Lease and the Lessee's obligations under the Leases shall not constitute general obligations of the Lessee or indebtedness under the Constitution or laws of the State Section 5. As to each Lease,the Lessee reasonably anticipates to issue not more than 510,000,000 of tax-exempt obligations(other than"private activity bonds" which are not"qualified 501(c)(3)bonds")during the fiscal year in which each such Lease is issued and hereby designates each Lease as a qualified tax-exempt obligation for purposes of Section 265(b)of the Internal Revenue Code of 1986,as amended. Section 6. This resolution shall take effect immediately upon Its adoption and approval. NAMES AND TITLES OF AUTHORIZED REPRESENTATIVES: AUTHORIZED LEASE SIGNERS ONLY Name t:nn:) Richard G. Kozel City Manager ADOPTED AND APPROVED as of the date signed below. Section 7. I,the undersigned Secretary/Clerk identified below.does hereby certify that I am the duly elected or appointed and acting Secretary/Clerk of the above Lessee,a political subdivision duly organized and existing under the laws of the State where Lessee is located,that I have the title stated below,and that,as of the date hereof,the individuals named above are the duly elected or appointed officers of the Lessee holding the offices set forth opposite their respective names. The undersigned Secretary/Clerk of the above-named Lessee hereby certifies and attests that the undersigned has access to the official records of the Governing Body of the Lessee, that the foregoing resolutions were duly adopted by said Governing Body of the Lessee at a meeting of said Governing Body and that such resolutions have not been amended or altered and are in full force and effect on the date stated below. LESSEE: City of Elgin.IL Signature of Secretary/Clerk of Lessee X rat � A14/? k Print Name: Kimberly Dewis Title: City Clerk Date: November 17, 2025 SE Muni Short Form Lease Pkq PUT{Taxable$500k under) V20250131 A PNC EQUIPMENT FINANCE Request for Insurance September 3,2025 Customer# 1105625 City of Elgin,IL 150 DEXTER CT ELGIN,IL 60120 Attn:Taryn Goldschmidt RE: Insurance Coverage Requirements for Equipment Financing Transaction between PNC Bank,National Association and City of Elgin,IL Under the terms of your Agreement# 1105625-6,you are required to carry adequate Insurance coverage on the financed equipment. If your Certificate of Insurance is not received, and your Agreement Is $1,000,000 or less you will automatically be enrolled In our Equipment Protection Program underwritten by Great American. If your Agreement is over$1,000,000 evidence of insurance is required prior to funding. Please forward this request to your insurance company,agent or broker as soon as possible and ask for the evidence of insurance to be sent to the address below. PNC Bank,National Association will have an insurable interest in the following equipment Quantity Description Serial No. 36 Used 2023 E-Z-GO RXV-E As a condition to entering into the equipment financing transaction, PNC Bank, National Association requires the following at all times during the term of the transaction: 1. All of the equipment must be insured for its full insurable value on a 100% replacement cost basis. The replacement cost In the amount of $150,143.04 USD must be listed on the Certificate of Insurance. 2. PNC Bank,National Association must be named as lender loss payee under a property insurance policy insuring all risks to the equipment,including fire, theft,and other customary coverage under an"extended coverage"endorsement. 3 For leases only,PNC Bank,National Association must receive evidence that a comprehensive general liability insurance policy is in place with a minimum coverage of$1,000,000. PNC Bank,National Association must be named as an additional Insured under the liability policy. 4. Each property insurance policy must contain a lender's loss payable clause,or special endorsement, in which the insurer agrees that any loss will be payable in accordance with the policy terms,notwithstanding any act or negligence of the insured. 5. Each policy must provide for 30 days'written notice to PNC Bank,National Association prior to any cancellation,non-renewal or amendment of the policy. The evidence of Insurance can consist of a Certificate of Insurance form for this specific transaction or a blanket certificate for all equipment financed by PNC under Customer Number# 1105625,Evidence of Insurance form,Memorandum of Insurance,binder for insurance,declarations page,or the actual policy and endorsements,In each case naming PNC Bank,National Association as follows: PNC Bank,National Association,and its successors and assigns,as lender loss payee Attn: Insurance Department 655 Business Center Drive,Suite 250 Horsham,PA 19044 When completed,the evidence of insurance should be emailed to. SMEDocs@leasery corn Lessee: of n,IL .Sig e• • L .:44e Print Name: Richard G. Kozel Title. City Manager Date: November 17, 2025 SE Insurance Letter(Lease) V20250423 PNC EQUIPMENT FINANCE Customer Information Lease# 1105625-6 Please provide the following information. By providing such information,you will enable us to ensure prompt payment of your vendor and the correct processing of your lease transaction. Thank you. Lessee Information Full Business Legal Name: :City of Elgin,IL Federal Tax ID Number: 366005862 Preferred Method of Payment: Is a Purchase Order Number required on Invoices? ❑ YES ❑ NO Purchase Order# Please enter your preferred method(Mail/Email): • Mail-If you would like to receive your Monthly Invoice by Mail,please provide this information: Invoices should be directed to: Attention: Address: City: State: Zip: • Email - If you would like to receive your Monthly Invoice by Email,please provide this information: Contact Name: I Email: Contact Information In order to verify receipt of equipment and review terms and conditions of the lease, please provide contact information for one or more staff that can assist in this process. Contact 1: Phone: Email: Contact 2: Phone: Email: I hereby attest the above Information Is accurate. Signature Date X Email: PNC Bank, National Association 655 Business Center Drive,Suite 250•Horsham,PA 19044 Questions? Call(800)559-2755 SE Lou.Customer Info V20250123 ►� PNC EQUIPMENT FINANCE Notification of Tax Treatment PNC Bank, National Association ("PNC"), is required to collect and remit sales/use tax in the taxing jurisdiction where your equipment will be located. If you select that you are exempt by marking one of the checkboxes below, you must provide a valid exemption certificate. If you do not provide this certificate prior to the booking of your transaction, you will be responsible for sales tax on all accrued payments. • If tax has been remitted up front and financed into your lease payment, your account will not be marked sales tax exempt if you provide an exemption certificate after your transaction has been booked. • If your tax is remitted on a monthly basis, your lease may be marked sales tax exempt for the remaining payments left to be invoiced if you provide a valid exemption certificate after your transaction has been booked. • In the event we do not receive a valid sales tax exemption certificate prior to the date your lease commences, you will be charged sales/use tax. Personal property tax returns will be filed as required by local law. In the event that any tax abatements or special exemptions are available on the equipment you will be leasing from us, please notify us as soon as possible and forward the related documentation to us. This will ensure that your leased equipment will be reported correctly. Please indicate below if your lease is subject to tax or whether a valid exemption exists. Sales Tax ❑ I agree that my lease is subject to sales/use tax. D I am exempt from sales/use tax and I have attached a completed exemption certificate to PNC. ❑ I am claiming a partial exemption from tax. I have attached a completed exemption certificate or other documented proof of this partial exemption. ❑ I agree that my business is subject to sales/use tax and I have attached a completed resale certificate. This certificate indicates that I will be responsible for collection and remittance of sales/use tax based on the subsequent re-rental of the property. If applicable to the tax rates in your state, are you outside the city limits or in an unincorporated area? ❑ Inside city limits El Outside city limits 0 Unincorporated area Property Tax ❑ I have a valid abatement or property tax exemption (documentation attached). ❑ Location: State Taxing District Additional comments: Lease Number 1105625-6 Less& El9inIL •: Richard G. Kozal Tom` City Manager Date: November 17, 2025 SE Tax Notmcat,on V20240910 PLEASE COMPLETE AND SIGN FORM PNC EQUIPMENT FINANCE AMENDMENT TO LEASE AGREEMENT This Amendment ("Amendment"), dated and effective as of November 18, 2025, to that certain Lease Agreement 1105625-6 (the "Lease") between City of Elgin, IL, with its principal place of business at 150 Dexter Court, Elgin, IL 60120 ("Lessee") and PNC Bank, National Association, with an address at 655 Business Center Drive, Suite 250, Horsham, PA 19044 ("Lessor"). In consideration of the mutual covenants contained herein and other valuable consideration received, and with the intent to be legally bound, the parties amend the Lease as follows: Section 3. RENT. Heading NON -APPROPRIATION OF FUNDS is amended and restated in its entirety as follows: "Lessee intends to remit all Rent and other payments to Lessor for the full Lease Term if funds are legally available. In the event Lessee is not granted an appropriation of funds at any time during the Lease Term for the Equipment subject to this Lease and operating funds are not otherwise available to Lessee to pay the Rent and other payments due and to become due under this Lease, and there is no other legal procedure or available funds by or with which payment can be made to Lessor, Lessee shall have the right to return the Equipment in accordance with Section 16 of the Lease and terminate this Lease on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee, except as the portion of Rent for which funds shall have been appropriated and budgeted. At least 30 days prior to the end of Lessee's fiscal year, Lessee's chief executive officer (or legal counsel) shall certify in writing that (a) funds have not been appropriated for the upcoming fiscal period and (b) Lessee has exhausted all funds legally available for the payment of Rent." Section 8. TAXES. Is amended to add the following sentence to the end of the Section: "Lessee will provide tax exemption certificates if requested by Lessor." Section 14. REMEDIES. Sentence 7 is amended and restated as follows: "Lessee agrees (a) that Lessor only needs to give Lessee ten days' advance notice of any sale and no notice of advertising, (b) to pay all of the costs Lessor incurs to enforce Lessor's rights against Lessee, and (c) that Lessor will retain all of Lessor's rights against Lessee even if Lessor does not choose to enforce them at the time of Lessee's default." Section 23. NOTICES. Is amended and restated in its entirety as follows: "Lessor hereby irrevocably consents to the jurisdiction of the Circuit Court of Kane County, Illinois for the enforcement of any rights, the resolution of any disputes and/or for the purposes of any lawsuit brought pursuant to this Agreement or the subject matter hereof; and the Lessor agrees that service by first class U.S. mail to the entity and address provided for herein shall constitute effective service. Both parties hereto waive any rights to a jury. This Agreement shall be subject to and governed by the laws of the State of Illinois. In the event of any conflict between the body of this lease agreement and any attachments or other forms associated therewith, the terms and provisions of this lease agreement shall supersede and control." All other terms and conditions of the Lease shall remain unchanged and in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date above written. CIT GIN, IL i Ablhorized Signat6re _Richard G. Kozal Printed Name City Manager Title PNC BANK, NATIONAL ASSOCIATION Authorized Signature Printed Name Title PNC , EQUIPMENT FINANCE AMENDMENT TO LEASE AGREEMENT This Amendment ("Amendment"), dated and effective as of November 18, 2025, to that certain Lease Agreement 1105625-5 (the "Lease") between City of Elgin, IL, with its principal place of business at 150 Dexter Court, Elgin, IL 60120 ("Lessee"), and PNC Bank, National Association, with an address at 655 Business Center Drive, Suite 250, Horsham, PA 19044 ("Lessor"). In consideration of the mutual covenants contained herein and other valuable consideration received, and with the intent to be legally bound, the parties amend the Lease as follows: Section 3. RENT. Heading NON -APPROPRIATION OF FUNDS is amended and restated in its entirety as follows: "Lessee intends to remit all Rent and other payments to Lessor for the full Lease Term if funds are legally available. In the event Lessee is not granted an appropriation of funds at any time during the Lease Term for the Equipment subject to this Lease and operating funds are not otherwise available to Lessee to pay the Rent and other payments due and to become due under this Lease, and there is no other legal procedure or available funds by or with which payment can be made to Lessor, Lessee shall have the right to return the Equipment in accordance with Section 16 of the Lease and terminate this Lease on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee, except as the portion of Rent for which funds shall have been appropriated and budgeted. At least 30 days prior to the end of Lessee's fiscal year, Lessee's chief executive officer (or legal counsel) shall certify in writing that (a) funds have not been appropriated for the upcoming fiscal period and (b) Lessee has exhausted all funds legally available for the payment of Rent." Section 8. TAXES. Is amended to add the following sentence to the end of the Section: "Lessee will provide tax exemption certificates if requested by Lessor." Section 14. REMEDIES. Sentence 7 is amended and restated as follows: "Lessee agrees (a) that Lessor only needs to give Lessee ten days' advance notice of any sale and no notice of advertising, (b) to pay all of the costs Lessor incurs to enforce Lessor's rights against Lessee, and (c) that Lessor will retain all of Lessor's rights against Lessee even if Lessor does not choose to enforce them at the time of Lessee's default." Section 23. NOTICES. Is amended and restated in its entirety as follows: "Lessor hereby irrevocably consents to the jurisdiction of the Circuit Court of Kane County, Illinois for the enforcement of any rights, the resolution of any disputes and/or for the purposes of any lawsuit brought pursuant to this Agreement or the subject matter hereof; and the Lessor agrees that service by first class U.S. mail to the entity and address provided for herein shall constitute effective service. Both parties hereto waive any rights to a jury. This Agreement shall be subject to and governed by the laws of the State of Illinois. In the event of any conflict between the body of this lease agreement and any attachments or other forms associated therewith, the terms and provisions of this lease agreement shall supersede and control." All other terms and conditions of the Lease shall remain unchanged and in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date above written. CITY IN, IL PNC BANK, NATIONAL ASSOCIATION A thorized Signature Authorized Signature Richard G. Kozal Printed Name Printed Name _City Manager Title Title