HomeMy WebLinkAbout2005 CON Saulsbury Hill Financial - Financing for Triple Combination Fire TruckMASTER EQUIPMENT LEASE -PURCHASE AGREEMENT
1. Agreement. Subject to the terms and conditions contained in this Master Equipment Lease -Purchase Agreement No. 2005-01
dated August 23, 2005 (this "Agreement"), SAULSBURY HILL FINANCIAL, LLC, as lessor ("Lessor"), whose mailing address is
1614 15th Street — 3rd Flooi Denver, Colorado 80202-1301 hereby agrees to sell, transfer and lease to CITY OF NATIONAL CITY,
CALIFORNIA, as lessee ("Lessee"), whose mailing address is 1243 National City Boulevard National City, California 91950-
4397, and Lessee agrees to acquire, purchase and lease from Lessor, the items of personal property (together with any
replacement parts, additions, substitutions, repairs or accessories now or hereafter incorporated in or affixed to it, hereinafter
referred to collectively as the "Equipment") described in each Equipment Schedule (hereinafter referred to as an "Equipment
Schedule") that may from time to time be executed by Lessor and Lessee that specifically incorporates the terms and conditions
of this Agreement by reference (any such Equipment Schedule hereinafter referred to as a "Lease"). Each Equipment Schedule
(including the terms and conditions incorporated therein by reference) executed and delivered by Lessor and Lessee pursuant to
this Agreement shall be considered a separate and independent Lease.
This Agreement is not a commitment by Lessor to enter into any Lease not currently in effect, and nothing in this Agreement
shall impose, or be construed to impose, any obligation upon Lessor to enter into any proposed Lease, it being understood that
whether Lessor enters into any proposed Lease shall be a decision solely withinLessor's discretion.
2. Term. The term of this Agreement begins as of the date hereof and shall continuc so long as any amounts remain unpaid
under a Lease. The term of each Lease shall commence on, and interest shall accrue from, the date identified in the related
Equipment Schedule (the "Commencement Date") and shall continue for the number of months stated in such Equipment
Schedule (the "Scheduled Term"), unless Lessee shall have terminated such Lease pursuant to Paragraph 3 or Paragraph 10 of
this Agreement or Lessor shall have terminated such Lease pursuant to Paragraph 16 of this Agreement (the Scheduled Term
upon its expiration or as so terminated is herein referred to as the "Lease Term"). Lessee authorizes Lessor to insert the
applicable Commencement Date in each Equipment Schedule.
3. Rental Payments. Lessee agrees to pay the rental payments under each Lease for the applicable Lease Term in the amounts
and on the dates identified in the related Equipment Schedule. Payment of all rental payments and other amounts payable under a
Lease shall be made to Lessor at its above -stated address or as it shall otherwise designate in writing. As set forth in each
Equipment Schedule, a portion of each rental payment under a Lease is paid as, and represents payment of, interest, and the
balance of each rental payment is paid as, and represents payment of, principal.
Lessee, being a state or a political subdivision thereof, is dependent upon receiving continued appropriations or other legally
available funds to continue a Lease for its Scheduled Term. Notwithstanding any provision to the contrary in this Agreement,
Lessee may terminate a Lease at the end of any fiscal period of Lessee as identified in the applicable Equipment Schedule (a
"Fiscal Period") if sufficient funds are not appropriated by Lessee's governing body to pay rental payments and other amounts
due under such Lease during the next succeeding Fiscal Period (an "Event of Nonappropriation"). Lessee hereby agrees to notify
Lessor at least 30 days prior to the last day of its then current Fiscal Period of the occurrence of an Event of Nonappropriation
under any Lease or, if nonappropriation has not occurred by that date, promptly upon the occurrence of an Event of
Nonappropriation. Lessee represents and warrants that: (a) it has made sufficient appropriations or has other legally available
funds to pay all rental payments under a Lease due during the first Fiscal Period under such Lease; (b) Lessee currently intends to
do all things lawfully within its power to obtain appropriated funds for the payment of rental payments and other amounts
required to be paid under each Lease in each next succeeding Fiscal Period for its Scheduled Term; and (c) Lessee acknowledges
that Lessor has relied upon these representations as an inducement to enter into this Agreement and each Lease. If an Event of
Nonappropriation under a Lease shall occur, Lessee agrees, at Lessee's sole cost and expense, peaceably to deliver the
corresponding Equipment to Lessor at such location in the continental United States as is specified by Lessor, in the condition
required by Paragraph 7 of this Agreement, on or before the effective date of termination.
Lessee's obligation to pay rental payments and any additional amounts payable under each Lease constitutes a current obligation
payable exclusively from legally available funds and shall not be construed to be an indebtedness within the meaning of any
applicable constitutional or statutory limitation or requirement.
ACCEPTED BY LESSOR:
SAULSBURY HILL FINANCIAL, LLC, Lessor
Bye_
Print
Title:
Date: August 23
THE UNDERSIGNED HEREBY AGREES TO ALL OF THE
TERMS AND CONDITIONS AS SET FORTH ON THIS PAGE
AND THE FOLLOWING 5 PAGES (6 pages in total) OF THIS
MASTER EQUIPMENT LEASE -PURCHASE AGREEMENT
COPY OF NATION TY C s. ojt k. Lessee
By: x Lh/
Print Name: Nick Inzunza
Title: Mayor
Date: August 23, 2005
Lessee's signatory warrants -that he/she is duly authorized to execute
this Master Equipment Lease -Purchase Agreement for and on behalf
of the above named Lessee.
1918195.01.03
2127876/rmv
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(City of National City, California
4. Essentiality. Subject to Paragraph 3 of this Agreement, Lessee's present intention is to make rental payments for the
Scheduled Term of each Lease as long as it has sufficient appropriations or other legally available funds. In that regard, Lessee
represents that, with respect to each Lease, (a) the use and operation of the Equipment is essential to its proper, efficient and
economic governmental operation and (b) the functions performed by the Equipment could not be transferred to other equipment
available for its use. Lessee does not intend to sell or otherwise dispose of the Equipment or any interest therein prior to the
conclusion of the Scheduled Term of the related Lease.
5. Disclaimer of Warranties. LESSEE REPRESENTS THAT IT HAS SELECTED THE EQUIPMENT PRIOR TO
HAVING REQUESTED LESSOR TO FINANCE THE SAME. LESSEE AGREES THAT LESSOR HAS NOT MADE
ANY, AND MAKES NO, REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, DIRECTLY OR
INDIRECTLY, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING (WITHOUT
LIMITATION) THE SUITABILITY OF THE EQUIPMENT, ITS DURABILITY, ITS FITNESS FOR ANY
PARTICULAR PURPOSE, ITS MERCHANTABILITY, ITS CONDITION, ITS CAPACITY, ITS OPERATION, ITS
PERFORMANCE, ITS DESIGN, ITS MATERIALS, ITS WORKMANSHIP AND/OR ITS QUALITY. AS BETWEEN
LESSEE AND LESSOR, LESSEE LEASES, PURCHASES AND ACQUIRES THE EQUIPMENT "AS IS" "WHERE
IS" AND "WITH ALL FAULTS." Lessor hereby assigns to Lessee, to the extent that it may lawfully do so, so long as no
Event of Default and no Event of Nonappropriation shall have occurred and be continuing under a Lease, all rights and benefits
that Lessor may have under any warranty, guaranty or the like which may be made with respect to thc Equipment by thc
manufacturer, seller and/or supplier (collectively, the "Vendor") thereof. Lessor shall not be liable to Lessee or any third party
for any loss, damage, injury or expense of any kind or nature caused directly or indirectly by any of the Equipment or the use or
maintenance thereof or any defect therein, the failure of operation thereof or by any interruption of service or loss of use thereof
or for any loss of business or damage whatsoever and howsoever caused. Lessor makes no warranty as to the treatment of any
Lease for tax or accounting purposes or as to the compliance of the Equipment with applicable government regulations or
requirements. Lessee agrees to look solely to the Vendor for any claim arising from any defect, breach of warranty, failure or
delay in delivery, mis-delivery or inability to use the Equipment for any reason whatsoever and Lessee's obligations to Lessor
under any Lease shall not in any manner be affected thereby, including (without limitation) Lessee's obligations to pay Lessor all
rental payments and other amounts payable under the related Lease. Lessee has selected both the Equipment and the Vendor and
acknowledges that Lessor has not participated in any way in Lessee's selection of the Equipment or the Vendor. Lessor has no
obligation to install, erect, test, adjust, service or maintain the Equipment.
6. Delivery and Acceptance; Quiet Enjoyment. Lessee shall accept the Equipment upon its delivery and authorizes Lessor to
insert on the Equipment Schedule the serial numbers and any additional description of the items of Equipment so delivered. As
evidence of said acceptance, Lessee shall execute and deliver to Lessor a Certificate of Acceptance in thc form attached as
Exhibit A-1 to each Equipment Schedule. During the Lease Term of each Lease, Lessee shall be entitled to quiet enjoyment of
the Equipment identified therein, subject to the terms of this Agreement.
7. Use of Equipment; Maintenance and Repairs. Lessee shall keep the Equipment within the State at the "Equipment
Location" stated in the related Equipment Schedule and Lessee shall not remove any of the Equipment therefrom without
Lessor's prior written consent. Lessee shall use the Equipment in a careful manner and shall at all times, at its sole expense, keep
the Equipment in good operating condition, repair and appearance and comply with all laws, ordinances, regulations or
requirements of any governmental authority, official, board or department relating to its installation, possession, use or
maintenance. Lessee shall not make any alterations, additions, or improvements to the Equipment which are not readily
removable without causing damage to or reducing the value of the Equipment. All alterations, additions, or improvements not
readily removable shall become property of Lessor.
8. Title to Equipment; Security Interest. During the Lease Term of each Lease, title to the Equipment shall be vested in
Lessee, subject to the rights of Lessor under such Lease. In the event Lessor terminates a Lease pursuant to Paragraph 16 of this
Agreement or an Event of Nonappropriation occurs under a Lease, title to the related Equipment shall immediately vest in Lessor
free and clear of any right, title or interest of Lessee. Lessee, at its expense, will protect and defend Lessee's title to the
Equipment and Lessor's rights and interests therein and will keep the Equipment free and clear from any and all claims, liens,
encumbrances and legal processes of Lessee's creditors and other persons. Lessor shall have the right during normal hours, upon
reasonable prior notice to Lessee, to enter upon the premises where the Equipment is located in order to inspect the Equipment.
To secure the performance of all of Lessee's obligations under each Lease, Lessee hereby grants to Lessor, and Lessor shall have
and retain, a security interest constituting a first lien on the Equipment delivered under each respective Lease and on any
proceeds therefrom. Lessee agrees to execute and deliver such additional documents, including, without limitation, opinions of
counsel, notices and similar instruments, in form satisfactory to Lessor, which Lessor deems necessary or appropriate to establish
and maintain its security interest in thc Equipment or for the confirmation or perfection of each Lease and Lessor's rights
thereunder.
9. Personal Property. The Equipment shall be and remain personal property notwithstanding the manner in which it may be
attached or affixed to realty. Lessee covenants that; unless Lessee owns the premises in which the Equipment is to be located and
such premises are not subject to any mortgage or lease, at Lessor's request, Lessee shall provide Lessor with a waiver from each
landlord and/or mortgagee of the premises in which the Equipment is to be located of any rights which such landlord and/or
mortgagee may have in respect of any of the Equipment.
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10. Purchase of Equipment by Lessee; Prepayment. At the option of Lessee, and provided that no Event of Default has
occurred and is continuing under a Lease, Lessor's interest in all, but not less than all, of the Equipment subject to a Lease will be
transferred, conveyed and assigned to Lessee, and such Lease shall terminate: (a) upon payment in full of the rental payments
under such Lease and all other payments then due thereunder or (b) on any rental payment date under such Lease, provided
Lessee shall have delivered written notice at least 30 days prior to such date of Lessee's intention to purchase the Equipment
subject to such Lease pursuant to this provision, by paying to Lessor, in addition to the rental payment due on such date, an
amount equal to the concluding payment (the "Concluding Payment") shown for such rental payment date in the rental payment
schedule included in the applicable Lease. Lessee shall not have the option to purchase the Equipment under a Lease as provided
in the foregoing clause (b) on any rental payment date under such Lease for which a Concluding Payment is not stated in the
applicable rental payment schedule.
11. Risk of Loss. Lessee shall bear the entire risk of loss, theft, destruction of or damage to the Equipment or any part thereof
from any cause whatsoever during the Lease Term of each Lease and thereafter until redelivery to a location designated by
Lessor, and shall not be relieved of the obligation to pay rental payments or any other obligation thereunder because of any such
occurrence. If (a) the Equipment or any portion thereof under a Lease is destroyed (in whole or in part) or is damaged by fire or
other casualty or (b) title to, or the temporary use of, the Equipment or any part thereof under a Lease is taken under the exercise
of the power of eminent domain, Lessee shall immediately notify Lessor. Lessee and Lessor shall cause the net proceeds of any
insurance claim (including self-insurance) or condemnation award to be applied, at Lessor's option, to (i) the prompt repair,
restoration, modification or replacement of the Equipment so affected or (ii) the payment in full of the then applicable
Concluding Payment. Any balance of net proceeds remaining after completion of such work or payment of such Concluding
Payment shall be paid promptly to Lessee. If the net proceeds are insufficient to pay the costs of such repair, restoration,
modification or replacement or to pay such Concluding Payment in full, Lessee shall, at Lessor's direction, either complete the
work or pay the then applicable Concluding Payment in full and in either case pay any cost in excess of the amount of net
proceeds, but only from legally available funds.
12. Insurance. In the event Lessee is not self -insured (as hereafter provided), Lessee shall, at its expense, keep the Equipment
fully insured against loss, fire, theft, damage or destruction from any cause whatsoever in an amount not less than the greater of
(a) the total rental payments for the Scheduled Term of the applicable Lease, or (b) the full replacement cost of the Equipment
without consideration for depreciation. Lessee shall also provide such additional insurance against injury, loss or damage to
persons or property arising out of the use or operation of the Equipment as is customarily maintained by the owners of like
property, with companies satisfactory to Lessor. Each policy shall provide that, as to the interest or coverage of Lessor or
Lessor's assignee, the insurance afforded thereby shall not be suspended, forfeited or in any manner prejudiced by any default or
by any breach of warranty, condition or covenant on the part of Lessee. If Lessee shall fail to provide any such insurance
required undcr a Lease or, within ten (10) days after Lessor's request therefor, shall fail to deliver the policies or certificates
thereof to Lessor, then Lessor, at its option, shall have the right to procure such insurance and to add the full cost thereof to the
rental payment next becoming due, which Lessee agrees to pay as additional rent. All such insurance shall be in form, issued by
such insurance companies and be in such amounts as shall be satisfactory to Lessor, and shall provide that losses, if any, shall be
payable to Lessor as "loss payee," and all such liability insurance shall include Lessor as an "additional insured." Lessee shall
pay the premiums for such insurance and deliver to Lessor satisfactory evidence of the insurance coverage required under each
Lease. Lessee hereby irrevocably appoints Lessor as Lessee's attorney -in -fact to make claim for, receive payments of and
execute and endorse all documents, checks or drafts received in payment for loss or damage under any such insurance policy. If
Lessee is self -insured with respect to equipment such as the Equipment under an actuarially sound self-insurance program that is
acceptable to Lessor, Lessee shall maintain during the Lease Term of each Lease such actuarially sound self-insurance program
and shall provide evidence thereof in form and substance satisfactory to Lessor.
13. Fees; Taxes and Other Governmental Charges; Liens. Lessee covenants and agrees at all times to keep the Equipment
free and clear of all levies, liens (other than those created under the applicable Lease) and encumbrances, and to pay all charges,
taxes and fees (including any recording or stamp fees or taxes) that may now or hereafter be imposed upon the ownership,
leasing, rental, sale, purchase, possession or use of the Equipment and shall give Lessor immediate written notice of any of the
foregoing. If any of same shall remain unpaid when due, Lessor may pay same and add such payment to the rental payment next
becoming due, as additional rent. Lessee shall execute and deliver to Lessor upon Lessor's request such further instruments and
documents containing such other assurances as Lessor deems necessary or advisable for the confirmation or perfection of
Lessor's rights under each Lease or to otherwise effectuate the intent of this Agreement and each Lease.
14. Indemnification. To the extent authorized by law, Lessee shall indemnify and save Lessor, its officers, employees, agents,
servants, successors and assigns, harmless from any and all liabilities (including, without limitation, negligence, tort and strict
liability), damages, expenses, claims, actions, proceedings, judgments, settlements, losses, liens and obligations, including
(without limitation) attorneys' fees and costs, arising out of the ordering, purchase, delivery, rejection, non -delivery, ownership,
selection, possession, leasing, renting, financing, operation, control, use, condition, maintenance, delivery, transportation,
storage, repair, return or other disposition of the Equipment, or, in the event that Lessee shall be in default under a Lease, arising
out of the condition of any item of Equipment sold or disposed of after use by Lessee, including (without limitation) claims for
injury to or dcath of persons and for damage to property. The indemnities, assumption of liabilities and obligations herein
provided shall be payable solely from funds legally available for such purpose and shall continue in full force and effect
notwithstanding the expiration, termination or cancellation of this Agreement or any Lease for any reason whatsoever.
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15. Assignment; Subleasing. LESSEE SHALL NOT ASSIGN, PLEDGE, MORTGAGE, SUBLET OR OTHERWISE
TRANSFER OR ENCUMBER ANY OF ITS RIGHTS UNDER THIS AGREEMENT, ANY LEASE OR IN THE EQUIPMENT
OR ANY PART THEREOF, NOR PERMIT ITS USE BY ANYONE OTHER THAN LESSEE AND ITS REGULAR
EMPLOYEES, WITHOUT LESSOR'S PRIOR WRITTEN CONSENT. ANY SUCH PURPORTED TRANSFER,
ASSIGNMENT OR OTHER ACTION WITHOUT LESSOR'S PRIOR WRITTEN CONSENT SHALL BE VOID.
Lessor may, at any time and from time to time, assign, transfer or otherwise convey all or any part of its interest in the
Equipment, this Agreement and one or more Leases, including, but not limited to, Lessor's rights to receive the rental payments
under a Lease or any part thereof (in which event Lessee agrees to make all rental payments thereafter to the assignee designated
by Lessor) without the necessity of obtaining Lessee's consent, provided, however, Lessor will deliver to Lessee prior written
notice of an assignment. No such assignment, transfer or conveyance shall be effective until Lessee shall have received a written
notice of assignment that discloses the name and address of each such assignee. During the term of this Agreement, Lessee shall
keep, or cause to be kept, a complete and accurate record of all such assignments with respect to each Lease in form necessary to
comply with Section 149 of the Internal Revenue Code of 1986, as amended (the "Code"). Lessee agrees (unless otherwise
stated), if so requested, to acknowledge each such assignment in writing within 15 days after request therefor in the form attached
as Exhibit A-3 to each Equipment Schedule. Lessee further agrees that any moneys or other property received by Lessor as a
result of any such assignment, transfer or conveyance shall not inure to Lessee's benefit.
16. Events of Default; Remedies. Each of the following events constitutes an "Event of Default" with respect to a Lease: (a)
Lessee fails to pay in full the rental payment due under such Lease on any date upon which such rental payment is due; (b)
Lessee fails to comply with any other agreement or covenant of Lessee under such Lease for a period of 30 days following
receipt of written notice of violation of such agreement or covenant and demand that such violation be remedied; (c) Lessee
institutes any proceedings under any bankruptcy, insolvency, reorganization or similar law or a receiver or similar officer is
appointed for Lessee or any of its property; (d) any warranty, representation or statement made in writing by or on behalf of
Lessee in connection with such Lease is found to be incorrect or misleading in any material respect on the date made; (e) actual
or attempted sale, lease or encumbrance of any of the Equipment under such Lease or the making of any levy, seizure or
attachment thereof or thereon; or (f) an Event of Default occurs under any other Lease.
Immediately upon the occurrence of an Event of Default under a Lease, Lessor may terminate the affected Lease and any other
Lease or Lessee's rights thereunder and in any such event repossess the Equipment under such Lease or Leases, which Lessee
hereby agrees, at its expense, to surrender promptly to Lessor at such location in the continental United States as Lessor shall
direct. Such right of repossession and other rights as specifically provided in this Paragraph 16 shall constitute the sole remedies
for Lessee's failure to make payments or otherwise perform its obligations when required under any Lease. If Lessor is entitled
to repossess the Equipment under any provision of this Agreement, Lessee shall permit Lessor or its agents to enter the premises
where the Equipment is then located. In the event of any such repossession, Lessee shall execute and deliver such documents as
may reasonably be required to restore title to and possession of the Equipment to Lessor, free and clear of all liens and security
interests to which the Equipment may have become subject. Upon repossession, if the Equipment is damaged or otherwise made
less suitable for the purposes for which it was manufactured than when delivered to Lessee, Lessee agrees, at its option, to (a)
repair and restore the Equipment to the same condition in which it was received by Lessee (reasonable wear and tear excepted) or
(b) pay to Lessor the reasonable costs of such repair and restoration. In the event that Lessor sells or otherwise liquidates the
Equipment following an Event of Default or an Event of Nonappropriation as herein provided and realizes net proceeds (after
payment of costs) in excess of total rental payments that would have been paid during the Scheduled Term plus any other
amounts then due under the related Lease or Leases, Lessor shall immediately pay the amount of any such excess to Lessee.
If Lessor terminates a Lease under this Paragraph 16 or an Event of Nonappropriation occurs under a Lease and in either case
Lessee continues to use the Equipment leased thereunder or if Lessee otherwise refuses to pay rental payments under a Lease due
during a Fiscal Period for which Lessee's governing body has appropriated sufficient legally available funds to pay such rental
payments due under a Lease, Lessor (i) may declare the rental payments due and owing for the Fiscal Period for which such
appropriations have been made to be immediately due and payable and (ii) shall be entitled to bring such action at law or in
equity to recover money and. other damages attributable to such holdover period for the Equipment under such Lease.
Lessor shall also be entitled to exercise any or all remedies available to a secured party under the applicable Uniform Commercial
Code and all other rights and remedies that Lessor may have at law or in equity. All rights and remedies of Lessor shall be
cumulative and not alternative. Lessor's failure to exercise or delay in exercising any right or remedy shall not be construed as a
waiver thereof, nor shall a waiver on one occasion be construed to bar the exercise of any right or remedy on a future occasion.
Lessee agrees to reimburse Lessor for any expenses reasonably incurred by Lessor with respect to the enforcement of any of the
remedies listed above or any other remedy available to Lessor, but only from legally available funds.
17. Late Payments. Whenever any rental payment or other amount payable to Lessor by Lessee under a Lease is not paid
within ten (10) days after such due date, Lessee agrees to pay Lessor a late charge on the delinquent amount at the rate of one
percent (1%) per month, or the maximum amount permitted under applicable law, whichever is less. Such amount(s) shall be
payable solely from legally available funds in addition to all amounts payable by Lessee as a result of the exercise of any of the
remedies herein provided.
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18. Rental Payments to Be Unconditional. Except as expressly set forth in this Agreement (including Paragraph 3), Lessee
agrees that Lessee's obligations under each Lease are absolute and unconditional and shall continue without set-off, deduction,
counterclaim, abatement, recoupment or reduction and regardless of any disability of Lessee to use the Equipment or any part
thereof because of any reason including, but not limited to, war, act of God, governmental regulations, strike, loss, damage,
destruction, obsolescence, failure of or delay in delivery or failure of the Equipment to operate properly.
19. Tax Covenants. Lessee agrees that it will not take any action that would cause the interest component of rental payments
under any Lcasc to be or to become ineligible for the exclusion from gross income of the owner or owners thereof for federal
income tax purposes, nor will it omit to take or cause to be taken, in a timely manner, any action which omission would cause the
interest component of rental payments under any Lease to be or to become ineligible for the exclusion from gross income of the
owner or owners thereof for federal income tax purposes. Lessee agrees to (a) execute and deliver to Lessor with respect to each
Lease, upon Lessor's request, a tax certificate and agreement in form and content acceptable to Lessor and Lessee, relating to the
establishment and maintenance of the excludability from gross income of the interest component of rental payments under such
Lease for federal income tax purposes, and (b) complete and file in a timely manner an information reporting return with respect
to each Lease as required by the Code.
Lessee represents that neither Lessee nor any agency or unit of Lessee has on hand any property, including cash and securities,
that is legally required or otherwise restricted (no matter where held or the source thereof) to be used directly or indirectly to
purchase the Equipment. Lessee has not and will not establish any funds or accounts (no matter where held or the source thereof)
the use of which is legally requited or otherwise restricted to pay directly or indirectly rental payments under a Lease.
If Lessee breaches the covenant contained in this Paragraph 19 as provided in a Lease, the interest component of rental payments
under such Lease may become includible in gross income of the owner or owners thereof for federal income tax purposes. In
such event, Lessee agrees to pay promptly after any such determination of taxability and on each rental payment date thereafter to
Lessor an additional amount determined by Lessor to compensate such owner or owners for the loss of such excludibility
(including without limitation, compensation relating to interest expense, penalties or additions to tax), which determination shall
be conclusive (absent manifest error).
It is Lessor's and Lessee's intention that each Lease not constitute a "true" lease for federal income tax purposes and therefore, it
is Lessor's and Lessee's intention that Lessee be considered the owner of the Equipment under each Lease for federal income tax
purposes.
20. Lessee Representations and Warranties. Lessee hereby represents and warrants to and agrees with Lcssor that:
(a) Lessee is a state or a political subdivision thereof within the meaning of Section 103(c) of the Code and will do or
cause to be done all things necessary to preserve and keep in full force and effect its existence as such.
(b) Lessee has the power and authority under applicable law to enter into the transactions contemplated by this
Agreement and each Lease and has been duly authorized to execute and deliver this Agreement and each Lease and to carry out
its obligations hereunder and thereunder. Lessee has provided to Lessor a full, true and correct copy of a resolution or other
appropriate official action of Lessee's governing body (a form of which is attached as Exhibit D hereto) specifically authorizing
Lessee to execute and deliver this Agreement and each Lease and all documents contemplated hereby and thereby. Lessee has
provided to Lessor a full, true and correct copy of an Incumbency Certificate in substantially the form attached as Exhibit B
hereto relating to the authority of the officers who have executed and delivered this Agreement and who will execute and deliver
each Lease and all documents in connection herewith and therewith on behalf of Lessee.
(c) All requirements have been met and procedures have occurred in order to ensure the enforceability of this
Agreement and each Lcasc, and Lessee has complied with such public bidding requirements, if any, as may be applicable to the
transactions contemplated by this Agreement and each Lease.
(d) Lessee is not subject to any legal or contractual limitation or provision of any nature whatsoever that in any way
limits, restricts or prevents Lessee from entering into this Agreement or any Lease or performing any of its obligations hereunder
or thereunder, except to the extent that such performance may be limited by bankruptcy, insolvency, reorganization or other laws
affecting creditors' rights generally.
(e) There is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public
board or body, known to be pending or threatened against or affecting Lessee, nor to the best knowledge of Lessee is there any
basis therefor, wherein an unfavorable decision, ruling or finding would materially adversely affect the transactions contemplated
by this Agreement, any Lease or any other agreement or instrument to which Lessee is a party and which is used or contemplated
for use in the consummation of the transactions contemplated by this Agreement or any Lease. All authorizations, consents and
approvals of governmental bodies or agencies required in connection with the execution and delivery by Lessee of this
Agreement and each Lease or in connection with the carrying out by Lessee of its obligations hereunder and thereunder have
been obtained.
(f) The payment of the rental payments or any portion thereof under each Lease is not (under the terms of this
Agreement or any Lease) directly or indirectly (i) secured by any interest in property used or to be used in any activity carried on
by any person other than a state or local governmental unit or payments in respect of such property; or (ii) on a present value
basis, derived from payments (whether or not to Lessee) in respect of property, or borrowed money, used or to be used in any
activity carried on by any person other than a state or local governmental unit. The Equipment will not be used, directly or
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indirectly, in any activity carried on by any person other than a state or local government unit. No portion of the purchase price
for the Equipment will be used, directly or indirectly, to make or finance loans to any person other than Lessee. Lessee has not
entered into any management or other service contract with respect to the use and operation of the Equipment.
(g) The entering into and performance of this Agreement and each Lease will not violate any judgment, order, law or
regulation applicable to Lessee or result in any breach of, or constitute a default under, or result in the creation of any lien,
charge, security interest or other encumbrance upon any assets of Lessee or on the Equipment pursuant to an indenture, mortgage,
deed of trust, bank loan or credit agreement or other instrument to which Lessee is a party or by which it or its assets may be
bound, except as herein provided.
(h) Lessee's name as indicated on the first page of this Agreement is its true, correct and complete legal name.
(i) The useful life of the Equipment will not be less than the Scheduled Term of the related Lease.
(j) Lessee has entered into, or will enter into, each Lease for the purpose of purchasing, acquiring and leasing the
Equipment and not for the purpose of refinancing any outstanding obligation of Lessee more than 90 days in advance of its
payment or prepayment date. The purchase price for the Equipment has been or will be paid directly by Lessor to the Vendor,
and no portion of the purchase price for the Equipment has been or will be paid to Lessee as reimbursement for any expenditure
paid by Lessee more than 60 days prior to the execution and delivery of the applicable Lease.
(k) The application, statements and credit or financial information submitted by it to Lessor are true and correct and
made to induce Lessor to enter into this Agreement and each Lease.
(1) During the term of this Agreement, Lessee shall (i) provide Lessor, no later than ten days prior to the end of each
Fiscal Period (commencing with the current Fiscal Period), with current budgets or other proof of appropriation for the ensuing
Fiscal Period and such other information relating to Lessee's ability to continue the Lease Term of each Lease for the next
succeeding Fiscal Period as may be reasonably requested by Lessor and (ii) furnish or cause to be furnished to Lessor, at Lessee's
expense, as soon as available and in any event not later than 180 days after the close of each Fiscal Period, the audited financial
statements of Lessee at the close of and for such Fiscal Period, all in reasonable detail, audited by and with the report of Lessee's
auditor.
(m) On the Commencement Date of each Lease, Lessee shall cause to be executed and delivered to Lessor an Opinion
of Lessee's Counsel in substantially the form attached as Exhibit C hereto.
(n) Lessee has not previously failed (for whatever reason) to appropriate amounts sufficient to pay its obligations that
are subject to annual appropriation.
21. Execution in Counterparts; Chattel Paper. This Agreement and each Lease may be executed in several counterparts, each
of which shall be an original and all of which shall constitute but one and the same instrument; provided, however, that only
Counterpart No. 1 of each Lease (including the terms and conditions of this Agreement incorporated therein by reference) shall
constitute chattel paper for purposes of the applicable Uniform Commercial Code.
22. Applicable Law. TIIIS AGREEMENT AND EACH LEASE SHALL BE CONSTRUED UNDER THE LAWS OF THE
STATE.
23. Binding Effect; Severability; Survival. This Agreement and each Lease shall not become effective until accepted by
Lessor at its herein -described office, and upon such acceptance shall inure to and bind the parties, their successors, legal
representatives and assigns. No provision of this Agreement or any Lease that may be construed as unenforceable shall in any
way invalidate any other provision hereof or thereof, all of which shall remain in full force and effect.
24. Miscellaneous Provisions. Any notice to a party hereunder shall be deemed given when mailed to said party by certified
mail, return receipt requested, at its address set forth herein or such other address as either may designate for itself in such notice
to the other. This Agreement and each Lease constitute the entire mutual understanding of the parties regarding the subject
matter hereof and thereof and may not be modified except in writing, signed by the party against whom such modification is
asserted. Upon the request of Lessor, Lessee shall at any time and from time to time execute and deliver such further documents
and do such further acts as Lessor may reasonably request in order fully to effect the purposes of each Lease and any assignment
thereof. In the event a court with competent jurisdiction rules that the interest rate charged under a Lease exceeds the maximum
rate of interest allowed by applicable law, then the effective rate of interest under such Lease shall be automatically reduced to
the maximum lawful rate allowable under the applicable laws.
Page 6 of 6
EXHIBIT A
SAULSBURY HILL FINANCIAL, LLC
EQUIPMENT SCHEDULE
MASTER EQUIPMENT EASE -PURCHASE
AGREEMENT NO.: 2005-01
DATE OF MASTER EQUIPMENT
LEASE -PURCHASE AGREEMENT August 23,2005
EQUIPMENT SCHEDULE NO.: 01
EQUIPMENT SCHEDULE DATE: August 23, 2005
LESSEE: City of National City, California
COMMENCEMENT DATE: August 23, 2005
SCHEDULED TERM (NUMBER of MONTHS): 60 Months (5 years in 20 quarterly payments)
1. DESCRIPTION OF THE EQUIPMENT.
1 Pierce 1500 GPM Triple Combination Pumper Mounted on a Pierce Custom Arrow XT chassis
together with all accessories, attachments, substitutions and accessions.
2. EQUIPMENT LOCATION: Station 31,2333 Euclid Avenue, National City, California 91950
3. RENTAL PAYMENT SCHEDULE:
The rental payments shall be made for the Equipment as follows:
Interest Rate: 3.69%
Date Interest Principal Total Rental Concluding
Due Component Component Payment Due Payment
08/23/05 $ 0.00 $ 19,613.22 $ 19,613.22 $350,597.58
11/23/05 3,140.06 16,473.16 19,613.22 333,630.23
02/23/06 2,988.09 16,625.13 19,613.22 316,506.34
05/23/06 2,834.73 16,778.49 19,613.22 299,224.50
08/23/06 2,679.95 16,933.27 19,613.22 281,783.23
11/23/06 2,523.74 17,089.48 19,613.22 264,181.06
02/23/07 2,366.09 17,247.13 19,613.22 246,416.52
05/23/07 2,206.98 17,406.24 19,613.22 228,488.09
08/23/07 2,046.41 17,566.81 19,613.22 210,394.28
11/23/07 1,884.36 17,728.86 19,613.22 192,133.55
02/23/08 1,720.81 17, 892.41 19,613.22 173,704.37
05/23/08 1,555.75 18,057.47 19,613.22 155,105.18
08/23/08 1,389.17 18,224.05 19,613.22 136,334.41
11/23/08 1,221.05 18,392.17 19,613.22 117,390.47
02/23/09 1,051.38 18,561.84 19,613.22 98,271.77
05/23/09 880.15 18,733.07 19,613.22 78,976.71
08/23/09 707.34 18,905.88 19,613.22 59,503.66
11/23/09 532.93 19,080.29 19,613.22 39,850.96
02/23/10 356.92 19,256.30 19,613.22 20,016.97
05/23/10 179.27 19 433.95 19 613.22 0.00
TOTALS $32,265.18 $359,999.22 $392,264.40
* Assumes that all rental payments and additional rentals due on and prior to that date have been paid.
A-1
4. Lessee's current Fiscal Period extends from July 1 to June 30.
5. For purposes of this Schedule, "State" means the State of California
6. The terms and provisions of the Master Equipment Lease -Purchase 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.
7. Lessee hereby represents, warrants and covenants that its representations, warranties and covenants sct forth in such
Master Equipment Lease -Purchase Agreement (particularly Paragraph 20 thereof) are true and correct as though made on the date
of execution of this Schedule.
CITY OF NATIONAL CITY, CALIFORNIA,
as Lessee
By: 1 14
Name: nz.nza
Title: Mayor
SAULSBURY HILL FINANCIAL, LLC,
as Lessor
Counterpart No. of manually executed and serially numbered counterparts. To the extent that this Schedule
constitutes chattel paper (as defined in the applicable Uniform Commercial Code), no security or ownership interest herein may
be created through the transfer or possession of any Counterpart other than Counterpart No. 1.
A-2
EXHIBIT A-1
(TO EQUIPMENT SCHEDULE NO. 01)
CERTIFICATE OF ACCEPTANCE
The undersigned, as Lessee under that certain Master Equipment Lease -Purchase Agreement No. 2005-01 dated
August 23, 2005 (the "Agreement"), which is incorporated by reference into that certain Equipment Schedule No. 01 dated
August 23, 2005 (the "Lease"), each with Saulsbury I-Iill Financial, LLC, as lessor ("Lessor"), hereby certifies:
I. The items of the Equipment identified in the Lease (the "Equipment") have been delivered and installed at the
location(s) set forth therein.
2. A present need exists for the Equipment which need is not temporary or expected to diminish in the near future.
The Equipment is essential to and will be used by Lessee only for the purpose of performing one or more governmental functions
of Lessee consistent with the permissible scope of Lessee's authority.
3. The estimated useful life of the Equipment based upon the manufacturer's representations and Lessee's projected
needs is not less than the term of lease with respect to the Equipment.
4. Lessee has conducted such inspection and/or testing of the Equipment as it deems necessary and appropriate and
hereby acknowledges that it accepts the Equipment for all purpeses as of the dale of this Certificate.
5. The Equipment is covered by insurance in the types and amounts required by the Lease.
6. No Event of Default, as such term is defined in the Lease, and no event which with the giving of notice or lapse of
time or both, would become an Event of Default, has occurred and is continuing on the date hereof.
7. Sufficient funds have been appropriated by Lessee for the payment of all rental payments due under the Lease
during Lessee's current Fiscal Period.
S. Based on the foregoing, Lessor is hereby authorized and directed to fund the acquisition of the Equipment set forth
in the Lease by paying, or causing to be paid, the manufacturer(s)/vendor(s) the amounts set forth on the attached invoices.
9. The following documents are attached hereto and made a part hereof:
(a) Equipment List;
(b) Original Invoice(s); and
(c)
Copies of Certificate(s) of Origin, when applicable, designating Lessor as lienholder if any part of the
Equipment consists of motor vehicles, and evidence of filing.
If Lessee paid an invoice prior to the commencement date of the Lease and is requesting reimbursement for such
payment, also attach a copy of evidence of such payment together with a copy of Lessee's Declaration of Official Intent and other
evidence that Lessee has satisfied the requirements for reimbursement set forth in Treas. Reg. 1.150-2.
Date: August 23, 2005
CITY OF NATIONAL CITY, CALORN
as Lessee
By:
A-1-1
Name:
Title:
EXHIBIT A-2
(TO EQUIPMENT SCHEDULE NO. 01)
[ATTACH`I.R.S. FORM 8038-G OR 8038-GC, AS APPROPRIATE]
A-2-1
Form 8038-G
(Rev. November 2000)
Department of the Treasury
Internal Revenue Service
Information Return for Tax -Exempt Governmental Obligations
I. Under Internal Revenue Code section 149(e)
► See separate Instructions.
Caution: If the issue price is under $100,000, use Form 8038-GC.
OMB No. 1545-0720
Part I
Reporting Authorit
If Amended Return, check here 11.-
1
Issuer's name
City of National City
2 Issuer's employer identification number
95 : 6000749
3
Number and street (or P.O. box if mail is not delivered to street address)
1243 National City Boulevard
Room/suite
4
Report number
3 2005-1
5
City, town, or post office, state, and ZIP code
National City, California 91950-4397
6
Date of issue
August 23, 2005
7
Name of issue
Master Equipment Lease -Purchase Agreement No. 2005-1, dated August 23, 2005
8
CUSIP number
None
9
Name and title of officer or legal representative whom the IRS may call for more information
Bill Yeomans, Interim Finance Director
10 Telephone number of officer or legal representative
( 619 ) 336-4330
Part II
Type of Issue (check applicable box(es) and enter the issue price) See instructions and
11 ❑ Education
12 ❑ Health and hospital . .
13 ❑ Transportation . .
14 ❑Public safety, , . .
15 ❑ Environment (including sewage bonds)
11
attach schedule
12
13
14
15
16
16 ❑ Housing .
E Utilities .
'Other. Describe ►
19 If obligations are TANs or RANs, check box ► ❑ If obligations are BANs, check box ► E
20 If obligations are in the form of a lease or installment sale, check box . . . , . ► ❑
Description of Obligations. Complete for the entire issue for which this form is being filed.
17
18
Part III
•
1 Pierce 1500 GPM Triple Combination Pumper Mounted on a Pierce Custom Arrow XT chassis
17
18
359,999.22
21
(a) Final maturity date
(b) Issue price
(c) Stated retlemp[ion
price at maturity
(d) Weighted
average maturity
(e) Yield
5/23/2010
$ 359,999.22
$ 359,999.22
5 years
3.69
Part IV
Uses of Proceeds of Bond Issue (including underwriters' discount)
22 Proceeds used for accrued interest , . , . . . . . , , , .
23 Issue price of entire issue (enter amount from line 21, column (b))
24 Proceeds used for bond issuance costs (including underwriters' discount)
. .
24
. . . ,
0
22
0
23
359,999.22
0
25 Proceeds used for credit enhancement
25
0
. , . . . , . . , , ,
26 Proceeds allocated to reasonably required reserve or replacement fund
26
0
27 Proceeds used to currently refund prior issues
27
0
. . , . , . ,
28 Proceeds used to advance refund prior issues
28
0
29 Total (add lines 24 through 28) . . . . . . . , . .
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) . .
29
30
359,999.22
Part V
Description of Refunded Bonds (Complete this part only for refunding bonds.)
31 Enter the remaining weighted average maturity of the bonds to be currently refunded
32 Enter the remaining weighted average maturity of the bonds to be advance refunded
33 Enter the last date on which the refunded bonds will be called .
34 Enter the date(s) the refunded bonds were issued ►
Part VI
Miscellaneous
N/A
years
years
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5)
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (see instructions)
b Enter the final maturity date of the guaranteed investment contract ►
37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other governmental units
b If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑ and
issuer ► and the date of the issue ►
38 If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box
39 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . .
40 If the issuer has identified a hedge, check box . . . . , . . .• , . . . ► ❑
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
and belief, they are true, correct, and complete.
35
36a
N/A
0
rA
37a
N/A
enter the name of the
Sign
Here
' Signature of issuer's au d representative Date
August 23, 2005
Bill Yeomans,
Interim Finance Director
0.
Type or print name and title
For Paperwork Reduction Act N
1918497
e, see page 2 of the Instructions.
Cat. No. 63773S Form 8038-G (Rev. 11-2000)
EXHIBIT A-3
(TO EQUIPMENT SCHEDULE NO. 01)
NOTICE AND ACKNOWLEDGEMENT OF SALE OF RENTAL PAYMENTS AND
ASSIGNMENT OF LEASE
Saulsbury Hill Financial, LLC ("Lessor") and City of National City, California ("Lessee") have entered into a Master
Equipment Lease -Purchase Agreement No. 2005-01 dated August 23, 2005, and Equipment Schedule No. 01 dated August 23,
2005 (collectively the "Lease "), under which Lessee has, or will have prior to its execution hereof, leased equipment (the
"Equipment") described in such Equipment Schedule.
Lessee is hereby notified that Lessor has assigned its right, title and interest in and to the Lease, thc leased Equipment
and the rental payments as permitted by the Lease.
Lessee is hereby directed to pay any and all rental payments and other amounts due with respect to which Lessor's
assignee ('Assignee ") renders an invoice, at the address set out immediately below or as otherwise directed in said invoice:
"ASSIGNEE"
All Points Public Funding, LLC
275 Broadhollow Road
Melville, New York 11747
By signing this Notice and Acknowledgment, Lessee agrees that it will pay all amounts due under the Lease as directed
in the invoice without any set-off or deduction whatsoever notwithstanding any defect in, damage to or requisition of any of the
Equipment leased under thc Lease, any other similar or dissimilar event, any defense, set-off, counterclaim or recoupment arising
out of any claim against Lessor or Assignee.
Lessee further acknowledges and agrees that Assignee has not assumed any of Lessor's obligations or duties under the
Lease or made any warranties whatsoever as to the Lease or the Equipment. Lessee agrees that no change may be made to the
Lease without the prior written consent of Assignee.
By signing this Notice and Acknowledgment, Lessee warrants that its representations and warranties under the Lease
are true and correct on the date hereof.
Date: August 23 , 2005
CITY OF NATIONAL CITY, CAORNIA,
as Lessee
By:
A-3-1
EXHIBIT A-4
(TO EQUIPMENT SCHEDULE NO. 01)
August 23, 2005
Re: Master Equipment Lease -Purchase Agreement No. 2005-01
dated August 23, 2005 and Equipment Schedule No. 01 thereto
Ladies and Gentlemen:
In connection with the above•referenced Equipment Schedule No. 01, City of National City, California, as lessee (the
"Lessee"), is required to provide evidence of insurance for the coverages and endorsements set forth below, such evidence of
insurance should reflect the interest of its assignee.
A. Liability Insurance. Lessee is required to maintain public liability insurance, personal injury and property
damage with policy limits of $500,000. The policy should be endorsed to name Saulsbury Hill Financial,
LLC ("SHF") as an additional insured.
B. Casualty Insurance. Lessee is required to maintain all risk extended coverage, malicious mischief and
vandalism insurance for the Equipment described in the above -referenced Equipment Schedule in thc
amount not less than the full replacement cost of the Equipment. Such insurance shall be endorsed to
name SHF as a co -loss payee with respect to such Equipment.
The required insurance should also be endorsed to give SHF at least 30 days prior written notice of the effective date of
any material alteration or cancellation of coverage, and an endorsement confirming that thc interest of SHF shall not be
invalidated by any actions, inactions, breach of warranty or conditions or negligence of Lessee.
Lessee appreciates your prompt attention to this matter.
Very truly yours,
CITY OF NATIONAL CIa'Y, C AL
By:
Name:
Title:
A-4-1
Nic
Inzunz a
Maybr
NICK INZUNZA
MAYOR
August 24, 2005
Saulsbury Hill Financial, LLC
1614 15th Street — 3rd Floor
Denver, Colorado 80202-1304
Re• Master Equipment Lease -Purchase Agreement No. 2005-01
dated August 23, 2005 and Equipment -Schedule No. 01 thereto
Ladies and Gentlemen:
Under the above -referenced Equipment Schedule No. 01,
City of National City
'D
California , as lessee ("Lesseeis required to maintain certaininsurance policies with
respect to the Equipment subiiect thereto and that is acceptable to Saulsbury Hill Financial,
LLC. Enclosed you will find copies of the following insurance policies:
Memorandum of Insurance, Additional Insured Endorsement, Evidence of
Property Insurance, Public Entity Property Insurance Program Schedule #3
Lender's Loss Payable Endorsement, Performance & Payment Bond, Dual
Obligee Rider, and Power of Attorney and Certificate of Authority of Power of
Attorney.
Please do not hesitate to contact me if you have any questions concerning this letter.
Very truly yours,
CITY OF NATIONAL CITY, CALIFORNIA
By:
Name: Nick lnzunza
Title: Mayor
EXIIIBIT A-5
(TO EQUIPMENT SCHEDULE NO. 01)
A-5-1
CITY ADMINISTRATION BUILDING • 1243 NATIONAL CITY BOULEVARD • NATIONAL CITY • CALIFORNIA 91950
TEL (619) 336-4526 . FAX (619) 336-4239 • NInzunza@ci.national-city.ca_us
MEMORANDUM OF INSURANCE
ISSUE DATE 8/23/2005
DRIVER ALLIANT INSURANCE SERVICES, INC.
P.O. BOX 6450
NEWPORT BEACH, CA 92658-6450
(949) 756-0271
THIS MEMORANDUM IS ISSUED AS A MATTER OF
INFORMATION ONLY AND CONFERS NO RIGHTS UPON
THE MEMORANDUM HOLDER. THIS MEMORANDUM
DOES NOT AMEND, EXTEND, OR ALTER THE
COVERAGE SHOWN BELOW.
*
SAN DIEGO POOLED INSURANCE
COVERAGE AFFORDED BY
INSURED
PROGRAM AUTHORITY AND
MEMBER AGENCY OF:
LETTER A: INDIVIDUAL CITY'S SELF -INSURED RETENTION
CITY OF NATIONAL CITY
NATIONAL CITY JOINT POWERS FINANCING AUTHORITY
1243 NATIONAL CITY BLVD.
NATIONAL CITY, CA 91950
LETTER B: "San Diego Pooled Insurance Program Authority, A Public
Agency."
* MEMBER AGENCY OF THE SAN DIEGO POOLED INSURANCE
PROGRAM AUTHORITY
COVERAGE PER CA. GOVERNMENT CODE SECTION 990.4(a), 990.8(c)
THIS IS TO CERTIFY THAT A MEMORANDUM OF INSURANCE BELOW HAS BEEN ENTERED INTO BY INSURED
NAMED ABOVE AS AUTHORIZED BY CALIFORNIA GOVERNMENT CODE SECTION 990.4(a) AND 990.8(c) FOR
THE PERIOD INDICATED NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY
CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS MEMORANDUM MAY BE ISSUED OR
MAY PERTAIN. THE COVERAGE AFFORDED BY THE CONTRACT DESCRIBED HERE IS SUBJECT TO ALL THE
TERMS, EXCLUSIONS, AND CONDITIONS OF THE SUCH CONTRACT.
MEMORANDUM
MEMORANDUM
MEMORANDUM
LIABILITY LIMITS IN THOUSANDS
LTR
TYPE OF COVERAGE
NUMBER
EFFECTIVE
DATE
EXPIRATION
DATE
EACH
OCCURRENCE
AGGREGATE
A
GENERAL AND
AUTOMOBILE LIABILITY
SELF INSURED
07/01/05
07/01/06
BI & PD
COMBINED
100,
N/A
PERSONAL INJURY
INCL,
B
EXCESS LIABILITY" "
SDC 0020
07/01/05
07/01/06
BI & PD
COMBINED
1,900,
* * THE ABOVE NOTED MEMORANDUM OF INSURANCE IS A CLAIMS -MADE CONTRACT
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES / SPECIAL ITEMS
LEASE PURCHASE AGREEMENT #2005-01 - FOR 1 PIERCE 1500 GPM TRIPLE COMBINATION PUMPER FIRE TRUCK COST $360,000.
SUBJECT TO POLICY TERMS, CONDITIONS AND EXCLUSIONS. Al
MEMORANDUM HOLDER
CANCELLATION
SAULSBURY HILL FINANCIAL, LLC
SHOULD ANY OF THE ABOVE DESCRIBED CONTRACTS BE CANCELLED BEFORE THE
EXPIRATION DATE THEREOF, THE AUTHORITY WILL ENDEAVOR TO MAIL 30 DAYS'
WRITTEN NOTICE TO THE HOLDER NAMED HEREON BUT FAILURE TO MAIL SUCH
NOTICE SHALL IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE
AUTHORITY, OR ITS REPRESENTATIVES. EXCEPT 10 DAYS FOR NON-PAYMENT OF
PREMIUM.
1614 15TH ST., 3RD FLOOR
DENVER, CO 80202-1304
AUTHORIZED SIGNATURE
9.1.4,..CA„__.
G:UPUnitGSandpipalSd-Uability1Sd-L lab-ceP_Sd-lob-pri clot
Endorsement Per Contract
Effective 7/1/05
Contract Number SDC 0020
ADDITIONAL INSURED ENDORSEMENT
In consideration of the payment of premium, it is agreed for claims occurring and reported after
7/1/98, that the following amendments / additions apply:
1. Section III — Persons and/or Entities Insured, is amended to include any person(s) or
organization(s) when required in a written contract or agreement to provide coverage but
only for Personal Injury or Property Damage liability which:
a. is covered by this Memorandum of Insurance; and
b. arises out of:
1. the normal course of the Named Insured's operations; or
2. ownership, maintenance or use of that part of the premises or land rented
to or leased to and occupied by, the Named Insured; or
3. work perfonned for that insured by the Named Insured; or
4. that Insured's financial control of the Named Insured; or
5. the maintenance, operation or Use by the Named Insured of any
equipment or Automobile leased to you by such person(s) or Qrganization(s).
2. The limits of coverage afforded to such person(s) or organization(s) will be:
a. the minimum limits of coverage which the Named Insured agreed to provide; or
b. the limits of coverage of this Memorandum of Insurance,
whichever is less.
3. Coverage provided under this Endorsement expires:
a. when the written contract or agreement ceases; or
b. when the Named Insured ceases to be a tenant in the premises.
Attached to and forming part of Contract number SDC 0020 of the San Diego Pooled
Insurance Program Authority Memorandum of Insurance.
Dated at:
Newport Beach this 23 day of August , 2005.
By:
\29.1AA_
Authorized Representative
CJPUN(TSANUPIYA.SD-LIaRILI1-1'5C)-LLa8-CER, SD-POOL-.II-END.DOC
PRODUCER
DRIVER ALLIANT INSURANCE SERVICES, INC.
P.O. BOX 6450
NEWPORT BEACH, CA 92658-6450
PHONE (949) 756-0271 / FAX (949)755-2713
jNSURED
PUBLIC ENTITY PROPERTY INSURANCE PROGRAM
SAN DIEGO POOLED INSURANCE PROGRAM
AUTHORITY (SANDPIPA) INCLUDING:
CITY OF NATIONAL CITY
1243 NATIONAL CITY BLVD.
NATIONAL CITY, CA 91950
ISSUE DATE (MM!DO/YY)
08/23/05
THIS IS EVIDENCE THAT INSURANCE AS IDENTIFIED BELOW HAS BEEN ISSUED, IS IN FORCE, AND
CONVEYS ALL THE RIGHTS AND PRIVILEGES AFFORDED UNDER THE POLICY.
COMPANY
VARIOUS INSURERS:
SEE ATTACHED.
LOAN NUMBER
POLICY NUMBER
VARIOUS
EFFECTIVE DATE (MM!DDTYY) i EXPIRATION DATE (MM/DONY)
07/01 /05
07/01 /06
THIS REPLACES PRIOR EVIDENCE DATED:
CONT. UNTIL j
TERMINATED
IF CHECKED j
PRFWI RTY EPr. MATIGIN_
LOCATION / DESCRIPTION
AS RESPECTS:
LEASE PURCHASE AGREEMENT #2005-01 - FOR 1 PIERCE 1500 GPM TRIPLE COMBINATION PUMPER FIRE TRUCK COST
$360,000.
COVERAGE / PERILS ! FORMS + AMOUNT OF INSURANCE
ALL RISKS OF DIRECT PHYSICAL LOSS OR DAMAGE. COVERAGE INCLUDES REAL AND $1,00,000,000 LOSS
PERSONAL PROPERTY, RENTAL INCOME INCLUDING BOND REVENUE REQUIREMENTS, LIMIT PER
BUSINESS INTERRUPTION, EXTRA EXPENSE AND ALL EXTENSIONS OF COVERAGE AS OCCURRENCE
SHOWN ON MANUSCRIPT POLICY FORM. SUBJECT TO
PROGRAM
SUB -LIMITS
REPAIR OR REPLACEMENT COST VALUATION.
#EARTHQUAKE COVERAGE APPLIES ONLY IF COVERAGE IS ELECTED PER INSURED'S
PROPERTY SCHEDULE.
SUBJECT TO POLICY TERMS, CONDITIONS AND EXCLUSIONS.
$30,000,000 PER
OCCURRENCE AND
IN THE ANNUAL
AGGREGATE
APPLICABLE TO
EARTHQUAKE *AND
FLOOD. LIMIT IS
SHARED WITH ALL
SANDPIPA
MEMBERS.
DEDUCTIBLE
SEE BELOW
.REMARK$ .10M h1S$ $0-5,10
DEDUCTIBLES:
ALL RISK "BASIC":
AUTO COMPREHENSIVE:
AUTO COLLISION:
FLOOD:
EARTHQUAKE:
55,000
$5,000
$5,000
$250,000 FLOOD ZONES A&V; $100,000 OTHERS
$5% $100,000 MIN. EXCEPT 10% $100,000 PRIOR TO 1940
Cf+.NCE'`LLATION
THE POLICY IS SUBJECT TO THE PREMIUMS, FORMS, AND RULES IN EFFECT FOR EACH POLICY PERIOD. SHOULD THE POLICY
BE TERMINATED, THE COMPANY WILL GIVE THE ADDITIONAL INTEREST IDENTIFIED BELOW 30 DAYS' WRITTEN NOTICE, AND
WILL SEND NOTIFICATION OF ANY CHANGES TO THE POLICY THAT WOULD AFFECT THAT INTEREST, IN ACCORDANCE WITH THE
POLICY PROVISIONS OR AS REQUIRED BY LAW. 'EXCEPT 10 DAYS FOR NON-PAYMENT OF PREMIUM.
AD D I Ti O NA`t. IN.TE RES T
NAME AND ADDRESS
SAULSBURY HILL FINANCIAL, LLC
1614 15TH ST., 3RD FLOOR
DENVER, CO $0202-1304
I`l NATURE OF INTEREST
1 MORTGAGEE I ADDITIONAL INSURED
X LOSS PANES J r f (OTHER)
SIGNATURE OF AUTHORIZED/Pb" E/NT OF COMPANY
V' II .Yu1A� 1
'•
rtl'
G:`JPUnit,SemlpipptSd-PropetlylSd-Prop-cer Sd-Prop.pn.doc
driver•alliant
INSURANCE SERVICES
PUBLIC ENTITY PROPERTY INSURANCE PROGRAM (PEPIP)
SCHEDULE #3
INSURANCE COMPANIES
:AappipApps,!%,J1r8terteipolox-;$4•-,.,•cpvot-NottNix,::,
Primary $10,000,000
"All Risk" *Including Earthquake and Flood, *Including CA Earthquake
Lexington Insurance Company
100%
$ 10,000,000
RKS 105900603
50% of $240,000,000 x/s $10,000,000
"All Risk" *Including EQ and Flood, CA EQ Sublimited to 5125M
RKH - Great Lakes
50%
$ 60,000,000 RKS105900603A
RKH - Lloyds of London
50%
$ 60,000,000 RKS105900603C
4-:i-..74•:-.:i,:5m44t::::;:,.--.::::,..
:.,i,,,
$420;001'.00,(tf4:R:iti--,:4,:.:-..J,!•:',.::g,,1„, ',•'::..,•:.•-,..,,i.:,-:•.:!.
50% of $90,000,000 x/s 510.000,000
"All Risk" *Including EQ and Flood, CA EQ Sublimited to 525M
Commonwealth Insurance Co.
40%
$ 18,000,000
US5738
AXIS Specialty Ins. Corp.
24%
$ 10,800,000
EAF71598701
Essex Insurance Co.
20%
$ 9,000,000
EPEP10049
ARCH ins.
16%
$ 7,200,000
Utilafgal ,
ESP000834700
.42aliktg
50% of 5150,000,000 xis $100,000,000
"All Risk" *Including Flood, Excluding CA EQ
Commonwealth Insurance Co. 50%
$ 37,500,000 US5739
AXIS Specialty ins. Corp. 50%
$ 37,500,000 EAF71598801
11.03.0:VanIERENNaliKEWital '4FROT00%qariMMV,7041:0WOOSIN,,w,,„,icAvNgieq4:,,....,,,,v:
$250,000,000 xis $250,000,000
"All Risk" Excluding Flood & EQ
RKH - Lloyds o 'London
100%
$ 250,000,000
RKS105900603C
otal
$500,000,000 x/s $500,000,000
"All Risk" Excluding Flood & EQ
Insurance Co of the West
100%
$500,000,000
CH0187181202
50% of $25,000,000 xis $25,000,000
*Earthquake Only
Insurance Co of the West
100%
$ 12,500,000
XH0213302901
-Total, 19
*Applies if optional coverage is purchased
Page 1 of 2
driver.aWiiant INSURANCE SERVICES
PUBLIC ENTITY PROPERTY INSUJRANCE PROGRAM (PEPIP)
SCHEDULE #3
INSURANCE COMPANIES
ART . JP. TI(3
o
,. P %R l I( IPt1'1;iQ1l
01
£12
OTEI'Tt7
50% of $16,650,000 x/s $50,000,000
*Earthquake Only
Great American Assurance Co.
76%
$ 6,327,000
CPP4718604
Greenwich Insurance Co.
24%
$ 1,998,000
ACG4518604
..., _ Total
'
100lri
$ _ 830a.
*BOILER & MACHINERY
Primary $10,000,000
Lexington Insurance Company
100%
-fiatal � �(lti'
$ 10,000,000
RKS 105900603
50% of $90,000,000 xis $10,000,000
CNA
100%
;Ii
$ 45,000,000
IWO
BM1098667553
50% of $90,000,000 xis $10,000,000
Great Lakes
50%
$ 22,500,000
RKS105900603A
Lloyds of London
50%
$ 22,500,000
RKS105900603C
1004 -
- 5000,ff#10
. _ _."_
*Applies if optional coverage is purchased
Page 2 of 2
S.F. FORM Form 438BFU NS
(Rev. May 1, 1942) X
LENDER'S LOSS PAYABLE ENDORSEMENT
Loss or damage, if any, under this policy, shall be paid to the Payee named on the first page of this policy, its successors and assigns,
hereinafter referred to as `the Lender", in whatever form or capacity its interests may appear and whether said interest be vested in said
Lender in its individual or in its disclosed or undisclosed fiduciary or representative capacity, or otherwise, or vested in a nominee or
trustee of said Lender.
2. The insurance under this policy, or any rider or endorsement attached thereto, as to the interest only of the Lender, its successors and
assigns, shall not be invalidated nor suspended: (a) by any error, omission, or change respecting the ownership, description, possession, or
location of the subject of the insurance or the interest therein, or the title thereto; (b) by the commencement of foreclosure proceedings or
the giving of notice of sale of any of the property covered by this policy by virtue of any mortgage or trust deed; (c) by any breach of
warranty, act, omission, neglect, or non-compliance with any of the provisions of this policy, including any and all riders now or hereafter
attached thereto, by the named insured, the borrower, mortgagor, trustor, vendee, owner, tenant, warehouseman, custodian, occupant, or by
the agents of either or any of them or by the happening of any event permitted by them or either of them, or their agents, or which they
failed to prevent, whether occurring before or after the attachment of this endorsement, or whether before or after a Toss, which under the
provisions of this policy of insurance or of any rider or endorsement attached thereto would invalidate or suspend the insurance as to the
named insured, excluding herefrom, however, any acts or omissions of the Lender while exercising active control and management of the
property.
3. In she event of failure of the insured to pay any premium or additional premium which shall be or become due under the terms of this
policy or on account of any change in occupancy or increase in hazard not permitted by this policy, this Company agrees to give written
notice to the Lender of such non-payment of premium after sixty (60) days from and within one hundred and twenty (120) days after due
date of such premium and it is a condition of the continuance of the rights of the Lender hereunder that the Lender when so notified in
writing by this Company of the failure of the insured to pay such premium shall pay or cause to be paid the premium due within ten (10)
days following receipt of the Company's demand in writing therefor. If the Lender shall decline to pay said premium or additional
premium, the rights of the Lender under this Lender's Loss Payable Endorsement shall not be terminated before ten (10) days after receipt
of said written notice by the Lender.
4. Whenever this Company shall pay to the Lender any sum for loss or damage under this policy and shall claim that as to the insured no
liability therefor exists, this Company, at its option, may pay to the Lender the whole principal sum and interest and other indebtedness due
or to become due from the insured, whether secured or unsecured, (with refund of all interest not accrued), and this Company, to the extent
of such payment, shall thereupon receive a full assignmentand transfer, without recourse, of the debt and all rights and securities held as
collateral thereto.
5. If there be any other insurance upon the within described property, this Company shall be liable under this policy as to the Lender for the
proportion of such loss or damage that the sum hereby insured bears to the entire insurance of similar character on said property under
policies held by, payable to and expressly consented to by the Lender. Any Contribution Clause included in any Fallen Building Clause
Waiver or any Extended Coverage Endorsement attached to this contract of insurance is hereby nullified, and also any Contribution Clause
in any other endorsement or rider attached to this contract of insurance is hereby nullified except Contribution Clauses for the compliance
with which the insured has received reduction in the rate charged or has received extension of the coverage to include hazards other than
fire and compliance with such Contribution Clause is made a part of the consideration for insuring such other hazards. The Lender upon
the payment to it of the full amount of its claim, will subrogate this Company (pro rata with all other insurers contributing to said payment)
to all of the Lender's rights of contribution under said other insurance.
6. This Company reserves the right to cancel this policy at any time, as provided by its terms, but in such case this policy shall continue in
force for the benefit of the Lender for ten (10) days after written notice of such cancellation is received by the Lender and shall then cease.
7. This policy shall remain in full force and effect as to the interest of the Lender for a period of ten (10) days after its expiration unless an
acceptable policy in renewal thereof with loss thereunder payable to the Lender in accordance with the terms of this Lender's Loss Payable
Endorsement, shall have been issued by some insurance company and accepted by the Lender.
8. Should legal title to and beneficial ownership of any of the property covered under this policy become vested in the Lender or its agents,
insurance under this policy shall continue for the term thereof for the benefit of the Lender hut, in such event, any privileges granted by this
Lender's Loss Payable Endorsement which are not also granted the insured under the terms and conditions of this policy and/or under other
riders or endorsements attached thereto shall not apply to the insurance hereunder as respects such property.
9. All notices herein provided to be give by the Company to the Lender in connection with this policy and this Lender's Loss Payable
Endorsement shall be mailed to or delivered to the Lender at its office or branch described on the first page of the policy.
Approved:
Board of Fire Underwriters of the Pacific,
California Hankers' Association
Committee on Insurance.
G, Plina'Sandprpa'Sd-P.openySd-Prop-ccr'-_438bfu.dac
TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
TRAVELERS CASUALTY AND SURETY COMPANY
FARMINGTON CASUALTY COMPANY
Hartford, Connecticut 06183-9062
POWER OF ATTORNEY AND CERTIFICATE OF AUTHORITY OF ATTORNEY(S)-IN-FACT
KNOW ALL PERSONS BY THESE PRESENTS, THAT TRAVELERS CASUALTY AND SURETY COMPANY OF
AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY,
corporations duly organised under the laws of the State of Connecticut, and having their principal offices in the City of Hartford,
County of Hartford, State of Connecticut, (hereinafter the "Companies") hath made, constituted and appointed, and do by these
presents. make, constitute and appoint: Richard J. DeVries, Toni Schinke, Stacey L. Ryan, Timothy R. Nickels, of Appleton,
Wisconsin, their true and lawful Attomey(s)-in-Fact, with full power and authority hereby conferred to sign, execute and
acknowledge, at any place within the United States, the following instrument(s): by his/her sole signature and act, any and all
bonds, recognizances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional
undertaking and any and all consents incident thereto and to bind the Companies, thereby as fully and to the same extent as if the
same were signed by the duly authorized officers of the Companies, and all the acts of said Attomey(s)-in-Fact, pursuant to the
authority herein given, are hereby ratified and confirmed.
This appointment is made under and by authority of the following Standing Resolutions of said Companies, which Resolutions are
now in full force and effect:
VOTED: That the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President, any Vice President, any
Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary may appoint Attomeys-in-Fact
and Agents to act for and on behalf of the company and may give such appointee such authority as his or her certificate of authority may prescribe
to sign with the Company's name and seal with the Company's seal bonds, recognizances, contracts of indemnity, and other writings obligatory in
the nature of a bond, recognizance, or conditional undertaking, and any of said officers or the Board of Directors at any time may remove any such
appointee and revoke the power given him or her.
VOTED: That the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President
may delegate all or any part of the foregoing authority to one or more officers or employees of this Company, provided that each such delegation is
in writing and a copy thereof is filed in the office of the Secretary.
VOTED: That any bond, recognizance, contract of indemnity, or writing obligatory in the nature of a bond, recognizance, or conditional
undertaking shall be valid and binding upon the Company when (a) signed by the President, any Vice Chairman, any Executive Vice President, any
Senior Vice President or any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any
Assistant Secretary and duly attested and sealed with the Company's seal by a Secretary or Assistant Secretary, or (b) duly executed (under seal, if
required) by one or more Attomeys-in-Fact and Agents pursuant to the power prescribed in his or her certificate or their certificates of authority or
by one or more Company officers pursuant to a written delegation of authority.
This Power of Attorney and Certificate of Authority is signed and sealed by facsimile (mechanical or printed) under and by
authority of the following Standing Resolution voted by the Boards of Directors of TRAVELERS CASUALTY AND SURETY
COMPANY OF AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY
COMPANY, which Resolution is now in full force and effect:
VOTED: That the signature of each of the following officers: President, any Executive Vice President, any Senior Vice President, any Vice
President, any Assistant Vice President, any Secretary, any Assistant Secretary, and the seal of the Company may be affixed by facsimile to any
power of attorney or to any certificate relating thereto appointing Resident Vice Presidents, Resident Assistant Secretaries or Attorneys -in -Fact for
purposes only of executing and attesting bonds and undertakings and other writings obligatory in the nature thereof, and any such power of attorney
or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company and any such power so executed and
certified by such facsimile signature and facsimile seal shall be valid and binding upon the Company in the future with respect to any bond or
undertaking to which it is attached.
(11-00 Standard)
IN WITNESS WHEREOF, TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, TRAVELERS
CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY have caused this instrument to be
signed by their Senior Vice President and their corporate seals to be hereto affixed this 14th day of February 2003.
STATE OF CONNECTICUT
}SS. Hartford
COUNTY OF HARTFORD
TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
TRAVELERS CASUALTY AND SURETY COMPANY
FARMINGTON CASUALTY COMPANY
By
George W. Thompson
Senior Vice President
On this 14th day of February, 2003 before me personally came GEORGE W. THOMPSON to me known, who, being by me duly
sworn, did depose and say: that he/she is Senior Vice President of TRAVELERS CASUALTY AND SURETY COMPANY OF
AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY, the
corporations described in and which executed the above instrument; that he/she knows the seals of said corporations; that the seals
affixed to the said instrument are such corporate seals; and that he/she executed the said instrument on behalf of the corporations by
authority of his/her office under the Standing Resolutions thereof.
Mema. C ttrite.cuadi-
My commission expires June 30, 2006 Notary Public
Marie C. Tetreault
('FRTIFICATE
I, the undersigned, Assistant Secretary of TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA,
TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY, stock corporations of
the State of Connecticut, DO HEREBY CERTIFY that the foregoing and attached Power of Attorney and Certificate of Authority
remains in full force and has not been revoked; and furthermore, that the Standing Resolutions of the Boards of Directors, as set
forth in the Certificate of Authority, are now in force.
Signed and Sealed at the Home Office of the Company, in the City of Hartford, State of Connecticut. Dated this /5- day of
azip6a, , 2005.
By
Kori M. Johanson
Assistant Secretary, Bond
PERFORMANCE
AND
PAYMENT BOND
TRAVELERS CASUALTY AND SURETY COMPANY
OF AMERICA
Hartford, Connecticut 06156
Bond Number 104569518
KNOW ALL MEN BY THESE PRESENTS, THAT, Pierce Manufacturing Inc.
2600 American Drive, PO Box 2017 Appleton, WI 54913-2017
(hereinafter called Principal), as Principal, and TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, a corporation
organized and existing under the laws of the State of Connecticut with its principal office in the City of Hartford,
Connecticut, (hereinafter called Surety), as Surety, are held and firmly bound unto City of National City
2100 Hoover Ave. National City, CA
(hereinafter called the Owner), and to all persons who furnish labor or material directly to the Principal for use in the
prosecution of the work hereinafter named, in the just and full sum of Three Hundred Fifty Nine Thousand Nine
Hundred Ninety Nine Dollars and 22/100
Dollars ($359,999.22 )
to the payment of which sum, well and truly to be made, the said Principal and Surety bind themselves, and their respective
heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has entered into a certain written contract with the Owner, dated the
15th day of August , 2005 for One (1) Pierce Arrow XT Pumper
which contract is hereby referred to and made a part hereof as fully and to the same extent as if copied at length herein.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall fully indemnify the Owner from
and against any failure on his/her part faithfully to perform the obligations imposed upon him/her under the terms of said
contract free and clear of all liens arising out of claims for labor and material entering into the work, and if the said Principal
shall pay all persons who shall have furnished labor or material directly to the Principal for use in the prosecution of the
aforesaid work, each of which said persons shall have a direct right of action on this instrument in his/her own name and for
his/her own benefit, subject, however, to the Owner's priority, then this obligation to be void; otherwise to remain in full
force and effect.
PROVIDED, HOWEVER, that no action, suit or proceeding shall be had or maintained against the Surety on this instrument
unless the same be brought or instituted and process served upon the Surety within two years after completion of the work
mentioned in said contract, whether such work be completed by the Principal, Surety or Owner; but if there is any
maintenance period provided in the contract for which said surety is liable, an action for maintenance may be brought
within two years from the expiration of the maintenance period, but not afterwards.
BY ACCEPTANCE of this bond, it is hereby acknowledged that the attached Dual Obligee Rider becomes a part of this
bond.
IN WITNESS WHEREOF the said Principal and Surety have signed and sealed this instrument this
15th day of August 2005 .
Witness
Pierce M
By C/I
ufacturingInc.
(SEAL)
Principal
TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
mi (1(1 . c? By ��TZli (SEAL)
Kim M DuFord Witness Toni Schink ORNEY-IN-FACT Surety
12/30/97
PIERDUOB/BOND
DUAL OBLIGEE RIDER
To be attached to and form a part of bond # 104569518 executed by TRAVELERS
CASUALTY AND SURETY COMPANY OF AMERICA, as Surety this 15th day of
August, 2005 in the amount of Three Hundred Fifty Nine Thousand Nine Hundred Ninety
Nine Dollars and 22/100
($ 359,999.22 ) on behalf of Pierce Manufacturing Inc.
2600 American Drive, PO Box 2017 Appleton, WI 54913-2017 as Principal,
in favor of the City of National City
2100 Hoover Ave. National City, CA as
Obligee.
Whereas, upon the request of the Principal and Obligee, the attached bond is hereby amended to
add Saulsbury Hill Financial
1614 15th St., 3rd Floor Denver, CO 80202-1304 as additional
Obligee.
The Surety shall not be liable under this bond to the Obligees, or either of them, unless the said
Obligees or either of them, shall make payments to the Principal or to the Surety, in case it
arranges for the completion of the contract upon default of the Principal, strictly in accordance
with the terms of said contract as to payments, and shall perform all the other obligations to be
performed under said contract at the time and in the manner therein set forth.
In no event shall the Surety be liable in the aggregate to both Obligees for more than the penalty
of is Performance Bond, nor shall it be liable except for a single payment for each single breach
or default. At the Surety's election, any payment due to either Obligee may be made by its
check issued jointly to both.
All other terms and conditions of this bond are unchanged except as herein above modified.
TRAVDUOB/BOND
STPAUL
TRAVELERS
IMPORTANT DISCLOSURE NOTICE OF TERRORISM
INSURANCE COVERAGE
On November 26, 2002, President Bush signed into law the
Terrorism Risk Insurance Act of 2002 (the "Act"). The Act
establishes a short-term program under which the Federal
Government will share in the payment of covered losses caused
by certain acts of international terrorism. We are providing you
with this notice to inform you of the key features of the Act, and to
let you know what effect, if any, the Act will have on your
premium.
Under the Act, insurers are required to provide coverage for
certain losses caused by international acts of terrorism as defined
in the Act. The Act further provides that the Federal Government
will pay a share of such losses. Specifically, the Federal
Government will pay 90% of the amount of covered losses caused
by certain acts of terrorism which is in excess of an insurer's
statutorily established deductible for that year. The Act also caps
the amount of terrorism -related losses for which the Federal
Government or an insurer can be responsible at
$100,000,000,000.00, provided that the insurer has met its
deductible.
Please note that passage of the Act does not result in any change
in coverage under the attached policy or bond (or the policy or
bond being quoted). Please also note that no separate additional
premium charge has been made for the terrorism coverage
required by the Act. The premium charge that is allocable to such
coverage is inseparable from and imbedded in your overall
premium, and is no more than one percent of your premium.
ILT-1018 (9/04)
taCe
QUALITY FIRE APPARATUS
ATTN: BILL YEOMANS
CITY OF NATIONALCITY
1243'NATIONAL CITY BLVD
NATIONAL CITY CA 91950
MANUFACTURING Inc.
P.O. BOX 2017
APPLETON, WI
54912
TEL. (920) - 832-3000
116/2005
M020396
YOUR Q@f,15 1?Rh CT
►i.S
OUR ORDER NO.... UPON
6� EIPT
DELIVERY DATE
VIA
,E.' Z „i ai % I`.
i='11Rt+4
xt Ak!3 4 `,+rv„n �iim..Fk i
:�(.7,+..A'5'f>a)t}
�r.1
t
Il.' dt iG2 "
2 >tv
G3i r3.�. F 4rv; + • o F;: ri
. i 'uhsr £"I vi-f•.'� • �8r
i�+
":
3 ��,4r.vtn �'� 4.:..
F>{¢`!'aSy�'s`f�,.�# i .laa i..
1 C
0% PREPAYMENT ON PIERCE FIRE APPARATUS
3
347,469.00
LESS:
PREPAYMENT DISCOUNT
(13,363.00)
SLBTOTAL
334.106.00
CALIFORNIA
STATE SALES TAX
25,893.22
NET
DUE PIERCE
„�i f 4s��s zliv3 „a"-s rx. `rm;a n #�sn sre
lG 4 iNa aC£'N
359,1 99,22
REMIT PAYMENT TO:
PIERCE MANUFACTURING INC.
7751 COLLECTIONS CENTER DRIVE
- CHICA , m S50693
ORIGINAL INVOICE
SEE ENCLOSEDINSTRUCTIONS
FOR FURTHER INFORMATION
PIERCE MANUFACTURING INC.
AN OSHKOSH TRUCK CORPORATION COMPANY • ISO 900I' 2000 CERTIFIED
2600 AMERICAN DRIVE
POST OFFICE BOX 2017
APPLETON, WISCONSIN 54912-2017
920-832-3000 • FAX 920-832-3208
www.piercemfg.com
PAYMENT METHOD INSTRUCTIONS
PREFERRED OPTION: In order to avoid delays in the receipt and / or
application of your remittance, we recommend that you forward all payments
electronically (via FEDWIRE or ACH systems) to the following:
WIRE
Bank of America NA
231 S LaSalle Street
Chicago, IL 60697
ABA Number: 071000039
Account Name: Pierce Manufacturing, Inc. Account Number: 86661-11009
SWIFT code (International wires only): BOFAUS44
Please reference the job name/number with the transaction!
ALTERNATIVE OPTION: In the event that you wish to forward your remittance
via check, you should follow the instructions outlined below:
Check sent via US Mai! system:
Pierce Manufacturing, Inc.
7751 Collections Center Drive
Chicago, IL 60693
Check sent via courier service to bank street address:
'PS
Bank of America NA
7751 Collections Center Drive
Chicago, IL 60693
Please note: unless specifically authorized DO NOT send your remittance to the
company's office address. However, you may bring final payment with you at
the time of pickup. Also remember to bring a copy of your insurance
binder/coverage.
On all remittances please reference the purchase order or invoice number(s) you
wish payment to be applied to.
Updated: 05/07/2002
MANUFACTURING Inc.
QUALITY FIRE APPARATUS
ATTN: BILL YEOMANS
CITY OF NATIONAL CITY
1243 NATIONAL CITY I3LVD
NATIONAL CITY CA 91950
P.O. BOX 2017
APPLETON, WI
54912
TEL. (920) - 832-3000
A
INVOIOEN UN
M620396
YOUR QF�QF,f RA^T
4411V 1 4
OUR ORDER NO. ON
ON
DELIVERY DATE
VIA
�4�1S I�+T
6ef�. f.
Ci?t /wp PT , 44X"P it4�� 3y
"i�� 4.� �I
2 j
t,�� TUTAL��#,ty(pUrN7"��
1E2%
LESS:
SLJBT'OTAL
CALIFORNIA
NET
PREPAYMENT ON PIERCE°A FIRE APPARATUS
PREPAYMENT DISCOUNT
STATE SALES TAX
DUE PIERCE
4 �
3 3
r
347,46920
13,363,00)
S wwuwY
3 ,iO6.aOI
-Ora-
25,893.E
REMIT PAYMENT TO:
PIERCE MANUFACTURING INC.
7751 COLLECTIONS CENTER DRIVE
COPY
SEE ENCLOSED INSTRUCTIONS
FOR FURTHER INFORMATION
EXHIBIT A-6
(TO EQUIPMENT SCHEDULE NO. 01)
[ATTACH UCC-1 WITH ATTACHMENT]
A-6-1
UCC FINANCING STATEMENT
FOLLOW INSTRUCTIONS (front and back) CAREFULLY
A. NAME & PHONE OF CONTACT AT FILER [optional]
B. SEND ACKNOWLEDGMENT TO: (Name and Address)
L
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1. DEBTOR'S EXACT FULL LEGAL NAME - insert only Qoe debtor name (la or lb). do not abbreviate or combine names
la. ORGANIZATIONS NAME
OR
City of National City, California
lb. INDIVIDUAL'S LAST NAME
lc. MAILING ADDRESS
1243 National City Boulevard
Id. TAX ID#: SSN OR EIN
95-6000749
FIRST NAME
MIDDLE NAME
SUFFIX
ADD'L INFO RE Ile. TYPE OF ORGANIZATION
ORGANIZATION
DEBTOR 'City
CITY
National City
STATE
CA
POSTAL CODE
91950-4397
COUNTRY
USA
1f. JURISDICTION OF ORGANIZATION
1 g. ORGANIZATIONAL ID #, if any
2. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only gig) debtor name (2a or 2b) - do not abbreviate or combine names
2a. ORGANIZATIONS NAME
OR
nNONE
2b. INDIVIDUAL'S LAST NAME
FIRST NAME
MIDDLE NAME
SUFFIX
2c. MAILING ADDRESS
2d. TAX ID #: SSN OR EIN
ADD'L INFO RE Ile. TYPE OF ORGANIZATION
ORGANIZATION
DEBTOR
CITY
STATE
POSTAL CODE
COUNTRY
2f. JURISDICTION OF ORGANIZATION
2g. ORGANIZATIONAL ID #, if any
3. SECURED PARTY'S NAME or NAME of TOTAL ASSIGNEE of ASSIGNOR SIP) -
n NONE
OR
3a. ORGANIZATIONS NAME
All Points Public Funding, LLC
3b. INDIVIDUAL'S LAST NAME
FIRST NAME
MIDDLE NAME
SUFFIX
3c MAILING ADDRESS
275 Broadhollow Road
CITY
Melville
STATE
NY
POSTAL CODE
11747
COUNTRY
USA
Filing pursuant to a Master Equipment Lease -Purchase Agreement between City of National City, Califomia ("Lessee") and
Saulsbury Hill Financial, LLC ("Lessor") with Assignment to All Points Public Funding, LLC ("Assignee") dated August 23,
2005 for the following equipment:
1 Pierce 1500 GPM Triple Combination Pumper Mounted on a Pierce Custom Arrow XT chassis together with all accessories,
attachments, substitutions and accessions.
5. ALTERNATIVE DESIGNATION [if applicable): f LESSEE/LESSOR [ CONSIGNEE/CONSIGNOR BAILEE/BAILOR
6. t (This FINANCING STATEP ENT is to be filed [ or record) (or recorded) in the REAL I 7. Check to RE UEoT SEARCH REPO
LI ESTATE RECORDS. Attach Addendum fif applicable) - [ADDITIONAL FEE)
8. OPTIONAL FILER REFERENCE DATA
rontionell
SELLER/BUYER fAG. LIEN
RTO on Debtor(s)
I All Debtors
NON.UCC FILING
Debtor 1 L
Debtor 2
FILING OFFICE COPY— NATIONAL UCC FINANCING STATEMENT (FORM UCC1) (REV. 07/29/98)
EXHIBIT A-7
(TO EQUIPMENT SCHEDULE NO. 01)
BANK -QUALIFIED DESIGNATION
CITY OF NATIONAL CITY, CALIFORNIA, as lessee (thc 'Lessee "), under Equipment Schedule No. 01 to which this
Designation is attached, hereby designates Equipment Schedule No. 01 as a "qualified tax-exempt obligation" for the purposes
and within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The Lessee hereby represents
that the Lessee reasonably anticipates that the Lessee and other entities that the Lessee controls will not issue tax-exempt
obligations (including Equipment Schedule No. 01) that exceed the aggregate principal amount of S10,000,000 during the
calendar year in which Equipment Schedule No. 01 is executed and delivered and interest commences to accruethereunder.
This Designation is attached to and made a part of Equipment Schedule No. 01.
EXECUTED on August 23, 2005.
CITY OF NATIONAL CITY:.AI ORNIA, as Lessee
Signature:
Printed Name: N7 ek Tnzunz
Title: Mayor
A-7-1
EXHIBIT B
INCUMBENCY CERTIFICATE
i do hereby certify that I am the duly elected or appointed and acting Secretary/Clerk of City of National City,
Califomia, a city organized under the laws of the State of California, that I have custody of the records of such entity and that, as
of the date hereof, the individuals named below are the duly elected or appointed officers of such entity holding the offices set
forth opposite their respective names. I further certify that (i) the signatures set opposite thcir respective names and titles are
their true and authentic signatures, and (ii) such officers have the authority on behalf of such entity to enter into that certain
Master Equipment Lease -Purchase Agreement No.2005-01 dated August 23, 2005 (the `Agreement") and Equipment Schedule
No. 01 thereto dated August 23, 2005 (the "Schedule"), each between City of National City, California and Saulsbury Hill
Financial, LLC, as lessor.
NAME
Nick Inzunza Mayor
I hereby further certify that the individual named below holds the office set forth opposite his/her name and is duly
authorized to execute Certificates of Acceptance and other documents relating to the Agreement and the Schedule.
NAME TITLE
Nick Inzunza Mayor
-1434tl,rtEes Wt-RE-ewrI-keve- y-e eelHcd-this-Eerfi€teate-ea}efft ed t seal o€Eitye i3atie amity, Ce{if a
lteeato-tl342-344 4ay-e€Attgast-2983-
{,`3Fatr.3
tagthet 000ments)
In Witness Whereof, I have duly executed this Certificate and
affixed the seal of the City of National City, California hereto this
23rd day of August, 2005.
[Seal]
B-1
ft
Cit
(other than the person signing
the documents)
EXHIBIT C
OPINION OF LESSEE'S COUNSEL
(SEE ATTACHED)
C-I
City of National City
Office of the City Attorney
1243 National City Boulevard., National City, CA 91950-4301
George H. Eiser, III • City Attorney
(619) 336-4220 Fax: (619) 336-4327 TDD: (619) 336-1615
August 23, 2005
Saulsbury Hill Financial, LLC
1614 15th Street 3rd Floor
Denver, Colorado 80202-1304
RE: Master Equipment Lease -Purchase Agreement No. 2005-01 dated August 23, 2005 and
Equipment Schedule No. 01 thereto
Ladies and Gentlemen:
As counsel for the City of National City, California ("Lessee"), I have examined the
Master Equipment Lease- Purchase Agreement No. 2005-01 duly executed by Lessee and
dated August 23, 2005 (the "Master Lease"), which has been incorporated by reference into
Equipment Schedule No. 01 dated August 23, 2005 ("Equipment Schedule No. 01 "), each
between Lessee and Saulsbury Hill Financial, LLC, as lessor ("Lessor"), the form of the
Certificate of Acceptance (the "Certificate of Acceptance ") attached to Equipment Schedule
No. 01 and the proceedings taken by the governing body of Lessee to authorize on behalf of
Lessee the execution and delivery of the Master Lease, Equipment Schedule No. 01 and the
Certificate of Acceptance. The Master Lease, Equipment Schedule No. 01 and the related
Certificate of Acceptance are herein collectively referred to as the "Transaction Documents."
Based upon the foregoing examination and upon an examination of such other documents
and matters of law as I have deemed necessary or appropriate, I am of the opinion that:
1. Lessee is a city duly organized and legally existing as a political subdivision,
municipal corporation or other local government unit under the Constitution and laws
of the State of California with full power and authority to enter into the Transaction
Documents.
2. The Transaction Documents have each been duly authorized, executed and
delivered by Lessee. Assuming due authorization, execution and delivery thereof by
Lessor, the Transaction Documents constitute legal, valid and binding obligations of
Lessee, enforceable against Lessee in accordance with their respective terms, subject to
any applicable bankruptcy, insolvency, moratorium or other laws or equitable principles
affecting the enforcement of creditors' rights generally.
3. The Equipment to be leased pursuant to the Lease constitutes personal property and
when subjected to use by Lessee will not be or become a fixture under applicable law.
Recycled Paper
Saulsbury Hill Financial, LLC
August 23, 2005
Page Two
Lessee has complied with any applicable public bidding requirements in connection
with the Transaction Documents and the transactions contemplated thereby.
5. No litigation or proceeding is pending or, to the best of my knowledge, threatened to
restrain or enjoin the execution, delivery or performance by Lessee of the
Transaction Documents or in any way to contest the validity of the Transaction
Documents, to contest or question the creation or existence of Lessee or its governing
body or the authority or ability of Lessee to execute or deliver the Transaction
Documents or to comply with or perform its obligations thereunder. There is no
litigation pending or, to the best of my knowledge, threatened seeking to restrain or
enjoin Lessee from annually appropriating sufficient funds to pay the rental payments or
other amounts contemplated by the Lease.
The resolution adopted by Lessee's governing body authorizing the execution and
delivery of the Transaction Documents and certain other matters was adopted at a
meeting that was held in compliance with all applicable laws relating to the holding of
open and public meetings.
7. The entering into and performance of the Transaction Documents do not and will not
violate any judgment, order, law or regulation applicable to Lessee or result in any
breach of, or constitute a default under, or result in the creation of any lien, charge,
security interest or other encumbrance upon any assets of Lessee or on the Equipment (as
such term is defined in the Master Lease) pursuant to any indenture, mortgage, deed of
trust, bank loan or credit agreement or other instrument to which Lessee is a party or by
which it or its assets may be bound.
8. The correct legal name of Lessee for purposes of the California Commercial Code is City
of National City, California.
This opinion may be relied upon by purchasers and assignees of Lessor's interests in the Lease.
Respectfully submitted,
GEORGE H. EISER, III
City Attorney
EXHIBIT D
FORM OF AUTHORIZING RESOLUTION
(SEE ATTACHED CERTIFIhD RESOLUTION NO. 2005-166)
D-1
RESOLUTION NO. 2005 — 166
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE AN
AGREEMENT WITH SAULSBURY HILL FINANCIAL FOR
LEASE FINANCING FOR THE PURCHASE OF A
TRIPLE COMBINATION PUMPER FOR THE FIRE DEPARTMENT
WHEREAS, in conjunction with the Purchasing Agent's purchase of a Triple
Combination Pumper from Pierce Manufacturing, Inc. for the Fire Department, the Finance
Department has received proposals from six different financing vendors; and
WHEREAS, after reviewing all proposals, staff recommends Saulsbury Hill
Financial because it offers the lowest interest rate, financing commitments and delivery
requirements.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City herby authorizes the Mayor to execute a lease financing agreement with
Saulsbury Hill Financial for the purchase of a Triple Combination Pumper from Pierce
Manufacturing, Inc. for the Fire Department. Said agreement is on file in the office of the City
Clerk.
PASSED and ADOPTED this 2nd day of August, 2005.
ATTEST:
Michael R. D.'a, City Clerk
APPROVED AS TO FORM:
George H.Eiser, III
City Attorney
Nick I zunza, Mayor
Passed and adopted by the Council of the City of National City, California, on August 2,
2005, by the following vote, to -wit:
Ayes: Councilmembers Morrison, Parra, Natividad, Zarate.
Nays: None.
Absent: Inzunza
Abstain: None.
AUTHENTICATED BY: NICK INZUNZA
Mayor of the City of National City, California
MICHAEL R. DALLA
City Clerk of the City of National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2005-166 of the City of National City, California, passed and
adopted by the Council of said City on August 2, 2005.
City ler
k of the City c National City, California
By:
Deputy
CITY OF NATIONA„, CITY
ACCOUNTS PAYABLE CHECK
NO. 202964
NVOICE14UIJ1B RT°.-v,nPdi�' >i
i !4:^; DATE ' ;'
IPtQg'' UMBE '.1 1,`, r
. ,:a� z • i� t' DESCRIPTION ., ttt ..
k'?N'.b15GOUNl*, .0 t .
{it,l '," AMOUNT. ',I'-`
08/05/05
08/05/2005
NEW FIRE TRUCK LEASE PMT# 1 08/08/05
0.00
19,613.22
PLEASE DETACH BEFORE DEPOSITING
The Treasurer of the
City of National City
California
BANK OF AMERICA
NATIONAL CITY, CA
16-66
1220
` ;NuUIRi
KAMOUNT
18384 =
08/16/2005
202964
19,613.22
PAY Nineteen Thousand Six Hundred Thirteen Dollars and Twenty Two Cents
TO THE
OF
`ALLPOINT:S PUBLIC FUNDING, LLC
•275 BROADHOLLOW ROAD
MELVILLENY 11747-4823
VOID AFTER 90 DAYS
i'O 20 2964 i■
L 2 2.DDD66 LI: O L? L i11190000i0'
SAI L SBuRY HILL FLNANCIAL
MUNICIPAL COMMERCIAL FEDERAL
INVOICE
Date: . August 03, 2005
To: City of National City
Attn: Mr. Bill Yeomans
1243 National City Boulevard
National -City, CA 91950
Advance Payment of Master Equipment Lease -Purchase Agreement dated August 08, 2005:
$19,613.22
Total Invoice Amount: $19,613.22
Make check payable to:
All Points Public Funding, LLC
275 Broadhollow Road
Melville, NY 11747-4823
Retum Payment with executed Documents to:
Saulsbury Hill Financial, LLC
1614 15th Street — 3` 1 Floor
Denver, CO 80202-1304
Payment must be retumed with executed Master Equipment Lease -Purchase Agreement prior to funding.
Thank you.
1614 I511, Street • Srtt FIo, - • Denver, Cr) $(Y2O2-1:K4i • :73•613.S777 • Fux;tIM-62J-ii.S!1 wr'w.:ptulhi11.4T»n
FINANCIAL SOLUTIONS OUTSIDE THE NINE DOTS
City of National City, California
COUNCIL AGENDA STATEMENT
MEETING DATE August 2, 2005
AGENDA ITEM NO.
17
(----ITEM TITLE
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY AUTHORIZING
THE MAYOR TO EXECUTE AN AGREEMENT WITH SAULSBURY HILL FINANCIAL FOR LEASE FINANCING
FOR THE PURCHASE OF A TRIPLE COMBINATION PUMPER FOR THE FIRE DEPARTMENT
PREPARED BY Bill Yeomans
EXPLANATION
DEPARTMENT Finance x 4330
In conjunction with the Purchasing Agent's purchase of a Triple Combination Pumper from Pierce
Manufacturing, Inc. for the Fire Department, the Finance Department received proposals from six
different lease financing vendors and selected Saulsbury Hill Financial because of its lowest interest
rate, financing commitments and delivery requirements.
Environmental Review X N/A
Financial Statement The amount of $359,999.22 spread out for five years at $72,000 per year is budgeted in the
CDBG fund for $72,000. The finance charges of $6,453 will be paid from the General Fund (001-412-125-519)
Account No.
STAFF RECOMMENDATION
Staff recommends to award the Lease Financing Contract to Saulsbury Hill Financial.
BOARD / COMMISSION RECOMMENDATION
ATTACHMENTS ( Listed Below) Resolution No.
Resolution
C 2 oo5
c Zoos - `t7
A-200 (9/80)
RESOLUTION NO. 2005 — 166
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE AN
AGREEMENT WITH SAULSBURY HILL FINANCIAL FOR
LEASE FINANCING FOR THE PURCHASE OF A
TRIPLE COMBINATION PUMPER FOR THE FIRE DEPARTMENT
WHEREAS, in conjunction with the Purchasing Agent's purchase of a Triple
Combination Pumper from Pierce Manufacturing, Inc. for the Fire Department, the Finance
Department has received proposals from six different financing vendors; and
WHEREAS, after reviewing all proposals, staff recommends Saulsbury Hill
Financial because it offers the lowest interest rate, financing commitments and delivery
requirements.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City herby authorizes the Mayor to execute a lease financing agreement with
Saulsbury Hill Financial for the purchase of a Triple Combination Pumper from Pierce
Manufacturing, Inc. for the Fire Department. Said agreement is on file in the office of the City
Clerk.
PASSED and ADOPTED this 2nd day of August, 2005.
ATTEST:
Michael R. D-'a, City Clerk
APPROVED AS TO FORM:
George H.Eiser, III
City Attorney
WNick I zunza, Mayor
Passed and adopted by the Council of the City of National City, California, on August 2,
2005, by the following vote, to -wit:
Ayes: Councilmembers Morrison, Parra, Natividad, Zarate.
Nays: None.
Absent: Inzunza
Abstain: None.
AUTHENTICATED BY: NICK INZUNZA
Mayor of the City of National City, California
MICHAEL R. DALLA
City Clerk of the City of National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2005-166 of the City of National City, California, passed and
adopted by the Council of said City on August 2, 2005.
City 4 lerk of the ity National City, California
By:
Deputy