2009-58 Golf Cart Lease Purchase Agreement RESOLUTION 2009-58
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
• PALM BEACH, FLORIDA ACCEPTING THE PROPOSAL SUBMITTED BY
TEXTRON, INC. DB/A E-Z-GO NORTH FLORIDA FOR THE LEASE OF GOLF
CARTS FOR THE NORTH PALM BEACH COUNTRY CLUB AND
AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE
LEASE/PURCHASE AGREEMENTS IN ACCORDANCE WITH THE TERMS OF
THE PROPOSAL; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village issued a Request for Proposals for the lease of new golf carts for the North
Palm Beach Country Club, including the purchase of the existing carts and the lease/purchase of two
towing carts and one range cart; and
WHEREAS, upon opening and evaluating the proposals received, Village Administration
recommended accepting the proposal submitted by Textron, Inc. d/b/a E-Z-Go North Florida for the
buy-back of the existing carts, a 36 month lease for 80 golf carts, including the two additional towing
carts, and the purchase of a range Bart at a total cost of $328,705.60; and
WHEREAS, the Village Council determines that the acceptance of the proposal recommended by
Village Administration is in the best interests of the Village and its residents.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are ratified as true and incorporated herein.
Section 2. The Village Council hereby accepts the proposal submitted by Textron, Inc. d/b/a
E-Z-Go North Florida for the lease of new golf carts and towing carts for the North Palm Beach
Country Club, including the buy-back of the existing carts and the purchase of a range cart, at a total
cost not to exceed $328,705.60, with funds expended from Village Account No. L8046-34420 (Rental-
Equipment) for the lease payments and Account No. L8059-66490 (Clubhouse Grounds Machinery
Equipment Capital Account) for the purchase of the range cart.
Section 3. The Village Council further authorizes and directs the Mayor and Village Clerk to
execute all agreements necessary to effectuate the lease/purchase of the carts in accordance with the
proposal submitted by Textron, Inc. d/b/a E-Z-Go North Florida, including the necessary financing
agreement with the third party lender.
Section 4. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED THIS 8th DAY OF OCTOBER, 009
~Viliage Seai) l
Y.
ATTEST:
• ~
~i
VILLAGE CLERK
K,
- - 'i
a~~ ~
September 21, 2009
Lease Number 127539000
Village of North Palm Beach
Re: North Palm Beach Country Club
Attn: Chuck Huff
501 US Highway 1
North Palm Beach, FL 33408
Dear Mr. Huff;
Enclosed are the necessary documents needed to complete your lease transaction. Please review, sign and return the following:
• Lease -Purchase Agreement -Please have the Authorized Signor execute the documents and provide their title
Opinion of Counsel -Please have your attorney sign and provide the name of the law firm, if applicable
Certificate of Acceptance - At the point of delivery, fill out this form and return the original to us. We will be unable to disburse funds unfit we
receive this signed form.
Schedule of Payments -Please sign and provide the title of the signor.
• Resolution-Certificate of Incumbency- List your Authorized Representative(s) and their title(s) in the body of the Resolution. Have the Authorized
Representatives provide their names, title and signatures(s) on the lines which appear under the Authorized Representative Signature Section near the
bottom of the Resolution. Finally, have the Secretary or appropriate Trustee attest to the information of the Authorized Representative(sj by signing and
printing his/her name, title and date on the last signature line provided. The person who validates the signature should not sign the Lease
Agreement. The Resolution must reflect the title(s) of the individual(s) who have authorization to sign the documents.
• Insurance Request Form -Fill in your insurer's information and sign. Please contact your insurer, prior to delivery, to obtain a certificate of insurance.
Please enclose the certificate with the signed documentation or have the insurer fax the certificate directly to me.
• IRS Form 8038-G-Please sign, date and include the title of the signor
• Copy of Vendor Invoices -Vendor should send invoices directly to National City with "Ship To" and "Bill To" in Lessee's name.
• Sales Tax Exemption Certificate -Please return a copy with the documents.
• Minutes of Governing Body (approving the purchase ii< finance of equipment) -Please return a copy with the documents.
If you have any questions please contact Jamie Gauspohl at 513-455-7470 or please feel free to contact Nancy Elkus at 5i3-455-7470
Sincerely,
~Iracy Sparks •
Documentation Specialist
Lease-Purchase Agreeme~lt Dated as of September 21, 2009
Lease Number 127539000
Lessor: National City Commercial Capital Company, LLC
995 Dalton Avenue
Cincinnati, OH 45203
LeSSee: LESSEE FULL LEGAL NAME FEDERAL TAX ID
Village of North Palm Beach 596017984
501 US Highway 1
North Palm Beach, FL 33408
Equipment See attached Certificate of Acceptance for Equipment Description
Description
Rent Lease Term is for 36 months, with Rent payments due in Arrears ®monthly;? quarterly; []semi-annual; annually;
Payment each in the amount set forth in the attached Schedule of Payments.
Schedule
Lessee shall pay Rent payments exclusively from legally available funds in U.S. currency to Lessor in the amounts and on the
dates set forth herein, without notice or demand.
TERMS AND CONDITIONS
1. LEASE. Subject to the terms of this Lease, Lessee agrees to lease from Lessor the equipment (the "Equipment") described in the attached
Certificate of Acceptance when Lessor accepts this Lease. Lessee agrees to be bound by all the terms of this Lease.
2. DELIVERY AND ACCEPTANCE OF EQUIPMENT. Acceptance of the Equipment occurs upon delivery. When Lessee receives the
Equipment, Lessee agrees to inspect it and to verify by telephone or in writing such information as Lessor may require. Delivery and installation
costs are Lessee's responsibility. If Lessee signed a purchase contract for the Equipment, by signing this Lease Lessee assigns its rights, but none of
its obligations under the purchase contract, to Lessor.
3. RENT. Lessee agrees to pay Lessor Rent (plus applicable taxes) in the amount and frequency stated above. If Lessee's Rent payments are due in
Advance, Lessee's first Rent payment is due on the date Lessee accepts the Equipment under the Lease. Lessor will advise Lessee as to (a) the due
date of each Rent payment, and (b) the address to which Lessee must send payments. Rent is due whether or not Lessee receives an invoice from
Lessor. Lessee will pay Lessor any required advance rent when Lessee signs this Lease. Lessee authorizes Lessor to change the Rent by not more
than 15% due to changes in the Equipment configuration, which may occur prior to Lessor's acceptance of this Lease. Restrictive endorsements on
checks Lessee sends to Lessor will not reduce Lessee's obligations to Lessor. Unless a proper exemption certificate is provided, applicable sales and
use taxes will be added to the Rent.
NON-APPROPRIATION OF FUNDS. Lessee intends to remit all Rent and other payments to Lessor for the full Lease Term if funds are legally
available. In the event Lessee is not granted an appropriation of funds at any time during the Lease Term for the Equipment subject to this Lease and
operating funds are not otherwise available to Lessee to pay the Rent and other payments due and to become due under this Lease, and there is no
other legal procedure or available funds by or with which payment can be made to Lessor, and the non-appropriation did not result from an act or
omission by Lessee, Lessee shall have the right to return the Equipment in accordance with Section 16 of the Lease and terminate this Lease on the
last day of the fiscal period for which appropriations were received without penalty or expense to Lessee, except as the purtion of Rent for which
funds shall have been appropriated and budgeted. At least thirty {30) days prior to the end of Lessee's fiscal year, Lessee's chief executive officer (or
legal counsel) shalt certify in writing that (a) funds have not been appropriated for the upcoming fiscal period, (b) such non-appropriation did not
result from any act or failure to act by Lessee, and (c) Lessee has exhausted all funds legally available for the payment of Rent.
4. UNCONDITIONAL OBLIGATION. LESSEE AGREES TILAT IT IS UNCONDITIONALLY OBLIGATED TO PAY ALL RENT AND
ANY OTHER AMOUNTS DUE UNDER THIS LEASE IN ALL FISCAL YEARS IN WHICH FUNDS HAVE BEEN APPROPRIATED NO
MATTER WHAT HAPPENS, EVEN IF THE EQUIPMENT IS DAMAGED OR DESTROYED, IF IT IS DEFECTIVE OR IF LESSEE
HAS TEMPORARY OR PERMANENT LOSS OF ITS USE. LESSEE IS NOT ENTITLED TO ANY REDUCTION OR SET-OFF
AGAINST RENT OR OTHER AMOUNTS DUE UNDER THIS LEASE FOR ANY REASON WHATSOEVER.
5. DISCLAIMER OF WARRANTIES. THE EQUIPMENT IS BEING LEASED T^v LESSEE iN "AS-IS" CONDITION. LFS.cF.E Af:RFEs
THAT LESSOR HAS NOT MANUFACTURED THE EQUIPMENT AND THAT LESSEE HAS SELECTED THE EQUIPMENT BASED
UPON LESSEE'S OWN JUDGMENT. LESSEE HAS NOT RELIED ON ANY STATEMENTS LESSOR OR ITS EMPLOYEES HAVE
MADE. LESSOR HAS NOT MADE AND DOES NOT MAKE ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES
WHATSOEVER, INCLUDING WITHOUT LIMITATION, THE EQUIPMENT'S MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, SUITABILITY, DESIGN, CONDITION, DURABILITY, OPERATION, QUALITY OF MATERIALS OR
WORKIYIANSHIP, OR COMPLIANCE WITH SPECIFICATIONS OR APPLICABLE LAW. Lessee is aware of the name of the Equipment
manufacturer and will contact the manufacturer for a description of their warranty rights. If the manufacturer has provided Lessor with a warranty,
Lessor assigns its rights to such warranty to Lessee and Lessee may enforce all warranty rights directly against the manufacturer of the Equipment.
Lessee agrees to settle any dispute regarding performance of the Equipment directly with the manufacturer of the Equipment.
6. TITLE AND SECURITY INTEREST. Unless otherwise required by the laws of the state where Lessee is located, Lessee shall have title to the
Equipment immediately upon delivery and shall be deemed to be the owner of the Equipment as long as Lessee is not in default under this Lease. In
the event of a default, title to the Equipment shall revert to Lessor free and clear of any rights or interest Lessee may have in the Equipment. Lessor
shall not have a security interest in any of the Equipment under the Uniform Commercial Code of the State of Florida. Nothing in the Lease shall be
interpreted or construed as granting Lessor a security interest in or other lien or encumbrance on any Equipment. Notwithstanding anything to the
contrary in the Lease, Lessor waives and releases any right that it may have at law or in equity to specific or compulsory performance of any
agreement of Lessee to return the Equipment to Lessor, to transfer legal or beneficial title to the Equipment to Lessor or to repossess or foreclose on
any Equipment.
7. USE, MAINTENANCE AND REPAIR. Lessee will not move the Equipment from the Equipment Location without Lessor's advance written
consent. Lessee will give Lessor reasonable access to the Equipment Location so that Lessor can check the Equipment's existence, condition and
proper maintenance. Lessee will use the Equipment in the manner for which it was intended, as required by all applicable manuals and instn~ctions,
and keep it eligible for any manufacturer's certification and/or standard full service maintenance contract. At Lessee's own cost and expense, they
will keep the Equipment in good repair, condition and working order, ordinary wear and tear excepted. Lessee will not make any permanent
alterations to the Equipment.
8. TAXES. Lessee agrees to pay Lessor, when invoiced, all taxes (including any sales, use and personal property taxes), fines, interest and penalties
relating to this Lease and the Equipment (excluding taxes based on Lessor's net income). Lessee agrees to file any required personal property tax
returns and, if Lessor asks, Lessee will provide Lessor with proof of payment. Lessor does not have to contest any tax assessments.
9. INDEMNITY. Lessor is not responsible for any injuries, damages, penalties, claims or losses, inducing legal expenses, incurred by Lessee or any
other person caused by the transportation, installation, manufacture, selection, purchase, lease, ownership, possession, modification, maintenance,
condition, operation, use, return or disposition of the Equipment. To the extent permitted by law, Lessee agrees to reimburse Lessor for and defend
Lessor against any claims for such losses, damages, penalties, claims, injuries, or expenses. This indemnity continues even after this Lease has
expired, for acts or omissions which occurred during the Lease Term.
10. IDENTIFICATION. Lessee authorizes Lessor to insert or correct missing information on this Lease, including Lessee's official name, serial
numbers and any other information describing the Equipment. Lessor will send Lessee copies of such changes. Lessee will attach to the Equipment
any name plates or stickers Lessor provides.
11. .LOSS OR DAMAGE. Lessee is responsible for any loss of the Equipment from any cause at all, whether or not insured, from the time the
Equipment is shipped to Lessee until it is returned to Lessor. If any item of Equipment is lost, stolen or damaged, Lessee will promptly notify Lessor
of such event. Then, at Lessor's option, Lessee will either (a) repair the Equipment so that it is in good condition and working order, eligible for any
manufacturer's certification, or (b) pay Lessor an amount equal to the Net Book Value (as defined in Section 14} of the lost, stolen or damaged
Equipment. If Lessee has satisfied their obligations under this Section i 1, Lessor will forward to Lessee any insurance proceeds which Lessor
receives for lost, damaged, or destroyed Equipment. If Lessee is in default, Lessor will apply any insurance proceeds Lessor receives to reduce
Lessee's obligations under Section 14 of this Lease.
12. INSURANCE. Lessee agrees to (a) keep the Equipment fully insured against loss, naming Lessor as loss payee, and (b) obtain a general public
liability insurance policy covering both personal injury and property damage in amounts not less than Lessor may tell Lessee, naming Lessor as
additional insured, until Lessee has met all their obligations under this Lease. Lessor is under no duty to tell Lessee if Lessee's insurance coverage is
adequate. The policies shall state that Lessor is to be notified of any proposed cancellation at least 30 days prior to the date set for cancellation.
Upon Lessor's request, Lessee agrees to provide Lessor with certificates or other evidence of insurance acceptable to Lessor. If Lessee does not
provide Lessor with evidence of proper insurance within 10 days of Lessor's request or Lessor receives notice of policy cancellation, Lessor may (but
Lessor is not obligated to) obtain insurance on Lessor's interest in the Equipment at Lessee's expense. Lessee will pay all insurance premiums and
related charges.
13. DEFAULT. Lessee will be in default under this Lease if any of the following happens: (a) Lessor does not receive any Rent or other payment due
under this Lease within 10 days after its due date, (b) Lessee fails to perform or observe any other promise or obligation in this Lease and does not
correct the default within 10 days after Lessor sends Lessee written notice of default, (c) any representation, warranty or statement Lessee has made
in this Lease shall prove to have been false or misleading in any material respect, (d) any insurance carrier cancels or threatens to cancel any
insurance on the Equipment, (e) the Equipment or any part of it is abused, illegally used, misused, lost, destroyed, or damaged beyond repair, (f) a
petition is filed by or against Lessee under any bankruptcy or insolvency laws, or (g) Lessee defaults on any other agreement between it and Lessor
(or Lessor's affiliates).
14. REMEDIES. Upon the occurrence of a default, Lessor may, in its sole discretion, do any or all of the following: (a) provide written notice to
Lessee of default, (b) as liquidated damages for loss of a bargain and not as a penalty, declare due and payable, the present value of (i) any and all
amounts which may be then due and payable by Lessee to Lessor under this Lease, plus (ii) all Rent payments remaining through the end of the then
current fiscal year, discounted at the higher of 3% or the lowest rate allowed by law (collectively, the "Net Book Value") and (c) require Lessee to
immediately return the Equipment to Lessor. Lessor has the right to require Lessee to make the Equipment available to Lessor for repossession
during reasonable business hours or Lessor may repossess the Equipment, so long as Lessor does not breach the peace in doing so, or Lessor may use
legal process in compliance with applicable law pursuant to court order to have the Equipment repossessed. Lessee will not make any claims against
Lessor or the Equipment for trespass, damage or any other reason. If Lessor takes possession of the Equipment Lessor may (a) sell or lease the
Equipment at public or private sale or lease, and/or (b) exercise such other rights as may be allowed by applicable law. Although Lessee agrees that
Lessor has no obligation to sell the Equipment, if Lessor does sell the Equipment, Lessor will reduce the Net Book Value by the amounts Lessor
receives. Lessee will immediately pay Lessor the remaining Net Book Value. Lessee agrees (a) that Lessor only needs to give 10 days advance
notice of any sale and no notice of advertising, (b) to pay all of the costs Lessor incurs to enforce Lessor's rights against Lessee, including attorney's
fees, and (c) that Lessor will retain all of Lessor's rights against Lessee even if Lessor does not choose to enforce them at the time of Lessee's
default.
15. LESSEE'S OPTION AT END OF LEASE. Provided Lessee is not in default, upon expiration of the Lease Term shall purchase all but not less
than all of the Equipment fOC $96,000.00 (plus all sales and other applicable taxes).
16. RETURN OF EQUIPMENT. If (a) default occurs, or (b) anon-appropriation of funds occurs in accordance with Section 3, Lessee will
immediately return the Equipment to any location(s) in the continental United States and aboard any carriers(s) Lessor may designate. The
Equipment must be properly packed for shipment in accordance with the manufacturer's recommendations or specifications, freight prepaid and
insured, maintained in accordance with Section 7, and in "Average Saleable Condition." "Average Saleable Condition" means that all of the
Equipment is immediately available for use by a third party buyer, user or lessee, other than Lessee named in this Lease, without the need for any
repair or refurbishment. All Equipment must be free of markings. Lessee will pay Lessor for any missing or defective parts or accessories. Lessee
will continue to pay Rent until the Equipment is received and accepted by Lessor.
17. REPRESENTATIONS AND WARRANTIES. Lessee hereby represents and warrants to Lessor that as of the date of this Lease, and throughout
the Lease Term: (a) Lessee is the entity indicated in this Lease; (b) Lessee is a State or a fully constituted political subdivision or agency of the State
in which Lessee is located; (c) Lessee is duly organized and existing under the Constitution and laws of the State in which Lessee is located; (d)
Lessee is authorized to enter into and carry out Lessee's obligations under this Lease, any documents relative to the acquisition of the Equipment and
f
any other documents required to be delivered in connection with this Lease (collectively, the "Documents"); (e) the Documents have been duly
authorized, executed and delivered by Lessee in accordance with all applicable laws, rules, ordinances, and regulations, the Documents are valid,
legal, binding agreements, enforceable in accordance with their terms and the person(s) signing the Documents have the authority to do so, are acting
with the full authorization of Lessee's governing body, and hold the offices indicated below their signature, each of which is genuine; (f) the
Equipment is essential to the immediate performance of a governmental or proprietary function by Lessee within the scope of Lessee's authority and
shall be used during the Lease Term only by Lessee and only to perform such function; (g) Lessee intends to use the Equipment for the entire Lease
Term and shall take all necessary action to include in Lessee's annual budget any funds required to fulfill their obligations for each fiscal year during
the Lease Term; (h) Lessee has complied fully with all applicable law governing open meetings, public bidding and appropriations required in
connection with this Lease and the acquisition of the Equipment; (i) Lessee's obligations to remit Rent under this Lease constitutes a current expense
and not a debt under applicable state law and no provision of this Lease constitutes a pledge of Lessee's tax or general revenues, and any provision
which is so constructed by a court of competent jurisdiction is void from the inception of this lease; (j) all payments due and to become due during
Lessee's current fiscal year are within the fiscal budget of such year, and are included within an unrestricted and unencumbered appropriation
currently available for the lease/purchase of the Equipment; (k) Lessee shall not do or cause to be done any act which shall cause, or by omission of
any act allow the interest portion of any Rent payment to become includible in Lessor's gross income for Federal income taxation purposes under the
Internal Revenue Code of 1986, as amended, (the "Code"}; (I) Lessee shad maintain a complete and accurate record of all assignments of this Lease
in the form sufficient to comply with the book entry requirements of Section 149(a) of the Code and the regulations prescribed there under from time
to time; (m) Lessee shall comply with the information reporting requirements of Section 149(e) of the Code; such compliance shall include, but not
be limited to, the execution of IRS Form 8038-G or 8038-GC; and (n) all financial information Lessee has provided to Lessor is true and accurate and
provides a good representation of Lessee's financial condition.
Lessor acknowledges that (a) no Lease will be a general obligation of Lessee, (b) no Lease will be payable from a pledge of ad valorem taxes, and (c)
no Lease shall constitute a pledge of either the full faith and credit of Lessee or the taxing power of Lessee.
18. LESSEE'S PROMISES. In addition to the other provisions of this Lease, Lessee agrees that during the term of this Lease (a) Lessee will promptly
notify Lessor in writing if it moves Lessee's principal office or it changes its name or legal structure, (b) Lessee will provide to Lessor such financial
information as may reasonably request from time to time, and (c) Lessee will take any action Lessor reasonably requests to protect Lessor's rights in
the Equipment and to meet Lessee's obligations under this Lease.
19. ASSIGNMENT. LESSEE WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE, SUB-LEASE OR PART WITH POSSESSION OF THE
EQUIPMENT OR FILE OR PERMIT A LIEN TO BE FILED AGAINST THE EQUIPMENT. Lessee will not attach any of the Equipment to
any real estate. Upon Lessor's reasonable request and at Lessee's cost, Lessee will obtain from each person having an interest in the real estate
where the Equipment is located a waiver of any rights they may have in the Equipment.
20. ASSIGNMENT BY LESSOR. This Lease, and the rights of Lessor hereunder and in and to the Equipment, may be assigned and reassigned in
whole or in part to one or more assignees by Lessor or its assigns at any time without the necessity of obtaining the consent of Lessee; provided,
however, no such assignment or reassignment shall be effective unless and until Lessee shall have been given written notice of assignment disclosing
the name and address of the assignee or its agent authorized to receive payments and otherwise service this Lease on its behaif. Upon receipt of
notice of assignment, Lessee agrees to record the same in records maintained for such purpose, and further, to make all payments as designated in the
assignment, notwithstanding any claim, defense, setoff or counterclaim whatsoever (whether arising from a breach of this Lease or otherwise) that
Lessee may from time to time have against Lessor or Lessor's assigns. Lessee agrees to execute all documents, including acknowledgments of
assignment, which may reasonably be requested by Lessor or its assigns to protect their interests in the Equipment and in this Lease.
21. COLLECTION EXPENSES, OVERDUE PAYMENT, TERMINATION. Lessee agrees that Lessor can, but does not have to, take on Lessee's
behaif any action which Lessee fails to take as required by this Lease, and Lessor's expenses will be in addition to that of the Rent which Lessee
owes Lessor. If Lessor receives any payment from Lessee after the due date, Lessee shall pay Lessor on demand as a late charge five percent (5%) of
such overdue amount, limited, however, to the maximum amount allowed bylaw. Upon thirty (30} days prior written notice by Lessee to Lessor, and
so long as there is no Event of Default then existing, Lessee shall have the option to purchase all, but not less than all, of the Equipment covered by
the Lease on any Rent Payment due date by paying to Lessor all Rent Payments then due (including accrued interest, if any) plus the Termination
Value amount set forth on the Payment Schedule to the applicable Lease for such date. Upon satisfaction by Lessee of such purchase conditions,
Lessor shall release its Lien on such Equipment and Lessee shall retain its title to such Equipment "AS-IS, WHERE-IS," without representation or
warranty by Lessor, express or implied, except for a representation that such Equipment is free and clear of any Liens created by Lessor.
22. AGREED LEASE RATE FACTOR. Lessee understands that the Equipment may be purchased for cash (the "Equipment Cost") or it may be
leased. By signing this Lease, Lessee acknowledges that is has chosen to lease the Equipment from Lessor for the Lease Term and that Lessee has
agreed to pay Rent. Each payment of Rent includes a principal amount based on the Equipment Cost and a lease charge rate. If it is determined that
Lessee's payments under this Lease resuit in an interest payment higher than allowed by applicable law, then any excess interest collected will be
applied to the repayment of principal and interest will be charged at the highest rate allowed by law. In no event will Lessor charge or receive or will
Lessee pay any amounts in excess of the legal amount.
23. MISCELLANEOUS. This Lease contains the entire agreement and supersedes any conflicting provision of any equipment purchase order or any
other agreement. TIME IS OF THE ESSENCE IN THIS LEASE. If a court finds any provision of Lease to be unenforceable, the remaining
terms of this Lease shall remain in effect. THIS LEASE IS A "FINANCE LEASE" AS DEFINED IN ARTICLE 2A OF THE UNIFORM
COMMERCIAL CODE. Lessee authorizes Lessor (or Lessor's agent) to (a) obtain credit reports, (b) make such other credit inquires as Lessor
ma deem necessa , and c furnish a ment histo information to credit re ortin a envies. To the extent e.. ,rtted b ~ law, Lessor ma`s eharaP
Y rY PY rY p g g p 5 ~ o-
Lessee afee of $250.00 to cover Lessor's documentation and investigation costs.
24. NOTICES. All of Lessee's written notices to Lessor must be sent by certified mail or recognized overnight delivery service, postage prepaid, to
Lessor at Lessor's address stated in this Lease, or by facsimile transmission to Lessor's facsimile telephone number, with oral confirmation of
receipt. All of Lessor's notices to Lessee may be sent first class mail, postage prepaid, to Lessee's address stated in this Lease. At any time after this
Lease is signed, Lessee or Lessor may change an address or facsimile telephone number by giving notice to the other of the change.
25. WAIVERS. LESSOR AND LESSEE EACH AGREE TO WAIVE, AND TO TAKE ALL REQUIRED STEPS TO WAIVE, ALL RIGHTS
TO A JURY TRIAL. To the extent Lessee is permitted by applicable law, Lessee waives all rights and remedies conferred upon a lessee by Article
2A (Sections 508-522) of the Uniform Commercial Code including but not limited to Lessee's rights to: (a) cancel or repudiate this Lease; (b) reject
or revoke acceptance of the Equipment; (c) recover damages from Lessor for any breach of warranty or for any other reason; (d) grant a security
interest in any Equipment in Lessee's possession. To the extent Lessee is permitted by applicable law, Lessee waives any rights Lessee now or later
may have under any statute or otherwise which requires Lessor to sell or otherwise use any Equipment to reduce Lessor's damages, which requires
Lessor to provide Lessee with notice of default, intent to accelerate amounts becoming due or acceleration of amounts becoming due, or which may
otherwise limit or modify any of Lessor's rights or remedies. ANY ACTION LESSEE TAKES AGAINST LESSOR FOR ANY DEFAULT,
II:~C~IING #~~7A[ 0~'E~ "II'~t' ®b@ IN~D~4~41V`Il°II'Y,1~Q;S'fl" 131 S`t'AR'1!'~BD ~Tl~t~l QDI~I~ QAp ~~t A~II'ER 4'(tff~ ~D'"fPa
H~Q'1 ~'AtTS~ >Z~i . II.essar ~ ill aaot be 9dmble for sg~ific gserf®atnaaaee of this l.~se ®r f`or sny lussa~, d~~, ~~~y cr siaa9eare tci dsxne~er
i;~uagaa~e~t.
SR.9.~oII.~ ~~5~i~1R 5'tf~s.~t'~~[~~t'II'. 3..assae hereby cea-tii~ies to ~.essar sand nt,~ aassi~ns t&agt: a) Lesscc de~agntiatcs slne I.~ase ~ as "Qau~laficd
7f'~-t~xe~.pg ~blugation" for tYte paacposes off S~~on 265(b}(3} of tlae Code; b) I.es o~ d ope~t~ the ~~~ip~ent ~ tlt~
pc~~ace ~f life pa~lflc pa~rpos~es; andl the lrquipztaemmt v,~°ll not be saab~e~¢ to tlae Lase or control aff ffiy .tl4~T e~atity; c} Lessee fl not
d!es ~ ~cor;e than dirty iV1iIlflBOn fl3ollars {~30,~Oi?,(3~0} mff t~.x-exempt obli~adons d~ the gent oagemm~x grear as "~utati~icd
°fl'ax-rxetngE ®ibfli~ataoza", Lessee aodaz~bly eagse~s 4o u::sue ago moan: &1st~aa '~hizty li~%ilflIlion ors (~3~,0(K},(3fl~} of -~xtpe
®bDa~~ti®~ duu~ag tl~ euaar~sat caDetsdar aaod d) for purposes of ~a~ggaipt~ 3 heap atbu~c, ~e tort off' na.~t- t obHi~tioa~s
spa as eiiteer dssaned ®r designated ffi "Qtta~infned it'ax-etttpt Cbliga¢QOns" inclatdes tax-ettet tDbligatioms issued 6y ~ stabarc~inate
e~tutiies of b.e, as DOrovided in Section 265 tb) (3} {E} of ~ Code.
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~~~v4~~~ ~Pd ~'~ifUS IG1E~~ sa~r~~~. 'i1"II{1II5 IIS ~II~~II~~ ¢1~ta iL~SS~J~ ~t~. ~:~'T7~~ 4~II II:'S~ ~I~aD cttltrII'¢Il.,
t.>£[~ i~?SIII;~:~3'II lES'Il'1E4IIS Q.~~iS~. 'i('II{iIIS f.IIr~Siz nJY1III.(L CQAC'1~~~~®1ffi4l ~'lE•9L~ EL~66'S ®l~"PIId 5'~T~ lT1E ~<F"p'MI~ IL,~tE.
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~ 1~~ anted as cotan.~l to tPae above-regeremeecD fl..e~c~e {flee ``Lesser"} ~~ith rest to ¢bns B.,ease-~tat:.~se !eenaent by and b~ieeen flee
~~e ~sd IL~ss®a° {tlae "F.ease"), aodi iun tliiis capacity have ~r~~ae~vet9 tlae original or duplec origsnals of Hhe L and such odseg cDocaaalacants
~ I live dl¢enaed relevant. IBa~cil upon tDae foaeooimmg, fl am of ttxe o~dnion eDla¢: Lessee as a state og a fn1Dy c~~4i~ated pollstflcall sasbdi~~siota.
ar agemc~r of state ~.vi8lain t9ae nzeaaainag o;f'Secaosa l d3 of tine Intertt~ ~evenaae Code of i~$~, as am~nsDed; {I~} ~e e~secw~on, fliv aid
peaforanasace of the Il.ease lay II~ee has been duDy aaathorzed by all nece action ou ting part of L~gee, {C} thre lte cornsbattat a Degai2,
valfid and bindiing oblagsstiom off LLessee enfoceeabfle in accordance Evitb nts tetzxas, except as lismit¢d b~ flags of geneeaD applicataon a~~dng
e~o~ment offcreaflitors' ruts. ~d dace rsot cottstitute a aiebt of Lessee ~sPmich is prdlaiibited by ate flatar9 (~y ~e a~t~ori~¢bost, app°oval
e~ee~ution of the 4.~se a~rnd alIl odner proceedings of Lessee n~lated to tine trractaons contemplated Ylaeaeby Issue bcean p~ffo~aaed iaa accara~cre
Yuatla aQl a~aa-meetuaag ?caws, lnubflic lsadding la<a~, and all atlner apDslacable state lavers. t~dersigned cestn~aes tDlat {g)he is ~ a2¢oa~ey duly
aanthari~d to practice ia~a~ un c~ae Smote of ~'~saa~~
'3~ foregoi~ op~ziomms are D.i~tited to tllae la~~ af;aach Slate and fedt:e~l lae~~s of tlae LJatited S¢stes.
Attoauey of see
13b:
- _
~
Lastivf~aa: __c~c~c~~~,,,~fi ~~o~ ,
' CERTIFICATE OF ACCEPTANCE
Lease Number 127339000
_ Quantity Description Serial No.
80 (80) NEW EZGO TxT'-PDS ELECTRIC GOLF
CARS
Q or see attached Equipment Schedule
Lessee, through its authorized representative, hereby certifies to Lessor that:
I. The Equipment has been delivered to the location where it will be used, which is the Equipment Location given in the Lease-Purchase
Agreement ("Lease");
2. A!1 of the Equipment has been inspected and is (a) complete, (b) properly installed,,{c) functioning, and (d) in good worlang order;
3. Lessee accepts the Equipment for all purposes under the Lease as of NOVember L 3 , 2009 (the "Acceptance Date', which is the
date on which the Equipment was delivered and installed;
4. The Equipment is of a size, design, capacity and manufacture acceptable to Lessee and suitable for Lessee's purposes; and
. 5. Lessee is not in default under the Lease, no Non-Appropriation of Funds (as descn'bed in the Lease) has occurred, and all of Lessee's
statements and promises set forth in the Lease are true and correct.
Lessor is hereby authorized to insert serial numbers on the Lease.
THIS CERTIFICATE OF ACCEPTANCE IS SIGNED THISI~ DAY OF ~~J~~-, 2009.
Villa e P
(°Less
X
~~,o
D _ic~B. Norri
Print Name
Ma or
ree: ~ O
Dais
501 US Highway 1
North Palm Beach, FL 33408
SCHEDULE OF PAYMENTS
Lease Number 127539000
Attached to and made a part of that certain Lease-Purchase Agreement dated as of September 21, 2009 by and between
National City Commercial Capital Company, LLC, as Lessor, and Village of North Palm Beach, as Lessee.
Rent payments are payable as follows:
Payment
Number Date Pa ment Interest Principal Termination"
1 $6,269.60 $1,502.32 $4,767.28 $284,817.37
2 $6,269.60 $1,477.10 $4,792.50 $279,929.02
3 $6,269.60 $1,451.75 $4,817.85 $275,014.82
4 $6,269.60 $1,426.26 $4,843.34 $270,074.61
5 $6,269.60 $1,400.64 $4,868.96 $265,108.27
6 $6,269.60 $1,374.88 $4,894.72 $260,115.66
7 $6,269.60 $1,348.99 $4,920.61 $255,096.63
8 $6,269.60 $1,322.96 $4,946.64 $250,051.06
9 $6,269.60 $1,296.80 $4,972.80 $244,978.81
10 $6,269.60 $1,270.49 $4,999.11 $239,879.71
11 $6,269.60 $1,244.05 $5,025.55 $234,753.65
12 $6,269.60 $1,217.46 $5,052.14 $229,600.47
13 $6,269.60 $1,190.74 $5,078.86 $224,420.03
14 $6,269.60 $1,163.87 $5,105.73 $219,212.19
15 $6,269.60 $1,136.86 $5,132.74 $213,976.79
16 $6,269.60 $1,109.71 $5,159.89 $208,713.71
17 $6,269.60 $1,082.42 $5,187.18 $203,422.78
18 $6,269.60 $1,054.98 $5,214.62 $198,103.87
19 $6,269.60 $1,027.39 $5,242.21 $192,756.82
20 $6,269.60 $999.66 $5,269.94 $187,381.48
21 $6,269.60 $971.78 $5,297.82 $181,977.70
22 $6,269.60 $943.76 $5,325.84 $176,545.34
23 $6,269.60 $915.59 $5,354.01 $171,084.25
24 $6,269.60 $887.26 $5,382.34 $165,594.27
25 $6,269.60 $858.79 $5,410.81 $160,075.24
26 $6,269.60 $830.17 $5,439.43 $154,527.02
27 $6,269.60 $801.40 $5,468.20 $148,949.46
28 $6,269.60 $772.47 $5,497.13 $143,342.39
29 $6,269.60 $743.39 $5,526.21 $137,705.65
30 $6,269.60 $714.16 $5,555.44 $132,039.10
31 $6,269.60 $684.77 $5,584.83 $126,342.58
32 $6,269.60 $655.23 $5,614.37 $120,615.92
33 _ $6,269.60 $625.53 $5,644.07 $114,858.97
34 $6,269.60 $595.67 $5,673.93 $109,071.56
35 $6,269.60 $565.66 $5,703.94 $103,253.54
36 $6,269.60 $535.49 $5,734.11 $97,404.75
37 $96,000.00 $505.15 $95,494.85 $0.00
"As provided in Section 21 of the Lease-Purchase Agreement.
~96~a,a$ ~art9~ ~a9gn ~ ~~~~aa~ai ~oQ~p Ca°amet~~~ ~~~6~a1 Car~a~~ea~
~~i_~~ ° i_LC
i~
~ ~IZAZ/S~
~,m ~ T'i~is~
SL°:
~~rJ ¢~aii;®n Add.
Sd~ ~9~ F88g~u~ ~ ~ir~ciraa~~:i 45243
~a~iD ~~eva i5~~1~, ~ 334
s
t
C
I
INSURANCE COVERAGE DISCLOSURE
National City Commercial Capital Company, LLC, LESSOR
Village of North Palm Beach, LESSEE
RE: INSURANCE COVERAGE REQUIREMENTS
1. In accordance with the Lease-Purchase Agreement ("Lease"), Lessee certifies that it has instructed the insurance
agent named below (please fill in name address and telephone number):
to issue: (check to in ica a coverage
x a. All Risk Physical Damage Insurance on the leased Equipment evidenced by a Certificate of Insurance and Long Form
Loss Payable Clause naming National City Commercial Capital Company, LLC and/or its assigns as Loss Payee.
Coverage Required: $284,000.00
b. Public Liability Insurance evidenced by a Certificate of Insurance naming National City Commercial Capital Company,
LLC and/or its assigns as an Additional Insured.
Minimum Coverage Required:
$1,000,000.00 per person
$2,000,000.00 aggregate bodily injury liability
$1,000,000.00 property damage liability
Proof of insurance coverage will be provided to National City Commercial Capital Company, LLC, 995 Dalton Ave, Cincinnati, OH
45203, prior to the time that the property is delivered to Lessee.
OR
2. Pursuant to the Lease Lessee represents and warrants in addition to other matters under the Agreement, that it is
lawfully self-insured for: (check to indicate coverage)
a. All risk, physical damage in the amount specified in 1(a) above.
b. Public liability for not less than the amounts specified in 1(b) above.
ITEMS WHICH NEED TO BE REFLECTED ON INSURANCE CERTIFICATE:
• National City Commercial Capital Company, LLC must be named Loss Payee and Additional Insured
30 Days Notice of Cancellation
• Not Less than $1,000,000.00 limits on liability
• Certificate must reflect a short equipment description
• Certificate must reflect an expiration date
Certificate Holder Information:
National City Commercial Capital Company, LLC,
its successors and/or all assigns
995 Dalton Ave.
Cincinnati, OH 45203
~- ~ ~ c h;f~~ate to Tra~u ~ arks(u~$66-463-1260.
Please send a rr,.. coNy o. c2~ , _p_...
LESSEE HAS ATTACHED A SIGNED LETTER DESCRIBING SELF-INSURANCE.
LESSEE: Village of North Palm Beach
gy; Title:
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l 1~tE~ EZG® TX1o-2'DS E~,ECTIISTC Gfl2.~° CARS 2691472
1 IvE~1 E~'ICXT-P23S EL~C7'IlilC CrflLF C~.S Zb~1473
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Il FR'I~~
RESOLUTION AND CERTIFICATE OF INCUMBENCY
Lease Number 127539000
Lessee: Village of North Palm Beach
Amount $284,000.00
WHEREAS, Lessee, a body politic and corporate duly organized and existing as a political subdivision, municipal corporation or similar public entity of the State or
Commonwealth ("the State") is authorized by the laws of the State to purchase, acquire and lease certain equipment and other property for the benefit of the
Lessee and its inhabitants and to enter into contracts with respect thereto; and
WHEREAS, pursuant to applicable law, the governing body of the Lessee ("Governing Body") is authorized to acquire, dispose of and encumber real and personal
property, including, without limitation, rights and interest in property, leases and easements necessary to the functions or operations of the Lessee.
WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Lease-Purchase Agreements or lease schedules ("Leases") in the
principal amount not exceeding the amount stated above for the purpose of acquiring the property ("Equipment") to be described in the Leases is appropriate and
necessary to the functions and operations of the Lessee.
WHEREAS, National City Commercial Capital Company, LLC ("Lessor") shall act as Lessor under said Leases.
NOW, THEREFORE, Be It Ordained by the Governing Body of the Lessee:
Section 1. Either one of the OR (each an "Authorized Representative") acting on behalf of the Lessee,
is hereby authorized to negotiate, enter into, execute, and deliver one or more Leases in substantially the form set forth in the document presently before the
Governing Body, which document is available for public inspection at the office of the Lessee. Each Authorized Representative acting on behalf of the Lessee is
hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Lease as the Authorized Representative deems necessary
and appropriate. All other related contracts and agreements necessary and incidental to the Leases are hereby authorized.
Section 2. By a written instrument signed by any Authorized Representative, said Authorized Representative may designate specifically identified officers or
employees of the Lessee to execute and deliver agreements and documents relating to the Leases on behalf of the Lessee.
Section 3. The aggregate original principal amount of the Leases shall not exceed the amount stated above and shall bear interest as set forth in the Leases and
the Leases shall contain such options to purchase by the Lessee as set forth therein.
Section 4. The Lessee's obligations under the Leases shall be subject to annual appropriation or renewal by the Governing Body as set forth in each Lease and
the Lessee's obligations under the Leases shall not constitute general obligations of the Lessee or indebtedness under the Constitution or laws of the State.
Section 5. As to each Lease, the Lessee reasonably anticipates to issue not more than $10,000,000 of tax-exempt obligations (other than "private activity bonds"
which are not "qualified 501(c) bonds") during the fiscal year in which each such Lease is issued and hereby designates each Lease as a qualified tax-exempt
obligation for purposes of Sec on 65(b) of the ?nternal Revenue Code of 1986, as amended.
Section Th" luti n h II a effect immediately upon its adoption and approval.
SIG TUR AN O UTH IZED REPRESENTATIVES : AUTHORIZED LEASE SIGNORS ONLY
Nam Title Signature
Name Title Signature
ADOPTED AND APPROVED on this ®ci! w~ ~ 20~!
Section 7. I, the undersigned Secretary/Clerk identified below, does hereby certify that I am the duly elected or appointed and acting Secretary/Clerk of the above
Lessee, a political subdivision duly organized and existing under the laws of the State where Lessee is located, that 1 have the title stated below, and that, as of the
date hereof, the individuals named below are the duly elected or appointed officers of the Lessee holding the offices set forth opposite their respective names.
The undersigned Secretary/Clerk of the above-named Lessee hereby certifies and attests that the undersigned has access to the official records of the Governing
Body of the Lessee, that the foregoing resolutions were duly adopted by said Governing Body of the Lessee at a meeting of said Governing Body and that such
resolutions have not been amended or altered and are in full force and effect on the date stated below.
LESSE~EJ~Village of North Palm Beach "
--1G~' 6.~~~a~-i / [SEAL]
Signature of Sec/re/Jtary//Clerk of Lessee
Print Name: v`L~! ,~..f~
Official Title:
Date: O
Form $o3$_G Information Return for Tax-Exempt Governmental Obligations
(Rev. November 2000) ? Under Internal Revenue Code Section 149 (e) OMB No. 1545-0720
~ See separate instructions
Department of the Treasury C~~~4o®~i: er?se Form 8038-GC If the Issue pnce 15 under $100,000
IMemal Revenue Service
Reporting Authority If Amended Return Check here ~
1 Issuer's name 2 Issuer's employer Identification
Villa a of North Palm Beach ~ - ~ ~ q
3 Number and street (or P. O. box if mail is not delivered to Street address) Room/suite 4 Report number
501 US Hi hwa 1
5 City, town, or post office, state, and ZIP code 6 Date of Issue
North Palm Beach, FL 33408
7 Name of issue: Lease Number 127539000 8 CUSIP number
Lease-Purchase A reement dated as of September 21, 2009 N/A
9 Name and title of officer or legal representative whom the IRS may 10 Telephone number of officer or legal representative
call for more information ~ ~
~'i YYIm Y) i ~ (5l~ I) d
Type of Issue (check a plicabl ox(es) and enter th issue price) See Instructions and attach schedule
11, ? Education 11
12 ? Health and hospital 12
13 ? Transportation 13
14 ? Public safety 14
15 ? Environment (including sewage bonds) 15
16 ? Housing 16
17 ? Utilities 17
18 ? Other. Describe (see instructions) ~ 18 $284,000.00
19 If obligations are TANS or RANs, check box ~ ? If obligations are BANS, check box ~ ?
20 If obligations are in the form of a lease or installment sale, check box ~
Descri tion of Obli ations Com lete for the entire issue for which this form is bein filed
(a) Final Maturity date (b) Issue Price (c) Stated redemption (d) Weighted (e) Yield
price at maturity average maturity
21 $284,000.00 N/A
Uses of Proceeds of Bonds Issue (including underwriters' discount) N/A
22 Proceeds used for accrued interest 22 0.00
23 Issue Price of entire issue (Enter amount from line 21, column (b) 23
24 Proceeds used for bond issuance costs (including underwriters' discount) 24 0.00
25 Proceeds used for credit enhancement 25 0.00
26 Proceeds allocated to reasonably require reserve or replacement fund 26 0.00
27 Proceeds used to currently refund prior issues 27 0.00
28 Proceeds used to advance refund prior issues 28 0.00
29 Total (add lines 24 through 28) 29 0.00
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) 30
Description of Refunded Bonds (Complete this part only for refunding bonds.) N/A
31 Enter the remaining weighted average maturity of the bonds to be currently refunded ~
Years
32 Enter the remaining weighted average maturity of the bonds to be advanced refunded ~ years
33 Enter the last date on which the refunded bonds will be called ~
34 Enter the dates(s) the refunded bonds were issued ~
Miscellaneous N/A
35 Enter the amount of the state volume cap allocated to the issue under section 141 (b)(5) 35
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (see instructions) 36a
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 37a
b If this issue is a loan made from the proceeds of another tax-exempt issue, check box ~ ? and enter the name of the
Issuer and the date of the issue ~
38 If the issuer has designated the issue under section 265 (b)(3)(B)(i)(III) (smaller 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
Please belief, they are true, correct and com >1
Here / ® ? ~t ~r~l`~,
Signat re u 's authorized representative Date Type or print name
and
titles
For Paperwork Redu on Act Notice, see page 2 o e Instructions. Cat. No. 63773S Form 8038-G (Rev. 11-2000)
' On 8038-G forms, the below described lines need to be filled out by the Lessee:
1. Line No. 2: Fill in the Lessee's EIN number. (An issuer that does not have an EIN should apply for one on Form SS-
4, Application for Employer Identification Number. This form may be obtained from most IRS and Social Security
Administration offices. File Form SS-4 according to the instructions on that form. If the EIN has not been received by the
date of filing the 8038-G, write "Applied for" in the space for the EIN).
2. Line No. 4: Number reports consecutively based on the filing date (not the date of issue). For example, if the issuer
filed two Forms 8038-G in the 1999 calendar year, the "report number" for the third Form 8038-G would be "G1999-3". If an
issuer (e.g., a state) issues obligations through may departments or agencies, the issuer may assign a letter of the alphabet to
each department or agency, and each may separately number its reports by indicating both the report number and letter (e.g.,
G1999-5-C, G1999-2-D).
3. Line No. 9: State the name and the title for the legal representative the IRS may call for more information. The legal
representative is the person who will be contacted if there are any questions with respect to the IRS form 8038-G and the
transaction reported. Typically this person is employed by the issuer and is the same person who signs the IRS Form 8038-G.
4. Line No. 10: State the telephone number of the person listed in line 9.
separate Form 8038-GC must be filed to give drop any amount less than 50 cents and
the IRS notice of the election to pay a penalty increase any amount from 50 cents through 99
General Instructions in lieu of arbitrage rebate. cents to the next higher dollar.
Section references are to the Internal Revenue Definitions
Code unless otherwise noted. When t0 File Obligations. This refers to a single tax-
exempt governmental obligation if Form 8038-
Purpose of Form To file a separate return, file Form 8038-GC GC is used for separate reporting or to multiple
Form 8038-GC is used by the issuers of tax- on or before the 15th day of the second tax-exempt governmental obligations if the
exempt governmental obligations to provide calendar month after the close of the calendar form is used for consolidated reporting.
the IRS with the information required by quarter in which the issue is issued. Tax-exempt governmental obligation. A tax-
section 149(e) and to monitor the requirements To file a consolidated return, file Form exempt obligation that is not a private activity
of sections 141 through 150. 8038-GC on or before February 15th of the bond (see below) is atax-exempt
Who Must File calendar year following the year in which the governmental obligation. This includes a bond
issue is issued. issued by a qualified volunteer fire department
Late filing. An issuer may be granted under section 150(e).
Issuers of tax-exempt governmental obligations and extension of time to file Form 8038-GC
with issue prices of less than $100,000 must under Section 3 of Rev. Proc. 88-10, 1988-1
file Form 8038-GC. C.B. 635, if it is determined that the failure to
Issuers of a tax-exem t overnmental
P 9 file on time is not due to willful neglect. Type Form 8038-GC Rev. 5-99
obligation with an issue price of $100,000 or or print at the top of the form, "This Statement
more must file Form 8038-G, Information is Submitted in Accordance with Rev. Proc. 88-
Return for Tax-Exempt Governmental 10." Attach to the Form 8038-GC a letter
Obligations. briefly stating why the form was not submitted
Filing a separate return. Issuers have the to the IRS on time. Also indicate whether the
option to file a separate Form 8038-GC for any obligation in question is under examination by
tax-exempt governmental obligation with an the IRS. Do not submit copies of any bond
issue price of less than $100,000.
An issuer of atax-exempt bond used to
finance construction expenditures must file a Cat. No. 641086
separate Form 8038-GC for each issue to give
notice to the IRS that an election was made to
pay a penalty in lieu of arbitrage rebate (see
the .line 12 instructions). documents, leases, or installment sale
Filing a consolidated return. For all tax- documents.
exempt governmental obligations with issue
prices Of ieSS thaiii $ i w,vvv thSt 8i e i
ivt
reported on a separate Form 8038-GC, an Where To File
Filc Fnrm unzu_r.~ ~n~}h }hc Intcrrol Revcrn is
Service Center, Ogden, UT 84201.
Other Forms That May Be Required
For rebating arbitrage (or paying a penalty in
lieu of arbitrage rebate) to the Federal
issuer must file a consolidated information government, use Form 8038-T, Arbitrage
return including all such issues within the Rebate and Penalty in Lieu of Arbitrage
calendar year. _ Rebate. For private activity bonds, use Form
Thus, an issuer may file a separate Form 8038, Information Return for Tax-Exempt
8038-GC for each of a number of small issues Private Activity Bond Issues.
and report the remainder of small issues Rounding to Whole Dollars
issued during the calendar ear on one Lessee may show the money items on this
consolidated Form 8038-GC. However, a return as whole-dollar amounts. To do so,
1 . l~ _ Please Retain for Future Reference
~ Page No. 1
INVOICE #127539000
Customer #1159276
995 Dalton Avenue
Cincinnati, Ohio 45203 • Telephone (513) 421-9191
INVOICE DATE DUE DATE
ioisi2oos 30 days after
Bill To: Remit To: funding
Village of North Palm Beach dba North National City Commercial Capital
Palm Beach Country Club Company, LLC
501 US Highway 1 Attn: Lease Servicing/Set-Up Processing
North Palm Beach, FL 33408 995 Dalton Avenue
Cincinnati, OH 45203
INVOICE
Lease No. 127539000
Initial Charges:
Monthly Rent - 1St Month $6,269.60
Sales Tax EXEMPT
PAY THIS AMOUNT $6.269.60
f
,g a
Ali~211~1~i'~
This .~enendntent ~`~naendrnerit"~, dated and effeckiva as of the 25th d$y otf S€p£etn~r,
2t6€t4, tc3 Luse #tY't~9Hlilit ("I.,:~s:' is en2e itsto between I+Isti~ral trity ~staterciel ~sp'sta9
Compatay~ L~ q°'~''~ i9rrd Vifa~ ~i'N Palm Mach ("Lessee").
~n cansidetat.?an ofthe mutual coveatarats cncrtatretetf lte~in attt§ other valuable consideration
r~e'sved, std v1it4 °~e intettit ~ by 1°~~ 6Y tza€aaic#, tip parties sr~t~ld tlx: i.ease ~5 ~~sllrs,
~Yiot3 l~. b~ernet3~s-.cacti t&te toliov~ing at @hc end o$'3#te Sectioat "ifacay leggy a'tiar car catlte~
proceeding is braug?ht ~'or ehs erifcarcecnent of this ~egreetnent, or muss of an alleged disisute, bs~ach,
defau~ ar misrepn~etttation eta coaanection taitlt any pro~isiorts oft#tis ~grc
;me3tt, the sus :ssf:xt or
gstevailistg paaey shall &a entitled tta recaver fra~a the nop-prevailing t~~'l acsabEe attoratey's fees
sad coatet costs, includ'utg aQQellate fees and costly iatctarred in tl~t action ar proce~tiing, ixs ac3ciitian to
say oiher~lief to dvlaicla such part' may ~ entig~-zi."
rill othax terms and t,~ondiiious of the Lease shall ~risain in fitl4 fo€~ce and et'~'ect.
1At ~![7YJ>:SS ~Y~~R~,C;~, the }~rtiss hereto h$ve caused this ~meudrnent to ~ executed as
k of the caste shove avsiiteea.
~ V>lt~~e o~~rvr2ig ei~ ~ l~t~~iomat pity Co~tntrrciai ~:a~it~l
~a~p~ngt, LLC
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i_..._.....-- - ---~- ~ - -----..... - ---- -- ----.... _..._..- - - -- i
Consumer s Certificate of Exemption ; R. oa/os
Issued Pursuant to Chapter 212, Florida Statutes 05/31/07
OF PARTMEnT
i)F REvENUF _
-l
85-8012646341 C-6 ~ 06/16/2007 06/30/2012 MUNICIPAL GOVERNMENT i
Cert;ticate Number Effective Oate Expiration Date Exemption Category
This certifies that
VILLAGE OF NORTH PALM BEACH
501 US HIGHWAY 1
NORTH PALM BEACH FL 33408-4901
is exempt from the payment of Florida sales and use tax on real property rented, transient rental property rented, tangible
personal property purchased or rented, or services purchased.
--- --._...--- --- --- --- ---.....--------- ----.. ...--~---- --- '--- '-I
DR-14
Important Information for Exempt Organizations ' R. 04/05
DE E
ANTN,f P: T
OF RN'ENUt
1. You must provide all vendors and suppliers with an exemption certificate before making tax-exempt purchases.
See Rule 12A-1.038, Florida Administrative Code (FAC).
2. Your Consumer's Certificate of Exemption is to be used solely by your organization for your organization's
customary nonprofit activities.
3. Purchases made by an individual on behalf of the organization are taxable, even if the individual will be
reimbursed by the organization.
4. This exemption applies only to purchases your organization makes. The sale or lease to others by your
organization of tangible personal property, sleeping accommodations or other real property is taxable. Your
organization must register, and collect and remit sales and use tax on such taxable transactions. Note: Churches
are exempt from this requirement except when they are the lessor of real property (Rule 12A-1.070, FAC).
5. It is a criminal offense to fraudulently present this certificate to evade the payment of sales tax. Under no
circumstances should this certificate be used for the personal benefit of any individual. Violas .,rs will be liable for
payment of the sales tax plus a penalty of 200% of the tax, and may be subject to conviction of a third degree
felony. Any violation will necessitate the revocation of this certificate.
6. li you have questions regarding your exemption certificate, please contact the Exemption Unit of Central
Registration at 850-487-4130. The mailing address is PO BOX 6480. Tallahassee, FL 32314-6480.