01-168 Resolution No. 01-168
RESOLUTION
AUTHORIZING EXECUTION OF AN EQUIPMENT LEASE AGREEMENT WITH
TEXTRON FINANCIAL CORPORATION FOR GOLF CARS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Joyce A. Parker, City Manager, be and is hereby
authorized and directed to execute an equipment lease agreement
on behalf of the City of Elgin with Textron Financial Corporation
for golf cars for Spartan Meadows and Wing Park Golf Courses, a
copy of which is attached hereto and made a part hereof by
reference.
s/ Ed Schock
Ed Schock, Mayor
Presented: June 13, 2001
Adopted: June 13, 2001
Vote: Yeas 6 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
• •
•
•
111111111 IIIIIIIIIIIIIIIIIIIIIIO I IIIIIIIIIIIIII I
D # 1 0 0 1 3 9 3 1 A 1 1 9 0 6
TEXTRON GOLF, TURF & SPECIALTY PRODUCTS
Bob-Cat• Brouwer• Bunton• Cushman• E-Z-GO •Jacobsen • Ransomes• Ryan• Steiner
1451 Marvin Griffin Road
February 22,2001 Augusta,GA 30906
706/798-4311
City of Elgin, Illinois Fax 706/796-4508-Leasing
150 Dexter Court
Elgin,IL 60120 03
Re:TFC MUNICIPAL LEASE FOR Spartan Meadows GC&Wing Park GC
10 ea E-Z-GO TXT-G
Dear Sir:
Enclosed are lease documents to be completed and signed by an authorized officer, owner or partner before
the delivery of the equipment can be made.
PLEASE TAKE THE FOLLOWING STEPS IN COMPLETING
THE LEASE DOCUMENTS: "
I. Sign all documents where indicated by the X and have WITNESSED by the . .X.
2. DO NOT ADD TO OR CHANGE ANY DOCUMENTS WITHOUT PRIOR CONSULTATION
WITH THE UNDERSIGNED.
3. DO NOT DATE DOCUMENTS (Textron Financial Corporation assigns date when documents are
executed.
4. KEEP ALL COPIES INTACT (the Lessee copy of the lease will be sent to you when fully executed
by Textron Financial Corporation).
Should you wish to return the documents by overnight courier, our street address is: 1451 Marvin Griffin
Road,Augusta,GA 30906. Thank you for your business. At any time that I may be of service to you,please
feel free to contact me.
Sincerely yours,
Patricia Herrington
Asst.Leasing Manager
(800)448-7476 x4529
TFC TEXTRON IIIUliiiIIIIIIIIIIIIIIIIIIIIIIII�IIIIIIIIIIIII�IIIII
D # 1 0 0 1 3 9 3 1 A 1 1 6 0 s
Textron Financial Corporation
TAX-EXEMPT EQUIPMENT LEASE Lease No. TE1 -
Schedule No.
Purchase Order No.
Vendor Reference No.
SCHEDULE I
1. Description of Leased Equipment ("Equipment"):
10 ea E-Z-GO TXT-G
canopy,low fuel/oil guage,message holder
2. Location of Equipment
Spartan Meadows GC&Wing Park 1965 Spartan Dr. Wing St., Elgin, IL 60123
3. This Schedule is subject to the following addendums:
Addendum"A"= Payment schedule, Rider No. 1 -Tax Indemnity
SCHEDULE II
Total Principal: $ $33,796.30
Total Interest: $ $7,951.70
Total Payments: $ $41,748.00
Monthly Payment Date: I St
Payment Schedule See Addendum"A"Attached
Special Instructions The Principal portion of each monthly payment is shown under the"Principal Paid"
column;and the interest portion is shown under the"Interest Paid"column.
Concluding payments are shown under the"Balance Remaining"
•,
111111 III IIIIIHIIIIIILIIIIIIIIIIII1IIIIIII(II •
I(I II(II
TFC TEXTRON
Textron Financial Corporation. Subsidiary of Textron Inc.
INCUMBENCY CERTIFICATE Lease No. TE TEl -
I,1/ Dolonna Mecum , do hereby certify that I am the duly elected or
appointed and acting Secretary/Clerk of City of Elgin ,Illinois a political
subdivision or agency of the State of// Illinois that I have custody of the
records of such entity, and that, as of the date hereof, the individuals named below are the duly
elected or appointed officers of such entity holding the offices set forth opposite their respective
names. I further certify that (i) the signatures set opposite their respective names and titles are
their true and authentic signatures and (ii) such officers have the authority on behalf of such entity
to enter into that certain equipment lease dated
between such entity and the Lessor named therein, and to do all things which they deem necessary
on behalf of such entity in order to more completely effectuate the purposes of said Equipment
Lease.
NAME TITLE SIGNATURE
y/ Joyce A. Parker ./ City Manager d ,
/2A----
V( V
IN WITNESS WHEREOF, I have duly executed this certificate and affixed the seal of such entity
hereto this ,/5T/-t day of [ J tvt= , 1:f .2_00 /
A!�,,._� 14 -
SEAL Secretary/Clerk
•
TFC TEXTRON 1111111 II1lIIIIIIIIIIII1(IIIIII I IllIllIllIlIl III 1(1
Textron Financial Corporation D # 1 0 0 1 3 9 3 1 A 1 1 5 5 )
TAX EXEMPT EQUIPMENT LEASE Lease No.: TE1 -
This Lease is entered into as of the date set forth below by the parties identified below.
1. LEASE-Subject to the terms hereof,Lessor leases to Lessee,and Lessee leases from Lessor,the equipment and other personal property together with all repairs,
accessions,replacements and accessories(collectively'EQUIPMENT-)set forth on Schedule I attached hereto.
2. SELECTION,DELIVERY AND ACCEPTANCE-Lessee will select and take delivery of all EQUIPMENT leased hereunder directly from the EQUIPMENTS vendor,and
at locations agreed upon by the Vendor and Lessee. Lessee shall inspect the EQUIPMENT at the place of delivery,and upon acceptance execute and deliver to Lessor a
Certificate of Acceptance with respect to each shipment of EQUIPMENT. For all purposes under this Lease,EQUIPMENT will be considered accepted upon execution of
the Certificate of Acceptance.
3. TERM AND RENTALS-The rental term of the EQUIPMENT shall commence on the date Lessee executes the Certificate of Acceptance therefor,and,except as set
forth in Section 6,below,shall terminate upon payment of all of the rent specified in Schedule II. Lessee agrees to pay rent in the amount and at the times set forth in
Schedule II. Rent shall be paid to Lessor,but if this Lease or rentals due hereunder shall be assigned,then rent shall be paid in accordance with the provisions of Section
17 below. Interest shall be paid on each delinquent installment of rent and other sums from the due date until paid at the rate of Lessor's then prevailing late payment
charge,or the highest rate legally permissible,whichever is less. Lessee agrees that except as set forth in Section 4 below,its obligation to pay rent and any other sums
payable hereunder,and the rights of Lessor thereto,are absolute and unconditional and are not subject to any abatement,reduction,setoff,defense,counterclaim,or
recoupment(collectively'Abatements-)for any reason whatsoever. •. - _ '_ _ _- = _ e
• .. . - . . -- -•_ . • • . _. - - .- .: - - - _ - e UIPt t r
atseeveer-the-
^Iar reOae with the lea a Ihtiof a y-reaeen-whot3eevcr !trk-
4. NON-APPROPRIATION-t• •- - -• •• .• . ••-.• - -- -• - . _ •• ••••• -. .•. . ••- _: =r-ere-etherwise-avai ver•iwany-iceal.
-- -:. - -• •
for tiVloch-fnnd roprreted-and•-§ed§eleA--eF-are-aFheiwi - - - - -.-• -- '
, - .. ••- - -r
EaQtIiPMEN-'-Upen-suelrlerminat.•,: . . . •ime ereaer, essor may en- - y premises wit or wi ou ega pr. es w • • • •• -• • . . • • •
`appropriation•periedshall-be-appt2dlo er-until seeMunds-are-exhaue •, - • • •- . • - .
• • •. . . .. -- --- .. . . .- , . t••. u'- . ••• At-an ieit- will awake-heat-effortstO oBtain euuTOrl abor�-
-. • .- . • - - _ - -- . - •• i..•. . .. - • .-. _. - _ .. the Lermrhereof-�ret51 t6l�degoale--
ie This rovision ha(Lnol.be-ranstruedaoas-topernitt-eswe'tr-terminate-this-tease-in-order to arquire_simi1a•oc
... - - _ . . - � • . . . . . .• • . • PMENT is
•id. Lessee warrants that it has adequate funds to meet its obligations hereunder during its current fiscal appropriation period.
5 AUTHORITY AND AUTHORIZATION-Lessee represents,covenants and warrants,and if requested by Lessor,will deliver an opinion of counsel to the effect that:
(i)Lessee is a fully constituted political subdivision or agency of the State indicated below;(ii)the execution,delivery and performance by Lessee of this Lease have
been duly authorized by all necessary action on the part of the Lessee;and(iii)this Lease constitutes a legal,valid and binding obligation of the Lessee enforceable in
accordance with its terms. Lessee agrees that: -- - --
complied with all bidding requirements where necessary and by due notification presented this Lease for approval and adoption as a valid obligation on its part;and(z)it
has sufficient appropriations or other funds available to pay all amounts due hereunder for the current fiscal period.
6 PURCHASE OPTION-Upon thirty(30)days'prior written notice from Lessee to Lessor,and provided that Lessee at such time or at anytime thereafter,is not in default
hereunder,Lessee shall have the right to purchase all but not less than all the EQUIPMENT on the Lease Payment dates set forth in Schedule II by paying to Lessor on
such date,the Lease Payment then due together with the Concluding Payment amount set forth opposite such date. Upon satisfaction by Lessee of such purchase
conditions,Lessor will release its security interest in the EQUIPMENT to Lessee and will warrant to Lessee that the EQUIPMENT is free and clear of any liens created by
lessor
7. NATURE OF THIS AGREEMENT-Lessor and Lessee awe that it is their intention that the interest of Lessor in the EQUIPMENT is as a secured party,and that Lessor
neither has nor will have any equity in the EQUIPMENTVThe parties agree that the aggregate rent due hereunder constitutes the purchase price of the EQUIPMENT
together with the interest on the unamortized amount thereof over the term of this Lease,that the installments of rent constitute principal and interest, as set forth on
Schedule II over the term of this Lease, that the concluding payment amounts shown thereon represent the unpaid principal amount of the purchase price of the
EQUIPMENT together with applicable premium on the payment dates to which they relate and that upon the due and punctual payment of the installments of rent and
other amounts due hereunder and the performance of Lessee's obligations under this Lease,Lessor's security interest in the EQUIPMENT shall be released. .•itl•
..• • -, - .. •• =xpervse L-esso4s •- • • - _ . • •alF�
rtitersof-Lessee-aHd- 'i"
. . .. .ns• - . k--. .. • • • -• - . . : . • - . . . . - ._ . essee shall not, without Lessor's prior written consent,part with
possession or control of the EQUIPMENT or sell,pledge,mortgage or otherwise encumber the EQUIPMENT or any part thereof or assign or encumber any interest under
this Lease.
8. DISCLAIMER OF WARRANTY-Lessor may,or may not,be the manufacturer or vendor of the Equipment. Without affecting Lessor's liability,if any,as manufacturer or
vendor of the Equipment,the parties agree that LESSOR,IN ITS CAPACITY OF LESSOR MAKES NO REPRESENTATION OR WARRANTY,EITHER EXPRESS OR
IMPLIED,AS TO THE DESIGN OR CONDITION OF THE EQUIPMENT,ITS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE,OR ANY OTHER
REPRESENTATION OR WARRANTY OF ANY KIND,NATURE OR DESCRIPTION WITH RESPECT TO THE EQUIPMENT.
CONTINUED ON OTHER SIDE
IN WITNESS WHEREOF,the Lessor and Lessee have each caused this Lease to be duly executed.
This Lease is executed and effective as of (19 I� ,o (.
LESSOR: LESSEE:
Name:Textron Financial Corporation o, l4t4t�� C '.ewrio Name: City of • • ois . I- c•ag4z•'-$k -�
TYPE OR PAIN * TYPE OF1PRINT
•
By: Qa. 1... By:
SIGNATURE / SIGN.;•E
Name&Title: Patricia Herrington Name&Title: Joyce A. Parker, City Manager
TYPE OR PRINT - TYPE OR PRINT
Asst. Leasing Manager
An Agency or Political Subdivision of the State of IL
Address: 40 Westminster Street Address: 150 Dexter Court
Providence RI 02903 Elgin, IL 60120
4/i r"• --(2.E.,Z e 6'*s t,4._ S3Z. 5
14i< C"P-T t` 5"/ z w•-+{ 41:5 SSicE Q, f v,,ASc S ' t1E eVE.-21' -fs 5 QRaJt taco '�i- heC'e'l�`) .
or IS %)aoL-t2s•-rec-A C,t.e►a e
9. INSURANCE• .,. , •
..... ..
_ - eat csctct�kGEQNIPME-fiT.
10. LOSS OR DAMAGE TO EQUIPMENT-
a. Lessee,hereby assumes the entire risk of any loss,theft,damage to,or destruction of the EQUIPMENT,or any part thereof,from any cause(hereinafter'toss or Damage'). In the event of
Loss or Damage to the EQUIPMENT,Lessee shall promptly report same to the appropriate insurance companies,to Lessor,and to all concerned governmental agencies. Lessee shall not
be relieved from its obligations to pay rent or to perform any other of its obligations under this Lease by reason of any Loss orrDamage;all of Lessee's obligations shall continue in full force
and effect notwithstanding such Loss or Damage/haH•� FrCv1.Q n'tr sZ 1S c� pt.9sest.o•� •A f7 C.i.os t�L of_ Lenz _$
b. h the event of any Loss or Damage,Lessee,at tfte sole option of Lessor,shall either
(I) promptly repair the EQUIPMENT and place it in good repair and working condition In accordance with the standards set forth in Section 15.below;or
(ii) pay Lessor the Stipulated Loss Value,as hereinafter defined,within sixty(60)days of notification by Lessor that Lessor has elected to receive the Stipulated Loss Value rather than
require repair of the EQUIPMENT.
c. 'Stipulated Loss Value'shall be(i)an amount equal to the total of alt rent and any other amounts,if an due with respect to the lease of the EQUIPMENT as of the date of payment of the
Stipulated Loss Value plus(ii)the concluding payment amount shown on Schedule II for such payment date.
d. Lessor shall apply any insurance proceeds received pursuant to Section 9.above,to satisfy any obligation of Lessee to Lessor hereunder and remit the balance,if any,to Lessee.
11. PAYMENT OF TAXES BY LESSEE-In addition to rent,Lessee shall pay promptly all taxes,assessments and other governmental charges levied or assessed upon
Lessee's interest in the EQUIPMENT,upon the use or operation thereof,or on the earnings arising therefrom and, as additional sums due,shall promptly pay or '
reimburse the Lessor for all taxes,assessments and other governmental charges(including fees for titling and registration of the EQUIPMENT)levied or assessed
against and paid by the Lessor on account of its interest in the EQUIPMENT,or levied or assessed against the EQUIPMENT,or any part thereof,or the use or operation
thereof,or the leasing thereof to the Lessee,or the rent herein provided for,or the earnings arising therefrom,exclusive however of any taxes based on net income of
Lessor. t.e cvT1 c'-& t r 5 CfZ...Q't 4( >, QG•CiFme t w•s0 M1%.4-n) "+►k,
12. POSSESSION AND USE OF EQUIPMENT-Lessor covenants to Lessee that as long as Lessee shall not be in default under this Lease,Lessee may possess and use
the EQUIPMENT in accordance with this Lease.
4 13. PERFORMANCE OF OBLIGATIONS OF LESSEE BY LESSOR-If Lessee shall fail to promptly perform any of its obligations under this Lease,Lessor may,at any time
thereafter,perform the same without thereby waiving the default,and any expense or liability incurred by Lessor,together with Lessor's then prevailing late payment
charge,or the highest lawful rate,whichever is less,shall be payable by Lessee as additional rent hereunder.
14. INSPECTION-Lessor or its agents shall have the right from time to time during reasonable business hours to enter upon Lessee's premises,or elsewhere, for the
purpose of confirming the existence,condition,and proper maintenance of the EQUIPMENT.
15. OPERATION,MAINTENANCE AND MODIFICATION-Lessee shall operate,possess and maintain the EQUIPMENT and any records pertaining thereto in compliance
with all applicable Federal,state and local laws and regulations. Lessee shall not make any material alterations to the EQUIPMENT without the prior written consent of
Lessor. Lessee shall,at its own expense,maintain and keep the EQUIPMENT in good order and repair in accordance with the manufacturer's published manuals,and
other instructions. NI parts,accessories and other personal property which are added to or become attached to the EQUIPMENT shall immediately become the property
of Lessor,at no cost,and shall be deemed incorporated in the EQUIPMENT and subject to the terms of this Lease.
16. INDEMNITY-Leccso-shall Inde .•• - • •- - -• • -• din 'legal
.. _ - • , • • ••• - _ . ' . . , -property er-resulting-trerm-ee-bese9-upon-Lessoes--
• - , -- • - • . _ . . . - -• . ... - . . .. of the-State-identified-befew-wilhi+p4he-meaning-af-
menAecli-and•Shallrat-L--cssee`s-owrrcost-anr}expenserdefend anyand-ail-suitswvhieh-rnay-be-breught-agaiast-
Lessor-eithatalorte-stir-conjunetionwithothers-upon-arty-sueh-liability-or•claim(s). `TWE Lrr"$ G} �,tC�T tNf7c- -c- C3A LiAvtJ ,
17. ASSIGNMENT AND SUBLEASE-Lessee shall not sell,transfer,assign,pledge or sub-lease,its interest in the Lease or the EQUIPMENT,without the prior written
consent of Lessor. Lessor may assign this Lease and its rights hereunder,in whole or in part,without Lessee's consent.
18 EVENTS OF DEFAULT-The occurrence of any of the following shall,at the option of Lessor and without any notice other than provided herein,constitute an event of
default under this Lease:
a. Lessee fails to pay any rent or other sums due hereunder and such failure shall continue for ten(10)days;
b. Lessee fails to perform any other covenant herein and such failure continues for fifteen(15)days after written notice thereof by Lessor to Lessee;
c. Lessee files a petition in bankruptcy.or for reorganization,or for an arrangement pursuant to the U.S.Federal Bankruptcy Act,or any similar Law;
d. A receiver,trustee or liquidator(or other similar official)is appointed for or lakes possession or charge of Lessee,substantially all of its assets,or any EQUIPMENT;
e. Lessee's interest in any EQUIPMENT is levied upon or attached in any proceeding,and such process is not vacated or discharges within ninety(90)days thereafter;
1. Lessee attempts to sell,transfer,encumber,sublet or part with possession of any EQUIPMENT without Lessor's prior written consent;
19. REMEDIES OF LESSOR-
a. Upon the occurrence of any event of default,or at any time thereafter,Lessor,at its sole option may exercise one or more of the following remedies:
(i) Lessor may terminate this Lease upon written notice to Lessee,without prejudice to any other remedies hereunder;
.. - . •• -• - • . . - •.. harWhe-✓eland-lake-gossessior>•thereofiwilhoot sueh2.tierrconstitulirg-a--termineliew
`•t(,(ittl• Proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or to recover damages for breach thereof.
• - ••efautt hereunder,shall. •• - - - - •, ... .. metas-a-pauatry-ammo.at-0quaLto•NaS6P.latedtossVafue-0144.„
• • me he e.e+t eP defavN plu. f
pHe-mitige •. - - - - - , ease
1•. • • • .nva e ransa • - •. - - • - be-the-Ruechasec.aod-Lecenrjmay.use_Lessee:s.-premiseafar-the-foragoiug-r4Uwulgiability-toc.rents-rcostsr+
,. • . . .-. - - - - - - . f`rahallbcepptieJ'first--
( .. . . . . .. . • - ..' g-rep•f.6y a..d selling-octaasio0.Uu=EnUltt)vt5541.lheq_
l su.1u .- •. . ' - • : -- .• .. .-sorenyzle )'+*51 iw.taa i.0}daysoLv nsn�equnst fnr came.
ta No remedy of Lessor hereunder shall be exclusive of any other remedy provided herein or by law. Each shall be cumulative and in addition to every other remedy. A waiver of default shall
not be a waiver of any other or subsequent default.
�. . . - - • .. ... '. - - .•' • v ,. • • .. . .- ... ..
20. FURTHER ASSURANCE-Lessee shall during the term hereof execute and deliver to Lessor such instruments and assurances as Lessor reasonably deems necessary
for the protection of Lessor's rights hereunder.
21. NOTICES-NI notices shall be in writing and deemed delivered when posted in the U.S.Mails registered or certified,return receipt requested,to Lessor or Lessee at
their respective address shown above or at any later address last known to the sender.
22. SEVERABILITY-If any provision herein is invalid under any applicable law, such provision shall be inapplicable and deemed omitted,but the remaining provisions
hereof,including default remedies,shall be given effect in accordance with the manifest intent thereof.
23. ENTIRE AGREEMENT,NO AGENCY,TITLES-This instrument,including all appendixes,constitutes the entire Agreement between the parties. No term or provisions
of this Lease may be changed,waived,amended or terminated except by a written agreement signed by both parties. It is expressly agreed that no manufacturer or other
third party is authorized to act as an agent or on behalf of the Lessor. The titles of the Sections of this Lease are for convenience only and shall not define or limit any of
the terms of provisions hereof.
24. FINANCING STATEMENTS-At Lessor's request,Lessee will join Lessor in executing any necessary or appropriate Financing Statements. A photographic copy of this
Lease may be filed as a financing statement under the Uniform Commercial Code.
ik 25. JURISDICTION,APPLICABLE LAW-Any dispute arising out of this Lease not otherwise settled amicably shall be adjudicated in the courts of general jurisdiction and
the laws of the State indicated below shall apply. •
26. TITLE-Title to the EQUIPMENT shall pass to and vest in Lessee upon the commencement of the term of the Lease. Lessor,however,shall retain a security interest in
the EQUIPMENT until Lessee shall have made all the payments required hereunder and shall have kept and performed all the agreements it has made herein,
notwithstanding the possession and use of the EQUIPMENT by Lessee as herein provided. Except as otherwise specifically provided herein,when Lessee shall have
paid Lessor all the rents and other payments provided herein,and all Lessee's obligations contained herein shall have been performed,Lessor shall release its security
interest in the EQUIPMENT without any further payment by Lessee and this Lease shall terminate.
Vjle
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•
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c3e. 1 w1 •-t1.12
•
• . 02/20/2001 Page 1.
Compound Period • Monthly 0 '
Nominal Annual Rate ...:. 7.642. %
Effective Annual Rate .. : 7.915 % .
Periodic Rate 0.6368 % •
Daily Rate • 0.02094 % -
•
CASH FLOW DATA - •
Event Start Date Amount Number Period End Date
1 Loan 03/15/2001 . 33,796.30 . 1
2 Payment 04/15/2001. 0.00 • 1
3 Payment 05/15/2001 1,091.60 6 Monthly 10/15/2001
4 Payment 11/15/2001 0.00. 6 Monthly 04/15/2002
5 Payment 05/15/2002 1,091.60 6 Monthly 10/15/2002 .
6 Payment 11/15/2002. 0.00 - 6 Monthly 04/15/2003
7 Payment 05/15/2003 1,091.60 6 Monthly 10/15/2003
8 Payment 11/15/2003 0.00 • 6 Monthly 04/15/2004
9 Payment • 05/15/2004 1,091.60 6 Monthly 10/15/2004
10 Payment 11/15/2004 0.00 6 Monthly 04/15/2005
11 Payment 05/15/2005 1,091.60 6 Monthly 10/15/2005
12 Payment 11/15/2005 9,000.00 1
AMORTIZATION SCHEDULE - Normal Amortization
•
Date Payment Interest Principal Balance
Loan 03/15/2001 • 33,796.30
1 04/15/2001 0.00 215.22 215.22- 34,011.52 .
2 05/15/2001 1,091.60 216.59 875.01 33,136.51
3 06/15/2001 1,091.60 211.02 880.58. 32,255.93
4 07/15/2001 1,091.60 205.41 886.19 31,369.74
5 08/15/2001 1,091.60 199.77 ' 891.83 30,477.91
6 09/15/2001 1,091.60 194.09 897.51 29,580.40
7 10/15/2001 1,091.60 188.37 903.23 28,677.17
8 11/15/2001 0.00 182.62 182.62- 28,859.79
9 12/15/2001 0.00 183.78 183.78-. . 29,043.57
2001 Totals 6,549.60 1,796.87 4,752.73
10 01/15/2002 0.00 184.95 184.95- 29,228.52
11 02/15/2002 0.00. . 186.13 186.13- - 29,414.65
12 03/15/2002 0.00 187.32 187.32- 29,601.97 .
13 04/15/2002 0.00 188.51 188.51- 29,790.48 .
14 05/15/2002 1,091.60 189.71 • 901.89 28,888.59
. .15 06/15/2002 1,091.60 183.97 907.63 27,980.96
16 07/15/2002 1,091.60 • 178.19 913.41 27,067.55
17 08/15/2002 1,091.60 172.37 919.23 26,148.32
18 09/15/2002 " 1,091.60 166.52 925.08 ' 25,223.24
19 10/15/2002 1,091.60 160.63 930.97 24,292.27
20 11/15/2002 0.00 . 154.70 154.70- 24,446.97
21 12/15/2002 0.00 155.68 155.68- 24,602.65
•
•
02/20/2001 Page 2
Date -Payment Interest Principal • . '• Balance .
2002 Totals 6,549.60 2,108.68 4,440.92
22 01/15/2003 • 0.00 156.67 156.67- 24,759.32
•
23 02/15/2003 0.00 157.67 157.67- 24,916.99
24 03/15/2003 0.00 158.68 158.68- 25,075.67.
• 25 04/15/2003 0.00 159.69 159.69- 25,235.36 •
26 .05/15/2003 1,091.60 160.70 930.90 24,304.46
27 06/15/2003 1,091.60 154.77 936.83 23,367.63
28 07/15/2003 1,091.60 148.81 942.79 22,424.84
29 08/15/2003 1,091.60 142.81 . 948.79 21,476.05
30 09/15/2003 1,091.60 • •• 136.76 . 954.84 20,521.21
31 10/15/2003 1,09t60 .130.68 960.92 19,560.29
. 32 11/15/2003 0.00. 124.56 124.56- 19,684.85
33 12/15/2003 0.00 125.36 . . 125.36- 19,810.21
2003 Totals 6,549.60 1,757.16 • 4,792.44
34 01/15/2004 0.00 126.15 126.15- 19,936.36
35 02/15/2004 0.00 126.96 126.96- 20,063.32
36 03/15/2004 0.00 127.77 127.77- 20,191.09
37 04/15/2004 0.00 128.58 128.58- 20,319.67
38 05/15/2004 1,091.60 129.40 962.20 19,357.47
39 06/15/2004 1,091.60 123.27 968.33 18,389.14
40 07/15/2004 1,091.60 117.11 974.49 17,414.65
41 08/15/2004 . 1,091.60 110.90 980.70 16,433.95 ,
42 09/15/2004 1,091.60 104.65. 986.95 15,447.00
43 10/15/2004 1,091.60 98.37 993.23 14,453.77
44 11/15/2004 0.00 92.04 92.04- 14,545.81
45 12/15/2004 0.00 92.63 92.63- 14,638.44 . •
2004 Totals . ' 6,549.60 1,377.83 5,171.77
46 01/15/2005 0.00 93.22 93.22- 14,731.66
47 02/15/2005 0.00 93.81 • 93.81- 14,825.47
48 03/15/2005 0.00 94.41 94.41- • 14,919.88 •
49 04/15/2005 0.00 95.01 95.01- 15,014.89
50 05/15/2005 . 1,091.60 95.62 995.98 14,018.91
51 06/15/2005 • 1,091.60 89.27 1,002.33 13,016.58
52 07/15/2005 1,091.60 82.89 1,008.71 12,007.87
53 08/15/2005 1,091.60 76.47. 1,015.13 10,992.74
54 09/15/2005 1,091.60 70.00 . 1,021.60 9,971.14
• 55 10/15/2005 1,091.66 63.50 1,028.10 8,943.04
56 11/15/2005 9,000.00 56.96 8,943.04 0.00
2005 Totals 15,549.60 911.16 14,638.44 •
Grand Totals 41,748.00 7,951.70 ..33,796.30
• 11111 I III IIIIDINIIIIIII�I�iiia i iiiiiiiiiiii in
D # 1 0 0 1 3 9 3 1 A 1 1 7 5 e
RIDER NO.1
Re: Tax Exempt Equipment Lease dated the date hereof (the "Lease"), between Textron Financial
Corporation("Lessor")and ("Lessee").
City of Elgin,Illinois
The Following are added as additional terms and agreements of the above-identified Lease.
TAX INDEMNITY. Lessor and Lessee acknowledge and agree that the Lease terms offered by Lessor to
Lessee hereunder contemplate certain tax benefits consisting of the exemption from income of interest on
state and local bonds described in Section 103 of the Internal Revenue Code of 1986,as amended from time
to time(the"Code")being available to Lessor or its assigns over the term of the Lease(the"Tax Benefits").
Lessee shall indemnify Lessor in the event (a "Disallowance") that the Tax Benefits are disallowed,
disqualified, recaptured or reduced for any reason by the Internal Revenue Service (the "IRS"), including
failure to file the appropriate informational returns concerning the Lease or to otherwise satisfy the
reporting requirements of Section 149(e)of the Code. Such indemnification shall be accomplished by an
adjustment to the scheduled payments under the Lease to an amount equal to $
per month to be effected as follows: (a) the adjusted payments shall be payable monthly beginning with the
first payment date scheduled 15 days after Lessor's notice to Lessee of the Disallowance, and (b) with
respect to all interest and penalties, if any, incurred by Lessor with respect to a Disallowance, and the
aggregate amount of the difference between the adjusted payments stated above and all payments previously
made under the Lease, Lessee shall have the option of paying such amounts in a lump sum payment to
Lessor (which shall be paid within 30 day after notice of the Disallowance) or having such amounts
financed over the remaining term of the Lease at Lessor's then current rates.
Lessee represents and warrants that attached hereto is an executed original of IRS Form Number 8038-GC
which accurately describes the terms of the Lease, and the amount financed under the Lease is less than
$100,000.00, Lessee agrees that the information described in the attached form shall be appropriately
incorporated into an annual consolidated informational return or other reports required by the IRS which
shall be filed by the Lessee in a timely manner.
Lessor and Lessee have caused this Rider No. 1 to be executed by their duly authorized representatives as
of Tu 1S /S'' ,I9- 2cp•J
LESSOR: LEccFF•
Textron Financial Corporation
By: 9J c .� la1A - By:
B :
City of Elgin, Illinois
Name: Name:
Title: Title: / Cy Manager
Patricia Herrington
Asst.Leasing Manager VI
111111111 IllIllIllIllI 1111111111111 lIllhlIllIllItIl
D # 1 0 0 1 3 9 3 1 A1 1 6 5 W
TFC TEXTRON
Textron Financial Corporation
ACCEPTANCE CERTIFICATE Lease No.
Contract or Schedule.No.
Purchase Order No.
To: TEXTRON FINANCIAL CORPORATION
Address
40 Westminster Street
Providence RI 02903
(City, State, Zip)
The undersigned hereby certifies that all of the Equipment, described in the Purchase Order
identified above, which has been issued by TFC pursuant to the Contract/Lease identified above,
has been furnished to the undersigned at the location designated in the Contract/Lease, that
delivery and installation of the Equipment has been fully completed as required by the
Undersigned and that the Equipment has been inspected and accepted by the Undersigned as
satisfactory. The Undersigned understands that TFC is relying on the foregoing certification in
the purchase of the Equipment by TFC and, to induce TFC to purchase the Equipment.
Dated: TT , 1 ,2 oU / City of Elgin , Illinois
(Name of Individual, Corporation
or Partnership)
By: XOittre_. Title f City Manager
(If Corporation,have signed by President,
Vice President or Treasurer. If Owner or
Partner, state which.)
,.:,_
II lU I Ill IIIIIIIIIIIIIIIIIIIIIIii I/IBIIhIIIIlII IN
D # 1 0 0 1 3 9 3 1 A 1 1 8 5 s
Forth 8038-GC Information Return for Small Tax-Exempt
Governmental Bond Issues, Leases, and Installment Sales OMB No.1545-0120
(Rev.May 1995) ► Under Internal Revenue Code section 149(e) ► For calendar year ending 19
03
Department of the Treasury
Internet Revenue service (Use Form 8038-G if the issue price of the issue is$100,000 or more.)
Part I Reporting Authority Check box if Amended Return► 0
1 Issuer's name 2 Issuer's employer Identification number
City of Elgin,Illinois • ,
3 Number and street(or P.O.box If mall is not delivered to street address) Room/suite
150 Dexter Court
4 City,town,or post office.state,and ZIP code
Elgin,IL 60120
Part II Description of Obligations
5 Issue price of small tax-exempt governmental obligations reported on this form 5
6 Check the box that most nearly approximates the weighted average maturity of the obligation(s):
a 0 Less than 5 years
b 0 From 5 to 10 years •
c 0 More than 10 years :
7 Check the box that most nearly approximates the weighted average interest rate on the
obligation(s):
•
a 0 Less than 5%
b 0 From 5%to 10% •
c 0 More than 10%
8 Total issue price of the obligation(s)reported on line 5 that is/are: '-
a Obligation(s) issued in the form of a lease or installment sale 8a
b Obligation(s)designated by the issuer under section 265(b)(3)(B)(i)(III) 8b
c Obligation(s) issued to refund prior issues 8c
d Loans made from the proceeds of another tax-exempt obligation 8d
9 Check box if issuer has elected to pay a penalty in lieu of arbitrage rebate ❑
Under penalties of perjury.I declare that I have examined this return and accompanying schedules and statements,and to the best of my knowledge
Please and belief,they are true,correct,and complete.
Sign
Here '
Issuer's authorized representative Date Type or print name and title
Paperwork Reduction Act Notice General Instructions an issue price of less than$100.000.Each
We ask for the Information on this form to such separate retum should specify the
carry out the nRevenueon ues rm to Section references are to the Internal calendar year in which the issue was issued.
Revenue Code unless otherwise noted. An issuer of a tax-exempt bond used to
United States.You are required to give us the
information.We need it to ensure that you are Purpose of Form separateepace constructionorrm8GCfr expenditureschmust fileoa
complying with these laws. p Form 8038-GC for each issue to
The time needed to complete and file this Form 8038-GC is used by Issuers of give notice to the IRS that an election was
form varies depending on Individual tax-exempt governmental obligations to made to pay a penalty in Ceu of arbitrage
circumstances.The estimated average time provide the IRS with the Information required rebate(see line 9 Instructions).
Is: by section 149(e)and to monitor the Filing a consolidated return.—For aY
Learning about the requirements of sections 141 through 150. tax-exempt governmental obligations with
law or the form . . . . 1 hr.,46 min. Who Must File issue prices of less than$100,000 that are
Preparing the form . . . 2 hr.,50 min. not reported on a separate Form 8038-GC,
P 9 Issuers of tax-exempt governmental an Issuer must file a consolidated information
Copying,assembling,and obligations with issue prices of less than return Including all such Issues Issued within
sending the form to the IRS . 16 min. $100.000 must file Form 8038-GC. the calendar year.
If you have comments concerning the Issuers of a tax-exempt governmental Thus,an issuer may file a separate Form
accuracy of these time estimates or obligation with an Issue price of$100,000 or 8038-GC for each of a number of small
suggestions for making this form simpler,we more must file Form 8038-G,Information issues and report the remainder of small
would be happy to hear from you.You can Return for Tax-Exempt Governmental issues issued during the calendar year on one
write to the Internal Revenue Service, Obligations. consolidated Form 8038-GC.However,a
Attention:Tax Forms Committee,PC:FP, Filing a separate return.—Issuers have the separate Form 8038-GC must be filed to give
Washington.DC 20224.DO NOT send the option to file a separate Form 6038-GC for the IRS notice of the election to pay a penalty
form to this address.Instead,see Where To any tax-exempt governmental obligation with in fleu of arbitrage rebate. -
File on page 2.
Cat.No.641086 Form 8038-GC (Rev.5-95)
~ . is_-_ =
•
11111111111111111111111111111111111111111111111
D # 1 0 0 1 3 9 3 1 A 1 0 2 0 .
TEXTRON GOLF, TURF & SPECIALTY PRODUCTS
Bob-Cat • Brouwer• Bunton •Cushman • E-Z-GO •Jacobsen • Ransomes •Ryan • Steiner
1451 Marvin Griffin Road
Augusta,GA 30906
706/798-4311
Fax 706/796-4508-Leasing
City of Elgin,Illinois
150 Dexter Court 03
Elgin,IL 60120
RE: TAX-EXEMPTION
Dear Sirs:
In order to be exempt from taxes, we must receive a letter from you stating that the equipment will
be used by the municipality. This must be done on your LETTERHEAD.
Should you have any questions,please call the Credit Department at the above number.
Sincerely,
Patricia Herrington
Asst.Leasing Manager
70141 45/CC 1—(1 B 11 111111111111111111111 11111111111111111111111111111
0 0 1 3 9 3 2 A 1 1 9 0
D „ Aoc ,. 1)1.6,0(/ ,F, TURF & SPECIALTY PRODUCTS
/,�/ ton• Cushman• E-Z-GO •Jacobsen • Ransomes• Ryan• Steiner
MI C-
Augusta,G
1451 MarvinA GrRoad
30906iffin
. 706/798-4311
Fax 706/796-4508-Leasing
Elgin,IL 60120 03
Re:TFC MUNICIPAL LEASE FOR Spartan Meadows GC&Wing Park GC
lea E-Z-GO WHI200G
Dear Sir:
Enclosed are lease documents to be completed and signed by an authorized officer, owner or partner before
the delivery of the equipment can be made.
PLEASE TAKE THE FOLLOWING STEPS IN COMPLETING
THE LEASE DOCUMENTS:
1. Sign all documents where indicated by the `(�1� and have WITNESSED by the XXI.
2. DO NOT ADD TO OR CHANGE ANY DOCUMENTS WITHOUT PRIOR CONSULTATION
WITH THE UNDERSIGNED.
3. DO NOT DATE DOCUMENTS (Textron Financial Corporation assigns date when documents are
executed.
4. KEEP ALL COPIES INTACT(the Lessee copy of the lease will be sent to you when fully executed
by Textron Financial Corporation).
Should you wish to return the documents by overnight courier, our street address is: 1451 Marvin Griffin
Road,Augusta,GA 30906. Thank you for your business. At any time that I may be of service to you,please
feel free to contact me.
Sincerely yours,
Patricia Herrington
Asst.Leasing Manager
(800)448-7476 x4529
r r
la1III IilllllllllillllallllllA III IllIllIlIlIll III
D # 1 0 0 1 3 9 3 2 A 1 0 2 0 8
TEXTRON GOLF, TURF & SPECIALTY PRODUCTS
Bob-Cat • Brouwer• Bunton•Cushman • E-Z-GO •Jacobsen • Ransomes • Ryan • Steiner
1451 Marvin Griffin Road
Augusta,GA 30906
706/798-4311
Fax 706/796-4508-Leasing
City of Elgin,Illinois
150 Dexter Court 03
Elgin,IL 60120
RE:TAX-EXEMPTION
Dear Sirs:
In order to be exempt from taxes,we must receive a letter from you stating that the equipment will
be used by the municipality. This must be done on your LETTERHEAD.
Should you have any questions,please call the Credit Department at the above number.
Sincerely,
Patricia Herrington
Asst. Leasing Manager
r
111111111 IIIIIIIIIIIIIII1E111I1 I MIIIINIM III III
D # 1 0 0 1 3 9 3 2 A 1 1 9 0
TEXTRON GOLF, TURF & SPECIALTY PRODUCTS
Bob-Cat• Brouwer• Bunton• Cushman• E-Z-GO •Jacobsen • Ransomes• Ryan• Steiner
1451 Marvin Griffin Road
February 22,2001 Augusta,GA 30906
706/798-4311
City of Elgin,Illinois Fax 706/796-4508-Leasing
150 Dexter Court
Elgin,IL 60120 03
Re:TFC MUNICIPAL LEASE FOR Spartan Meadows GC&Wing Park GC
1ea E-Z-GO WH1200G
Dear Sir:
Enclosed are lease documents to be completed and signed by an authorized officer, owner or partner before
the delivery of the equipment can be made.
PLEASE TAKE THE FOLLOWING STEPS IN COMPLETING
THE LEASE DOCUMENTS: (�
1. Sign all documents where indicated by the Y 11 and have WITNESSED by the XX.
2. DO NOT ADD TO OR CHANGE ANY DOCUMENTS WITHOUT PRIOR CONSULTATION
WITH THE UNDERSIGNED.
3. DO NOT DATE DOCUMENTS (Textron Financial Corporation assigns date when documents are
executed.
4. KEEP ALL COPIES INTACT(the Lessee copy of the lease will be sent to you when fully executed
by Textron Financial Corporation).
Should you wish to return the documents by overnight courier, our street address is: 1451 Marvin Griffin
Road,Augusta,GA 30906. Thank you for your business. At any time that I may be of service to you,please
feel free to contact me.
Sincerely yours,
Patricia Herrington
Asst. Leasing Manager
(800)448-7476 x4529
111111111IIIIIIIIIIIIIII1111l IIOII1IINIIIII III
•
TFC TEXTRON
Textron Financial Corporation. Subsidiary of Textron Inc.
INCUMBENCY CERTIFICATE Lease No. TE1 -
I, '7 Dolonna Mecum , do hereby certify that I am the duly elected or
appointed and acting Secretary/Clerk of City of Elgin ,Illinois a political
subdivision or agency of the State of/ Illinois that I have custody of the
records of such entity, and that, as of the date hereof, the individuals named below are the duly
elected or appointed officers of such entity holding the offices set forth opposite their respective
names. I further certify that (i) the signatures set opposite their respective names and titles are
their true and authentic signatures and (ii) such officers have the authority on behalf of such entity
to enter into that certain equipment lease dated
between such entity and the Lessor named therein, and to do all things which they deem necessary
on behalf of such entity in order to more completely effectuate the purposes of said Equipment
Lease.
NAME TITLE �SIGNATUR
✓ Joyce A. Parker CityManager � Ei
IN WITNESS WHEREOF, I have duly executed this certificate and affixed the seal of such entity
hereto this 45-7-1-f day of Si..fAi
X 2t49-44,,s2„
SEAL Secretary/Clerk
•
'
•
TFC I=; `1!JA1111111111 II ill 1111llII'1tMI 'ill
Textron Financial Corporation D fi 1 0 0 , 3 9 3 2 A t 1 s s S
TAX EXEMPT EQUIPMENT LEASE Lease No.: TE1 -
This Lease is entered into as of the date set forth below by the parties identified below.
1. LEASE-Subject to the terms hereof,Lessor leases to Lessee,and Lessee leases from Lessor, the equipment and other personal property together with all repairs,
accessions,replacements and accessories.(collectively'EQUIPMENT')set forth on Schedule I attached hereto.
2. SELECTION,DELIVERY AND ACCEPTANCE-Lessee will select and take delivery of all EQUIPMENT leased hereunder directly from the EQUIPMENTS vendor,and
at locations agreed upon by the Vendor and Lessee. Lessee shall inspect the EQUIPMENT at the place of delivery,and upon acceptance execute and deliver to Lessor a
Certificate of Acceptance with respect to each shipment of EQUIPMENT. For all purposes under this Lease.EQUIPMENT will be considered accepted upon execution of
the Certificate of Acceptance.
4. 3. TERM AND RENTALS-The rental term of the EQUIPMENT shall commence on the date Lessee executes the Certificate of Acceptance therefor,and,except as set
forth in Section 6,below,shall terminate upon payment of all of the rent specified in Schedule II. Lessee agrees to pay rent in the amount and at the times set forth in
• Schedule II. Rent shall be paid to Lessor,but if this Lease or rentals due hereunder shall be assigned,then rent shall be paid in accordance with the provisions of Section
17 below. Interest shall be paid on each delinquent installment of rent and other sums from the due date until paid at the rate of Lessor's then prevailing late payment
charge,or the highest rate legally permissible,whichever is less. Lessee agrees that except as set forth in Section 4 below,its obligation to pay rent and any other sums
payable hereunder,and the rights of Lessor thereto,are absolute and unconditional and are not subject to any abatement.reduction,setoff,defense,counterclaim,or
recoupment(collectively'Abatements')for any reason whatsoever. . - _ ^ - -• - • -•. - - • • •• •-1 've
4 NON-APPROPRIATION- • .- - .. •. •- - - - •
4-+4e•w4a3--Lessee warrants that it has adequate funds to meet its obligations hereunder during its current fiscal appropriation period.
5 AUTHORITY AND AUTHORIZATION-Lessee represents,covenants and warrants,and if requested by Lessor.will deliver an opinion of counsel to the effect that:
(i)Lessee is a fully constituted political subdivision or agency of the State indicated below;(ii)the execution,delivery and performance by Lessee of this Lease have
been duly authorized by all necessary action on the part of the Lessee;and(Iii)this Lease constitutes a legal,valid and binding obligation of the Lessee enforceable in
accordance with Its terms Lessee agrees that:( - - . io,-.5411.Torceand_edecti.(y)it has
complied with all bidding requirements where necessary and by due notification presented this Lease for approval and adoption as a valid obligation on its part;and(z)it-
has sufficient appropriations or other funds available to pay all amounts due hereunder for the current fiscal period.
6 PURCHASE OPTION-Upon thirty(30)days'prior written notice from Lessee to Lessor,and provided that Lessee at such time or at anytime thereafter,is not in default
hereunder,Lessee shall have the right to purchase all out not lesv than all the EQUIPMENT on the Lease Payment dates set forth in Schedule II by paying to Lessor on
such date, the Lease Payment then due together with the Concluding Payment amount set forth opposite such date. Upon satisfaction by Lessee cf such purchase
conditions.Lessor will release its security interest in the EQUIPMENT to Lessee and will warrant to Lessee that the EQUIPMENT is free and clear of any liens created by
lessor
7 NATURE OF THIS AGREEMENT-Lessor and Lessee Igge that it is their intention that the interest of Lessor in the EQUIPMENT is as a secured party,and that Lessor
neither has nor will have any equity in the EQUIPMENhe parties agree that the aggregate rent due hereunder constitutes the purchase price of the EQUIPMENT
together with the interest on the unamortized amount thereof over the term of this Lease,that the installments of rent constitute principal and interest, as set forth on
Schedule II over the term of this Lease, that the concluding payment amounts shown thereon represent the unpaid principal amount of the purchase price of the
EQUIPMENT together with applicable premium on the payment dates to which they relate and that upon the due and punctual payment of the installments of rent and
other amounts due hereunder and the performance of Lessee's obligations under this Lease,Lessor's security interest in the EQUIPMENT shall be released. R L�
+• c• -et espfrrEdi ohm f ECs4ee8nC
- • •MENT fr-" -•• te.r . . _ . •_ . . ' . ...- . Lessee shall not,without Lessor's prior written consent,part with
possession or control of the EQUIPMENT or sell,pledge,mortgage or otherwise encumber the EQUIPMENT or any part thereof or assign or encumber any interest under
this Lease.
8. DISCLAIMER OF WARRANTY-Lessor may.or may not.be the manufacturer or vendor of the Equipment. Without affecting Lessor's liability,if any,as manufacturer or
vendor of the Equipment,the parties agree that LESSOR.IN ITS CAPACITY OF LESSOR MAKES NO REPRESENTATION OR WARRANTY,EITHER EXPRESS OR
IMPLIED,AS TO THE DESIGN OR CONDITION OF THE EQUIPMENT.ITS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.OR ANY OTHER
REPRESENTATION OR WARRANTY OF ANY KIND,NATURE OR DESCRIPTION WITH RESPECT TO THE EQUIPMENT.
CONTINUED ON OTHER SIDE
IN WITNESS WHEREOF,the Lessor and Lessee have each caused this Lease to be duly executed.
This Lease is executed and effective as of l p ' S . 0
LESSOR: LESSEE.
Name:Textron Financial Corporation a 4 ,,,.,o.,CcQt+t � Name: C" Elgin , Illinois
R-A �`c,Pn <o -aa 4 o
s t .
,-, •�`, TYPE OR PRINT '
INT
By: (�LJI��kU� By: X (tX//j/ a[:L
SIGNATURE SlGruruRE
Name&Title: Patricia Herrington Name&Title: • — • •. onager
TYPE OR PRINT TYPE OR PRINT
Asst. Leasing Manager
An Agency or Political Subdivision of the State of IL
Address: 40'Nestminster Street Address: 150 Dexter Court
Providence RI 02903 Elgin, IL 60120
efir-sr 3.&QL-. (3C `S cIO c
•
r4g.. r'L- SJc.'ti "4"4"-se 145 t.sSlcc eJrc.t - '- 't- CL-V• -c—�� ia eQ.D�‘Qeo `Jt-
•
IT VS ta.10ca-5,-saoa Zv,.� TIE Cc t s.0 e L -) t5 Set-5- S.OSI CP•
9. INSURANCE-n. - .. •
•
- --- - ., , . • • -- _. .. T.
10. LOSS OR DAMAGE TO EQUIPMENT-
a. Lessee,hereby assumes the entire risk of any loss,theft,damage to,or destruction of the EQUIPMENT,or any part thereof.from any cause(hereinafter'loss or Damage'). In the event of
Loss or Damage to the EQUIPMENT.Lessee shall promptly report same to the appropriate insurance companies,to Lessor.and to all concerned governmental agencies. Lessee shall not
be relieved from its obligations to pay rent or to perform any other of its obligations under this Lease by reason of any Loss or Damage;all of Lessees obligations shall continue in full force
and effect notwithstanding such Loss or Damaggt % AlIL e..4,ov Q 4,-.Z AT* IS .,,.f PpSS-eSSL D C.O 0-3 1.. 0- LSS3'
b. In the event of any Loss or Damage,Lessee,at•the sole option of Lessor,shall either.
(I) promptly repair the EQUIPMENT and place it in good repair and wonting condition in accordance with the standards set forth in Section 15,below;or
(ii) pay Lessor the Stipulated Loss Value,as hereinafter defined,within sixty(60)days of notification by Lessor that Lessor has elected to receive the Stipulated Loss Value rather than
require repair of the EQUIPMENT.
c. "Stipulated Loss Value'shall be(i)an amount equal to the total of all rent and any other amounts,if an due with respect to the lease of the EQUIPMENT as of the date of payment of the
Stipulated Loss Value plus(ii)the concluding payment amount shown on Schedule It for such payment date.
d. Lessor shall apply any insurance proceeds received pursuant to Section 9.above,to satisfy any obligation of Lessee to Lessor hereunder and remit the balance,if any,to Lessee.
11. PAYMENT OF TAXES BY LESSEE-In addition to rent,Lessee shall pay promptly all taxes,assessments and other governmental charges levied or assessed upon
Lessee's interest in the EQUIPMENT, upon the use or operation thereof,or on the earnings arising therefrom and, as additional sums due, shall promptly pay Of
reimburse the Lessor for all taxes, assessments and other governmental charges(including fees for titling and registration of the EQUIPMENT)levied or assessed
against and paid by the Lessor on account of its interest in the EQUIPMENT,or levied or assessed against the EQUIPMENT,or any part thereof,or the use or operation
thereof,or the leasing thereof to the Lessee,or the rent herein provided for,or the earnings arising therefrom,exclusive however of any taxes based on net income of
Lessor. Tye LLz i ea • ELC—+-, l'S Ci-C.+•^'7 fg,D•r•es QCSOQc'2z`i Pv- Sth� T7rY.
12. POSSESSION AND USE OF EQUIPMENT-Lessor covenants to Lessee that as long as Lessee shall not be in default under this Lease,Lessee may possess and use
the EQUIPMENT in accordance with this Lease.
41•13. PERFORMANCE OF OBLIGATIONS OF LESSEE BY LESSOR-If Lessee shall fail to promptly perform any of its obligations under this Lease,Lessor may.at any time
thereafter,perform the same without thereby waiving the default,and any expense or liability incurred by Lessor,together with Lessor's then prevailing late payment
• charge,or the highest lawful rate,whichever is less,shall be payable by Lessee as additional rent hereunder.
14: INSPECTION-Lessor or its agents shall have the right from time to time during reasonable business hours to enter upon Lessee's premises,or elsewhere,for the
purpose of confirming the existence,condition,and proper maintenance of the EQUIPMENT.
15 OPERATION,MAINTENANCE AND MODIFICATION-Lessee shall operate,possess and maintain the EQUIPMENT and any records pertaining thereto in compliance
with all applicable Federal,state and local laws and regulations. Lessee shall not make any matenal alterations to the EQUIPMENT without the prior written consent of
Lessor. Lessee shall,at its own expense,maintain and keep the EQUIPMENT in good order and repair in accordance with the manufacturer's published manuals,and
other instructions Allparts,accessories and other personal property which are added to or become attached to the EQUIPMENT shall immediately become the property
of Lessor,at no cost,and shall be deemed incorporated in the EQUIPMENT and subject to the terms of this Lease.
16. INDEMNITY • ., - --. .•f• e •
. _ or alle•a. • - .. .... .. .. _ ,••_ - ,. .••
- .. . . . • .. ). 1 CT1 CAr> NGv N.5t2L-"t^ -si [�S 1 A �.
17. ASSIGNMENT AND SUBLEASE-Lessee shall not sell,transfer,assign,pledge or sub-lease,its interest in the Lease or the EQUIPMENT,without the prior written
consent of Lessor. Lessor may assign this Lease and its rights hereunder,in whole or in part,without Lessee's consent.
18. EVENTS OF DEFAULT-The occurrence of any of the following shall,at the option of Lessor and without any notice other than provided herein,constitute an event of
default under this Lease:
a. Lessee fails to pay any rent or other sums due hereunder and such failure shall continue for ten(10)days;
b. Lessee fails to perform any other covenant herein and such failure continues for fifteen(15)days after written notice thereof by Lessor to Lessee;
c. Lessee files a petition in bankruptcy,or for reorganization,or for an arrangement pursuant to the U.S.Federal Bankruptcy Act,or any similar Law;
d. A receiver,trustee or liquidator(or other similar of ic,al)is appointed for or takes possession or charge of Lessee,substantially all of its assets.or any EQUIPMENT;
e. Lessee's interest in any EQUIPMENT is levied upon or attached in any proceeding,and such process is not vacated or discharges within ninety(90)days thereafter,
L Lessee attempts to sell,transfer,encumber,sublet or part with possession of any EQUIPMENT without Lessor's poor written consent;
19 REMEDIES OF LESSOR-
a. Upon the occurrence of any event of default,or at any time thereafter,Lessor,at its sole option may exercise one or more of the following remedies:
(i) Lessor may terminate this Lease upon written notice to Lessee,without prejudice to any other remedies hereunder,
1.2'11ii+)' Proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or to recover damages for breach thereof.
• . .r. - . essio . c .r • _ _ _ . . _ - - .. -. .. _ - - _ --_•.
•
y... . .. > us .....y
11 No remedy of Lessor hereunder shall be exclusive of any other remedy provided herein or by law, Each shall be cumulative and in addition to every other remedy. A waiver of default shall
not be a waiver of any other or subsequent default.
. ;sot is ease may . .
20. FURTHER ASSURANCE-Lessee shall during the term hereof execute and deliver to Lessor such instruments and assurances as Lessor reasonably deems necessary
for the protection of Lessor's rights hereunder.
21. NOTICES•All notices shall be in writing and deemed delivered when posted in the U.S.Mails registered or certified,return receipt requested,to Lessor or Lessee at
their respective address shown above or at any later address last known to the sender.
22. SEVERABILITY-If any provision herein is invalid under any applicable law, such provision shall be inapplicable and deemed omitted, but the remaining provisions
hereof,including default remedies,shall be given effect in accordance with the manifest intent thereof.
23. ENTIRE AGREEMENT,NO AGENCY,TITLES_This instrument,including all appendixes,constitutes the entire Agreement between the parties. No term or provisions-
of this Lease may be changed,waived,amended or terminated except by a written agreement signed by both parties. It is expressly agreed that no manufacturer or other
third party is authorized to act as an agent or on behalf of the Lessor. The titles of the Sections of this Lease are for convenience only and shall not define or limit any of
the terms of provisions hereof.
24. FINANCING STATEMENTS-At Lessor's request,Lessee will join Lessor in executing any necessary or appropriate Financing Statements. A photographic copy of this
Lease maybe filed as a financing statement under the Uniform Commercial Code.
25. JURISDICTION,APPLICABLE LAW•Any dispute arising out of this Lease not otherwise settled amicably shall be adjudicated in the courts of general jurisdiction and
the laws of the State indicated below shall apply.
26. TITLE-Title to the EQUIPMENT shall pass to and vest in Lessee upon the commencement of the term of the Lease. Lessor,however,shall retain a security interest in
the EQUIPMENT until Lessee shall have made all the payments required hereunder and shall have kept and performed all the agreements it has made herein,
notwithstanding the possession and use of the EQUIPMENT by Lessee as herein provided. Except as otherwise specifically provided herein,when Lessee shall have
paid Lessor all the rents and other payments provided .erein,and all Lessee's obligations contained herein shall have been performed,Lessor shall release its security
interest in the EQUIPMENT without any further payment by Lessee and this Lease shall terminate.
C'slf guts 'ASS.1•e.1 v off. so clOJc..(7_ado `f► . laws $ -s-c4
�1\•.moo t 5 • \)�K*1- (Le- Off.' (4.3-i* O.SP- S oc `,%-- cr'Fn` ��•a� a� Q,.`1
Q.r1u--5 p Q '5 ,43 o - OC OC a e_ r-'^�t.CRo W(TA "1"A5 4..unt c 'V 9 %-4.- Sc " '
„C.2cty.< Cas 2T o v eciflze Cessr. / 'tau,- O'S , .
J..
TFC TEXTRON 1118I III IIIIIIIIIIIIIIOhIIIIIll I IlIlIllhllIll 11111
D # 1 0 0 1 3 9 3 2 A 1 1 6 0 )
Textron Financial Corporation
TAX-EXEMPT EQUIPMENT LEASE Lease No.TE1 -
Schedule No.
Purchase Order No.
Vendor Reference No.
SCHEDULE I
1. Description of Leased Equipment ("Equipment"):
lea E-Z-GO WH1200G
low fuel/oil guage
2. Location of Equipment
Spartan Meadows GC &Wing Park 1965 Spartan Dr. Wing St., Elgin, IL 60123
3. This Schedule is subject to the following addendums:
Addendum "A"= Payment schedule, Rider No. 1 -Tax Indemnity
SCHEDULE II
Total Principal: $ $3,837.52
Total Interest: $ $937.28
Total Payments: $ $4,774.80
Monthly Payment Date: �S
Payment Schedule See Addendum"A"Attached
Special Instructions The Principal portion of each monthly payment is shown under the"Principal Paid"
column;and the interest portion is shown under the"Interest Paid"column.
Concluding payments are shown under the"Balance Remaining"
•
02/20/2001 Page 1
•
•
Compound Period • • Monthly • _ --
Nominal Annual Rate : 7.302 %
Effective Annual Rate : 7.552 % .
Periodic Rate 0:6085 % •
Daily Rate 0.02001 % - .
CASH FLOW DATA
Event Start Date Amount Number Period End Date
1 Loan03/15/2001 , 3,837.52 1
2 Payment 04/15/2001. 0.00 • 1
3 Payment 05/15/2001 109.16 6 Monthly 10/15/2001
4 Payment 11/15/2001 0.00 • 6 Monthly 04/15/2002
5 Payment 05/15/2002 109.16 6 Monthly 10/15/2002
6 Payment 11/15/2002 0.00 • 6 Monthly 04/15/2003
7 Payment 05/15/2003 109.16 6 Monthly 10/15/2003
8 Payment 11/15/2003 0.00 . 6 Monthly 04/15/2004
9 Payment 05/15/2004 109.16 6 Monthly 10/15/2004
10 Payment 11/15/2004 0.00 6 Monthly 04/15/2005
11 Payment 05/15/2005 109.16 6 Monthly 10/15/2005
12 Payment 11/15/2005 1,500.00 1
•
AMORTIZATION SCHEDULE - Normal Amortization
Date Payment Interest Principal Balance
Loan 03/15/2001 3,837.52
1 04/15/2001 0.00 23.35 23.35- 3,860.87
2 05/15/2001 109.16 23.49 85.67 3,775.20
3 06/15/2001 109.16 22.97 86.19 3,689.01
4 07/15/2001 109.16 22.45 86.71 3,602.30
5 08/15/2001 109.16 21.92 87.24 3,515.06
6 09/15/2001 109.16 21.39 87.77 3,427.29
7 10/15/2001 109.16 . 20.86 • 88.30 3,338.99
8 11/15/2001 0.00 20.32 20.32- 3,359.31
9 12/15/2001 0.00 20.44 20.44- - . . 3,379.75-
2001 Totals 654.96 197.19 457.77
10 01/15/2002 _ 0.00 20.57. 20.57- 3,400.32
11 02/15/2002 0.06- 20.69 20.69- 3,421.01
• 12 03/15/2002 0.00 20.82 20.82- 3,441.83 .
13 04/15/2002 0.00 20.94 20.94- . 3,462.77 .
14. 05/15/2002 109.16 21.07 * 88.09 .3,374.68
15 06/15/2002 109.16 20.54 88.62 3,286.06
16 07/15/2002 109.16 20.00 89.16 3,196.90 •
17 08/15/2002 109.16 19.45 89.71 3,107.19
18 09/15/2002 109.16 18.91 90.25 . 3,016.94
19 10/15/2002 109.16 .18.36 90.80 2,926.14
20 11/15/2002 0.00 17.81 17.81- 2,943.95
21 12/15/2002 0.00 17.91 , 17.91- 2,961.86
�'� a'L
. • . - . 02/20/2001 Page 2
Date • Payment Interest Principal • . Balance•
• 2002 Totals 654.96 237.07 417.89
22 01/15/2003 0.00 18.02 18.02- 2,979.88
23 02/15/2003 0.00 • 18.13 18.13- 2,998.01
24 03/15/2003 0.00 18.24 18.24- 3,016.25.
25 04/15/2003 0.00 18.35 18.35- 3,034.60
26 05/15/2003 109.16 18.47 90.69 2,943.91
27 06/15/2003 109.16 17.91 91.25 2,852.66
28 07/15/2003 109.16 17.36 91.80 2,760.86
29 08/15/2003 109.16 16.80. 92.36 2,668.50
30 09/15/2003 109.16 - 2 16.24 . 92.92 . 2,575.58
31 10/15/2003 109.16 15.67 93.49 2,482.09
32 11/15/2003 0.00 15.10 15.10- 2,497.19
33 12/15/2003 . 0.00 15.20 • - _ 15.20- 2,512.39
2003 Totals 654.96 205.49 - • 449.47
34 01/15/2004 0.00 15.29 15.29- 2,527.68
35 02/15/2004 0.00 15.38_ 15.38- " 2,543.06
36 03/15/2004 0.00 15.48 15.48- 2,558.54
37 04/15/2004 0.00 15.57 15.57- 2,574.11
38 05/15/2004 109.16 15.66 93.50 2,480.61
39 06/15/2004 109.16 . 15.10 94.06 2,386.55
40.07/15/2004 109.16 14.52 94.64 2,291.91
41 08/15/2004 109.16 13.95 95.21 2,196.70 •
42 09/15/2004 109.16 13.37 95.79 2,100.91
43 10/15/2004 109.16 12.78 96.38 2,004.53
44 11/15/2004 0.00 12.20 12.20- 2,016.73
45 12/15/2004 0.00 12.27 12.27- 2,029.00 .
2004 Totals 654.96 171.57 483.39
46 01/15/2005 0.00 12.35 12.35- 2,041.35
47 02/15/2005 0.00 12.42 12.42- 2,053.77
48 03/15/2005 0.00 12.50 12.50- 2,066.27
49 04/15/2005 0.00 12.57 12.57- 2,078.84
50 05/15/2005 109.16 12.65 96.51 1,982.33
51 06/15/2005 . 109.16 12.06 97.10 1,885.23-
52 07/15/2005 109.16 11.47 97.69 1,787.54
53 08/15/2005 109.16 10.88 98.28 1,689.26
54 09/15/2005 109.1p 10.28 98.88 1,590.38
55 10/15/2005 109.16 9.68 99.48 1,490.90
56 11/15/2005 1,500.00 9.10 1,490.90 0.00
2005 Totals 2,154.96 125.96 2,029.00 .
Grand Totals . 4,774.80 937.28 3,837.52
•
•
111111111IIIIIIIIIIIIIIIIIIII11111111111111111111 liii
TFC TEXTRON
Textron Financial Corporation
ACCEPTANCE CERTIFICATE Lease No.
Contract or Schedule.No.
Purchase Order No.
To: TEXTRON FINANCIAL CORPORATION
Address
40 Westminster Street
Providence RI 02903
(City, State, Zip)
The undersigned hereby certifies that all of the Equipment, described in the Purchase Order
identified above, which has been issued by TFC pursuant to the Contract/Lease identified above,
has been furnished to the undersigned at the location designated in the Contract/Lease, that
delivery and installation of the Equipment has been fully completed as required by the
Undersigned and that the Equipment has been inspected and accepted by the Undersigned as
satisfactory. The Undersigned understands that TFC is relying on the foregoing certification in
the purchase of the Equipment by TFC and, to induce TFC to purchase the Equipment.
Dated: ON(S /s- , :2_00 ( City of Elgin , Illinois
(Name of Individual, Corporation
or Partnership)
By: Title:i City Manager
(If Corporation, have signed by President,
Vice President or Treasurer. If Owner or
Partner, state which.)
•
111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
RIDER NO.1
Re: Tax Exempt Equipment Lease dated the date hereof (the "Lease"), between Textron Financial
Corporation("Lessor")and ("Lessee").
City of Elgin,Illinois
The Following are added as additional terms and agreements of the above-identified Lease.
TAX INDEMNITY. Lessor and Lessee acknowledge and agree that the Lease terms offered by Lessor to
Lessee hereunder.contemplate certain tax benefits consisting of the exemption from income of interest on
state and local bonds described in Section 103 of the Internal Revenue Code of 1986,as amended from time
to time(the"Code")being available to Lessor or its assigns over the term of the Lease(the"Tax Benefits").
Lessee shall indemnify Lessor in the event (a "Disallowance") that the Tax Benefits are disallowed,
disqualified, recaptured or reduced for any reason by the Internal Revenue Service (the "IRS"), including
failure to file the appropriate informational returns concerning the Lease or to otherwise satisfy the
reporting requirements of Section 149(e) of the Code. Such indemnification shall be accomplished by an
adjustment to the scheduled payments under the Lease to an amount equal to $
per month to be effected as follows: (a) the adjusted payments shall be payable monthly beginning with the
first payment date scheduled 15 days after Lessor's notice to Lessee of the Disallowance, and (b) with
respect to all interest and penalties, if any, incurred by Lessor with respect to a Disallowance, and the
aggregate amount of the difference between the adjusted payments stated above and all payments previously
made under the Lease, Lessee shall have the option of paying such amounts in a lump sum payment to
Lessor (which shall be paid within 30 day after notice of the Disallowance) or having such amounts
financed over the remaining term of the Lease at Lessor's then current rates.
Lessee represents and warrants that attached hereto is an executed original of IRS Form Number 8038-GC
which accurately describes the terms of the Lease, and the amount financed under the Lease is less than
$100,000.00, Lessee agrees that the information described in the attached form shall be appropriately
incorporated into an annual consolidated informational return or other reports required by the IRS which
shall be filed by the Lessee in a timely manner.
Lessor and Lessee have caused this Rider No. I to be executed by their duly authorized representatives as
of ‘I
LESSOR: LEccFP•
Textron
FinancialCorporation
By. ectlw:A...„, By. City o n ,Illinois
Name: Name: _1, I
Title: Title: V City Manager
Patricia Herrington
Asst.Leasing Manager
•
C .
. 111111111 1I1IIIIIII1I1IIIUI1IIIIII IlIflhlIlIlIll 11111
• D # 1 0 0 1 3 9 3 2 A 1 1 8 5 }
Form 8038-GC Information Return for Small Tax-Exempt
Governmental Bond Issues, Leases, and Installment Sales OMB N. 545-0720
(Rev.May 1995) ► Under Internal Revenue Code section 149(e) ► For calendar year ending 19
Department a ate Treasury 03
internal Revenue Service (Use Form 8038-G if the issue price of the issue is$100,000 or more.)
Part I -eporting Authority Check box if • ended Return► 0
1 Issuer's ne •e 2 las . s employer Identification number
City of E :in,Illinois ,
3 Number and scree or P.O.box if mail is not delivered to street address) Room/suite
150 Dexter Cot.
4 City,town.or post office. tate.and ZIP code
Elgin,IL 60120
Part II • Description o e bligations
5 Issue price of small tax-exe pt governmental obligations reported on this for. 5
6 Check the box that most near approximates the weighted average maturity if the obligation(s): ` `-°-
a ❑ Less than 5 years . -
b 0 From 5 to 10 years -_
c 0 More than 10 years { -
z-
7 Check the box that most nearly ..proximates the weighted ay: age interest rate on the _ _°_'
obligation(s): -
a 0 Less than 5%
b El From 5%to 10% _;-`'~
=r--
c ❑ More than 10% --
8 Total issue price of the obligation(s)report-1 on line 5 that• /are: i=-'`{
a Obligation(s)issued in the form of a lease or i'stallment ale IN
b Obligation(s)designated by the issuer under sec"on 65(b)(3)(B)(i)(Ill) M
c Obligation(s)issued to refund prior issues Bc
d Loans made from the proceeds of another tax-- em. obligation 8d
9 Check box if issuer has elected to pay a pen.ty in lieu if arbitrage rebate 0
Under penalties of perjury,I declare that I have -xamined this re rn and accompanying schedules and statements,and to the best of my knowledge
Please and belief,they are true,correct,and complet:.
Sign
Here
Issuer's authorized representative / Date Type or print name and title
Paperwork Reduction Act Notice General Instruct.ns an issue price of less than$100,000.Each
We ask for the Information on this form to such separate return should specify the
Wcarry out the Internal Revenue laws of the Section references are to the I -mal calendar year in which the issue was issued.
Revenue Code unless otherwise .ted. An issuer of a tax-exempt bond used to
United States.You are required to give us the, finance construction expenditures must file a
Information.We need it to ensure that you arg Purpose of Form
complying with these laws. r P separate Form 8038-GC for each issue to
The time needed to complete and file titi Form 8038-GC is used by Issuers of give notice to the IRS that an election was
form varies depending on individual tax-exempt governmental obligations to made to pay a penalty in lieu of arbitrage
circumstances.The estimated average tim provide the IRS with the information require. rebate(see line 9 Instructions).
Is: / by section 149(e)and to monitor theFiling a consolidated return.—For all
Learning about the requirements of sections 141 through 150. \ tax- exempt govemmental obligations with
law or the form 1 hr.,4 min. Who Must File ' issue prices of less than$100,000 that are
not reported on a separate Form 8038-GC.
Preparing the form . . . 2 hr..5 min. Issuers of tax-exempt governmental an issuer must file a consolidated information
Copying,assembling,and obligations with issue prices of less than return including all such Issues issued within
sending the form to the IRS . . 6 min. $100,000 must file Form 8038-GC. the calendar year.
If you have comments concerning Issuers of a tax-exempt governmental Thus,an issuer may file a separate Form
accuracy of these time estimates or obligation with an Issue price of$100,000 or 8038-GC for each of a number of small
suggestions for making this form simpl r,we more must file Form 8038-G,Information issues and report the remainder of small
would be happy to hear from you.You n Return for Tax-Exempt Governmental issues issued during the calendar year on one
write to the Internal Revenue Service, Obligations. consolidated Form 8038-GC.However,a
Attention:Tax Forms Committee,PC:FP, Filing a separate return.—Issuers have the separate Form 8038-GC must be filed to give
Washington,DC 20224.DO NOT send the option to file a separate Form 8038-GC for the IRS notice of the election to pay a penalty
form to this address.Instead,see Where Toany tax-exempt governmental obligation with In lieu of arbitrage rebate.
File on page 2.
Cat.No.641088 Form 8038-GC (Rev.5-95)
• / .
Illu I III II IIIIIIIIIIIIIIIIIIIIII I IIIII1811IIlIil III.
D # 1 0 0 1 3 9 3 1 A 1 1 8 5 s
Form 8038-GC Information Return for Small Tax-Exempt
Governmental Bond Issues, Leases, and Installment Sales OMB No.1545.0720
(Rev.May 1995) ► Under Internal Revenue Code section 149(e) ► For calendar year ending 19
Department or the Treasury 03
internal Revenue Service (Use Form 8038-G if the issue price of the issue is$100,000 or more.)
Part 1 Reporting Authority Check box if Amended Return► 0
1 Issuer's name 2 Issuer's employer identification number
City of Elgin Illinois • .
3 Number and street( .O.box If mail Is not delivered to street address) Room/suite
150 Dexter Cou
4 City,town,or post offke.s te.and ZIP code /
Elgin,IL 60120 /
Part 11 Description of ligations j
5 Issue price of small tax-exemp overnmental obligations reported on this form. . . . 5_
6 Check the box that most nearly a roximates the weighted average maturity of the oblige' n(s):
a 0 Less than 5 years
b 0 From 5 to 10 years =
c 0 More than 10 years fr�?
7 Check the box that most nearly appro 'mates the weighted average interest!rate on the
obligation(s): /
a 0 Less than 5%
b 0 From 5%to 10% / -
c ❑ More than 10% / s.<:-_
8 Total issue price of the obligation(s)reported on lin: 5 that is/are: /
r
a Obligation(s)issued in the form of a lease or installme-t sale i 8a
/
b Obligation(s)designated by the issuer under section 265 (3)(8)()(111)
8b
c Obligation(s)issued to refund prior issues 8c
d Loans made from the proceeds of another tax-exempt'obligatio' 8d
9 Check box if issuer has elected to pay a penalty in lieu of arbing: rebate 0
Under penalties or perjury,I declare that I have examined this return and acco .anying schedules and statements,and to the best of my knowledge
Please and belief,they are true,correct,and complete.
Sign
Here ' / '
issuer's authorized representative ,' Date Type or print name and title
Paperwork Reduction Act Notice eneral Instructions an issue price of less than 5100,000. Each
such separate return should specify the
We ask for the Information on this form to
Section references are to the internal calendar year in which the issue was Issued.
carry out the Internal Revenue laws of the Revenue Code unless otherwise noted.
An issuer of a tax-exempt bond used to
United States.You are required to give us nance construction expenditures must file a
Information.We need it to ensure that you re Purpose of Form s••arate Form 8038-GC for each issue to
complying with these laws.
The time needed to complete and fie is Form 8038-GC is used by Issuers of gi - notice to the IRS that an election was
form varies depending on individual tax-exempt governmental obligations to mage to pay a penalty in Neu of arbitrage
circumstances.The estimated average 'me provide the IRS with the information required reba e(see line 9 Instructions).
is: by section 149(e)and to monitor the Filing a consolidated retum.—For all
Learning about the requirements of sections 141 through 150. tax-exempt governmental obligations with
law or the form . . . . 1 h.,46 min. Who Must File issue prices of less than$100,000 that are
Preparing the form 2 .,50 min. not reported on a separate Form 8038-GC,
P g Issuers of tax-exempt governmental an Issuer must file a consolidated information
Copying,assembling,and obligations with issue prices of less than return including all such Issues Issued within
sending the form to the IRS . 16 min. $100,000 must file Form 8038-GC. the calendar year.
If you have comments concerning the Issuers of a tax-exempt governmental Thus,an issuer may file a separate Form
accuracy of these time estimates or obligation with an Issue price of$100,000 or 8038-GC for each of a number of smal
suggestions for making this form simpler,we more must file Form 8038-G,Information Issues and report the remainder of small
would be happy to hear from you.You can Return for Tax-Exempt Governmental issues issued during the calendar year on one
write to the Internal Revenue Service, Obligations. consolidated Form 8038-GC.However,a
Attention:Tax Forms Committee,PC:FP, Filing a separate return.—Issuers have the separate Form 8038-GC must be filed to give
Washington,DC 20224.DO NOT send the option to file a separate Form 8038-GC for the IRS notice of the election to pay a penalty
form to this address.Instead,see Where To any tax-exempt governmental obligation with In lieu of arbitrage rebate.
File on page 2.
Cat.No.641088 Form 8038-GC (Rev.5-95)
11 II1I11If11111I1II11111I1lI1 1111
0 # 1 0 0 1 3 8 9 5 A 1 1 9 0 %
TEXTRON GOLF, TURF & SPECIALTY PRODUCTS
Bob-Cat• Brouwer• Bunton•Cushman • E-Z-GO • Jacobsen • Ransomes • Ryan• Steiner
1451 Marvin Griffin Road
February 16,2001 Augusta, GA 30906
706/798-4311
City of Elgin, Illinois Fax 706/796-4508-Leasing
150 Dexter Court
Elgin,IL 5555 03
Re:TFC MUNICIPAL LEASE FOR City of Elgin Sports CC
I ea E-Z-GO Workhorse 1200G-LX
•
Dear Sir:
Enclosed are lease documents to be completed and signed by an authorized officer, owner or partner before
the delivery of the equipment can be made.
PLEASE TAKE THE FOLLOWING STEPS IN COMPLETING
THE LEASE DOCUMENTS:
I. Sign all documents where indicated by the Y 1� and have WITNESSED by the XX.
2. DO NOT ADD TO OR CHANGE ANY DOCUMENTS WITHOUT PRIOR CONSULTATION
WITH THE UNDERSIGNED.
3. DO NOT DATE DOCUMENTS (Textron Financial Corporation assigns date when documents are
executed.
4. KEEP ALL COPIES INTACT (the Lessee copy of the lease will be sent to you when fully executed
by Textron Financial Corporation).
Should you wish to return the documents by overnight courier, our street address is: 1451 Marvin Griffin
Road,Augusta,GA 30906. Thank you for your business. At any time that I may be of service to you,please
feel free to contact me.
Sincerely yours,
Patricia Herrington
Asst. Leasing Manager
(800)448-7476 x4529
11111111111111111111111-1111111111
D # 1 0 0 1 3 8 9 5 A 1 0 2 0
TEXTRON GOLF, TURF & SPECIALTY PRODUCTS
Bob-Cat • Brouwer • Bunton • Cushman • E-Z-GO • Jacobsen • Ransomes • Ryan •Steiner
1451 Marvin Griffin Road
Augusta, GA 30906
706/798-4311
Fax 706/796-4508-Leasing
City of Elgin, Illinois
150 Dexter Court 03
Elgin, IL 5555
RE: TAX-EXEMPTION
Dear Sirs:
In order to be exempt from taxes, we must receive a letter from you stating that the equipment will
be used by the municipality. This must be done on your LETTERHEAD.
Should you have any questions,please call the Credit Department at the above number.
Sincerely,
Patricia Herrington
Asst. Leasing Manager
I III 1I1l1I11II11II1I 1111111111 Ill
D ir` 1 0 0 1 3 8 9 5 A 1 0 3 5 v
TFC TEXTRON
Textron Financial Corporation. Subsidiary of Textron Inc.
INCUMBENCY CERTIFICATE Lease No. TE 1 -
I,
1( , do hereby certify that I am the duly elected or
appointed and acting Secretary/Clerk of City of Elgin, Illinois a political
subdivision or agency of the State of,/ that I have custody of the
records of such entity, and that, as of the date hereof, the individuals named below are the duly
elected or appointed officers of such entity holding the offices set forth opposite their respective
names. I further certify that (i) the signatures set opposite their respective names and titles are
their true and authentic signatures and (ii) such officers have the authority on behalf of such entity
to enter into that certain equipment lease dated
between such entity and the Lessor named therein, and to do all things which they deem necessary
on behalf of such entity in order to more completely effectuate the purposes of said Equipment
Lease.
NAME TITLE SIGNATURE
✓ ✓
V )c
V V
IN WITNESS WHEREOF, I have duly executed this certificate and affixed the seal of such entity
hereto this day of , 19 .
X
SEAL Secretary/Clerk
TFC TEXTRON I I1III III 11111111111111111 II{IUIII
Textron Financial Corporation o # 1 0 0 1 3 8 9 5 A 1 1 5 5 8
TAX EXEMPT EQUIPMENT LEASE Lease No.: TE1 -
This Lease is entered into as of the date set forth below by the parties identified below.
1. LEASE-Subject to the terms hereof, Lessor leases to Lessee,and Lessee leases from Lessor, the equipment and other personal property together with all repairs,
accessions,replacements and accessories(collectively"EQUIPMENT")set forth on Schedule I attached hereto.
2. SELECTION,DELIVERY AND ACCEPTANCE-Lessee will selec and take delivery of all EQUIPMENT leased hereunder directly from the EQUIPMENT'S vendor,and
at locations agreed upon by the Vendor and Lessee. Lessee shall inspect the EQUIPMENT at the place of delivery,and upon acceptance execute and deliver to Lessor a
Certificate of Acceptance with respect to each shipment of EQUIPMENT. For all purposes under this Lease,EQUIPMENT will be considered accepted upon execution of
the Certificate of Acceptance.
3. TERM AND RENTALS-The rental term of the EQUIPMENT shall commence on the date Lessee executes the Certificate of Acceptance therefor,and,except as set
forth in Section 6.below,shall terminate upon payment of all of the rent specified in Schedule II. Lessee agrees to pay rent in the amount and at the times set forth in
Schedule II. Rent shall be paid to Lessor,but if this Lease or rentals due hereunder shall be assigned,then rent shall be paid in accordance with the provisions of Section
17 below. Interest shall be paid on each delinquent installmenf rent and other sums from the due date until paid at the rate of Lessor's then prevailing late payment
charge,or the highest rate legally permissible,whichever is les . Lessee agrees that except as set forth in Section 4 below,its obligation to pay rent and any other sums
payable hereunder,and the rights of Lessor thereto,are absolute and unconditional and are not subject to any abatement,reduction,setoff,defense,counterclaim,or
.Gu
recoupment(collectively"Abatements")for any reason whatsoever. ee t Ow
tho rOje vny,esaiy pi uvf&d 1 z,e.,,u Lease m. no reapaIA0ie
-5"Ye
•� " ' e
_ " - • - - - - - - s
.iwiemeetl. Lessee warrants that it has adequate funds to meet its obligations hereunder during its current fiscal appropriation period.
5. AUTHORITY AND AUTHORIZATION-Lessee represents,covenants and warrants,and if requested by Lessor,will deliver an opinion of counsel to the effect that:
(i)Lessee is a fully constituted political subdivision or agency of the State indicated below;(ii)the execution,delivery and performance by Lessee of this Lease have
been duly authorized by all necessary action on the part of the Lessee;and�iii)this Lease constitutes a legal,valid and binding obligation of the Lessee enforceable in
accordance with its terms. Lessee agrees that:( ' •• . - ._ ._ _ - . . - . - . . .- . - ,(y)it has
complied with all bidding requirements where necessary and by due notification presented this Lease for approval and adoption as a valid obligation on its part;and(z)it
has sufficient appropriations or other funds available to pay all amounts due hereunder for the current fiscal period.
6. PURCHASE OPTION-Upon thirty(30)days'pnor written notice from Lessee to Lessor,and provided that Lessee at such time or at anytime thereafter,is not in default
hereunder,Lessee shall have the right to purchase alt but not less than all the EQUIPMENT on the Lease Payment dates set forth in Schedule II by paying to Lessor on
such date,the Lease Payment then due together with the Concluding Payment amount set forth opposite such date. Upon satisfaction by Lessee of such purchase
conditions,Lessor will release its security interest in the EQUIPMENT to Lessee and will warrant to Lessee that the EQUIPMENT is free and clear of any liens created by
lessor
7. NATURE OF THIS AGREEMENT-Lessor and Lessee agile that it is their intention that the interest of Lessor in the EQUIPMENT is as a secured party,and that Lessor
neither has nor will have any equity in the EQUIPMENT°rhe parties agree that the aggregate rent due hereunder constitutes the purchase price of the EQUIPMENT
together with the interest on the unamortized amount thereof over the term of this Lease,that the installments of rent constitute principal and interest,as set forth on
Schedule II over the term of this Lease, that the concluding payment amounts shown thereon represent the unpaid principal amount of the purchase price of the
EQUIPMENT together with applicable premium on the payment dates to which they relate and that upon the due and punctual payment of the installments of rent and
other amounts due hereunder and the performance of Lessee's obligations under this Lease,Lessor's security interest in the EQUIPMENT shall be released. L "-' '•••ll
- -_ _ , • - . - --- • -- - - . . . . . . Lessee shall not, without Lessor's prior written consent, part with
possession or control of the EQUIPMENT or sell,pledge,mortgage or otherwise encumber the EQUIPMENT or any part thereof or assign or encumber any interest under
this Lease.
8. DISCLAIMER OF WARRANTY-Lessor may,or may not,be the manufacturer or vendor of the Equipment. Without affecting Lessor's liability,if any,as manufacturer or
vendor of the Equipment,the parties agree that LESSOR,IN ITS CAPACITY OF LESSOR MAKES NO REPRESENTATION OR WARRANTY,EITHER EXPRESS OR
IMPLIED,AS TO THE DESIGN OR CONDITION OF THE EQUIPMENT,ITS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE,OR ANY OTHER
REPRESENTATION OR WARRANTY OF ANY KIND,NATURE OR DESCRIPTION WITH RESPECT TO THE EQUIPMENT.
CONTINUED ON OTHER SIDE
IN WITNESS WHEREOF,the Lessor and Lessee have eachh caused this Lease to be duly executed.
This Lease is executed and effective as of 1.D-IS -
LESSOR: LESSEE:
Name:Textron Financial Corporation i A O AI,,G&o CORaoCA-Tlo'4 Name: Ci j l*in, Illinois A ,. ,. •. . : -004
TYPE OR PRINT TYPE OR Pip, /
By: By: ,X .I ' r
SIGNATURE / i SIGNATURE
Name&Title: Patricia Harrington Name&Title:y
TYPE OR PRINT TYPE OR PRINT
Asst. Leasing Manager
An Agency or Political Subdivision of the State of IL
Address: 40 Westminster Street Address: 150 Dexter Court
Providence RI 02903 Elgin, IL 5555
# t NTER65T RATE SMALL $6 5%
VNtt4 6oGri TIME A4 A.6ss,5& pot c.#0096 -7146 PMerl T A PQoVI0EO POR. M&QE/4.
•
I"r IS S)MO61Z67+700 TMAT TN'ur Grry oC etgvid 15 .sere-te45t)ee4).
ne.,ran�e i sa g�
10 LOSS OR DAMAGE TO EQUIPMENT
a. Lessee,hereby assumes the entire risk of any loss,theft,damage to.or destruction of the EQUIPMENT,or any part thereof,from any cause(hereinafter'Loss or Damage'). In the event of
Loss or Damage to the EQUIPMENT,Lessee shall promptly report same to the appropriate insurance companies,to Lessor,and to all concerned governmental agencies. Lessee shall not
be relieved from its obligations to pay rent or to perform any other of its obligations under this Lease by reaSbn of eny Lcss or Damage;all of Lessee's obligations shall continue in full force
and effect notwithstanding such Loss or Damage, 11.6 6-40.10Menlr IS IM PO536 IGr' *NtO COMTiCA/. of {.bisaee
b. In the event of any Loss or Damage,Lessee,at the sole option of Lessor,shall either:
(i) promptly repair the EQUIPMENT and place it in good repair and working condition in accordance with the standards set forth in Section 15,below,or
(ii) pay Lessor the Stipulated Loss Value,as hereinafter defined,within sixty(60)days of notification by Lessor that Lessor has elected to receive the Stipulated Loss Value rather than
require repair of the EQUIPMENT.
c. 'Stipulated Loss Value'shall be(i)an amount equal to the total of all rent and any other amounts,if an due with respect to the lease of the EQUIPMENT as of the date of payment of the
Stipulated Loss Value plus(ii)the concluding payment amount shown on Schedule II for such payment date.
d. Lessor shall apply any insurance proceeds received pursuant to Section 9,above.to satisfy any obligation of Lessee to Lessor hereunder and remit the balance,if any,to Lessee.
11. PAYMENT OF TAXES BY LESSEE-In addition to rent,Lessee shall pay promptly all taxes,assessments and other governmental charges levied or assessed upon
Lessee's interest in the EQUIPMENT, upon the use or operation thereof, or on the earnings ansing therefrom and, as additional sums due, shall promptly pay or
reimburse the Lessor for all taxes,assessments and other governmental charges(including fees for titling and registration of the EQUIPMENT)levied or assessed
against and paid by the Lessor on account of its interest in the EQUIPMENT,or levied or assessed against the EQUIPMENT,or any part thereof,or the use or operation
thereof,or the leasing thereof to the Lessee,or the rent herein provided for,or the earnings arising therefrom,exclusive however of any taxes based on net income of
Lessor. -rite Geri O F i$ZC.vIN IS ek6ai4PT C1tiOM PioPete-T4 ANO S/}I.0s TAX.
12. POSSESSION AND USE OF EQUIPMENT-Lessor covenants to Lessee that as long as Lessee shall not be in default under this Lease,Lessee may possess and use
the EQUIPMENT in accordance with this Lease.
13. PERFORMANCE OF OBLIGATIONS OF LESSEE BY LESSOR-If Lessee shall fail to promptly perform any of its obligations under this Lease,Lessor may,at any time
thereafter,perform the same without thereby waiving the default,and any expense or liability incurred by Lessor,together with Lessor's then prevailing late payment
hharge,or the highest lawful rate,whichever is less,shall be payable by Lessee as additional rent hereunder.
14. INSPECTION-Lessor or its agents shall have the right from time to time during reasonable business hours to enter upon Lessee's premises,or elsewhere,for the
purpose of confirming the existence,condition,and proper maintenance of the EQUIPMENT.
15. OPERATION,MAINTENANCE AND MODIFICATION-Lessee shall operate,possess and maintain the EQUIPMENT and any records pertaining thereto in compliance
with all applicable Federal,state and local laws and regulations. Lessee shall not make any material alterations to the EQUIPMENT without the prior written consent of
Lessor. Lessee shall,at its own expense,maintain and keep the EQUIPMENT in good order and repair in accordance with the manufacturer's published manuals,and
other instructions. All parts,accessories and other personal property which are added to or become attached to the EQUIPMENT shall immediately become the property
of Lessor,at no cost,and shall be deemed incorporated in the EQUIPMENT and subject to the terms of this Lease.
16. INDEMNITY . • . .. - - I
)• Woe' or/ cion[ NOT INDCNNIPI gy L414/.
17. ASSIGNMENT AND SUBLEASE-Lessee shall not sell,transfer,assign,pledge or sub-lease,its interest in the Lease or the EQUIPMENT,without the prior written
consent of Lessor. Lessor may assign this Lease and its rights hereunder,in whole or in part,without Lessee's consent.
18. EVENTS OF DEFAULT-The occurrence of any of the following shall,at the option of Lessor and without any notice other than provided herein,constitute an event of
default under this Lease:
a. Lessee fails to pay any rent or other sums due hereunder and such failure shalt continue for ten(10)days;
b. Lessee fails to perform any other covenant herein and such failure continues for fifteen(15)days after wntten notice thereof by Lessor to Lessee;
c. Lessee files a petition in benkniotcy,or for reorganization,or for an arrangement pursuant to the U.S.Federal Bankruptcy Act,or any similar Law;
d. A receiver,trustee or liquidator(or other similar official)is appointed for or takes possessi:n or charge of Lessee,substantially all of its assets,or any EQUIPMENT;
e. Lessee's interest in any EQUIPMENT is levied upon or attached in any proceeding,and such process is not vacated or discharges within ninety(90)days thereafter;
f. Lessee attempts to sell,transfer,encumber,sublet or part with possession of any EQUIPMENT without Lessor's prior wntten consent;
19. REMEDIES OF LESSOR-
a. Upon the occurrence of any event of default,or at any time thereafter,Lessor,at its sole option may exercise one or more of the following remedies:
(i) Lessor may terminate this Lease upon written notice to Lessee,without prejudice to any other remedies hereunder,
(M(jif) Proceed by appropriate action either at law or in equity to enforce performance by Lessee of the applicable covenants of this Lease or to recover damages for breach thereof.
-•• - - - . .- - •- • - . . '.,._ .. _. _ _ - . •, .- maim-and not ac a venally an ar.•..••w @in..lated 1 nee V-m -
Les No remedy of Lessor hereunder shall be exclusive of any other remedy provided herein or by law. Each shall be cumulative and in addition to every other remedy. A waiver of default shall
not be a waiver of any other or subsequent default
20. FURTHER ASSURANCE-Lessee shall during the term hereof execute and deliver to Lessor such instruments and assurances as Lessor reasonably deems necessary
for the protection of Lessor's rights hereunder.
21. NOTICES-All notices shall be in writing and deemed delivered when posted in the U.S.Mails registered or certified,return receipt requested,to Lessor or Lessee at
their respective address shown above or at any later address last known to the sender.
22. SEVERABILITY-If any provision herein is invalid under any applicable law,such provision shall be inapplicable and deemed omitted, but the remaining provisions
hereof,including default remedies,shall be given effect in accordance with the manifest intent thereof.
23. ENTIRE AGREEMENT,NO AGENCY,TITLES-This instrument,including all appendixes,constitutes the entire Agreement between the parties. No term or provisions
of this Lease may be changed,waived,amended or terminated except by a written agreement signed by both parties. It is expressly agreed that no manufacturer or other
third party is authorized to act as an agent or on behalf of the Lessor. The titles of the Sections of this Lease are for convenience only and shall not define or limit any of
the terms of provisions hereof.
24. FINANCING STATEMENTS-At Lessor's request.Lessee will join Lessor in executing any necessary or appropriate Financing Statements. A photographic copy of this
Lease may be filed as a financing statement under the Uniform Commercial Code.
r*ye 25. JURISDICTION,APPLICABLE LAW-Any dispute arising out of this Lease not otherwise settled amicably shall be adjudicated in the courts of general jurisdiction and
the laws of the State indicated below shall apply.
26. TITLE-Title to the EQUIPMENT shall pass to and vest in Lessee upon the commencement of the term of the Lease. Lessor,however,shall retain a security interest in
the EQUIPMENT until Lessee shall have made all the payments required hereunder and shall have kept and performed all the agreements it has made herein,
notwithstanding the possession and use of the EQUIPMENT by Lessee as herein provided. Except as otherwise specifically provided herein,when Lessee shall have
paid Lessor all the rents ant,other payments provided herein,and all Lessee's obligations contained herein shall have been performed,Lessor shall release its security
interest in the EQUIPMENT without any further payment by Lessee and this Lease shall terminate.
Cit* TNIS AC44614614T.SHA41. $6 54. 33647 7b ANO earove1As aP 8`>< -TMC' i.RWS OP -ire STATe 0 C'
su.,,I IOIS• ✓5N Poz ?rrt' Resot.V-nor•L a- h044 DSPaTtS OF Trig ENFO4GgrI.+6NT of ANY
u.virrS RRislrlli ocrr oF1 o¢ irtl t:otyAlieCf 0,4 WtTrts 146 AC/4600.+t'*A1T Siftst.4. 86 ,1N 'r�E
CIRGhT ca.V4 OF KANE 41211/41r6/ 11(-,4"1140(5.
. •
TFC TExTRON,
D # 1 0 0 1 3 8 9 5 A 1 1 6 0 b
Textron Financial Corporation
TAX-EXEMPT EQUIPMENT LEASE Lease No. TE1 -
Schedule No.
Purchase Order No.
Vendor Reference No.
SCHEDULE I
1. Description of Leased Equipment ("Equipment"):
1 ea E-Z-GO Workhorse 1200G-LX
canopy,windshield,electric dump,bed whiner
2. Location of Equipment
City of Elgin Sports CC 150 Dexter Court, Elgin, IL 60120
3. This Schedule is subject to the following addendums:
Addendum "A"= Payment schedule, Rider No. 1 -Tax Indemnity
SCHEDULE I1
Total Principal: $ $6,256.00
Total Interest: $ $1,170.32
Total Payments: $ $7,426.32
Monthly Payment Date: jS
Payment Schedule See Addendum "A"Attached
Special Instructions The Principal portion of each monthly payment is shown under the"Principal Paid"
column; and the interest portion is shown under the"Interest Paid"column.
Concluding payments are shown under the"Balance Remaining"
11111111111111111111111111111111111
D # 1 0 0 1 3 8 9 5 A 1 1 6 5 F
TFC TEXTRON
Textron Financial Corporation
ACCEPTANCE CERTIFICATE Lease No.
Contract or Schedule.No.
Purchase Order No.
To: TEXTRON FINANCIAL CORPORATION
Address
40 Westminster Street
Providence RI 02903
(City, State, Zip)
The undersigned hereby certifies that all of the Equipment, described in the Purchase Order
identified above, which has been issued by TFC pursuant to the Contract/Lease identified above,
has been furnished to the undersigned at the location designated in the Contract/Lease, that
delivery and installation of the Equipment has been fully completed as required by the
Undersigned and tharthe Equipment has been inspected and accepted by the Undersigned as
satisfactory. The Undersigned understands that TFC is relying on the foregoing certification in
the purchase of the Equipment by TFC and, to induce TFC to purchase the Equipment.
Dated: , 19 City of Elgin, Illinois
(Name of Individual, Corporation
or Partnership)
di
By: ,
(If Corporation, have signed by President,
Vice President or Treasurer. If Owner or
Partner, state which.)
1111111111,111111111111111111111111111111
D # 1 0 0 1 3 8 9 5 A 1 1 7 5 T
RIDER NO. 1
Re: Tax Exempt Equipment Lease dated the date hereof (the "Lease"), between Textron Financial
Corporation("Lessor")and ("Lessee").
City of Elgin,Illinois
The Following are added as additional terms and agreements of the above-identified Lease.
TAX INDEMNITY. Lessor and Lessee acknowledge and agree that the Lease terms offered by Lessor to
Lessee hereunder contemplate certain tax benefits consisting of the exemption from income of interest on
state and local bonds described in Section 103 of the Internal Revenue Code of 1986,as amended from time
to time(the"Code")being available to Lessor or its assigns over the term of the Lease (the"Tax Benefits").
Lessee shall indemnify Lessor in the event (a "Disallowance") that the Tax Benefits are disallowed,
disqualified, recaptured or reduced for any reason by the Internal Revenue Service(the "IRS"), including
failure to file the appropriate informational returns concerning the Lease or to otherwise satisfy the
reporting requirements of Section 149(e) of the Code. Such indemnification shall be accomplished by an
adjustment to the scheduled payments under the Lease to an amount equal to $
per month to be effected as follows: (a) the adjusted payments shall be payable monthly beginning with the
first payment date scheduled 15 days after Lessor's notice to Lessee of the Disallowance, and (b) with
respect to all interest and penalties, if any, incurred by Lessor with respect to a Disallowance, and the
aggregate amount of the difference between the adjusted payments stated above and all payments previously
made under the Lease, Lessee shall have the option of paying such amounts in a lump sum payment to
Lessor (which shall be paid within 30 day after notice of the Disallowance) or having such amounts
financed over the remaining term of the Lease at Lessor's then current rates.
Lessee represents and warrants that attached hereto is an executed original of IRS Form Number 8038-GC
which accurately describes the terms of the Lease, and the amount financed under the Lease is less than
$100,000.00, Lessee agrees that the information described in the attached form shall be appropriately
incorporated into an annual consolidated informational return or other reports required by the IRS which
shall be filed by the Lessee in a timely manner.
Lessor and Lessee have caused this Rider No. 1 to be executed by their duly authorized representatives as
of ,19
LESSOR: LESSPF•
Textron Financial Corporation
•
By: Oa" ! 0_ By: City jin Illinois
Name: Name: � .
Title: Title:
Patricia Herrington
Asst.Leasing Manager
it 1i111111111111111111 III 1111111 11111
D # 1 0 0 1 3 8 9 5 A 1 1 8 5 b
8038-GC Information Return for Small Tax•Exempt
Governmental Bond Issues, Leases, and Installment Sales OMB No.1545- 723
(Rev. ay 1995) le Under internal Revenue Code section 149(e) le For calendar year ending 19
Depart of the Treasury 03
internal um service (Use Form 8038-G if the issue price of the issue is$100,000 or more.)
Part I Reporting Authority Check box if Amende eturn 1' ❑
1 Issuer's me 2 Issuer's identification number
City of gin,Illinois
3 Number and st t(or P.O.box tf mail is not delivered to street address) Room/suite
150 Dexter urt
4 City,town,or post e,state,and ZIP code
Elgin,IL 5555
Part II Description f Obligations
5 -issue price of small tax-e mpt governmental obligations reported on this form. . . . 5
6 Check the box that most ne ly approximates the weighted average maturity of the ligation(s):
• a ❑ Less than 5 years
b ❑ From 5 to 10 years •
C ❑ More than 10 years •
i Check the box that most nearly roximates the weighted average nterest rate on the •
obligation(s):
a ❑ Less than 5%
b 0 From 5%to 10%
c ❑ More than 10%
8 Total issue price of the obligation(s)reported o line 5 that is/ e:
a Obligation(s)issued in the form of a lease or instal ent e PI
b Obligation(s)designated by the issuer under section (b)(3)(B)(i)(111) e
c Obligation(s)issued to refund prior issues 8c
d Loans made from the proceeds of another t -exempt obligati 8d
9 Check box if issuer has elected to pay enalty in lieu of arbitrag rebate El
Under penalties of perjury,I declare I have examined this return and acco anying schedules and statements,and to the best of my knowledge
Please and belief,they are true,correct,and omplete.
Sign
Here
Issuer's authorized repre tative Date Type or print name and title
Paperwork Reduction Act tice General Instructions an issue price of less than$100,000.Each
We ask for the Information on thi sum to such separate return should specify the
carry out the InRevenue on I of the Section references are to the Internal calendar year in which the issue was issued.
Revenue Code unless otherwise noted. An issuer of a tax-exempt bond used to
United States.You are require to give us the p
information.We need it to e ire that you are Purpose of Form fi ce construction expenditures must file a
complying with these laws sap to Form 8038-GC for each issue to
The time needed to c pieta and file this Form 8038-GC is used by issuers of give n lice to the IRS that an election was
form varies depending individual tax-exempt governmental obligations to made t y a penalty in lieu of arbitrage
circumstances.The timated average time provide the IRS with the information required rebate( line 9 instructions),
is: by section 149(e)and to monitor the Filing a co olidated return.—For all
Learning about e requirements of sections 141 through 150. tax-exempt vemmental obligations with
law or the to 1 hr.,46 min. Who Must File issue prices o ess than$100,000 that are
not reported on separate Form 8038-GC,
Preparing form . . . 2 hr., 50 min. Issuers of tax-exempt governmental an issuer must Ill consolidated information
Copying, sembling,and obligations with issue prices of less than return including all ch issues issued within
send' a form to the IRS . , 16 min. $100,000 must file Form 8038-GC. the calendar year.
If y have comments concerning the Issuers of a tax-exempt governmental Thus,an issuer may e a separate Form
acc cy of these time estimates or obligation with an issue price of$100,000 or 8038-GC for each of a n ber of small
stv tions for making this form simpler,we more must file Form 8038-G,Information Issues and report the rema er of small
w id be happy to hear from you.You can Return for Tax-Exempt Governmental issues issued during the cal ar year on one
•e to the Internal Revenue Service, Obligations. consolidated Form 8038-GC. ver,a
ttentlon:Tax Forms Committee,PC:FP, Filing a separate ratum.—Issuers have the separate Form 8038-GC must b filed to give
Washington,DC 20224.DO NOT send the option to file a separate Form 8038-GC for the IRS notice of the election to p a penalty
form to this address.Instead,see Where To any tax-exempt governmental obligation with in lieu of arbitrage rebate.
File on page 2.
Cat.No.641068 Form 5038–GC (Rev.5-95)
' • 02/13/2001 Page 1 1
City of Elgin, Illinois Addendum A Payment Schedule f
Compound Period : Monthly
Nominal Annual Rate : 7.871
Effective Annual Rate .. : 8.161 %
Periodic Rate : 0.6559 %
Daily Rate : 0.02156 % }
CASH FLOW DATA
Event Start Date Amount Number Period End Date
1 Loan 04/15/2000 6,256.00 1
2 Payment 05/15/2000 139.09 48 Monthly 04/15/2004
3 Payment 05/15/2004 750.00 1
AMORTIZATION SCHEDULE - Normal Amortization
I
Date Payment Interest Principal Balance
Loan 04/15/2000 6,256.00
1 05/15/2000 139.09 41.03 98.06 6,157:94
2 06/15/2000 139.09 40.39 98.70. 6,059.24
3 07/15/2000 139.09 39.74 99.35 5,959.89
4 08/15/2000 139.09 39.09 100.00 5,859.89
5 09/15/2000 139.09 38.43 100.66 5,759.23
6 10/15/2000 139.09 37.77 101.32 5,657.91
7 41/15/2000 139.09 37.11 101.98 5;555.93 -
8 12/15/2000 139.09 36.44 102.65 5,453.28
2000 Totals 1,112.72 310.00 802.72
9 01/15/2001 139.09 35.77 103.32 5,349.96
10 02/15/2001 139.09 35.09 104.00 5,245.96
11 03/15/2001 139.09 34.41 104.68 5,141.28
12 04/15/2001 139.09 33.72 105.37 5,035.91 `i
13 05/15/2001 139.09 33.03 106.06 4,929.85 a
14 06/15/2001 139.09 32.33 106.76 4,823.09
15 07115/2001 139.09 31.63 107.46 4,715.63
16 08/15/2001 139.09 30.93 108.16 4,607.47
17 09/15/2001 139.09 30.22 108.87 4,498.60
18 10/15/2001 139.09. . . ....29.51 . 109.58. 4,389.02_
19 41/15/2001 139.09 28.79 110.30 4,278.72
20 12/15/2001 139.09 28.06 111.03 4,167.69
2001 Totals 1,669.08 383.49 1,285.59
21 01/15/2002 139.09 27.34 111.75 4,055.94
22 02/15/2002 . 139.09 26.60 112.49 3,943.45
2303/15/2002 139.09 25.86 113.23 3,830.22
24 04/15/2002 139.09 25.12 113.97 3,716.25
25 05/15/2002 139.09 24.37 114.72 3,601.53
26 06/15/2002 139.09 23.62 115.47 3,486.06
27 07/.5/2002 139.09 22.86 116.23 3,369.83
02/13/2001 Page 2
1
City of Elgin, Illinois Addendum A Payment Schedule
Date i'ayment Interest Principal Balance
28 08/15/2002 139.09 22.10 116.99 3,252.84
29 09/15/2002 139.09 21.34 117.75 3,135.09
30 10/15/2002 139.09 20.56 118.53 3,916.56
31 11/15/2402 139.09 19.79 119.30 2,897.26
32 12/15/2002 139.09 19.00 120,09 2,777.17
2002 Totals 1,669.08 278.56 1,390.52
I
33 01/15/2003 139.09 18,22 120.87 2,656.30
34 02/15/2003 139.09 17.42 121.67 2,534.63
35 03/15/2003 139.09 16.62 122.47 2,412.16
36 04/15/2003 139.09 15.82 123.27 2,288.89
37 05/15/2003 139.09 15.01 124.08 2,164.81 ,
• 38 $6115/2003 139.09 14.20 124.89 2,039.92
39 07/15/2003 139.09 13.38 125.71 1,914.21 '
40 08/15/2003 139.09 12.56 126.53 1,787.68
41 09/15/2003 139.09 11.73 127.36 1,660.32
42 10/15/2003 139.09 10.89 128.20 1,532.12
43 11/15/2003 139.09 10.05 129.04 1,403.08 i
44 12/15/2003 139.09 9.20 129.89 1,273.19
2004 Totals 1,669.08 165.10 1,503.98 1
41 01/15/2004 139.09 8.35 130.74 1,142.45
46 02/15/2004 139.09 7.49 131.60 1,010.85
41 03/15/2004 139.09 6.63 132.46 878.39
41 04/15/2004 139.0% 5.76 133.33 745.06
43 05/15/2004 750.00 4.94 745.06 0.00
2004 Totals 1,306.36 33.17 1,273.19
Grand Totals 7,426.32 1,170.32 6,256.00
F
.4 OF E•••
Item No.
Ci
C
ty of Elgin
E ` '�
I
June 6, 2001 G �;_.....__
N - -
TO: Mayor and Members of the City Council
RI:CRCATIONAL LEISURF_
ANO CULTURALcyrrort ELJNIIILS
FOR ALL CIT
-IZENSZENS
FROM: Joyce A. Parker, City Manager
SUBJECT: Increase in Fleet of Golf Cars
PURPOSE
The purpose of this memorandum is to provide the Mayor and members
of the City Council with information to consider extending the
contract with E-Z GO to increase the fleet of golf cars at Spartan
Meadows and Wing Park Golf Courses .
BACKGROUND
'' With the increase in patronage, additional golf cars must be
purchased to maintain the current level of service . Cars have been
in short supply and running out on a regular basis during peak
times at both courses . Additionally, the City is not positioned to
maximize its revenue generation when golf cars are not available to
rent .
Revenue generated per golf car over the past two seasons has
averaged $3 , 208 annually. The extension of the contract with E-Z
GO for additional cars will afford the flexibility to generate this
revenue less the annual expense of $735 per car. We have been
working with E-Z GO since 1998 and this cost is consistent with the
original lease documents of 1998 .
An additional 11 cars are being requested for 2001 at the same unit
cost of $735 as the 1998 bid price and the current lease agreement .
The cost of increasing the fleet by 11 cars will total $8 , 085 and
is expected to generate an additional $22 , 000 in revenues for the
golf fund.
COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED
None .
,
e Increase in Fleet of Golf Cars
June 8, 2001
Page 2
FINANCIAL IMPACT
a? The expense associated with the additional 11 cars totals $8, 085 .
The 2001 Golf Fund budget, account number 540-5801-775 .43-05,
includes a total of $56 , 077 to pay for both the existing cars
($47, 970) and the 11 new cars to total $56, 055 . It is anticipated
that approximately $209, 000 will be generated through golf car
rental .
05:3121GAL IMPACT
None .
ALTERNATIVES
Not to increase fleet size of revenue-generating golf cars.
RECOMMENDATION
It is recommended that the City Council extend the agreement with
tow E-Z GO to increase the golf car fleet by 11 cars in 2001 .
Respectfully submitt d,
L.-7)4(.4-
?-4- a -
"
Jo 'ce A. Parker
City Manager
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