R2020-02 Amending RES 2018-105 to Modify Payment Schedule for Lease Agreement for Sutphen Fire EngineRESOLUTION 2020-02
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA AMENDING RESOLUTION NO. 2018-105 TO MODIFY
1
THE PAYMENT SCHEDULE FOR THE LEASING AGREEMENT WITH LEASING
25 INC. FOR THE SUTPHEN FIRE ENGINE AND AUTHORIZING THE VILLAGE
MANAGER TO EXECUTE AN AMENDED EXHIBIT TO THE AGREEMENT;
PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, through the adoption of Resolution No. 2018-105 on December 13, 2018, the Village
Council approved a proposal from Leasing 2, Inc. for the lease of one Sutphen Fire Engine equipped to
Village specifications; and
WHEREAS, in accordance with the proposal, the Council approved an annual lease payment of
$54,629.06 for a term of seven years, with a balloon payment of $216,334.00 to be paid by Brindlee Fire
Apparatus, LLC for the purchase of the fire engine at the conclusion of the lease; and
WHEREAS, due to a delay in the delivery of the fire engine, Leasing 2, Inc. gave the Village the option
of delaying the first payment from December 20, 2019 to March 1, 2020, thereby increasing the first
payment to due to additional accrued interest; and
WHEREAS, the increase in the first payment amount requires an amendment to Resolution No. 2018-105,
and the Village Council determines that the adoption of this Resolution is in the best interests of the
residents and citizens of the Village of North Palm Beach.
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 amends Resolution No. 2018-105 by increasing the first
payment due under the Lease Agreement with Leasing 2, Inc. by $817.63 to $55,446.69, with funds
expended from Account No. A8535-49158 (Debt Service — Vehicle Lease). The Village Council further
authorizes the Village Manager to execute an Amended Payment Schedule (Exhibit E to the Lease
Agreement), a copy of which is attached hereto and incorporated herein.
Section 3. All other provisions of Resolution No. 2018-105, to the extent not expressly modified
herein, shall remain in full force and effect.
Section 4. This Resolution shall be effective immediately upon adoption.
PASSED AND ADOPTED THIS 23' DAY OF JANUARY, 2020.
(Village Seal)
()MAYOR
ATTEST:
VILLAGE CLERK
LESSEE:
LEASE AMOUNT:
COMMENCEMENT DATE:
INTEREST RATE:
EXHIBIT E - AMENDED
PAYMENT SCHEDULE
Village of North Palm Beach
$481,350.00
1212112018
4.19%
PAYMENT
INTEREST
NO,
DATE
1
3/1/2020
2
12/21/2020
3
12/21/2021
4
12/2112022
5
1212112023
6
12/2111024
7 12/21/2025
8 12/21/2026
Grand Totals
PURCHASE
PAYMENT
INTEREST
PRINCIPAL
PRICE*
$55,446.69
$24,261.46
$31,185.23
$459,827.63
$64,629.06
$15,460.65
$39,168.41
$419,155.36
$54,629,06
$17,225.62
$37,403.44
$380,051.81
$54,629.06
$15,657.97
$38,971.09
$339,499.87
$54,629.06
$14,024.62
$40,604.44
$297,445.89
$54,629.06
$12,322.81
$42,306.25
$253,834.23
$54,629.06
$10,549.68
$44,079.38
$208,607.19
$216,334.00
$8,702.24
$207,631.76
$0.00
$599,666.05
$118,205.05
$481,350.00
LESSEE: Village of North Palm Beach
By:
Andrew D. OWNsik
Title: Village Manager
Date:
�—i—
. After payment of Rental Payment due on such date.