R2020-28 Amending Resolution 2020-14 Modify Ambulance Lease Payment ScheduleRESOLUTION 2020-28
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA AMENDING RESOLUTION NO. 2020-14 TO MODIFY
THE PAYMENT SCHEDULE FOR THE LEASING AGREEMENT WITH REV
FINANCIAL SERVICES, LLC FOR THE AEV TYPE I RESCUE VEHICLE
(AMBULANCE) 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. 2020-14 on February 13, 2020, the Village Council
approved a proposal from REV Financial Services, LLC for the lease of one AEV Type I rescue vehicle
(ambulance); and
WHEREAS, in accordance with the proposal, the Council approved an annual lease payment of
$48,546.12 for a term of seven years; and
WHEREAS, because the Village will not receive the vehicle until the next fiscal year, REV Financial
Services gave the Village the option of delaying the first payment from March 5, 2020 until March 5,
2021, thereby increasing the annual payment due to accrued interest; and
WHEREAS, the increase in annual payment requires an amendment to Resolution No. 2020-14, 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. 2020-14 by increasing the annual
payment due under the Lease Agreement with REV Financial Services, LLC by $508.84 to
$49,054.96, 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 A-1 to the Lease Agreement), a copy of which is attached hereto and incorporated herein.
Section 3. All other provisions of Resolution No. 2020-14, 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 9TH DAY OF APRIL, 2020.
(Village Scal)
ATTEST:
VILLAGE CLERK
A- : -0 �: � �A �� ���
MAYOR
EXHIBIT A-1
RENTAL PAYMENT SCHEDULE
Schedule of Property No. 1 dated March 5, 2020 to Master Equipment Lease Purchase Agreement dated as of March 5, 2020
behveen REV Financial Services LLC, as Lessor, and Village of North Palm Beach, as Lessee.
COMMENCEMENT DATE: March 5, 2020
Village of North Palm�Bekl' j
Signature:
Name/Title:`�����
Date: I;V—P L-- /0/ 21,)2-b
Payment
Payment
Purchase
I
Outstanding
Pmt 4
Date
Amount
Interest
Principal
Price
Balance
COMMENCEMENT DATE: March 5, 2020
Village of North Palm�Bekl' j
Signature:
Name/Title:`�����
Date: I;V—P L-- /0/ 21,)2-b
3/5/2020
$312,203.00
1
3/5/2021
$24,527.48
$10,052.94
$14,474.54
$306,660.31
$297,728.46
2
9/5/2021
$24,527.48
$4,793.43
$19,734.05
$286,334.24
$277,994.41
3
3/5/2022
$24,527.48
$4,475.71
$20,051.77
$265,680.92
$257,942.64
4
9/5/2022
$24,527.48
$4,152.88
$20,374.60
$24405.08
$237,568.04
5
3/5/2023
$24,527.48
$3,824.85
$20,702.63
$223,371.37
$216,865.41
6
9/5/2023
$24,527.48
$3,491.53
$21,035.94
$201,704.35
$195,829.47
7
3/5/2024
$24,527.48
$3,152.85
$21,374.62
$179,688.49
$174,454.85
8
9/5/2024
$24,527.48
$2,808.72
$21,718.75
$157,318.17
$152,736.09
9
3/5/2025
$24,527.48
$2,459.05
$22,068.43
$134,587.70
$130,667.67
10
9/5/2025
$24,527.48
$2,103.75
$22,423.73
$111,491.26
$108,243.94
11
3/5/2026
$24,527.48
$1,742.73
$22,784.75
$88,022.96
$85,459.19
12
9/5/2026
$24,527.48
$1,375.89
$23,151.58
$64,176.83
$62,307.60
13
3/5/2027
$24,527.48
$1,003.15
$23,524.32
$39,946.78
$38,783.28
14
9/5/2027
$24,527.48
$624.41
$23,903.07
$15,326.62
$14,880.21
15
12/5/2027
$15,000.00
$119.79
$14,880.21
$0.00
$0.00
Totals:
$358,384:68
$46,181.68
$312,203.00
Rate 3.2200%
COMMENCEMENT DATE: March 5, 2020
Village of North Palm�Bekl' j
Signature:
Name/Title:`�����
Date: I;V—P L-- /0/ 21,)2-b