The URL can be used to link to this page

07-295 Resolution 07-295 RESOLUTION AUTHORIZING EXECUTION OF AN ADDENDUM TO THE MASTER LEASE AGREEMENT WITH TEXTRON FINANCIAL CORPORATION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,ILLINOIS,that Olufemi Folarin,City Manager,and Diane Robertson,City Clerk,be and are hereby authorized and directed to execute an addendum to the master lease agreement on behalf of the City of Elgin with Textron Financial Corporation regarding the lease of additional golf cars at the Highlands of Elgin,a copy of which is attached hereto and made a part hereof by reference. s/Ed Schock Ed Schock, Mayor Presented: December 5, 2007 Adopted: December 5, 2007 Omnibus Vote: Yeas: 7 Nays: 0 Attest: s/Diane Robertson Diane Robertson, City Clerk TEXTRON FINANCIAL Lending help beyond expectations. 275 West Natick Road,Suite 1000 Warwick,RI 02886 (888)832-8032 Tel www.textronfinancial.com January/7/2008 Customer Number 30002000 City of Elgin, IL Agreement Number 1023253 Dba: The Highlands Golf Course Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Thank you for financing your equipment with Textron Financial Corporation. Enclosed is a copy of the final contract. The contract identifies your obligations to Textron Financial. The appropriate UCC financing statement has been filed on behalf of Textron Financial as noted in the contract terms. Textron Financial offers you two options for making payment: direct debit or monthly invoicing. Debit direct will automatically deduct payments and other applicable charges from your checking or savings account and will be applied to your account, on time, every month. If you opt for monthly invoicing, you will receive an itemized invoice approximately two weeks prior to the payment due date. Please remember that each payment has a 10 day grace period after which it is subject to late fees. Insurance coverage is a requirement. In the event that you do not provide proof of your own insurance coverage, Textron Financial will purchase this policy on your behalf and related fees and charges will be added to your monthly payment. Property Tax: If Textron Financial has title to the equipment, Textron will report the equipment as "leased" to the appropriate tax officials based on the equipment address shown on the contract and will bill you for these taxes according to the local jurisdictions procedures. If you have title to the equipment, you are responsible to report the equipment as part of your owed fixed assets and pay the taxes directly. Please be sure to properly report the equipment to avoid any possibilities of duplicate tax. Sales tax is calculated based on the prevailing rate and requirements of the local tax officials. It is your responsibility to determine if the equipment is subject to any tax exemptions or special tax treatment and provide us documentation to support your claim. If you believe that a sales tax charge is in error, absent any statutory provisions to the contrary, any dispute must be submitted to Textron no later than sixty(60) days from the invoice date. Again, thank you for choosing Textron Financial for your financing needs. If you have any questions about additional financing or your account, call our Textron Business Services Customer Care Group at (888) 832-8032 for prompt and efficient service. Sincerely, Textron Financial Corporation (888)832-8032 Gatewood, Karol From: Gatewood, Karol Sent: Wednesday, January 02, 2008 12:39 PM To: Melo, Fatima Subject: Transfer&Assumptions Attachments: kgatewood.TIF; image001.jpg kgatewood.TIF(48 KB) Happy New Year Fatima: I tried verifying in Documentum the Transfer & Assumptions you forwarded to me for Eagle Fund IV, Evergreen Alliance. The agreement numbers you forwarded to me are 1010216-27, 1010328,29, 31,32,33, for the customers listed below. The documents are not in Documentum under the agreement numbers referenced above. Can I assume new TRS numbers have been assigned also going forward with the transfer and assumption? I tried referencing these documents using the customer name and I cannot find the transfer and assumption docs. Can you assist me with the correct agreement numbers. If the documents are not in Documentum, I will have to scan them in, however I still need the correct alpha agreement numbers and TRS number. See the attachment above for the email that you forwarded with the documents. I have notated the documents I cannot locate in Documentum. Eagl Fund IV Plantation Resort Lessee, L.P Eagl Fund IV Fossil Creek Lessee, L.P Eagl Fund IV Clear Creek Lessee, L.P Eagl Fund IV Cinco Ranch Lessee, L.P Eagl Fund IV Canyon Springs Lessee, L.P Thank you, Karol Shannon Gatewood Documentum Analyst Textron Financial Augusta, GA 706-772-5921 or 1-800-448-7476, ext 5921 Fax: 706-796-4572 kgatewood@textronfinancial.com 1 ► TEXTRON FINANCIAL Lending help beyond expectations. 275 West Natick Road,Suite 1000 Warwick,RI 02886 (888)832-8032 Tel www.textrontinalwial.com January/7/2008 Customer Number 30002000 City of Elgin, IL Agreement Number 1023253 Dba: The Highlands Golf Course Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Thank you for financing your equipment with Textron Financial Corporation. Enclosed is a copy of the final contract. The contract identifies your obligations to Textron Financial. The appropriate UCC financing statement has been filed on behalf of Textron Financial as noted in the contract terms. Textron Financial offers you two options for making payment: direct debit or monthly invoicing. Debit direct will automatically deduct payments and other applicable charges from your checking or savings account and will be applied to your account, on time, every month. If you opt for monthly invoicing, you will receive an itemized invoice approximately two weeks prior to the payment due date. Please remember that each payment has a 10 day grace period after which it is subject to late fees. Insurance coverage is a requirement. In the event that you do not provide proof of your own insurance coverage, Textron Financial will purchase this policy on your behalf and related fees and charges will be added to your monthly payment. Property Tax: If Textron Financial has title to the equipment, Textron will report the equipment as "leased" to the appropriate tax officials based on the equipment address shown on the contract and will bill you for these taxes according to the local jurisdictions procedures. If you have title to the equipment, you are responsible to report the equipment as part of your owed fixed assets and pay the taxes directly. Please be sure to properly report the equipment to avoid any possibilities of duplicate tax. Sales tax is calculated based on the prevailing rate and requirements of the local tax officials. It is your responsibility to determine if the equipment is subject to any tax exemptions or special tax treatment and provide us documentation to support your claim. If you believe that a sales tax charge is in error, absent any statutory provisions to the contrary, any dispute must be submitted to Textron no later than sixty (60) days from the invoice date. Again, thank you for choosing Textron Financial for your financing needs. If you have any questions about additional financing or your account, call our Textron Business Seryices Customer Care Group at (888) 832-8032 for prompt and efficient service. Sincerely, Textron Financial Corporation (888)832-8032 TEXTRON FINANCIAL Lending help beyond expectations. 275 West Natick Road,Suite 1000 Warwick,RI 02886 (888)832-5032 Tel www.textrontinan,ial.com January/7/2008 Customer Number 30002000 City of Elgin, IL Agreement Number 1023256 Dba: The Highlands Golf Course Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Thank you for financing your equipment with Textron Financial Corporation. Enclosed is a copy of the final contract. The contract identifies your obligations to Textron Financial. The appropriate UCC financing statement has been filed on behalf of Textron Financial as noted in the contract terms. Textron Financial offers you two options for making payment: direct debit or monthly invoicing. Debit direct will automatically deduct payments and other applicable charges from your checking or savings account and will be applied to your account, on time, every month. If you opt for monthly invoicing, you will receive an itemized invoice approximately two weeks prior to the payment due date. Please remember that each payment has a 10 day grace period after which it is subject to late fees. Insurance coverage is a requirement. In the event that you do not provide proof of your own insurance coverage, Textron Financial will purchase this policy on your behalf and related fees and charges will be added to your monthly payment. Property Tax: If Textron Financial has title to the equipment, Textron will report the equipment as "leased" to the appropriate tax officials based on the equipment address shown on the contract and will bill you for these taxes according to the local jurisdictions procedures. If you have title to the equipment, you are responsible to report the equipment as part of your owed fixed assets and pay the taxes directly. Please be sure to properly report the equipment to avoid any possibilities of duplicate tax. Sales tax is calculated based on the prevailing rate and requirements of the local tax officials. It is your responsibility to determine if the equipment is subject to any tax exemptions or special tax treatment and provide us documentation to support your claim. If you believe that a sales tax charge is in error, absent any statutory provisions to the contrary, any dispute must be submitted to Textron no later than sixty(60) days from the invoice date. Again, thank you for choosing Textron Financial for your financing needs. If you have any questions about additional financing or your account, call our Textron Business Services Customer Care Group at (888) 832-8032 for prompt and efficient service. Sincerely, Textron Financial Corporation (888)832-8032 TEXTRON FINANCIAL Lending help beyond expectations. 275 West Natick Road,Suite 1000 Warwick,RI 02886 (888)832-8032 Tel www.textrentinaneial.com January/7/2008 Customer Number 30002000 City of Elgin, IL Agreement Number 1023258 Dba: The Highlands Golf Course Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Thank you for financing your equipment with Textron Financial Corporation. Enclosed is a copy of the final contract. The contract identifies your obligations to Textron Financial. The appropriate UCC financing statement has been filed on behalf of Textron Financial as noted in the contract terms. Textron Financial offers you two options for making payment: direct debit or monthly invoicing. Debit direct will automatically deduct payments and other applicable charges from your checking or savings account and will be applied to your account, on time, every month. If you opt for monthly invoicing, you will receive an itemized invoice approximately two weeks prior to the payment due date. Please remember that each payment has a 10 day grace period after which it is subject to late fees. Insurance coverage is a requirement. In the event that you do not provide proof of your own insurance coverage, Textron Financial will purchase this policy on your behalf and related fees and charges will be added to your monthly payment. Property Tax: If Textron Financial has title to the equipment, Textron will report the equipment as "leased" to the appropriate tax officials based on the equipment address shown on the contract and will bill you for these taxes according to the local jurisdictions procedures. If you have title to the equipment, you are responsible to report the equipment as part of your owed fixed assets and pay the taxes directly. Please be sure to properly report the equipment to avoid any possibilities of duplicate tax. Sales tax is calculated based on the prevailing rate and requirements of the local tax officials. It is your responsibility to determine if the equipment is subject to any tax exemptions or special tax treatment and provide us documentation to support your claim. If you believe that a sales tax charge is in error, absent any statutory provisions to the contrary, any dispute must be submitted to Textron no later than sixty (60) days from the invoice date. Again, thank you for choosing Textron Financial for your financing needs. If you have any questions about additional financing or your account, call our Textron Business Services Customer Care Group at (888) 832-8032 for prompt and efficient service. Sincerely, Textron Financial Corporation (888)832-8032 TEXTRON FINANCIAL Lending help beyond expectations. 275 West Natick Road,Suite 1000 Warwick,RI 02886 ($88)832-8032 Tel www.textronlinaik:ial.com January/7/2008 Customer Number 30002000 City of Elgin, IL Agreement Number 1023259 Dba: The Highlands Golf Course Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Thank you for financing your equipment with Textron Financial Corporation. Enclosed is a copy of the final contract. The contract identifies your obligations to Textron Financial. The appropriate UCC financing statement has been filed on behalf of Textron Financial as noted in the contract terms. Textron Financial offers you two options for making payment: direct debit or monthly invoicing. Debit direct will automatically deduct payments and other applicable charges from your checking or savings account and will be applied to your account, on time, every month. If you opt for monthly invoicing, you will receive an itemized invoice approximately two weeks prior to the payment due date. Please remember that each payment has a 10 day grace period after which it is subject to late fees. Insurance coverage is a requirement. In the event that you do not provide proof of your own insurance coverage, Textron Financial will purchase this policy on your behalf and related fees and charges will be added to your monthly payment. Property Tax: If Textron Financial has title to the equipment, Textron will report the equipment as "leased" to the appropriate tax officials based on the equipment address shown on the contract and will bill you for these taxes according to the local jurisdictions procedures. If you have title to the equipment, you are responsible to report the equipment as part of your owed fixed assets and pay the taxes directly. Please be sure to properly report the equipment to avoid any possibilities of duplicate tax. Sales tax is calculated based on the prevailing rate and requirements of the local tax officials. It is your responsibility to determine if the equipment is subject to any tax exemptions or special tax treatment and provide us documentation to support your claim. If you believe that a sales tax charge is in error, absent any statutory provisions to the contrary, any dispute must be submitted to Textron no later than sixty (60) days from the invoice date. Again, thank you for choosing Textron Financial for your financing needs. If you have any questions about additional financing or your account, call our Textron Business Sery ices Customer Care Group at(888) 832-8032 for prompt and efficient service. Sincerely, Textron Financial Corporation (888)832-8032 • TEXT ON i A..NOOAi Lending help beyond expectations, TAX-EXEMPT EQUIPMENT LEASE Lease No. TE1-o2-00006 This Lease Agreement is hereby made and entered into this 22nd day of September,2005,by and between the City of Elgin,Illinois,a municipal corporation(hereinafter referred to as"Lessee")and Textron Financial Corporation,a Delaware corporation,(hereinafter referred to as"Lessor")." I. 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 any Schedule or Schedule(s)which may be executed from time to time by the parties hereto and identified as a Schedule of this Lease(individually a"Schedule"and collectively the"Schedule(s)").All Schedules shall be incorporated by reference herein and this Lease and all Schedules that may be executed pursuant hereto shall constitute a single lease of EAS 2. SELECTION, DELIVERY AND ACCEPTANCE Lessee will select 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 ruder this Lease, EQUIPMENT will be considered accepted upon execution of the Certificate of Acceptance. 3. TERMS AND RENTALS-The rental term of the EQUIPMENT shall be as provided m the applicable Schedule and,fall 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 rem specified in Section I I to any Schedule to this Lease. Lessee agrees to pay rent in the amount and at the times set forth in Section II to any Schedule to this Leas 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 obligatioo•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,or recoupment(collectively"Abatements")for any reason whatsoever. Except as otherwise expressly provided herein,this Lease shall not terminate nor shall the respective obligations of Lessor or Lessee be affected by reason of any defect in,or damage to,or any loss or destruction of the EQUIPMENT from any cause whatsoever,or the interference with the use thereof for any reason whatsoever. 4. NON-APPROPRIATION-In the event no funds or insufficient funds are appropriated and budgeted or we otherwise u nevaalabie by any means whatsoever in any fiscal period for rent due hereunder.Lessee will immediately notify Lessor or its assignee of such occurrence and this Lea,,shall terminate on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee of any kind whatsoever,except as to the portions of the rental payments herein agreed upon for which finds shall have been appropriated and budgeted or are otherwise available, In the event of such termination,Lessee agrees to peaceably surrender possession of the EQUIPMENT to Lessor on the date of termination and that Lessor shall have all legal and equitable rights and remedies to take possession of the EQUIPMENT. (Lessee agrees that(i)arty funds authorized or appropriated to it for the rental or acquisition of this Equipment or functionally similar equipment in any fiscal appropriation period shall be applied to the payment'of rent hereunder until such funds are exhausted;(ii)it has not to date and will not in the future agree to give priority or parity to the application of such fends to the lease,hire,or acquisition of other functionally similar equipment;and(iii)it will use its best efforts to obtain authorization and appropriation of such funds including,without limitation,the inclusion in its budget for each fiscal appropriation period during the term hereof,a request for adequate funds to meet its obligations under this Lease in full.This provision shall not be construed to as to permit Lessee to terminate this Lease in order to acquire similar or competitive equipment from another party or manufacturer or to allocate funds to directly or indirectly perform essentially the same functions for which this EQUIPMENT is intended. Lessee warrants that it has adequate funds to meet its obligations hereunder during its current fiscal appropriation period.) S. 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,(il)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■legal valid and binding obligation of the Lessee enforceable in accordance with its terms. Lessee agrees that(x)it will do or cause to be done all things necessary to preserve and keep the Lease in Lull force end effect:(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 end(z)it has sufficient appropriation or other finds 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 the Lessee at such time or at anytime thereafter,is not in default hereunder,Lessee shall have the right to purchase all but not leas than all the EQUIPMENT on the Lease Payment dates sot forth in Section II to the applicable Schedule 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 clew of any liens created by Lessor. • 7. NATURE OF THIS AGREEMENT-Lessor and Lessee agree 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. The panics 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 Section II of the applicable Schedule over the term of the 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. Lessee will at all times protect and defend,at its own cost • 001.0092376-02.001-00006 7590 Tax Exempt Equipment Lease • Pagel of and expense,Lessor's interest In the EQUIPMENT against all claims,liens and legal processes of creditors of Lessee and other persona,and keep the EQUIPMENT free and clear of all such claims, hens and processes. Lessee shall not,without Lessor's prior written consent,pert 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 Lase. . 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. 9. INSURANCE—It is aaderitood the Lessee is Self-hared 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 to the EQUIPMENT,Lessee shall promptly report same to the appropriate inswsnce companies,to Lessor,and to all concerned governmental agencies. Leasee 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 Lessee's obligations shall continue in full force and effect notwithstanding such Loss or Damage. 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 IS, 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 Loa Value"shall be(i) an amount equal to the total of all rent and any other amounts, if any, ue 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 ix such payment date. d Lessor shall pay any insurance proceeds received pursuant to Section 9,above,to satisfy any obligation of Lessee to Lessor hereunder and remit the balance,if an.,to Lessee. 11 PAYMENT OF TAXES BY LESSEE—Unless Lessee has provided Lessor with evidence necessary to sustain an exemption therefrom,Lessee will timely pay all assessments, license feea,taxes(including sales,use,excise,personal property,ad valorem,stamp,documentary and other taxes)sad.11 other governmental charges,fees,firms or penalties whatsoever,now or hereafter imposed by any governmental body or agency on or relating to the Equipment,or the use,registration,rental,shipment,transportation,delivery,ownership,or operation of the Equipment and on or relating to each Schedule. 12. POSSESSION AND USE OF EQUIPMENT-Lessor covenants to Lessee thst as long as Lessee sell not be in default under this Lace,Lase 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 I"e. Lessor may,at any time thereafter,perform the same without thereby waiving the default,and any expense or liability incurred by Lessor,together with Lessee'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 elsewfiere, for the purpose of confirming the existence,condition.and props maintenance of the EQUIPMENT. ' IS. OPERATION,MAINTENANCE AND MODIFICATION-Lasa shall operate,possess,and maintain the EQUIPMENT and any records pertaining thereto in compliance with all applicable Federal,state and local.laws and regulations.l esseee'slall not make any materiel 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 manufichser's published manuals and other instructions. MI parts,accessories and other personal property which are added or become attached to the EQUIPMENT shall immediately become the property of Lessor at no wet,and shall be deemed incorporated in the EQUIPMENT and subject m the terms of this Lease. 16. ASSIGNMENT AND SUBLEASE-Lessee shall not sell,transfer,assign,pledge or sublease,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 17. 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 falls to perform any other covenant herein and such failure continues for fifteen(1S)days after written notice thereof by Lessor or 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 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 discharged within ninety (90)days thereafter. f. Lessee attempts to sell,transfer,encumber,sublet or part with possession of any EQUIPMENT without Lessor's prior written consent 18. 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. () Lessor may terminate this Lease upon written notice to Leasee,without prejudice to any other remedies hereunder. (I) Proceed by appropriate action either at law or in equity to enforce performance by Lesseeof the applicable oovenants of this Lease or to recover damages for breach thereof 001-0092336.02.001-00006 7590 Tax Exempt Equipment Lease Page 2 of 3 • b.Lessor,upon default hereunder,shall also be entitled to recover as liquidated damages for the loss of the bargain and not as a penalty an amount equal to the Stipulated Loss Value of the EQUIPMENT,as defined in Section 10 above,as of the date of the event of default plus interest at Lessor's then currant late payment charge from the date of default to the date of payment.After repossession of the EQUIPMENT by Lessor,Lessor shall attempt to mitigate Lessee's damages as hereinafter provided. Lessor,in its sole discretion,shall sell or release the EQUIPMENT in a public or private transaction at which Lessor may be the Purchaser and Lessor may use Lessee's premises for the foregoing without liability fon rents,costs,damages,or otherwise. The proceeds of such sale or lease,if any,shall be applied fust: (i)to all of the Lessor's costs,charges and expenses incurred in taking,removing,holding,repairing and selling or leasing the EQUIPMENT;then (ii)to the event not previously paid by Lessee,to pay Lessor any damages then remaining unpaid hereunder;then (iii)to reimburse Lessee any such sums previously paid by Lessee as damages hereunder. (iv)Any surplus shall be retained by Lessor. Lessee shall pay Lessor any deficiency in(i)end(ii)within ten(10)days of written request for acme. c.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 d.Any default on the terms of any other agreement executed between the parties(including any entity controlled by,controlling or under common control with Lessee)may be declared by Lessor to be a default under the teens of this Lease or under the terms of any other agreement between Lessee and Lessor. Any default under the terms of this Lease may be declared by Lessor to be a default under the terms of any other agreement between Lessee and Lessor. 19. 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. 20. 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. 21. ENTIRE AGREEMENT,NO AGENCY,TITLES-This instrument,including all appendices,constitutes the entire Agreement between the parties.No term or provision 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 or provisions hereof. 22. 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. 23. JURISDICTION,APPLICABLE LAW—This Agreement shell be subject to and governed by the laws of the State of Illinois. Venue for the Remission of any disputes on the enforcement of any rights arisen out of or in connection with this Agreement shall be in the Circuit Court of Kane County,Ulinois. 24. 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. Lessee hereby greats a security interest in the Equipment described in the Schedules hereto and its protoeds to secure the performance and payment of all obligations and indebtedness of whatever kind and whenever created,either direct or indirect,absolute or contingent,primary or secondary,due or to became due and whether now existing or hereafter arising and howsoever evidenced or acquired,whether joint or several,or joint and several,of Lessee owing to Lessor(including but not limited to all of Lessee's obligations under this Lease)or any other affiliate of Lessor(all of which may be hereinafter collectively rc&red to as the • "Obligation..");and Lessee hereby agrees that the extent to which Lessor is entitled to purchase money priority for its security interest in such Equipment shall be determined by reference to the total rental amount owing,if any,with respect to such Equipment under the relevant Schedule at the time of any such determination. IN WITNESS WHEREOF,the Lessor and Lessee have each caused this Lease to be duly executed. This Lease is executed as of October 7,2005. • LESSOR: LESSEE: Name:TEXTRON FINANCIAL CORPORATION Name:CITY OF ELGIN,IL By gCSLIA /.1 By: _, use. Name: Patricia Herrington Name: Olufemi Fo• Tide; Asst.LeasingManager Title: • anager An Agency or Political Subdivision of Address: 1451 Marvin Griffin Road the State of ILLINOIS Augusta GA 3Q90Address: 150 DEXTER BLVD ELGIN,IL 60120 001-0092336-02-001.00006 7590 Tax Exempt Equipment Lease Page 3 of 3 TEXTRON FINANCIAL Golf Finance i)rriffin 1451 Marvin Griffin Road Augusta, GA 30906 Lending help beyond expectations. 300-448-7476X4529 Tel 706-560-6021 Fax www.textronfinancial.com October 30, 2007 City of Elgin, IL Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Thank you for choosing Textron Financial Corporation for your financing needs. Enclosed you will find the required documents to complete your equipment transaction. Please date (by your signature only), sign and return these documents in a timely manner. KEEP ALL COPIES INTACT a copy of the agreement and/or schedule will be sent to you when fully executed by Textron Financial Corporation. DO NOT ADD TO OR CHANGE ANY DOCUMENTS WITHOUT PRIOR CONSULTATION WITH THE UNDERSIGNED. If you have any questions, please contact Patricia Herrington at 800-448-7476,X. 4529. Please return the completed documents to: Textron Financial Corporation Golf Finance Division 1451 Marvin Griffin Road Augusta, GA 30906 706-560-6021 (fax) Please verify that you want your monthly billing statements mailed to: Attn: Mike Lehman 875 Sports Way Elgin IL 60123 Please verify your Federal Tax ID: 366005862 Please provide the name of your Insurance Company: Please provide your contact at the Insurance Company: Please provide the phone number for the above contact: Document Cover Letter 30002000-10232.53 • BILL OF SALE DATED AS OF 12/5/07 SELLER/LESSEE: City of Elgin, IL PURCHASER: Textron Inc. E-Z-GO Division EQUIPMENT: 65 2003 E-Z-GO PDS PURCHASE PRICE: $82, 290.00 Seller hereby transfers to Purchaser all of Seller's right, title and interest in and to the Equipment described above. Seller acknowledges receipt of the Purchase Price stated above. Seller represents, warrants and covenants to Purchaser that Purchaser is receiving title to the Equipment free and clear of all liens,encumbrances or claims of any party whatsoever. SELLER: Cit o,El 'n IL By: \ Print Name: 01 femi olarin Print Title: Cit Man.w Date: De ser 5, 2007 Bill of Sale(02/03) TEXTRON FINANCIAL Lending help beyond expectations. INCUMBENCY CERTIFICATE I certify that I am the duly elected or appointedxandaaglinuitmatinikClerk of City of Elgin, IL, a municipale'nfeni2Ed under the laws 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 the 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) the officers have the authority on behalf of the entity to enter into Municipal Agreement, dated 10-07-2005 and all Schedules thereto between City of Elgin, IL and Textron Financial Corporation. NAME TITLE \ Olufemi Folarin City Manager �� 11111111 IN WITNESS WHEREOF, I have duly executed this Certificate and affixed the seal of City of Elgin, IL hereto this 5th day of December , 20 07 [SEAL] ifitittekely/Clerk) Dian obertson, City Clerk (other than the person signing the documents) 7592—Incumbency Certificate Revision Date:01/05 30002000-1023253 OPINION OF COUNSEL I, Michael Gehrman, have examined the Municipal Agreement dated 10-07- 2005. I understand that schedules will be added to the Municipal Agreement from time to time and that the terms of the Municipal Agreement will be or have been incorporated by reference into the schedules (collectively, the "Schedule(s)"). The governing body of City of Elgin, IL (the "Lessee") has followed the proper procedures to authorize on behalf of Lessee the execution and delivery of such Municipal Agreement and Schedule(s). Based upon the foregoing examination and upon an examination of the other documents and matters of law as I have deemed necessary or appropriate, I am of the opinion that: (1) Lessee is an iilinoismunAfitOkilflEMUttifegally existing as a political subdivision, municipal corporation or similar public entity under the Constitution and laws of the State of Illinois with full power and authority to enter into the Municipal Agreement and the Schedule(s) thereto; (2) the Municipal Agreement has been duly authorized, executed and delivered by Lessee, and the Municipal Agreement constitutes a legal, valid and binding obligation of Lessee, enforceable against Lessee in accordance with its respective terms, subject to any applicable bankruptcy, insolvency, moratorium or other laws or equitable principles affecting the enforcement of creditors' rights generally. Respectfully submitted, City of Elgin By: 727%,/ -.(:&/ -. -7 Michael Gehrman Attorney for the Lessee ALF21F0853 Last Revision 03/06 30002000-1023253 TEXTRON FINANCIAL INSURANCE LETTER TO: Customer City of Elgin,IL Name: Insurance Co. Ins. Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the"Agreement")with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $297,821.48. Under the terms of Section 9 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 30002000-1023253 Please fax the initial certificate to: Textron Financial Corporation at 706-560-6021 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000,Warwick,RI 02886,attn:HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter(Muni)-US Last Revision 5/06 30002000-1023253 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE NO: 1023253,DATED 12/5/07 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 72 DESCRIPTION OF EQUIPMENT: E-Z-GO TXT-PDS state of charge meter, hubcap, f/d windshield,mssg. holder, sand/seed bottle, logo,#dacal, struts, T-125 battery SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION By: _ _ � By: ter/ Name: , - „T . NamPatricia Herrin Title: Cit Ma Mir TitSr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023253 d by: Textron I n f o A n a I y S i S 12/20/2007 9:04:25 AM Payment Amortization Report File Name: I:\CSC.IAD a/163 6A1 2 zC 3 igsynclAPat. - lq- Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 262,157.86 0.00 0.00 262,157.86 2/15/08 0.00 0.00 0.00 262,157.86 1,162.58 1,162.58 263,320.44 3/15/08 0.00 0.00 0.00 262,157.86 1,167.74 2,330.32 264,488.18 4/15/08 0.00 0.00 0.00 262,157.86 1,172.92 3,503.23 265,661.09 5/15/08 7,872.48 3,191.13 4,681.35 258,966.73 1,178.12 0.00 258,966.73 6/15/08 7,872.48 6,724.05 1,148.43 252,242.68 1,148.43 0.00 252,242.68 7/15/08 7,872.48 6,753.87 1,118.61 245,488.81 1,118.61 0.00 245,488.81 8/15/08 7,872.48 6,783.82 1,088.66 238,704.99 1,088.66 0.00 238,704.99 9/15/08 7,872.48 6,813.90 1,058.58 231,891.08 1,058.58 0.00 231,891.08 10/15/08 7,872.48 6,844.12 1,028.36 225,046.96 1,028.36 0.00 225,046.96 11/15/08 0.00 0.00 0.00 225,046.96 998.01 998.01 226,044.97 12/15/08 0.00 0.00 0.00 225,046.96 1,002.43 2,000.44 227,047.40 2008 47,234.88 37,110.90 10,123.98 12,124.42 1/15/09 0.00 0.00 0.00 225,046.96 1,006.88 3,007.32 228,054.28 2/15/09 0.00 0.00 0.00 225,046.96 1,011.34 4,018.66 229,065.62 3/15/09 0.00 0.00 0.00 225,046.96 1,015.83 5,034.49 230,081.45 4/15/09 0.00 0.00 0.00 225,046.96 1,020.33 6,054.82 231,101.78 5/15/09 7,872.48 792.80 7,079.68 224,254.16 1,024.86 0.00 224,254.16 6/15/09 7,872.48 6,877.99 994.49 217,376.17 994.49 0.00 217,376.17 7/15/09 7,872.48 6,908.49 963.99 210,467.68 963.99 0.00 210,467.68 8/15/09 7,872.48 6,939.13 933.35 203,528.55 933.35 0.00 203,528.55 9/15/09 7,872.48 6,969.90 902.58 196,558.65 902.58 0.00 196,558.65 10/15/09 7,872.48 7,000.81 871.67 189,557.84 871.67 0.00 189,557.84 11/15/09 0.00 0.00 0.00 189,557.84 840.62 840.62 190,398.47 12/15/09 0.00 0.00 0.00 189,557.84 844.35 1,684.98 191,242.82 2009 47,234.88 35,489.12 11,745.76 11,430.30 1/15/10 0.00 0.00 0.00 189,557.84 848.10 2,533.07 192,090.92 2/15/10 0.00 0.00 0.00 189,557.84 851.86 3,384.93 192,942.77 3/15/10 0.00 0.00 0.00 189,557.84 855.64 4,240.57 193,798.41 4/15/10 0.00 0.00 0.00 189,557.84 859.43 5,100.00 194,657.84 5/15/10 7,872.48 1,909.24 5,963.24 187,648.60 863.24 0.00 187,648.60 6/15/10 7,872.48 7,040.32 832.16 180,608.28 832.16 0.00 180,608.28 7/15/10 7,872.48 7,071.54 800.94 173,536.73 800.94 0.00 173,536.73 8/15/10 7,872.48 7,102.90 769.58 166,433.83 769.58 0.00 166,433.83 9/15/10 7,872.48 7,134.40 738.08 159,299.43 738.08 0.00 159,299.43 10/15/10 7,872.48 7,166.04 706.44 152,133.39 706.44 0.00 152,133.39 11/15/10 0.00 0.00 0.00 152,133.39 674.66 674.66 152,808.05 12/15/10 0.00 0.00 0.00 152,133.39 677.65 1,352.31 153,485.70 ion 7.4b Page 1 I by: Textron I n f o A n a I y s i s 12/20/2007 9:04:25 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 47,234.88 37,424.46 9,810.42 9,477.76 1/15/11 0.00 0.00 0.00 152,133.39 680.66 2,032.97 154,166.36 2/15/11 0.00 0.00 0.00 152,133.39 683.68 2,716.64 154,850.03 3/15/11 0.00 0.00 0.00 152,133.39 686.71 3,403.35 155,536.74 4/15/11 0.00 0.00 0.00 152,133.39 689.75 4,093.10 156,226.49 5/15/11 7,872.48 3,086.57 4,785.91 149,046.82 692.81 0.00 149,046.82 6/15/11 7,872.48 7,211.51 660.97 141,835.31 660.97 0.00 141,835.31 7/15/11 7,872.48 7,243.49 628.99 134,591.82 628.99 0.00 134,591.82 8/15/11 7,872.48 7,275.61 596.87 127,316.21 596.87 0.00 127,316.21 9/15/11 7,872.48 7,307.88 564.60 120,008.34 564.60 0.00 120,008.34 10/15/11 7,872.48 7,340.28 532.20 112,668.05 532.20 0.00 112,668.05 11/15/11 0.00 0.00 0.00 112,668.05 499.64 499.64 113,167.70 12/15/11 0.00 0.00 0.00 112,668.05 501.86 1,001.50 113,669.56 2011 47,234.88 39,465.33 7,769.55 7,418.74 1/15/12 0.00 0.00 0.00 112,668.05 504.09 1,505.59 114,173.64 2/15/12 0.00 0.00 0.00 112,668.05 506.32 2,011.91 114,679.97 3/15/12 0.00 0.00 0.00 112,668.05 508.57 2,520.48 115,188.53 4/15/12 0.00 0.00 0.00 112,668.05 510.82 3,031.30 115,699.35 5/15/12 7,872.48 4,328.09 3,544.39 108,339.96 513.09 0.00 108,339.96 6/15/12 7,872.48 7,392.03 480.45 100,947.93 480.45 0.00 100,947.93 7/15/12 7,872.48 7,424.81 447.67 93,523.12 447.67 0.00 93,523.12 8/15/12 7,872.48 7,457.74 414.74 86,065.38 414.74 0.00 86,065.38 9/15/12 7,872.48 7,490.81 381.67 78,574.58 381.67 0.00 78,574.58 10/15/12 7,872.48 7,524.03 348.45 71,050.55 348.45 0.00 71,050.55 11/15/12 0.00 0.00 0.00 71,050.55 315.08 315.08 71,365.63 12/15/12 0.00 0.00 0.00 71,050.55 316.48 631.57 71,682.11 2012 47,234.88 41,617.51 5,617.37 5,247.44 1/15/13 72,000.00 71,050.55 949.45 0.00 317.89 0.00 0.00 2013 72,000.00 71,050.55 949.45 317.89 Totals: 308,174.40 262,157.86 46,016.54 46,016.54 in 7.4b Page 2 TEXTRON FINANCIAL INSURANCE LETTER TO: Customer City of Elgin,IL Name: Insurance Co. S J( Ins. Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the"Agreement")with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $10,557.17. Under the terms of Section 9 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 30002000-1023256 Please fax the initial certificate to: Textron Financial Corporation at 706-560-6021 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000,Warwick,RI 02886,attn:HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter(Muni)-US Last Revision 5/06 30002000-1023256 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1023256,DATED 12/5/07 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 1 DESCRIPTION OF EQUIPMENT: E-Z-GO Refresher 1200 fuel/oil guage,top, logo SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION:The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION By: Name: Olufem eFolarin Name Patricia Herrings Title: Cit M.M. !RIM TiSr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023256 :d by: Textron I n f o A n a I y s i s 12/20/2007 8:59:55 AM Payment Amortization Report File Name: I:\CSC.IAD 1...A5 6-c-- qv, (b"2- 3Z2,0 iit-k4fy-) ilvt'I'l " A Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 10,914.53 0.00 0.00 10,914.53 2/15/08 0.00 0.00 0.00 10,914.53 48.47 48.47 10,963.00 3/15/08 0.00 0.00 0.00 10,914.53 48.69 97.16 11,011.69 4/15/08 0.00 0.00 0.00 10,914.53 48.90 146.07 11,060.60 5/15/08 356.95 161.76 195.19 10,752.77 49.12 0.00 10,752.77 6/15/08 356.95 309.19 47.76 10,443.57 47.76 0.00 10,443.57 7/15/08 356.95 310.57 46.38 10,133.00 46.38 0.00 10,133.00 8/15/08 356.95 311.95 45.00 9,821.06 45.00 0.00 9,821.06 9/15/08 356.95 313.33 43.62 9,507.72 43.62 0.00 9,507.72 10/15/08 356.95 314.72 42.23 9,193.00 42.23 0.00 9,193.00 11/15/08 0.00 0.00 0.00 9,193.00 40.83 40.83 9,233.83 12/15/08 0.00 0.00 0.00 9,193.00 41.01 81.84 9,274.84 2008 2,141.70 1,721.53 420.17 502.01 1/15/09 0.00 0.00 0.00 9,193.00 41.19 123.03 9,316.03 2/15/09 0.00 0.00 0.00 9,193.00 41.37 164.40 9,357.40 3/15/09 0.00 0.00 0.00 9,193.00 41.56 205.96 9,398.96 4/15/09 0.00 0.00 0.00 9,193.00 41.74 247.70 9,440.70 5/15/09 356.95 67.32 289.63 9,125.68 41.93 0.00 9,125.68 6/15/09 356.95 316.42 40.53 8,809.26 40.53 0.00 8,809.26 7/15/09 356.95 317.83 39.12 8,491.43 39.12 0.00 8,491.43 8/15/09 356.95 319.24 37.71 8,172.19 37.71 0.00 8,172.19 9/15/09 356.95 320.66 36.29 7,851.54 36.29 0.00 7,851.54 10/15/09 356.95 322.08 34.87 7,529.46 34.87 0.00 7,529.46 11/15/09 0.00 0.00 0.00 7,529.46 33.44 33.44 7,562.90 12/15/09 0.00 0.00 0.00 7,529.46 33.59 67.03 7,596.49 2009 2,141.70 1,663.54 478.16 463.35 1/15/10 0.00 0.00 0.00 7,529.46 33.74 100.77 7,630.22 2/15/10 0.00 0.00 0.00 7,529.46 33.89 134.65 7,664.11 3/15/10 0.00 0.00 0.00 7,529.46 34.04 168.69 7,698.15 4/15/10 0.00 0.00 0.00 7,529.46 34.19 202.88 7,732.34 5/15/10 356.95 119.73 237.22 7,409.73 34.34 0.00 7,409.73 6/15/10 356.95 324.04 32.91 7,085.69 32.91 0.00 7,085.69 7/15/10 356.95 325.48 31.47 6,760.21 31.47 0.00 6,760.21 8/15/10 356.95 326.93 30.02 6,433.28 30.02 0.00 6,433.28 9/15/10 356.95 328.38 28.57 6,104.90 28.57 0.00 6,104.90 10/15/10 356.95 329.84 27.11 5,775.06 27.11 0.00 5,775.06 11/15/10 0.00 0.00 0.00 5,775.06 25.65 25.65 5,800.71 12/15/10 0.00 0.00 0.00 5,775.06 25.76 51.41 5,826.47 on 7.4b Page 1 KI by: Textron I n f o A n a I y s i s 12/20/2007 8:59:55 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 2,141.70 1,754.40 387.30 371.69 1/15/11 0.00 0.00 0.00 5,775.06 25.88 77.29 5,852.35 2/15/11 0.00 0.00 0.00 5,775.06 25.99 103.28 5,878.34 3/15/11 0.00 0.00 0.00 5,775.06 26.11 129.38 5,904.45 4/15/11 0.00 0.00 0.00 5,775.06 26.22 155.61 5,930.67 5/15/11 356.95 175.00 181.95 5,600.06 26.34 0.00 5,600.06 6/15/11 356.95 332.08 24.87 5,267.98 24.87 0.00 5,267.98 7/15/11 356.95 333.55 23.40 4,934.43 23.40 0.00 4,934.43 8/15/11 356.95 335.04 21.91 4,599.39 21.91 0.00 4,599.39 9/15/11 356.95 336.52 20.43 4,262.87 20.43 0.00 4,262.87 10/15/11 356.95 338.02 18.93 3,924.85 18.93 0.00 3,924.85 11/15/11 0.00 0.00 0.00 3,924.85 17.43 17.43 3,942.28 12/15/11 0.00 0.00 0.00 3,924.85 17.51 34.94 3,959.79 2011 2,141.70 1,850.21 291.49 275.02 1/15/12 0.00 0.00 0.00 3,924.85 17.59 52.53 3,977.38 2/15/12 0.00 0.00 0.00 3,924.85 17.66 70.19 3,995.04 3/15/12 0.00 0.00 0.00 3,924.85 17.74 87.93 4,012.78 4/15/12 0.00 0.00 0.00 3,924.85 17.82 105.75 4,030.61 5/15/12 356.95 233.30 123.65 3,691.56 17.90 0.00 3,691.56 6/15/12 356.95 340.56 16.39 3,351.00 16.39 0.00 3,351.00 7/15/12 356.95 342.07 14.88 3,008.93 14.88 0.00 3,008.93 8/15/12 356.95 343.59 13.36 2,665.35 13.36 0.00 2,665.35 9/15/12 356.95 345.11 11.84 2,320.23 11.84 0.00 2,320.23 10/15/12 356.95 346.65 10.30 1,973.59 10.30 0.00 1,973.59 11/15/12 0.00 0.00 0.00 1,973.59 8.77 8.77 1,982.35 12/15/12 0.00 0.00 0.00 1,973.59 8.80 17.57 1,991.16 2012 2,141.70 1,951.26 190.44 173.07 1/15/13 2,000.00 1,973.59 26.41 0.00 8.84 0.00 0.00 2013 2,000.00 1,973.59 26.41 8.84 Totals: 12,708.50 10,914.53 1,793.97 1,793.97 ion 7.4b Page 2 TEXTRON FINANCIAL INSURANCE LETTER TO: Customer City of Elgin,IL Name: Insurance Co. ;}r1 R-D Ins. Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the"Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $8,406.61. Under the terms of Section 9 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 30002000-1023258 Please fax the initial certificate to: Textron Financial Corporation at 706-560-6021 Attn: HRH- GEED All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000,Warwick,RI 02886,attn:HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter(Muni)-US Last Revision 5/06 30002000-1023258 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1023258,DATED 12/5/07 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 1 DESCRIPTION OF EQUIPMENT: E-Z-GO 1200-G fuel/oil guage,ball cage SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION:The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION By: ___ _ By: ?‘"••e? Name: of i-Folari Name: Patricia Her Title: City M..nage Titl . Sr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023258 I d by: Textron I n f o A n a I y s i s 12/20/2007 8:48:11 AM j �� Payment Amortization Report File Name: I:\CSC.IAD li diuvl ) D2 2-S 4ad-unc\APTYA - 4 Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 8,837.89 0.00 0.00 8,837.89 2/15/08 0.00 0.00 0.00 8,837.89 39.28 39.28 8,877.18 3/15/08 0.00 0.00 0.00 8,837.89 39.46 78.74 8,916.63 4/15/08 0.00 0.00 0.00 8,837.89 39.63 118.38 8,956.27 5/15/08 301.31 143.12 158.19 8,694.77 39.81 0.00 8,694.77 6/15/08 301.31 262.66 38.65 8,432.11 38.65 0.00 8,432.11 7/15/08 301.31 263.83 37.48 8,168.28 37.48 0.00 8,168.28 8/15/08 301.31 265.00 36.31 7,903.27 36.31 0.00 7,903.27 9/15/08 301.31 266.18 35.13 7,637.09 35.13 0.00 7,637.09 10/15/08 301.31 267.36 33.95 7,369.73 33.95 0.00 7,369.73 11/15/08 0.00 0.00 0.00 7,369.73 32.76 32.76 7,402.49 12/15/08 0.00 0.00 0.00 7,369.73 32.90 65.66 7,435.39 2008 1,807.86 1,468.16 339.70 405.36 1/15/09 0.00 0.00 0.00 7,369.73 33.05 98.71 7,468.44 2/15/09 0.00 0.00 0.00 7,369.73 33.20 131.91 7,501.64 3/15/09 0.00 0.00 0.00 7,369.73 33.34 165.25 7,534.98 4/15/09 0.00 0.00 0.00 7,369.73 33.49 198.74 7,568.47 5/15/09 301.31 68.92 232.39 7,300.80 33.64 0.00 7,300.80 6/15/09 301.31 268.86 32.45 7,031.94 32.45 0.00 7,031.94 7/15/09 301.31 270.05 31.26 6,761.89 31.26 0.00 6,761.89 8/15/09 301.31 271.25 30.06 6,490.64 30.06 0.00 6,490.64 9/15/09 301.31 272.46 28.85 6,218.18 28.85 0.00 6,218.18 10/15/09 301.31 273.67 27.64 5,944.51 27.64 0.00 5,944.51 11/15/09 0.00 0.00 0.00 5,944.51 26.42 26.42 5,970.93 12/15/09 0.00 0.00 0.00 5,944.51 26.54 52.96 5,997.47 2009 1,807.86 1,425.22 382.64 369.94 1/15/10 0.00 0.00 0.00 5,944.51 26.66 79.62 6,024.13 2/15/10 0.00 0.00 0.00 5,944.51 26.78 106.40 6,050.91 3/15/10 0.00 0.00 0.00 5,944.51 26.90 133.29 6,077.80 4/15/10 0.00 0.00 0.00 5,944.51 27.02 160.31 6,104.82 5/15/10 301.31 113.87 187.44 5,830.64 27.14 0.00 5,830.64 6/15/10 301.31 275.39 25.92 5,555.25 25.92 0.00 5,555.25 7/15/10 301.31 276.62 24.69 5,278.63 24.69 0.00 5,278.63 8/15/10 301.31 277.85 23.46 5,000.78 23.46 0.00 5,000.78 9/15/10 301.31 279.08 22.23 4,721.70 22.23 0.00 4,721.70 10/15/10 301.31 280.32 20.99 4,441.38 20.99 0.00 4,441.38 11/15/10 0.00 0.00 0.00 4,441.38 19.74 19.74 4,461.12 12/15/10 0.00 0.00 0.00 4,441.38 19.83 39.57 4,480.95 on 7.4b Page 1 d by: Textron I n f o A n a I y S i S 12/20/2007 8:48:11 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 1,807.86 1,503.13 304.73 291.34 1/15/11 0.00 0.00 0.00 4,441.38 19.92 59.49 4,500.87 2/15/11 0.00 0.00 0.00 4,441.38 20.01 79.49 4,520.87 3/15/11 0.00 0.00 0.00 4,441.38 20.09 99.59 4,540.97 4/15/11 0.00 0.00 0.00 4,441.38 20.18 119.77 4,561.15 5/15/11 301.31 161.26 140.05 4,280.12 20.27 0.00 4,280.12 6/15/11 301.31 282.29 19.02 3,997.83 19.02 0.00 3,997.83 7/15/11 301.31 283.54 17.77 3,714.29 17.77 0.00 3,714.29 8/15/11 301.31 284.80 16.51 3,429.49 16.51 0.00 3,429.49 9/15/11 301.31 286.07 15.24 3,143.43 15.24 0.00 3,143.43 10/15/11 301.31 287.34 13.97 2,856.09 13.97 0.00 2,856.09 11/15/11 0.00 0.00 0.00 2,856.09 12.70 12.70 2,868.78 12/15/11 0.00 0.00 0.00 2,856.09 12.75 25.45 2,881.53 2011 1,807.86 1,585.29 222.57 208.44 1/15/12 0.00 0.00 0.00 2,856.09 12.81 38.25 2,894.34 2/15/12 0.00 0.00 0.00 2,856.09 12.87 51.12 2,907.21 3/15/12 0.00 0.00 0.00 2,856.09 12.92 64.04 2,920.13 4/15/12 0.00 0.00 0.00 2,856.09 12.98 77.02 2,933.11 5/15/12 301.31 211.25 90.06 2,644.84 13.04 0.00 2,644.84 6/15/12 301.31 289.55 11.76 2,355.28 11.76 0.00 2,355.28 7/15/12 301.31 290.84 10.47 2,064.44 10.47 0.00 2,064.44 8/15/12 301.31 292.13 9.18 1,772.31 9.18 0.00 1,772.31 9/15/12 301.31 293.43 7.88 1,478.88 7.88 0.00 1,478.88 10/15/12 301.31 294.74 6.57 1,184.14 6.57 0.00 1,184.14 11/15/12 0.00 0.00 0.00 1,184.14 5.26 5.26 1,189.40 12/15/12 0.00 0.00 0.00 1,184.14 5.29 10.55 1,194.69 2012 1,807.86 1,671.95 135.91 121.02 1/15/13 1,200.00 1,184.14 15.86 0.00 5.31 0.00 0.00 2013 1,200.00 1,184.14 15.86 5.31 Totals: 10,239.30 8,837.89 1,401.41 1,401.41 on 7.4b Page 2 TEXTRON FINANCIAL INSURANCE LETTER TO: Customer City of Elgin,IL Name: Insurance Co. Jr 1NCA-i- Ins.Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the"Agreement")with Textron Financial Corporation ("TFC") to fmance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment 525,377.54. Under the terms of Section 9 of the Agreement,you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 30002000-1023259 Please fax the initial certificate to: Textron Financial Corporation at 706-560-6021 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000,Warwick,RI 02886,attn:HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter(Muni)-US Last Revision 5/06 30002000-1023259 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1023259,DATED 12/5/0 7 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 6 DESCRIPTION OF EQUIPMENT: E-Z-GO 1200-G fuel/oil guage SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION:The Highlands of Elgin, 875 Sports Way,Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION By: By: Name: Olufemi Ta olarin Name• Patricia Herring ) Title: City Mt= TitSr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023259 bl by: Textron I n f o A n a I y S i S 12/20/2007 8:53:40 AM Payment Amortization Report File Name: I:\CSC.IAD ,ito 1;5 - aiiir‘ 081Yr\AWIY1 A- ID2_ 5259 Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 26,264.96 0.00 0.00 26,264.96 2/15/08 0.00 0.00 0.00 26,264.96 116.48 116.48 26,381.44 3/15/08 0.00 0.00 0.00 26,264.96 116.99 233.47 26,498.43 4/15/08 0.00 0.00 0.00 26,264.96 117.51 350.98 26,615.95 5/15/08 789.12 320.10 469.02 25,944.86 118.03 0.00 25,944.86 6/15/08 789.12 674.06 115.06 25,270.80 115.06 0.00 25,270.80 7/15/08 789.12 677.05 112.07 24,593.75 112.07 0.00 24,593.75 8/15/08 789.12 680.05 109.07 23,913.69 109.07 0.00 23,913.69 9/15/08 789.12 683.07 106.05 23,230.62 106.05 0.00 23,230.62 10/15/08 789.12 686.10 103.02 22,544.52 103.02 0.00 22,544.52 11/15/08 0.00 0.00 0.00 22,544.52 99.98 99.98 22,644.50 12/15/08 0.00 0.00 0.00 22,544.52 100.42 200.40 22,744.92 2008 4,734.72 3,720.44 1,014.28 1,214.68 1/15/09 0.00 0.00 0.00 22,544.52 100.87 301.27 22,845.79 2/15/09 0.00 0.00 0.00 22,544.52 101.31 402.58 22,947.10 3/15/09 0.00 0.00 0.00 22,544.52 101.76 504.34 23,048.87 4/15/09 0.00 0.00 0.00 22,544.52 102.21 606.56 23,151.08 5/15/09 789.12 79.89 709.23 22,464.63 102.67 0.00 22,464.63 6/15/09 789.12 689.50 99.62 21,775.13 99.62 0.00 21,775.13 7/15/09 789.12 692.55 96.57 21,082.58 96.57 0.00 21,082.58 8/15/09 789.12 695.63 93.49 20,386.95 93.49 0.00 20,386.95 9/15/09 789.12 698.71 90.41 19,688.24 90.41 0.00 19,688.24 10/15/09 789.12 701.81 87.31 18,986.43 87.31 0.00 18,986.43 11/15/09 0.00_ 0.00 0.00 18,986.43 84.20 84.20 19,070.63 12/15/09 0.00 0.00 0.00 18,986.43 84.57 168.77 - 19,155.21 2009 4,734.72 3,558.09 1,176.63 1,145.00 1/15/10 0.00 0.00 0.00 18,986.43 84.95 253.72 19,240.15 2/15/10 0.00 0.00 0.00 18,986.43 85.32 339.04 19,325.48 3/15/10 0.00 0.00 0.00 18,986.43 85.70 424.75 19,411.18 4/15/10 0.00 0.00 0.00 18,986.43 86.08 510.83 19,497.26 5/15/10 789.12 191.83 597.29 18,794.61 86.46 0.00 18,794.61 6/15/10 789.12 705.77 83.35 18,088.84 83.35 0.00 18,088.84 7/15/10 789.12 708.90 80.22 17,379.93 80.22 0.00 17,379.93 8/15/10 789.12 712.05 77.07 16,667.89 77.07 0.00 16,667.89 9/15/10 789.12 715.20 73.92 15,952.69 73.92 0.00 15,952.69 10/15/10 789.12 718.37 70.75 15,234.31 70.75 0.00 15,234.31 11/15/10 0.00 0.00 0.00 15,234.31 67.56 67.56 15,301.87 12/15/10 0.00 0.00 0.00 15,234.31 67.86 135.42 15,369.73 on 7.4b Page 1 ed by: Textron I n f o A n a I y s I s 12/20/2007 8:53:40 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued . Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 4,734.72 3,752.12 982.60 949.24 1/15/11 0.00 0.00 0.00 15,234.31 68.16 203.58 15,437.89 2/15/11 0.00 0.00 0.00 15,234.31 68.46 272.04 15,506.35 3/15/11 0.00 0.00 0.00 15,234.31 68.77 340.81 15,575.12 4/15/11 0.00 0.00 0.00 15,234.31 69.07 409.88 15,644.19 5/15/11 789.12 309.87 479.25 14,924.45 69.38 0.00 14,924.45 6/15/11 789.12 722.93 66.19 14,201.51 66.19 0.00 14,201.51 7/15/11 789.12 726.14 62.98 13,475.37 62.98 0.00 13,475.37 8/15/11 789.12 729.36 59.76 12,746.01 59.76 0.00 12,746.01 9/15/11 789.12 732.60 56.52 12,013.41 56.52 0.00 12,013.41 10/15/11 789.12 735.84 53.28 11,277.57 53.28 0.00 11,277.57 11/15/11 0.00 0.00 0.00 11,277.57 50.01 50.01 11,327.58 12/15/11 0.00 0.00 0.00 11,277.57 50.23 100.25 11,377.82 2011 4,734.72 3,956.74 777.98 742.81 1/15/12 0.00 0.00 0.00 11,277.57 50.46 150.70 11,428.27 2/15/12 0.00 0.00 0.00 11,277.57 50.68 201.38 11,478.96 3/15/12 0.00 0.00 0.00 11,277.57 50.91 252.29 11,529.86 4/15/12 0.00 0.00 0.00 11,277.57 51.13 303.42 11,580.99 5/15/12 789.12 434.34 354.78 10,843.23 51.36 0.00 10,843.23 6/15/12 789.12 741.03 48.09 10,102.20 48.09 0.00 10,102.20 7/15/12 789.12 744.32 44.80 9,357.88 44.80 0.00 9,357.88 8/15/12 789.12 747.62 41.50 8,610.26 41.50 0.00 8,610.26 9/15/12 789.12 750.94 38.18 7,859.32 38.18 0.00 7,859.32 10/15/12 789.12 754.27 34.85 7,105.05 34.85 0.00 7,105.05 11/15/12 0.00 0.00 0.00 7,105.05 31.51 31.51 7,136.56 12/15/12 0.00 0.00 0.00 7,105.05 31.65 63.16 7,168.21 2012 4,734.72 4,172.52 562.20 525.11 1/15/13 7,200.00 7,105.05 94.95 0.00 31.79 0.00 0.00 2013 7,200.00 7,105.05 94.95 31.79 Totals: 30,873.60 26,264.96 4,608.64 4,608.64 on 7.4b Page 2 8038-G Information Return for Tax.Exemot Governmental Obligations 'Alder Internal Revenue Code sectien 14964 CUB r27.,1 Rev.frorenitier 2C001 N9 See separate Instructiorrs. nnuirteir .7e•Re.)).1ri Caton t( o )5 LYON' ATOM,use form Mi38-GC irtossrai gram.*ToIrsir Zia Reporting Authority irArnended Return,oi-tock hero 1111., 0 I IS:Meet,mere City of Elgin,IL 2 i, tier's erriployor identilkatien number 36-6005262 Pur cier area ttitet tut P 0.t(1x if mail a,net delivered In et:eel adriress) Rnoireetite- 4 Report number 150 Dexter Blvd. 3 S City,terraL ist peva cake,stale.MI ZIP tode .! 6 Date el issue Elgin,IL 60120 7 Name of issue S CUStP isitribev 9 Marne arid tile Lit fliees rktsal representative idiom the IRS may szil for mute aluminum 10 Teeptme mintier clefts a irgit feirmiAte Part II Type of Issue(check applicable box(es)and enter the issue pries)See instructions and attach scr-*.iia 11 0 Eduction _ . . . . . . . . _ _ . 11 t. 12 0 health arid hospital — . . . . . . . . . . — — 12 1 13 0 Transilotaiert . , 14 0 Public tifety. . . _ — . . . . _ — 14 15 0 Environroent finekieing sewage bonctsj . . _ 15 15 0 llousing . _ , , _ _ _ 16 17 0 Manes, _ . . , _ 17 is El other,fco1.e Muncipality la , 252756.32 19 N übfigations nee IANt or RANs, thecit box 100, 0 II otegatices are LIAM_thea bon 110` 0 20 If obligations aro in foam or a Ir-aw or instant-nevi !sate,check Ixot . , . EX MD Description of Obligations, Co,inplete for the entice issue for wile' this form is berg Weft rininowrina Vtirrmirva la frcit mararrl = pet4 at ileum.," arirea.p fel 21 01-15-2013 S 252756.32 $0 yews 4.f,„ F r V Uses of Proceeds of Bond Issue (including underwritersdisc. 22 Rocteds used for acctued interett _ _ _ 22 23 Issue price or**vire issue tent*:amount from tt 9he 21.COlith91 the 23 252756.32 24 Proceeds used lot bond issuance costs i)riciabny underwrters'discount) 24 0 25 PMICee0S,used ter credit enhancement „ , _ . 111 v 26 Proceeds allocftled to reaScnobly fetli•Ofed renettre o reptacenient fund . 27 Prrxcts used to ourrently rearrd prior issues . . . . . . „ 121111111N11111111111111111',/,' wry , • 28 Prooaecis used tr.)advance refund prior ssues. . mum 29 Torsi adi1 lures 14 thfOLt911 . . ° 111 30 Nonrefunding proceeds of the issue (subtract tine 29 from line 23 and enter amount here) 30 ; 252756.32 ram Description of Reftweled Bonds(Complete this part only for refunding bonds.) 31 Inter the rtuflairtioti wer4tilei1 average maturity of the hoods to be curently refirided year s 32 Enter the renaming wfallied average maturity of the bonds to be a<Nance refunded , yrur'51 33 Enter the Last date on which the rerun:tett iltlelaS will be called _ _ _ 34 Enter ttledatTN the refunded bonds were issued P BEE' Miscellaneous 35 Inter me amount of the state vdiune cap allocated to the issue 1.0Kiet sect 141(45t „ „ 35 365 Edo theamoummi of gor4s proceeds invested or to be irw-ted in a guaranteed rriestnient crewed(see imirectiettsj b Inter the anal inabsity date of the giiararteed irwestrnent contract P 37 Pooled triencings; a Proceeds of this is did are to be used to make roam to other gmenarental wits 37a b If this issue is a loan made from the proceed5 of another tax-exempt issue check box O. 0 and enter the mime txf the issuer P and the date of the issue 38 If the esst,ter has desquited the issue under section 2454b1(3)(flifi(small issuer exCeptxon), check box . .P 0 39 11'the iFsuer has fiectKi to pay a peneaty in lieu of arbitrage rehate,check box , . _ , . , 40 If the issuer has identified a hedge.check box „ , . pfinabw.-ci nrej..ty, i•stein,*rrke roma • •,t,4.ifft aea..w.f....1.-ipArrires,criedaxs arid starrirranrs, to et et rey art'rt,:11, *S4tn c. rtcr. Zielf)44tm Sign Here kI. AJ!tieeINC4 Mut T3pre tw)FOIE Mtee,aro tea Far Paperwork Reduction Act Notice,see page 2 of the Instructions, car.vo GVIrl Feria 8038-G ism II mos IRS Form 8038-G TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1023253,DATED 12/5/07 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 72 DESCRIPTION OF EQUIPMENT: E-Z-GO TXT-PDS state of charge meter, hubcap, f/d windshield, mssg. holder, sand/seed bottle, logo, # dacal, struts, T-125 battery SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION B By: // ;, Name: , . „ • Name Patricia He • on Title: C't Ma'a:e Titl V Sr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023253 i red by: Textron I n f o A n a I y s i s 12/20/2007 9:04:25 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 262,157.86 0.00 0.00 262,157.86 2/15/08 0.00 0.00 0.00 262,157.86 1,162.58 1,162.58 263,320.44 3/15/08 0.00 0.00 0.00 262,157.86 1,167.74 2,330.32 264,488.18 4/15/08 0.00 0.00 0.00 262,157.86 1,172.92 3,503.23 265,661.09 5/15/08 7,872.48 3,191.13 4,681.35 258,966.73 1,178.12 0.00 258,966.73 6/15/08 7,872.48 6,724.05 1,148.43 252,242.68 1,148.43 0.00 252,242.68 7/15/08 7,872.48 6,753.87 1,118.61 245,488.81 1,118.61 0.00 245,488.81 8/15/08 7,872.48 6,783.82 1,088.66 238,704.99 1,088.66 0.00 238,704.99 9/15/08 7,872.48 6,813.90 1,058.58 231,891.08 1,058.58 0.00 231,891.08 10/15/08 7,872.48 6,844.12 1,028.36 225,046.96 1,028.36 0.00 225,046.96 11/15/08 0.00 0.00 0.00 225,046.96 998.01 998.01 226,044.97 12/15/08 0.00 0.00 0.00 225,046.96 1,002.43 2,000.44 227,047.40 2008 47,234.88 37,110.90 10,123.98 12,124.42 1/15/09 0.00 0.00 0.00 225,046.96 1,006.88 3,007.32 228,054.28 2/15/09 0.00 0.00 0.00 225,046.96 1,011.34 4,018.66 229,065.62 3/15/09 0.00 0.00 0.00 225,046.96 1,015.83 5,034.49 230,081.45 4/15/09 0.00 0.00 0.00 225,046.96 1,020.33 6,054.82 231,101.78 ' 5/15/09 7,872.48 792.80 7,079.68 224,254.16 1,024.86 0.00 224,254.16 1 6/15/09 7,872.48 6,877.99 994.49 217,376.17 994.49 0.00 217,376.17 1 7/15/09 7,872.48 6,908.49 963.99 210,467.68 963.99 0.00 210,467.68 8/15/09 7,872.48 6,939.13 933.35 203,528.55 933.35 0.00 203,528.55 I 9/15/09 7,872.48 6,969.90 902.58 196,558.65 902.58 0.00 196,558.65 _> 10/15/09 7,872.48 7,000.81 871.67 189,557.84 871.67 0.00 189,557.84 3 11/15/09 0.00 0.00 0.00 189,557.84 840.62 840.62 190,398.47 1 12/15/09 0.00 0.00 0.00 189,557.84 844.35 1,684.98 191,242.82 2009 47,234.88 35,489.12 11,745.76 11,430.30 5 1/15/10 0.00 0.00 0.00 189,557.84 848.10 2,533.07 192,090.92 6 2/15/10 0.00 0.00 0.00 189,557.84 851.86 3,384.93 192,942.77 7 3/15/10 0.00 0.00 0.00 189,557.84 855.64 4,240.57 193,798.41 8 4/15/10 0.00 0.00 0.00 189,557.84 859.43 5,100.00 194,657.84 9 5/15/10 7,872.48 1,909.24 5,963.24 187,648.60 863.24 0.00 187,648.60 0 6/15/10 7,872.48 7,040.32 832.16 180,608.28 832.16 0.00 180,608.28 1 7/15/10 7,872.48 7,071.54 800.94 173,536.73 800.94 0.00 173,536.73 2 8/15/10 7,872.48 7,102.90 769.58 166,433.83 769.58 0.00 166,433.83 ,3 9/15/10 7,872.48 7,134.40 738.08 159,299.43 738.08 0.00 159,299.43 ;4 10/15/10 7,872.48 7,166.04 706.44 152,133.39 706.44 0.00 152,133.39 15 11/15/10 0.00 0.00 0.00 152,133.39 674.66 674.66 152,808.05 16 12/15/10 0.00 0.00 0.00 152,133.39 677.65 1,352.31 153,485.70 rsion 7.4b Page 1 red by: Textron I n f o A n a I y s i s 12/20/2007 9:04:25 AM Payment Amortization Report File Name: I:1CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 47,234.88 37,424.46 9,810.42 9,477.76 1/15/11 0.00 0.00 0.00 152,133.39 680.66 2,032.97 154,166.36 2/15/11 0.00 0.00 0.00 152,133.39 683.68 2,716.64 154,850.03 3/15/11 0.00 0.00 0.00 152,133.39 686.71 3,403.35 155,536.74 4/15/11 0.00 0.00 0.00 152,133.39 689.75 4,093.10 156,226.49 5/15/11 7,872.48 3,086.57 4,785.91 149,046.82 692.81 0.00 149,046.82 6/15/11 7,872.48 7,211.51 660.97 141,835.31 660.97 0.00 141,835.31 7/15/11 7,872.48 7,243.49 628.99 134,591.82 628.99 0.00 134,591.82 8/15/11 7,872.48 7,275.61 596.87 127,316.21 596.87 0.00 127,316.21 9/15/11 7,872.48 7,307.88 564.60 120,008.34 564.60 0.00 120,008.34 10/15/11 7,872.48 7,340.28 532.20 112,668.05 532.20 0.00 112,668.05 11/15/11 0.00 0.00 0.00 112,668.05 499.64 499.64 113,167.70 12/15/11 0.00 0.00 0.00 112,668.05 501.86 1,001.50 113,669.56 2011 47,234.88 39,465.33 7,769.55 7,418.74 1/15/12 0.00 0.00 0.00 112,668.05 504.09 1,505.59 114,173.64 2/15/12 0.00 0.00 0.00 112,668.05 506.32 2,011.91 114,679.97 3/15/12 0.00 0.00 0.00 112,668.05 508.57 2,520.48 115,188.53 4/15/12 0.00 0.00 0.00 112,668.05 510.82 3,031.30 115,699.35 5/15/12 7,872.48 4,328.09 3,544.39 108,339.96 513.09 0.00 108,339.96 i 6/15/12 7,872.48 7,392.03 480.45 100,947.93 480.45 0.00 100,947.93 i 7/15/12 7,872.48 7,424.81 447.67 93,523.12 447.67 0.00 93,523.12 3 8/15/12 7,872.48 7,457.74 414.74 86,065.38 414.74 0.00 86,065.38 9/15/12 7,872.48 7,490.81 381.67 78,574.58 381.67 0.00 78,574.58 3 10/15/12 7,872.48 7,524.03 348.45 71,050.55 348.45 0.00 71,050.55 ) 11/15/12 0.00 0.00 0.00 71,050.55 315.08 315.08 71,365.63 ) 12/15/12 0.00 0.00 0.00 71,050.55 316.48 631.57 71,682.11 2012 47,234.88 41,617.51 5,617.37 5,247.44 1 1/15/13 72,000.00 71,050.55 949.45 0.00 317.89 0.00 0.00 2013 72,000.00 71,050.55 949.45 317.89 Totals: 308,174.40 262,157.86 46,016.54 46,016.54 rsion 7.4b Page 2 fired by: Textron I n f o A n a I y s i s 10/26/2007 3:14:11 PM Payment Amortization Report File Name:pricing.iad :e: City of Elgin, IL-addenumA )st Rate: 6.2100% (Monthly)0 I 0.1.33 53 Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 11/07 0.00 0.00 0.00 252,756.32 0.00 0.00 252,756.32 12/07 0.00 0.00 0.00 252,756.32 1,308.02 1,308.02 254,064.34 2007 0.00 0.00 0.00 1,308.02 1/08 0.00 0.00 0.00 252,756.32 1,314.79 2,622.80 255,379.12 2/08 0.00 0.00 0.00 252,756.32 1,321.59 3,944.39 256,700.71 3/08 0.00 0.00 0.00 252,756.32 1,328.43 5,272.82 258,029.14 4/08 0.00 0.00 0.00 252,756.32 1,335.30 6,608.12 259,364.44 5/08 7,872.48 0.00 7,872.48 252,756.32 1,342.21 77.86 252,834.18 6/08 7,872.48 6,486.20 1,386.28 246,270.12 1,308.42 0.00 246,270.12 7/08 7,872.48 6,598.03 1,274.45 239,672.09 1,274.45 0.00 239,672.09 1 8/08 7,872.48 6,632.17 1,240.31 233,039.91 1,240.31 0.00 233,039.91 i 9/08 7,872.48 6,666.50 1,205.98 226,373.42 1,205.98 0.00 226,373.42 10/08 7,872.48 6,701.00 1,171.48 219,672.42 1,171.48 0.00 219,672.42 '. 11/08 0.00 0.00 0.00 219,672.42 1,136.81 1,136.81 220,809.23 3 12/08 0.00 0.00 0.00 219,672.42 1,142.69 2,279.50 221,951.92 2008 47,234.88 33,083.90 14,150.98 15,122.46 4 1/09 0.00 0.00 0.00 219,672.42 1,148.60 3,428.10 223,100.52 5 2/09 0.00 0.00 0.00 219,672.42 1,154.55 4,582.65 224,255.07 3 3/09 0.00 0.00 0.00 219,672.42 1,160.52 5,743.17 225,415.59 7 4/09 0.00 0.00 0.00 219,672.42 1,166.53 6,909.70 226,582.12 8 5/09 7,872.48 0.00 7,872.48 219,672.42 1,172.56 209.78 219,882.21 9 6/09 7,872.48 6,524.80 1,347.68 213,147.62 1,137.89 0.00 213,147.62 0 7/09 7,872.48 6,769.44 1,103.04 206,378.18 1,103.04 0.00 206,378.18 1 8/09 7,872.48 6,804.47 1,068.01 199,573.71 1,068.01 0.00 199,573.71 2 9/09 7,872.48 6,839.68 1,032.80 192,734.03 1,032.80 0.00 192,734.03 3 10/09 7,872.48 6,875.08 997.40 185,858.95 997.40 0.00 185,858.95 4 11/09 0.00 0.00 0.00 185,858.95 961.82 961.82 186,820.77 5 12/09 0.00 0.00 0.00 185,858.95 966.80 1,928.62 187,787.57 2009 47,234.88 33,813.48 13,421.40 13,070.53 !6 1/10 0.00 0.00 0.00 185,858.95 971.80 2,900.42 188,759.37 !7 2/10 0.00 0.00 0.00 185,858.95 976.83 3,877.26 189,736.20 !8 3/10 0.00 0.00 0.00 185,858.95 981.89 4,859.14 190,718.09 !9 4/10 0.00 0.00 0.00 185,858.95 986.97 5,846.11 191,705.06 30 5/10 7,872.48 1,034.29 6,838.19 184,824.65 992.08 0.00 184,824.65 31 6/10 7,872.48 6,916.01 956.47 177,908.64 956.47 0.00 177,908.64 32 7/10 7,872.48 6,951.80 920.68 170,956.84 920.68 0.00 170,956.84 33 8/10 7,872.48 6,987.78 884.70 163,969.07 884.70 0.00 163,969.07 :rsion 7.4b Page 1 ared by: Textron I n f o A n a I y s i s 10/26/2007 3:14:11 PM Payment Amortization Report File Name:pricing.iad ee: City of Elgin, IL-addenum4 P est Rate: 6.2100% (Monthly Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 9/10 7,872.48 7,023.94 848.54 156,945.13 848.54 0.00 156,945.13 10/10 7,872.48 7,060.29 812.19 149,884.84 812.19 0.00 149,884.84 11/10 0.00 0.00 0.00 149,884.84 775.66 775.66 150,660.50 12/10 0.00 0.00 0.00 149,884.84 779.67 1,555.33 151,440.16 2010 47,234.88 35,974.11 11,260.77 10,887.48 I 1/11 0.00 0.00 0.00 149,884.84 783.70 2,339.03 152,223.87 1 2/11 0.00 0.00 0.00 149,884.84 787.76 3,126.79 153,011.63 3/11 0.00 0.00 0.00 149,884.84 791.84 3,918.63 153,803.47 I 4/11 0.00 0.00 0.00 149,884.84 795.93 4,714.56 154,599.40 i 5/11 7,872.48 2,357.87 5,514.61 147,526.97 800.05 0.00 147,526.97 3 6/11 7,872.48 7,109.03 763.45 140,417.95 763.45 0.00 140,417.95 4 7/11 7,872.48 7,145.82 726.66 133,272.13 726.66 0.00 133,272.13 5 8/11 7,872.48 7,182.80 689.68 126,089.34 689.68 0.00 126,089.34 6 9/11 7,872.48 7,219.97 652.51 118,869.37 652.51 0.00 118,869.37 7 10/11 7,872.48 7,257.33 615.15 111,612.04 615.15 0.00 111,612.04 8 11/11 0.00 0.00 0.00 111,612.04 577.59 577.59 112,189.63 9 12/11 0.00 0.00 0.00 111,612.04 580.58 1,158.18 112,770.22 2011 47,234.88 38,272.80 8,962.08 8,564.93 0 1/12 0.00 0.00 0.00 111,612.04 583.59 1,741.76 113,353.80 1 2/12 0.00 0.00 0.00 111,612.04 586.61 2,328.37 113,940.41 2 3/12 0.00 0.00 0.00 111,612.04 589.64 2,918.01 114,530.05 i3 4/12 0.00 0.00 0.00 111,612.04 592.69 3,510.71 115,122.75 i4 5/12 7,872.48 3,766.01 4,106.47 107,846.03 595.76 0.00 107,846.03 i5 6/12 7,872.48 7,314.38 558.10 100,531.65 558.10 0.00 100,531.65 56 7/12 7,872.48 7,352.23 520.25 93,179.43 520.25 0.00 93,179.43 57 8/12 7,872.48 7,390.28 482.20 85,789.15 482.20 0.00 85,789.15 58 9/12 7,872.48 7,428.52 443.96 78,360.63 443.96 0.00 78,360.63 59 10/12 7,872.48 7,466.96 405.52 70,893.67 405.52 0.00 70,893.67 30 11/12 0.00 0.00 0.00 70,893.67 366.88 366.88 71,260.54 31 12/12 0.00 0.00 0.00 70,893.67 368.77 735.65 71,629.32 2012 47,234.88 40,718.37 6,516.51 6,093.98 62 1/13 72,000.00 70,893.67 1,106.33 0.00 370.68 0.00 0.00 2013 72,000.00 70,893.67 1,106.33 370.68 Totals: 308,174.40 252,756.32 55,418.08 55,418.08 ersion 7.4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1023258,DATED 12/5/07 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 1 DESCRIPTION OF EQUIPMENT: E-Z-GO 1200-G fuel/oil guage, ball cage SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof City of Elgin, IL TEXTRON FINANCIAL CORPORATION By: , \ By: � m Nae: Olufemi Folari Name- Patricia Hett :?gton Title: 'ty Ma•ager Titl . Sr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023258 fired by: Textron I n f o A n a I y s i s 12/20/2007 8:48:11 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 8,837.89 0.00 0.00 8,837.89 2/15/08 0.00 0.00 0.00 8,837.89 39.28 39.28 8,877.18 3/15/08 0.00 0.00 0.00 8,837.89 39.46 78.74 8,916.63 4/15/08 0.00 0.00 0.00 8,837.89 39.63 118.38 8,956.27 5/15/08 301.31 143.12 158.19 8,694.77 39.81 0.00 8,694.77 6/15/08 301.31 262.66 38.65 8,432.11 38.65 0.00 8,432.11 7/15/08 301.31 263.83 37.48 8,168.28 37.48 0.00 8,168.28 8/15/08 301.31 265.00 36.31 7,903.27 36.31 0.00 7,903.27 9/15/08 301.31 266.18 35.13 7,637.09 35.13 0.00 7,637.09 10/15/08 301.31 267.36 33.95 7,369.73 33.95 0.00 7,369.73 11/15/08 0.00 0.00 0.00 7,369.73 32.76 32.76 7,402.49 12/15/08 0.00 0.00 0.00 7,369.73 32.90 65.66 7,435.39 2008 1,807.86 1,468.16 339.70 405.36 • 1/15/09 0.00 0.00 0.00 7,369.73 33.05 98.71 7,468.44 • 2/15/09 0.00 0.00 0.00 7,369.73 33.20 131.91 7,501.64 i 3/15/09 0.00 0.00 0.00 7,369.73 33.34 165.25 7,534.98 i 4/15/09 0.00 0.00 0.00 7,369.73 33.49 198.74 7,568.47 ' 5/15/09 301.31 68.92 232.39 7,300.80 33.64 0.00 7,300.80 3 6/15/09 301.31 268.86 32.45 7,031.94 32.45 0.00 7,031.94 7/15/09 301.31 270.05 31.26 6,761.89 31.26 0.00 6,761.89 8/15/09 301.31 271.25 30.06 6,490.64 30.06 0.00 6,490.64 I 9/15/09 301.31 272.46 28.85 6,218.18 28.85 0.00 6,218.18 2 10/15/09 301.31 273.67 27.64 5,944.51 27.64 0.00 5,944.51 3 11/15/09 0.00 0.00 0.00 5,944.51 26.42 26.42 5,970.93 4 12/15/09 0.00 0.00 0.00 5,944.51 26.54 52.96 5,997.47 2009 1,807.86 1,425.22 382.64 369.94 5 1/15/10 0.00 0.00 0.00 5,944.51 26.66 79.62 6,024.13 6 2/15/10 0.00 0.00 0.00 5,944.51 26.78 106.40 6,050.91 7 3/15/10 0.00 0.00 0.00 5,944.51 26.90 133.29 6,077.80 8 4/15/10 0.00 0.00 0.00 5,944.51 27.02 160.31 6,104.82 9 5/15/10 301.31 113.87 187.44 5,830.64 27.14 0.00 5,830.64 0 6/15/10 301.31 275.39 25.92 5,555.25 25.92 0.00 5,555.25 1 7/15/10 301.31 276.62 24.69 5,278.63 24.69 0.00 5,278.63 2 8/15/10 301.31 277.85 23.46 5,000.78 23.46 0.00 5,000.78 .3 9/15/10 301.31 279.08 22.23 4,721.70 22.23 0.00 4,721.70 .4 10/15/10 301.31 280.32 20.99 4,441.38 20.99 0.00 4,441.38 15 11/15/10 0.00 0.00 0.00 4,441.38 19.74 19.74 4,461.12 16 12/15/10 0.00 0.00 0.00 4,441.38 19.83 39.57 4,480.95 rsion 7.4b Page 1 ared by: Textron I n f o A n a I y s i s 12/20/2007 8:48:11 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 1,807.86 1,503.13 304.73 291.34 1/15/11 0.00 0.00 0.00 4,441.38 19.92 59.49 4,500.87 2/15/11 0.00 0.00 0.00 4,441.38 20.01 79.49 4,520.87 3/15/11 0.00 0.00 0.00 4,441.38 20.09 99.59 4,540.97 i 4/15/11 0.00 0.00 0.00 4,441.38 20.18 119.77 4,561.15 5/15/11 301.31 161.26 140.05 4,280.12 20.27 0.00 4,280.12 ! 6/15/11 301.31 282.29 19.02 3,997.83 19.02 0.00 3,997.83 3 7/15/11 301.31 283.54 17.77 3,714.29 17.77 0.00 3,714.29 1 8/15/11 301.31 284.80 16.51 3,429.49 16.51 0.00 3,429.49 3 9/15/11 301.31 286.07 15.24 3,143.43 15.24 0.00 3,143.43 3 10/15/11 301.31 287.34 13.97 2,856.09 13.97 0.00 2,856.09 7 11/15/11 0.00 0.00 0.00 2,856.09 12.70 12.70 2,868.78 3 12/15/11 0.00 0.00 0.00 2,856.09 12.75 25.45 2,881.53 2011 1,807.86 1,585.29 222.57 208.44 3 1/15/12 0.00 0.00 0.00 2,856.09 12.81 38.25 2,894.34 0 2/15/12 0.00 0.00 0.00 2,856.09 12.87 51.12 2,907.21 1 3/15/12 0.00 0.00 0.00 2,856.09 12.92 64.04 2,920.13 2 4/15/12 0.00 0.00 0.00 2,856.09 12.98 77.02 2,933.11 3 5/15/12 301.31 211.25 90.06 2,644.84 13.04 0.00 2,644.84 4 6/15/12 301.31 289.55 11.76 2,355.28 11.76 0.00 2,355.28 5 7/15/12 301.31 290.84 10.47 2,064.44 10.47 0.00 2,064.44 6 8/15/12 301.31 292.13 9.18 1,772.31 9.18 0.00 1,772.31 7 9/15/12 301.31 293.43 7.88 1,478.88 7.88 0.00 1,478.88 .8 10/15/12 301.31 294.74 6.57 1,184.14 6.57 0.00 1,184.14 .9 11/15/12 0.00 0.00 0.00 1,184.14 5.26 5.26 1,189.40 10 12/15/12 0.00 0.00 0.00 1,184.14 5.29 10.55 1,194.69 2012 1,807.86 1,671.95 135.91 121.02 51 1/15/13 1,200.00 1,184.14 15.86 0.00 5.31 0.00 0.00 2013 1,200.00 1,184.14 15.86 5.31 Totals: 10,239.30 8,837.89 1,401.41 1,401.41 arsion 7.4b Page 2 TEXTRON FINANCIAL Lending help •eyond expectations. SCHEDULE No: 1023256,DATED 12/5/07 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 1 DESCRIPTION OF EQUIPMENT: E-Z-GO Refresher 1200 fuel/oil guage, top, logo SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION AL By: � By: 74 Name: Olufem ► Folari Name: atricia He ton Title: Cid Title. Sr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023256 ared by: Textron I n f o A n a I y S i S 12/20/2007 8:59:55 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 10,914.53 0.00 0.00 10,914.53 2/15/08 0.00 0.00 0.00 10,914.53 48.47 48.47 10,963.00 3/15/08 0.00 0.00 0.00 10,914.53 48.69 97.16 11,011.69 4/15/08 0.00 0.00 0.00 10,914.53 48.90 146.07 11,060.60 5/15/08 356.95 161.76 195.19 10,752.77 49.12 0.00 10,752.77 i 6/15/08 356.95 309.19 47.76 10,443.57 47.76 0.00 10,443.57 ' 7/15/08 356.95 310.57 46.38 10,133.00 46.38 0.00 10,133.00 3 8/15/08 356.95 311.95 45.00 9,821.06 45.00 0.00 9,821.06 ) 9/15/08 356.95 313.33 43.62 9,507.72 43.62 0.00 9,507.72 10/15/08 356.95 314.72 42.23 9,193.00 42.23 0.00 9,193.00 1 11/15/08 0.00 0.00 0.00 9,193.00 40.83 40.83 9,233.83 2 12/15/08 0.00 0.00 0.00 9,193.00 41.01 81.84 9,274.84 2008 2,141.70 1,721.53 420.17 502.01 3 1/15/09 0.00 0.00 0.00 9,193.00 41.19 123.03 9,316.03 4 2/15/09 0.00 0.00 0.00 9,193.00 41.37 164.40 9,357.40 5 3/15/09 0.00 0.00 0.00 9,193.00 41.56 205.96 9,398.96 6 4/15/09 0.00 0.00 0.00 9,193.00 41.74 247.70 9,440.70 7 5/15/09 356.95 67.32 289.63 9,125.68 41.93 0.00 9,125.68 8 6/15/09 356.95 316.42 40.53 8,809.26 40.53 0.00 8,809.26 9 7/15/09 356.95 317.83 39.12 8,491.43 39.12 0.00 8,491.43 '0 8/15/09 356.95 319.24 37.71 8,172.19 37.71 0.00 8,172.19 ?1 9/15/09 356.95 320.66 36.29 7,851.54 36.29 0.00 7,851.54 '.2 10/15/09 356.95 322.08 34.87 7,529.46 34.87 0.00 7,529.46 ?3 11/15/09 0.00 0.00 0.00 7,529.46 33.44 33.44 7,562.90 24 12/15/09 0.00 0.00 0.00 7,529.46 33.59 67.03 7,596.49 2009 2,141.70 1,663.54 478.16 463.35 25 1/15/10 0.00 0.00 0.00 7,529.46 33.74 100.77 7,630.22 26 2/15/10 0.00 0.00 0.00 7,529.46 33.89 134.65 7,664.11 27 3/15/10 0.00 0.00 0.00 7,529.46 34.04 168.69 7,698.15 28 4/15/10 0.00 0.00 0.00 7,529.46 34.19 202.88 7,732.34 29 5/15/10 356.95 119.73 237.22 7,409.73 34.34 0.00 7,409.73 30 6/15/10 356.95 324.04 32.91 7,085.69 32.91 0.00 7,085.69 31 7/15/10 356.95 325.48 31.47 6,760.21 31.47 0.00 6,760.21 32 8/15/10 356.95 326.93 30.02 6,433.28 30.02 0.00 6,433.28 33 9/15/10 356.95 328.38 28.57 6,104.90 28.57 0.00 6,104.90 34 10/15/10 356.95 329.84 27.11 5,775.06 27.11 0.00 5,775.06 35 11/15/10 0.00 0.00 0.00 5,775.06 25.65 25.65 5,800.71 36 12/15/10 0.00 0.00 0.00 5,775.06 25.76 51.41 5,826.47 ersion 7.4b Page 1 ired by: Textron I n f o A n a I y s i s 12/20/2007 8:59:55 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 2,141.70 1,754.40 387.30 371.69 1/15/11 0.00 0.00 0.00 5,775.06 25.88 77.29 5,852.35 2/15/11 0.00 0.00 0.00 5,775.06 25.99 103.28 5,878.34 3/15/11 0.00 0.00 0.00 5,775.06 26.11 129.38 5,904.45 4/15/11 0.00 0.00 0.00 5,775.06 26.22 155.61 5,930.67 5/15/11 356.95 175.00 181.95 5,600.06 26.34 0.00 5,600.06 6/15/11 356.95 332.08 24.87 5,267.98 24.87 0.00 5,267.98 7/15/11 356.95 333.55 23.40 4,934.43 23.40 0.00 4,934.43 8/15/11 356.95 335.04 21.91 4,599.39 21.91 0.00 4,599.39 9/15/11 356.95 336.52 20.43 4,262.87 20.43 0.00 4,262.87 10/15/11 356.95 338.02 18.93 3,924.85 18.93 0.00 3,924.85 ' 11/15/11 0.00 0.00 0.00 3,924.85 17.43 17.43 3,942.28 12/15/11 0.00 0.00 0.00 3,924.85 17.51 34.94 3,959.79 2011 2,141.70 1,850.21 291.49 275.02 ) 1/15/12 0.00 0.00 0.00 3,924.85 17.59 52.53 3,977.38 2/15/12 0.00 0.00 0.00 3,924.85 17.66 70.19 3,995.04 I 3/15/12 0.00 0.00 0.00 3,924.85 17.74 87.93 4,012.78 2 4/15/12 0.00 0.00 0.00 3,924.85 17.82 105.75 4,030.61 3 5/15/12 356.95 233.30 123.65 3,691.56 17.90 0.00 3,691.56 1 6/15/12 356.95 340.56 16.39 3,351.00 16.39 0.00 3,351.00 5 7/15/12 356.95 342.07 14.88 3,008.93 14.88 0.00 3,008.93 3 8/15/12 356.95 343.59 13.36 2,665.35 13.36 0.00 2,665.35 7 9/15/12 356.95 345.11 11.84 2,320.23 11.84 0.00 2,320.23 B 10/15/12 356.95 346.65 10.30 1,973.59 10.30 0.00 1,973.59 9 11/15/12 0.00 0.00 0.00 1,973.59 8.77 8.77 1,982.35 0 12/15/12 0.00 0.00 0.00 1,973.59 8.80 17.57 1,991.16 2012 2,141.70 1,951.26 190.44 173.07 1 1/15/13 2,000.00 1,973.59 26.41 0.00 8.84 0.00 0.00 2013 2,000.00 1,973.59 26.41 8.84 Totals: 12,708.50 10,914.53 1,793.97 1,793.97 rsion 7.4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1023259,DATED 12/5/0 7 TO THE MUNICIPAL AGREEMENT,DATED 10-07-2005 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Chicagoland Branch QUANTITY: 6 DESCRIPTION OF EQUIPMENT: E-Z-GO 1200-G fuel/oil guage SERIAL NUMBER(IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: The Highlands of Elgin, 875 Sports Way, Elgin IL 60123 3. The Rental Payments will be made for the Equipment as follows: PURCHASE PRINCIPAL INTEREST TOTAL RENTAL OPTION DATE DUE COMPONENT COMPONENT PAYMENT DUE AMOUNT* See attached Addendum A 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. City of Elgin, IL TEXTRON FINANCIAL CORPORATION By: ,= -– — – – By: Name: Olufe ' F`olari Name: atricia Herri t Title: City 1=11. Title: Sr. Documentation Analyst *Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date:02/05 30002000-1023259 3red by: Textron I n f o A n a I y s i s 12/20/2007 8:53:40 AM Payment Amortization Report File Name: I:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 1/15/08 0.00 0.00 0.00 26,264.96 0.00 0.00 26,264.96 2/15/08 0.00 0.00 0.00 26,264.96 116.48 116.48 26,381.44 3/15/08 0.00 0.00 0.00 26,264.96 116.99 233.47 26,498.43 4/15/08 0.00 0.00 0.00 26,264.96 117.51 350.98 26,615.95 5/15/08 789.12 320.10 469.02 25,944.86 118.03 0.00 25,944.86 6/15/08 789.12 674.06 115.06 25,270.80 115.06 0.00 25,270.80 7/15/08 789.12 677.05 112.07 24,593.75 112.07 0.00 24,593.75 8/15/08 789.12 680.05 109.07 23,913.69 109.07 0.00 23,913.69 9/15/08 789.12 683.07 106.05 23,230.62 106.05 0.00 23,230.62 10/15/08 789.12 686.10 103.02 22,544.52 103.02 0.00 22,544.52 11/15/08 0.00 0.00 0.00 22,544.52 99.98 99.98 22,644.50 12/15/08 0.00 0.00 0.00 22,544.52 100.42 200.40 22,744.92 2008 4,734.72 3,720.44 1,014.28 1,214.68 1 1/15/09 0.00 0.00 0.00 22,544.52 100.87 301.27 22,845.79 I 2/15/09 0.00 0.00 0.00 22,544.52 101.31 402.58 22,947.10 i 3/15/09 0.00 0.00 0.00 22,544.52 101.76 504.34 23,048.87 i 4/15/09 0.00 0.00 0.00 22,544.52 102.21 606.56 23,151.08 ' 5/15/09 789.12 79.89 709.23 22,464.63 102.67 0.00 22,464.63 3 6/15/09 789.12 689.50 99.62 21,775.13 99.62 0.00 21,775.13 3 7/15/09 789.12 692.55 96.57 21,082.58 96.57 0.00 21,082.58 8/15/09 789.12 695.63 93.49 20,386.95 93.49 0.00 20,386.95 1 9/15/09 789.12 698.71 90.41 19,688.24 90.41 0.00 19,688.24 2 10/15/09 789.12 701.81 87.31 18,986.43 87.31 0.00 18,986.43 3 11/15/09 0.00 0.00 0.00 18,986.43 84.20 84.20 19,070.63 4 12/15/09 0.00 0.00 0.00 18,986.43 84.57 168.77 19,155.21 2009 4,734.72 3,558.09 1,176.63 1,145.00 5 1/15/10 0.00 0.00 0.00 18,986.43 84.95 253.72 19,240.15 6 2/15/10 0.00 0.00 0.00 18,986.43 85.32 339.04 19,325.48 7 3/15/10 0.00 0.00 0.00 18,986.43 85.70 424.75 19,411.18 8 4/15/10 0.00 0.00 0.00 18,986.43 86.08 510.83 19,497.26 9 5/15/10 789.12 191.83 597.29 18,794.61 86.46 0.00 18,794.61 0 6/15/10 789.12 705.77 83.35 18,088.84 83.35 0.00 18,088.84 1 7/15/10 789.12 708.90 80.22 17,379.93 80.22 0.00 17,379.93 2 8/15/10 789.12 712.05 77.07 16,667.89 77.07 0.00 16,667.89 3 9/15/10 789.12 715.20 73.92 15,952.69 73.92 0.00 15,952.69 4 10/15/10 789.12 718.37 70.75 15,234.31 70.75 0.00 15,234.31 5 11/15/10 0.00 0.00 0.00 15,234.31 67.56 67.56 15,301.87 6 12/15/10 0.00 0.00 0.00 15,234.31 67.86 135.42 15,369.73 rsion 7.4b Page 1 ared by: Textron I n f o A n a I y s i s 12/20/2007 8:53:40 AM Payment Amortization Report File Name: l:\CSC.IAD Principal Accrued Accrued Date Payment Principal Interest Balance Interest Int Bal Net Balance 2010 4,734.72 3,752.12 982.60 949.24 1/15/11 0.00 0.00 0.00 15,234.31 68.16 203.58 15,437.89 2/15/11 0.00 0.00 0.00 15,234.31 68.46 272.04 15,506.35 3/15/11 0.00 0.00 0.00 15,234.31 68.77 340.81 15,575.12 4/15/11 0.00 0.00 0.00 15,234.31 69.07 409.88 15,644.19 5/15/11 789.12 309.87 479.25 14,924.45 69.38 0.00 14,924.45 6/15/11 789.12 722.93 66.19 14,201.51 66.19 0.00 14,201.51 7/15/11 789.12 726.14 62.98 13,475.37 62.98 0.00 13,475.37 8/15/11 789.12 729.36 59.76 12,746.01 59.76 0.00 12,746.01 9/15/11 789.12 732.60 56.52 12,013.41 56.52 0.00 12,013.41 I 10/15/11 789.12 735.84 53.28 11,277.57 53.28 0.00 11,277.57 ' 11/15/11 0.00 0.00 0.00 11,277.57 50.01 50.01 11,327.58 1 12/15/11 0.00 0.00 0.00 11,277.57 50.23 100.25 11,377.82 2011 4,734.72 3,956.74 777.98 742.81 t 1/15/12 0.00 0.00 0.00 11,277.57 50.46 150.70 11,428.27 2/15/12 0.00 0.00 0.00 11,277.57 50.68 201.38 11,478.96 I 3/15/12 0.00 0.00 0.00 11,277.57 50.91 252.29 11,529.86 2 4/15/12 0.00 0.00 0.00 11,277.57 51.13 303.42 11,580.99 3 5/15/12 789.12 434.34 354.78 10,843.23 51.36 0.00 10,843.23 4 6/15/12 789.12 741.03 48.09 10,102.20 48.09 0.00 10,102.20 5 7/15/12 789.12 744.32 44.80 9,357.88 44.80 0.00 9,357.88 6 8/15/12 789.12 747.62 41.50 8,610.26 41.50 0.00 8,610.26 7 9/15/12 789.12 750.94 38.18 7,859.32 38.18 0.00 7,859.32 8 10/15/12 789.12 754.27 34.85 7,105.05 34.85 0.00 7,105.05 9 11/15/12 0.00 0.00 0.00 7,105.05 31.51 31.51 7,136.56 0 12/15/12 0.00 0.00 0.00 7,105.05 31.65 63.16 7,168.21 2012 4,734.72 4,172.52 562.20 525.11 1 1/15/13 7,200.00 7,105.05 94.95 0.00 31.79 0.00 0.00 2013 7,200.00 7,105.05 94.95 31.79 Totals: 30,873.60 26,264.96 4,608.64 4,608.64 •rsion 7.4b Page 2 • it November 9, 2007 ^ i• r" TO: Mayor and Members of the City Council - - —' v-= FROM: Olufemi Folarin, City Manager Randy Reopelle, Parks and Recreation Director SUBJECT: Textron Financial Master Lease Schedule Change PURPOSE The purpose of this memorandum is to provide the Mayor and members of the City Council with information to consider authorizing the lease of additional new golf cars at The Highlands of Elgin in the form of an addendum to the Master Lease with Textron Financial Corporation. RECOMMENDATION It is recommended that the City Council approve the sale of our existing leased items back to Textron for $82,290 and the execution of the new schedules to be incorporated in the master lease (dated October 7, 2005) in the annual amount of$55,919.16. BACKGROUND On October 7, 2005, the council entered into a master lease agreement, which allowed us to increase or rotate our fleet of equipment for the same annual price per vehicle. We currently have 65 revenue-generating golf cars, five (5) utility golf cars, two (2) 1200G workhorses that will be replaced with 72 new revenue generating golf cars, six (6) utility vehicles and two (2) 1200G workhorses. The additional seven (7) golf cars will allow us to reach peak efficiency for the golf outing business. The new equipment will require the sale of the current fleet for$82,290. This sale amount is applied against the current schedules to payoff the lease balloon and maintain our lease price per vehicle. With the soon to be completed clubhouse, it is anticipated that the additional golf cars will be needed to meet the demands of golf outings. COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED None FINANCIAL IMPACT The cost of the lease with Textron Financial Corporation is $55,919.16 annually. There are P& R Textron Financial Lease Addendum November 9, 2007 Page 2 sufficient funds budgeted ($71,000) and available ($71,000) in the 2008 Golf Fund account number 540-5801-775.43-05 to fulfill the obligation of the lease. LEGAL IMPACT None ALTERNATIVES 1. The Council may choose to approve the sale of our existing Textron leased items for $82,290 and the execution of the new schedules to be incorporated in the master lease (dated October 7, 2005) in the annual amount of$55,919.16. 2. The Council may choose not to approve the sale of our existing Textron leased items for $82,290 and the execution of the new schedules to be incorporated in the master lease (dated October 7, 2005) in the annual amount of$55,919.16. Respectfully submitted for Council consideration. ml attachment •1 of£t 4 Memorandum 0 � City of Elgin ;,c r hili ' RATED Date: November 20, 2007 To: Mike Lehman, Golf Services Manager From: Michael R. Gehrman, Assistant Corporation Counsel Subject: Addendum to Lease Agreement with Textron Financial Corp. for Golf Carts Pursuant to our conversation, attached please find a copy of the master agreement between the City and Textron Financial dated 10-7-2005. It is my understanding that neither your office nor the city clerk's office has an original of this agreement; therefore, I suggest you retain a copy of this attached master lease agreement copy for your records. Regarding the new schedule documents for schedule numbers 1023253, 1023256, and 1023259, I suggest: 1. Each of the aforementioned schedule numbers references "Attached Addendum A", whereas each attached amortization report schedule is designated "Addendum 1". Each Addendum should be labeled"Addendum A"; or, alternatively,they should be referenced on each schedule number as "Addendum 1". 2. In speaking with Textron, I am advised that there are actually four items that are being rolled over from the original equipment lease, although only three schedules have been provided with your request. It is my understanding that there should be a fourth schedule for 1 E-Z-GO 1200-G. This additional schedule should be included with the other materials. 3. The "Insurance Letter" included with your documentation references paragraph 6 of Schedule A of a Master Loan and Security Agreement. Neither this Master Loan and Security Agreement nor any Exhibit A attached thereto is included with your documentation. Please provide the legal department with a copy of the aforementioned Master Loan and Security Agreement and Exhibit A thereto prior to executing any of the attached documents; or, alternatively, correct the citation to the master agreement if it is incorrect. 4. On the document entitled "insurance letter", an equipment value of $297,821.48 is included. You should confirm that this amount is accurate. MRG mg Attachment cc: Richard G. Kozal(via e-mail) Christopher J. Beck (via e-mail) Diane Robertson(w/attachment) Approved: Wi ham . ogley TEXTRON FINANCIAL Lending help beyond expectations. TAX-EXEMPT EQUIPMENT LEASE Lease No. TE 1-02-00006 This Luse Agreement is hereby made and entered into this 22nd day of September,2005,by and between the City of Elgin,Illinois,a municipal corporation(hereinafter referred to as"Lessee")and Textron Financial Corporation,a Delaware corporation,(hereinafter referred to as"Lessor)." 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 any Schedule or Schedule(s)which may be executed from time to time by the parties hereto and identified as a Schedule of this Lease(individually a"Schedule"and collectively the"Schedule(s)").All Schedules shall be incorporated by reference herein and this Lease and all Schedules that may be executed pursuant hereto shall constitute a single lease of Equipment 2. SELECTION, DELIVERY AND ACCEPTANCE Leasee will select 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. TERMS AND RENTALS-The rental term of the EQUIPMENT shall be as provided in the applicable Schedule and 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 Section I I to any Schedule to this Lease. Lessee agrees to pay rent in the amount and at the times set forth in Section U to any Schedule to this Lease. 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 sot forth in Section 4 below,its obligation'to pay rent and any other suns payable hereunder,and the righty of Lessor thereto arc absolute and unconditional and are not subject to any abatement, reduction,setoff,or recoupment(collectively"Abatements")for any reason whatsoever. Except as otherwise expressly provided herein,this Lease shall not terminate nor shall the respective obligations of Lessor or Lessee be affected by reason of any defect in,or damage to,or any lop or destruction of the EQUIPMENT from any came whatsoever,or the interference with the use thereof for any reason whatsoever. 4. NON-APPROPRIATION-In the event no funds or insufficient funds are appropriated and budgeted or aro otherwise unavailable by any means whatsoever in any fiscal period for rent due hereunder,Lessee will immediately notify Lessor Of its assignee of such occurrence and this Lease shall terminate on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee of any kind whatsoever,except as to the portions of the rental payments herein agreed upon for which hinds shall have been appropriated and budgeted or are otherwise available. In the event of such termination,Lessee agrees to peaceably surrender possession of the EQUIPMENT to Lessor on the date of termination and that Lessor shall have all legal and equitable rights and remedies to take possession of the EQUIPMENT. (Lessee agrees that:(i)any funds authorized or appropriated to it for the rental or acquisition of this Equipment or functionally similar equipment in any fiscal appropriation period shall be applied to the payments of rent hereunder until such funds are exhausted;(ii)it has not to date and will not in the fume agree to give priority or parity to the application of such funds to the lease,hire,or acquisition of other functionally similar equipment;and(ill)it will use its best efforts to obtain authorization and appropriation of such fads including,without limitation,the inclusion in its budget for each fiscal appropriation period during the term hereoL a request for adequate funds to meet its obligations under this Lease in full.This provision shall not be construed to as to permit Lessee to terminate this Lease in order to acquire similar or competitive equipment from another party or manufacturer or to allocate funds to directly or indirectly perform essentially the same functions for which this EQUIPMENT is intended. 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 par of the Leasee;and (iii)this Lease constitutes a legal valid and binding obligation of the Lessee enforceable in accordance with its terms. Lessee agrees that:(x)it will do or cause to be done all things necessary to preserve and keep the Lease in full force and effect(y)it has complied with all bidding requirements where necessary and by due notification presented this Leve for approval and adoption as a valid obligation on its part;and(z)it has sufficient appropriation or other funds available to pay all amounts due here cadet for the current fiscal period. 6. PURCHASE OPTION-Upon thirty(30)days'prior written notice from Lessee to Lessor,and provided the 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 Section U to the applicable Schedule by paying to Lessor on such date,the Lease Payment then due together with the Concluding Payment amount set firth 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 agree that it is their intention that the interest of Lessor in the EQUIPMENT is as a secaued petty,and that Lessor neither has nor will have any equity in the EQUIPMENT. The 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 Section II of the applicable Schedule over the term of the 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. Lessee will at all times protect and defend,at its own cost 001-0092336-02-001-00006 7590 Tax Exempt Equipment Lease Page.1 of 3 and expense,Lessor's interest in the EQUIPMENT against all claims,liens and legal processes of creditors of Lessee and other persons,and keep the EQUIPMENT free and clear of all such claims, liens and processes. Lessee shall not,without Lessor's prior written ooriert, part with possession or control of the EQUIPMENT or sell,pledge,mortgage or otherwise encumber the EQUIPMENT or any pan thereof or assign or encumber any Interest under this Lease. • 8. DISCLAIMER OF WARRANTY-Lessor may,or may not,be the menufecnnr or vendor of the Equipment Without affecting Lessor's liability,if any, as manufacturer or vendor of the Equipment,the rartics agree that L=SSOR 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. 9. INSURANCE—It is understood the Lessee is Self-loured 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 'Lou or Damage').In the event of Loss to the EQUIPMENT,Lessee shall promptly report same to the appropriate insurance companies,to Lessor,and to all concerned governmental agencies. Leasee 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 Lessee's obligations shall continue in full force and effect notwithstanding such Lou or Damage. b.In the event of any Lots or Damage,Lessee,at the sole option of Lessor,shall either: • (t)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,es 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 any,ue with respect to the lease of the EQUIPMENT es of the date of payment of the Stipulated Lots Value plus(ii)the concluding payment amount shown on Schedule II for such payment date. d.Lessor shall pay 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 Lessem. 11 PAYMENT OF TAXES BY LESSEE—Unless Lessee has provided Lessor with evidence necessary to sustain an exemption t eref om,Lessee will timely pay all assessments,license fees,taxes(including sales,use,excise,personal property,ad valorem,stamp,documentary and other taxes)and all other governmental charges,fees, fines or penalties whatsoever,now or hereafter imposed by any govenunental body or agency on or relating to the Equipment,or the use,registration,rental,shipment,transportation,delivery,ownership,or operation of the Equipment and on or relating to each Schedule. 12. POSSESSION AND USE OF EQUIPMENT-Leaser covenants to Lessee that as long as Lessee shall not be in default under this Lease,Lessee may possess and we the EQUIPMENT in accordance with this Lease. • 13. PERFORMANCE OF OBLIGATIONS OF LESSEE BY LESSOR 4f Lessee shall fail to promptly perform any of its obligations under this Lease, Lessor may,at any time thereafter,pet(Lent the same without thereby waiving the default,and any expense or liability incurred by Lessor,together with Lessee'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 agent 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 shell not make any material alterations to the EQUIPMENT without the prior written consent of Lessor. Leasee,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 MI parts,accessories and other personal property which are added or become attached to the EQUIPMENT shall immediately become the property of Lessor at no cost,arid shall be deemed incorporated in the EQUIPMENT and subject to the terms of this Lease. 16. ASSIGNMENT AND SUBLEASE-Lessee shall not sell,transfer,assign,pledge or sublease,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 17. 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 or 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 takes possession or charge of Lessee,substantially all of its.essecs,or any EQUIPMENT. e.Lessee's interest in any EQUIPMENT is levied upon or attached in any proceeding,end such process is not vacated or discharged within ninety (90)days thereafter. f. Lessee attempts to sell,transfer,encumber,sublet or part with possession of any EQUIPMENT without Lessor's prior written consent 18. 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. () Lessor may terminate this Lease upon written notice to Leasee,without prejudice to any other remedies hereunder. (ii) 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 001-0092336-02-001-00006 7590 Tax Exempt Equipment Lease Page 2 of 3 • b.Lessor,upon default hereunder,shall also be entitled to recover as liquidated damages for the loss of the bargain and not as a penalty an amount equal to the Stipulated Loss Value of the EQUIPMENT,as defined in Section 10 above,as of the date of the event of default plus interest at Lessor's then current late payment charge from the date of default to the date of payment.After repossession of the EQUIPMENT by Lessor,Lessor shall attempt to mitigate Lessee's damages as hereinafter provided. Lessor,in its sole discretion,shall sell or release the EQUIPMENT in a public or private transaction at which Lessor may be the Purchaser and Lessor may use Lessee's premises for the foregoing without liability for rents,costs,damages,or otherwise. The proceeds of such sale or lease,If any,shall be applied first: (i)to all c:the Lessor's costs,charges and expenses incurred in taking,removing,holding,repairing and selling or leasing the EQUIPMENT;then (ii)to the event not previously paid by Lessee,to pay Lessor any damages then remaining unpaid hereunder;then (iii)to reimburse Lessee any such sums previously paid by Lessee as damages hereunder. (iv)Any surplus shall be retained by Lessor. Lessee shall pay Lessor any deficiency in(i)and(ii)within ten(10)days of written request for same. c.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. d.Any default on the terms of any other agreement executed between the parties(including any entity controlled by,controlling or under common control with Lessee)may be declared by Lessor to be a default under the terms of this Least or under the terms of any other agreement between Lessee and Lessor. Any default under the terms of this Lease may be declared by Lessor to be a default under the terms of any other agreement between Lessee and Lessor. 19. 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. 20. 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. 21. ENTIRE AGREEMENT,NO AGENCY,TITLES-This instrument,including all appendices,constitutes the entire Agreement between the parties.No term or provision 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 or provisions hereof. 22. 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. 23. JURISDICTION,APPLICABLE LAW—This Agreement shall be subject to and governed by the laws of the State of Illinois. Venue for the Resolution of any disputes on the enforcement of any rights arisen out of or in connection with this Agreement shall be in the Circuit Court of Kane County,Illinois. 24. 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. Lessee hereby grants a security interest in the Equipment described in the Schedules hereto and its proceeds to secure the performance and payment of all obligations and indebtedness of whatever kind and whenever created,either direct or indirect,absolute or contingent,primary or secondary,due or to become due and whether now existing or hereafter arising and howsoever evidenced or acquired,whether joint or several,or joint and several,of Lessee owing to Lessor(including but not limited to all of Lessee's obligations under this Lease)or any other affiliate of Lessor(all of which may be hereinafter collectively referred to as the "Obligations.");and Lessee hereby agrees that the extent to which Lessor is entitled to purchase money priority for its security interest in such Equipment shall be determined by reference to the total rental amount owing,if any,with respect to such Equipment under the relevant Schedule at the time of any such determination. IN WITNESS WHEREOF,the Lessor and Lessee have each caused this Lease to be duly executed. This Lease is executed as of October 7,2005. LESSOR: LESSEE: Name:TEXTRON FINANCIAL CORPORATION Name:CITY OF ELGIN,IL • By: (;)cs[4.A.:„ BY ,` , \ Name: patricia Herrington Name: Olufemi Fol.44.II Tide: Asst.Leasing Manager Title: Manager An Agency or Political Subdivision of Address: ]4$) Marvin Griffin Road the State of ILLINOIS Augusta GA 30906 Address: 150 DEXTER BLVD ELGIN,IL 60120 001-0092336-02-001.00006 7590 Tax Exempt Equipment Lease Page 3 of 3