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R2021-43 Ladder Truck LeaseRESOLUTION 2021-43 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA APPROVING THE ACQUISITION OF A SUTPHEN MODEL SL75 LADDER TRUCK UTILIZING PRICING ESTABLISHED IN AN EXISTING NATIONAL PURCHASING PARTNERS COOPERATIVE AGREEMENT; APPROVING THE EXECUTION OF A PARTICIPATING AGENCY ENDORSEMENT AND AUTHORIZATION AND A PURCHASE AGREEMENT WITH SUTPHEN; APPROVING A TEN-YEAR LEASE AGREEMENT WITH PINNACLE PUBLIC FINANCE, INC.; DECLARING AN EXISTING LADDER TRUCK AS SURPLUS PROPERTY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Fire Rescue Department recommended the lease of a Sutphen Model SL75 Ladder Truck through Pinnacle Public Finance, Inc. to replace an existing 1996 Pierce Ladder Truck; and WHEREAS, the Village's Purchasing Policies and Procedures authorize the use of current cooperative purchase contracts, and the Ladder Truck will be acquired from Sutphen's local dealer, South Florida Emergency Vehicles, pursuant to pricing established in an existing National Purchasing Partners (NPPGov) Cooperative Agreement (Contract No. PS20250); and WHEREAS, 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 approves the acquisition of a Sutphen Model SL75 Ladder Truck and the leasing of the vehicle for a ten-year term through Pinnacle Public Finance, Inc. The Village Council authorizes the Mayor and Village Clerk to execute the Participating Agency Endorsement and Authorization required by the National Purchasing Partners (NPPGov) Cooperative Agreement as well as the Purchase Agreement with Sutphen Corporation. Section 3. The total annual cost of the lease shall be $111,796.57 (at a total cost of $1,117,965.71 over the term of the lease), with funds expended from Account No. A8535-49158 (Debt Service — Vehicle Lease). The Village Council authorizes the Village Manager to execute all required documents with Pinnacle Public Finance, Inc. to effectuate the lease transaction, subject to the review and approval of the Village Attorney. Section 4. Upon delivery, acceptance and placement into service of the new vehicle, the Village Council declares the following vehicle as surplus property and authorizes its disposal in accordance with Village policies and procedures: 1996 Pierce Quintuplet Fire Apparatus, VIN 4P1CT02D6VA000128 Section 5. This Resolution shall be effective immediately upon adoption. Page 1 of 2 PASSED AND ADOPTED THIS 27TH DAY OF MAY, 2021. (Village Seal) A TTF.CT- 6"&�4 rj—Q"L— MAYOR Page 2 of 2 Libertx Interchange Corporate Center 450 Plymouth Road, Suite 400 utuAll Plymouth Meeting, PA. 19462-1644 SURETY Ph. (610) 832-8240 RIDER ADDING ADDITIONAL OBLIGEE This rider is to be attached to and forma part of surety bond number 019077726 dated the 9th day of June 2021 executed by Liberty Mutual Insurance Companv , a , as surety (the "Surety"), on behalf ofSutphen orpora ion as principal (the "Principal"), in favor of . , as obligee (the "Obligee"). WHEREAS, the Principal has by written agreement dated the 4th day of June 20 21 1 entered into a contract (the "Contract") with the Obligee for: SL75 Aerial Ladder WHEREAS, upon the request of the Principal and Obligee, the attached bond is hereby amended to add Pinnacle Public Finance, Inc. a BankUnited Company, 8377 E. Hartford Drive, Suite 115, Scottsdale, AZ 85255 as additional obligee(s) [the "Additional Obligees)"] to the bond, and the Obligee and Additional Obligees shall be joint and several beneficiaries of the bond and shall be collectively referred to as the "Bond Obligee(s)". PROVIDED, HOWEVER, there shall be no liability of the Surety under the attached bond to the Bond Obligee(s), either jointly or severally, unless and until the Bond Obligee(s), shall make payment to the Principal or to the Surety (should the Surety arrange for or undertake the completion of the Contract upon the default of the Principal), strictly in accordance with the terms of the Contract; and otherwise satisfy all terms and conditions and perform all of the other obligations to be performed under the Contract at the time and in the manner therein set forth; all of the acts of one Bond Obligee being binding upon the other. In no event shall the aggregate liability of the Surety to the Bond Obligee(s), either jointly or severally, exceed the penal sum of the attached bond, nor shall the Surety be liable except for a single payment for each single breach or default. At the Surety's election, any payment due any Bond Obligee may be made by its check issued to all Bond Obligee(s). This change is effective the 9th day of June , 20 21 The attached bond shall be subject to all of its terms, conditions and limitations except as herein modified. IN WITNESS WHEREOF, said Principal, Surety, Obligee and Additional Obligge ve caused these presents to be duly signed and sealed this 9th day of June 202 SUTPHEN CORPORATION By: (Seal) (Principal) Title: Date:10 2 Liberty Mutual Insurance Company By: (Surety) Title: A ornIn-f=act m e -02 . ,Sherrod (Seal) Date: J 9 Village of North Palm Beach, Florida By. (Seal). (Obligee) Title: Pinnacle Public Finance, Inc. a BankUnited Company Date: 42 s :-Z: 8377 E. Hartford Drive, Suite 115, Scottsdale, AZ 85255 By: (Seal) (Additional Obligee) Title: Date: By: (Seal) (Additional Obligee) Title: Date: LMIC-3020 Rev 1/06 S SUTPHEN" June 11, 2021 Samia Janjua Director of Finance I Village of North Palm Beach 501 U.S. Highway 1 North Palm Beach, FL 33408 Dear Ms.Janjua, FAMILY OWNED SINCE 1890 Enclosed herewith please find the signed Purchase Agreement between the Village of North Palm Beach and Sutphen Corporation for One Sutphen Custom SL 75 Aerial. We are very pleased to have been favored with the contract to build your fire apparatus and would like to assure you that every detail will receive our closest attention to build a unit that will be superior in workmanship, performance and appearance. Attached please find the Performance bond and the dual obligee rider adding the additional obligee. The rider must be signed by a representative from the Village of North Palm Beach and Pinnacle Public Finance, after the rider has been executed by a representative from the Village of North Palm Beach, please forward the Dual Obligee rider to Pinnacle Public Finance. Please keep a copy for your file. Once a representative has signed the rider, the bank will forward a copy to Sutphen Corporation Inc. The Village of North Palm Beach is to attach the copy of the Rider to the original Performance bond once it has been signed by all parties. Pinnacle Public Finance is to keep a copy of the Performance and the original Rider. May we also take this opportunity to thank you for the courtesies extended to ourselves and our representatives in the awarding of this contract Very truly yours, JULIA S. PHELPS VICE PRESIDENT Sutphen Corporation PO Box 158 • Amlin, OH 43002-0158 6450 Eiterman Road • Dublin, OH 43016-8711 Tel 614 889-1005 9 Toll Free 800 848-5860 • Fax 614 889-0874 www.sutphen.com 9 Sutphen@sutphencorp.com to 0 rg'. SUTPHEN PURCHASE AGREEMENT FOR SUTPHEN FIRE APPARATUS THIS AGREEMENT made and entered into this421tda of 20 b y �y and between SUTPHEN CORPORATION of Dublin, Ohio, hereinaTJcalled "SUTPHEN" and the Village of North Palm Beach, Florida hereinafter called "PURCHASER", WITNESSETH: 1. PURCHASE: Purchaser hereby agrees to buy and Sutphen hereby agrees to sell and furnish to Purchaser the apparatus and equipment according to the Sutphen Proposal attached hereto and made a part hereof, and to deliver the game as hereinafter provided. See North Palm Beach Resolution Number � approved May 27, 2021 2. PAYMENT: Purchaser agrees to pay for said apparatus and equipment the total purchase price of Nine hundred Eighty -Five Thousand Four hundred and Ninety Dollars ($ 985,490.00 ) based on 100% payment made within 30 days of contract signing. 3. DELIVERY: The apparatus and equipment being purchased hereunder shall be delivered to Purchaser at The Village of North Palm Beach within approximately 12-14 months after the receipt and acceptance of this agreement at Sutphen's office, provided that such delivery date shall be automatically extended for delays due to . strikes, failure to obtain materials or other causes beyond Sutphen's control. 4. SUTPHEN WARRANTIES: Sutphen warrants the apparatus purchased here under as set forth in the warranty included with bid proposal. 5. TESTING SHORTAGES: The apparatus shall be tested per NFPA #1901 at Sutphen's manufacturing facility. Purchaser agrees that the apparatus and equipment being purchased hereunder will not be driven or used in any manner until it is paid for in full, provided, however, that if there are any minor shortages, Purchaser may withhold a sum equivalent to the retail purchase price of any equipment shortages at the time of delivery and may use the apparatus and equipment during this period. 6. DEFAULT: In the case of any default in payment hereunder or in the payment on any notes, negotiable paper, obligations or other instruments issued by Purchaser, Sutphen may take full possession of the apparatus and equipment or of the piece or pieces upon which default has been made, and any payments that have been made theretofore shall be applied as rent in full for the use of the apparatus and equipment up to the date of taking possession by Sutphen. 7. PURCHASER WARRANTIES: With the signing of this agreement, Purchaser warrants that it has the full power and legal authority to enter into this agreement and guarantees that funds for its purchase are available or in the process of collection. 8. ACCEPTANCE: This agreement shall not be binding until it is signed and approved by an officer of the Sutphen Corporation. 9. TAXES, ETC.: The purchase price provided for herein does not include any federal, state or local sales tax, duties, imposts, revenues, excise or other taxes which may hereafter be imposed by governmental authority or otherwise and which are made applicable to the apparatus or equipment covered by the agreement. In the event that any such taxes are subsequently imposed and become applicable, the purchase price herein shall be increased by the amount of such taxes and such sum shall be immediately paid by Purchaser to Sutphen. To the extent applicable, the prices and deliveries set forth herein are subject to the Defense Production Act. 10. INSURANCE: Sutphen shall provide insurance insuring the apparatus and equipment against loss by fire, theft or collision and insuring against property damage and personal injury through the three (3) day delivery period. 11. GENERAL: This agreement and the Sutphen proposal provided herein take precedence over all previous negotiations, oral or written, and no representations or warranties are applicable except as specifically contained in this agreement or in the Sutphen proposal attached hereto. No alteration, modification, amendment or change of this Agreement shall be binding unless executed in writing by the parties. No waiver of any of the provisions of this Agreement shall be deemed a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. This Agreement shall be governed and controlled as to interpretation, enforcement, validity, construction, effect and in all other respects by the laws, statutes and decisions of the State of Florida. Exclusive jurisdiction and venue for any litigation at all related to this Agreement, directly or indirectly, based upon contract, tort, or other theory of law, shall lie in the Palm Beach County Courts, North Palm Beach, Florida, and the parties hereto consent and submit to the general jurisdiction of this court. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by Sutphen, Purchaser, their successors and assigns. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be duly executed and attested by its duly authorized representatives, effective as of the date below when accepted at Sutphen Corporations offices. SUTPHEN CORPORATION By_ Guy Lombardo Sales Representative Accepted at office SUTPHEN CORPORATION 6450 Eiterman Road Dublin, Ohio 43016 r• By Title Date Z,-,- r `� PURCHASER THE Village of North Palm Beach, FL By k6,et� Titled ? U -IL Date 5 • •Z.-1 i '70r2- I Rev. 10/1/20 DocuSign Envelope ID: D3B4CAB0-871 C-4962-802D-06ECC64C7B3A PARTICIPATING AGENCY ENDORSEMENT AND AUTHORIZATION V, � (,::� ( The undersigned acknowledges, on behalf of ("Participating Agency") that he/she has read and agrees to the general terms and conditions set forth in the enclosed Intergovernmental Cooperative Purchasing Agreement regulating use of the Master Price Agreements and purchase of goods and services that from time to' time are made available by the Lead Contracting Agency to Participating Agencies locally, regionally, and nationally through NPPGov. The undersigned further acknowledges that the purchase of goods and services under the provisions of the Intergovernmental Cooperative Purchasing Agreement is at the absolute discretion of the Participating Agency and that neither the Lead Contracting Agency nor NPPGov shall be held liable for any costs or damages incurred by or as a result of the actions of the Vendor or any other Participating Agency. Upon award of contract, the Vendor shall deal directly with the Participating Agency concerning the placement of orders, disputes, invoicing and payment. �1� a boaQk, The undersigned affirms that he/she is an agent of and is duly autho,,�zed to sign this Participating Agency Endorsement and Authorization. WIN -.. ML� - .�ImW,-3. . Participating Agency Contact Information: Contact Person: A dress:t t 'f�lr +' f\ ` !� /] 13 Telephone o.: �-- Email: c - „ �r1r League of Oregon Cities IGA V 1.0 Pinnacle Public Finance A BankUnited Company May 6, 2021 Ms. Sarnia Janjua Village of North Palm Beach 501 US Highway One North Palm Beach, FL 33408 Re: Master Equipment Lease Purchase Agreement dated February 21, 2020 and Schedule of Property No. 5 dated June 10, 2021 Dear Ms. Janjua: Attached are the documents for the Master Equipment Lease Purchase Agreement between Village of North Palm Beach and Pinnacle. Public Finance, Inc. Please have the responsible parties execute the enclosed documents and return them to Pinnacle Public Finance, Inc., 8377 East Hartford Drive, Suite 115, Scottsdale, AZ 85255. To be completed and executed by an authorized representative of Village of North Palm Beach: • Master Egulpment Lease Purchase Agreement Signed Agreement on file with Pinnacle • Amendment No.1 Signed Agreement on file with Pinnacle • Exhibit A: Schedule of Property No. 1 This is an itemization of the Equipment to be purchased under this Schedule which incorporates the terms and conditions of the Master Agreement into the Schedule. Please verify the information is correct and sign at the bottom. • Exhibit A-1: Rental Payment Schedule This shows the date each payment is due, the amount of each payment including the interest and principal components, and the purchase price. Please verify this information is correct and sign at the bottom. • Exhibit B: Acceptance Certificate Please hold until equipment is delivered. • Bank Qualified Designation. This form provides a representation regarding the Bank Qualified or Non -Bank Qualified status of the Lease. Please complete and sign this form. • Insurance Coverage Requirements Please fill in the name, address and phone and fax numbers of the insurance agent in the top section. Please sign at the bottom that all information is accurate. • Lease Payment Instructions Please complete the Lease Payment Instructions and include any Invoicing requirements in order to ensure prompt and accurate payment of all amounts due under the Lease. Please sign at the bottom that all information is accurate. • Form 8038G This form is to be sent and filed with the IRS. Please follow the separate instructions for this form. Please return the form to us for filing. • Legal Opinion of Counsel Please forward with the attorney cover letter to your counsel as soon as possible with a set of the executed documentation. 8377 East Hartford Drive - Suite 115 Scottsdale, Arizona 85255 - 480/419-4800 FAX 480/419-3606 www.PinnaclePublicFinance.com To be executed by an authorized individual, OTHER THAN THE REPRESENTATIVE WHO EXECUTED THE ABOVE DOCUMENTS • Certificate of Sianature Authority This document confirms that the person who has executed the above document is authorized to do so. THIS CANNOT BE EXECUTED BY THE SAME PERSON. Please forward this certificate, with the executed documents, to such person. In addition to the documents listed above, please provide us, prior to funding, with the following: • Certificate of.Insurance - evidencing both Liability and Physical Damage coverage in the amounts stated on the Insurance Coverage Requirements form and naming.Pinnacle Public Finance, Inc. as loss;payee and additional Insured. Please have your Insurance Agent reference Control #103123 on the certificate. • Tax Exempt Certificate -- for the Village of North Palm Beach If you have any questions, please feel free to call me directly at 480-419-4233. Thank you for your assistance. I look forward to working with you on this transaction. Sincerely, %we Ze"a" Therese Lohmann Account Manager Enclosures 8377 East Hartford Drive - Suite 115 Scottsdale, Arizona 85255 - 480/419-4800 FAX 480/419-3606 www.PinnaclePubl!cFinance.com AmxNDMENr No.1 TO MASTER EQUIPMENT LEASE PURCHASE AGREEMENT DATED FEBRUARY 21, 2020 LESSEE: Village of North Palm Beach 501 U.S. Highway 1 North Palm Beach, FL 33408 LESSOR: Pinnacle Public Finance, Inc. 8377 E. Hartford Dr., Suite 115 Scottsdale, AZ 85255 Pinnacle Public Finance, Inc. ("Lessor") and Village of North Palm Beach ("Lessee") hereby enter into this amendment no. 1 ("Amendment"), which modifies the Master Equipment Lease Purchase Agreement ("Agreement") executed between the parties as follows: All capitalized terms not otherwise defined herein will have the meanings set forth in the Agreement: NOW, THEREFORE,. in consideration of good and valuable consideration, the .parties intending to be legally bound agree as follows: 1. . Supplement to Section 9 of the Master Lease.. Section 9 of the Master. Lease, entitled Rental Payments, is hereby amended by adding the following sentence at the end of the existing section: "Payments will come from sources other than ad valorem taxes." 2. Deletion to Section 16 of the Master Lease. The text of Section 16 of the Master Lease, entitled Security Interest, is hereby deleted in its entirety and Section 16 is renamed "Reserved." 3. Amendment to Section 18 of the Master Lease. Section 18 of the Master Lease is hereby amended by deleting any requirement that .requires Lessee to name Lessor as an additional insured. 4. Supplement. to Section 29 of the Master Lease. Section 29 of the Master Lease is hereby amended by adding the following language to the end thereof- "Nothing hereof: " Nothing in this section shall waive Lessee's sovereign immunity protections or the limitations of liability set forth in Section 768.28, Florida Statutes, nor shall it create a cause of action in favor of any third partY•" S. Clarification to Section 30 of the Master Lease. Section 30 of the Master Lease. is amended, for the avoidance of doubt, by adding "of Florida" to the end of the last sentence. 6. Effective Data This Amendment is executed as of February 21, 2020. 7. Original Master Lease Otherwise to Remain in Full Force and Effect. Except as otherwise expressly provided. in this Amendment, the original Master Lease shall remain in full force and effect as original executed and delivered and is ratified by the parties. [Signature page follows] IN WITNESS WHEREOF, the fully authorized representatives of the parties have executed this Amendment as February 21, 2020. LESSEE:. age of flh Palm Beach LESSOR: Pinnacle Public Finance, Inc. By.. • By: vi)We thi en D. Jimenez . Title: a' � Title: Mengiglgp nlradad FVP 01h Pinnacle Public Finance A Baj%Xted Company MASTER EQUIPMENT LEASE PURCHASE AGREEMENT This Master Equipment Lease Purchase Agreement dated as of February 21, 2020 ("Agreement") and entered into between Pinnacle Public Finance, Inc., a Delaware corporation ("Lessor"), and Village of North Palm Beach, a body corporate and politic existing under the laws of the State of Florida ("Lessee). 1. Agreement. Lessee agrees to lease from Lessor certain `Tquipmenf' as described in each Equipment Schedule (Exhibit A), which together with a Rental Payment Schedule (Exhibit A- 1) constitute a "Schedule", subject to the terms and conditions of and for the purposes set forth in each Lease. Items of equipment may be added to the Equipment from time to time by execution of additional Schedules by the. parties hereto and as otherwise provided herein. Each Schedule and the terms and provisions of this Agreement (which includes all exhibits hereto, together with any amendments and modifications pursuant thereto) which are incorporated by reference into such Schedule shall constitute a separate and independent lease and installment purchase of the Equipment therein described and are referred to herein as a "Lease". 2. Term. The "Commencement Date" for each Lease is the date when interest commences to accrue under such Lease which date shall be the earlier of (i) the date on which the Equipment listed in such Lease is accepted by Lessee in,the manner described in Section 12, or. (ii) the date on which sufficient monies to purchase the Equipment listed in such Lease are deposited for that purpose with an escrow agent, or (iii) the date sufficient monies are set aside for acquisition of Equipment as evidenced by Exhibit D, if applicable. The "Lease Term" for each Lease means the Original Term and all Renewal Terms therein provided and for this Agreement means the period from the date hereof until this Agreement is terminated. The "Original Term" means the period from the Commencement Date for each Lease until the end of Lessee's fiscal year or biennium (as the case may be) (the "Fiscal Period") in effect at such Commencement Date. The "Renewal Term" for each Lease is each term having a duration that is coextensive with the Fiscal Period. 3. -Representations and Covenants of Lessee. Lessee represents, covenants and warrants for the benefit of Lessor on the date hereof and as of the Commencement Date of each Lease as follows: (a) Lessee is a public body corporate and politic duly organized and existing under the constitution and laws of the State. with full power and authority under the constitution and laws of the state where the Lessee is located ("State") to enter into this Agreement and each Lease and the transactions contemplated hereby and to - perform all .of its obligations hereunder and under each Lease; (b) Lessee has duly authorized the. execution and delivery of this Agreement and each Lease by proper action of its governing body at a meeting duly called and held in accordance with State law, or by other appropriate official approval, and all requirements have been met and procedures have occurred to ensure the validity and enforceability of this Agreement and each Lease; (c) Lessee will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a body corporate and politic; (d) Lessee has complied with such public bidding requirements as may be applicable to this Agreement and each Lease and the acquisition by Lessee of the Equipment as provided in each Lease; (e) during the Lease Term, the Equipment will -be vsed by Lessee solely and exclusively for the purpose of performing essential governmental or proprietary functions of Lessee consistent with the permissible scope of Lessee's authority, (0 Lessee will annually provide Lessor with current financial statements, budgets, proof of appropriation for the ensuing Fiscal Period, and such other financial information relating to the ability of Lessee to continue each Lease as may be requested by Lessor; and (g) Lessee has an immediate need for the Equipment listed on each Schedule and expects to make immediate use of the Equipment listed on each Schedule. 4. Tax and Arbitrage Representations. Lessee hereby represents as follows: (a) the estimated total costs of the Equipment listed in each Schedule will not be less than the total principal portion of the Rental Payments listed in such Rental Payment Schedule; (b) the Equipment listed in each Schedule has been ordered or is expected to be ordered within 6 months of the Commencement Date, and all amounts deposited in escrow to pay for the Equipment, and interest earnings, will be expended. on costs of the Equipment and the financing within 3 years of Commencement Date; (c) no proceeds of any Lease will be used to reimburse Lessee for expenditures made more than 60 days prior to the Commencement Date or, if earlier, more than 60 days prior to any official action taken to evidence an intent to 1inance; (d) Lessee has not created or established, and does not expect to create or establish, any sinking fund or similar fluid (i) that is reasonably expected to be used to pay the Rental Payments, or (ii) that may be used solely to prevent a default in the payment of the Rental Payments; (e) the Equipment listed in each Schedule has not been and is not expected to be sold or otherwise disposed of by Lessee, either in whole or in part, prior to the last maturity of Rental Payments; (f) Lessee will comply with all applicable provisions of the Internal Revenue Code of 1986, as amended ("Code"), including without limitation Sections 103 and 148 thereof, and the applicable regulations of the Treasury Department to maintain the exclusion of the interest components of Rental Payments from gross income for purposes of federal income taxation; and (g) Lessee. intends that each Lease not constitute a "true" lease for federal income tax purposes. 5. Event of Taxability. Upon the occurrence of an Event of Taxability, as herein defined, with respect to a Lease, the interest component of the Rental Payments under such Lease and any charge on Rental Payments or other amounts payable based on the Coupon Rate shall accrue and be payable at the Taxable Rate applicable to such Lease retroactive to the date as of which the interest component is determined to be includible in the .gross income of the Lessor for federal income tax purposes, and Lessee shall pay such additional amount as will result in the Lessor receiving the interest component at the Taxable Rate identified in the related Lease. The "Coupon Rate" and "Taxable Rate" for such lease are the rates set forth in such Lease's Rental Payment Schedule. For' purposes of this Section, 'Event of Taxability" means either (a) the receipt byLessor or Lessee of notice from a federal court or federal administrative body, including the Internal Revenue Service, that;. as a .result of any act, omission, or event whatsoever, -the interest payable under -such- Lease is includable for federal. income tax purposes in the gross income of the Lessor., or (b) the receipt by Lessor or Lessee of a -written opinion of a nationally recognized firm of -attorneys experienced in matters pertaining to the tax-exempt status of interest on obligations issued. by states and their political subdivisions, selected by Lessor and acceptable to Lessee, to the effect that the interest component of any Rental Payment under such Lease has become includable in the gross income of the Lessor thereof for federal income tax purposes. The Event of Taxability .shall be deemed to occur on the date as of which the interest component of any Rental. Payment is deemed includable in the gross income of the owner thereof for federal income tax purposes. 6. Lease of Eagmerit. Upon the execution of each Lease, Lessor demises, leases, transfers, and lets to Lessee, and Lessee acquires, rents, leases and hires from Lessor, the Equipment in accordance with the .terms thereof. The Lease Term for each Lease may be continued, solely.at the option of Lessee, at the end of the Original Term or any Renewal Term for the next succeeding Renewal Term''p'to the maximum Lease Term set forth in such Lease. At the end of the Original Term and at the end . of. each Renewal Term the Lease Tekm shall be automatically extended upon the . successive appropriation by Lessee's governing. body .of amounts sufficient to pay Rental Payments and other amounts payable under the related Lease during the next succeeding .Fiscal Period until all Rental Payments payable under such Lease have been. paid in full, unless Lessee shall have terminated such Lease pursuant to Section 8 or Section 23. The terms and conditions during any Renewal Term shall, be the same as the terms and conditions. during the Original Term, except.that the Rental Payments shall be as. provided in the applicable Lease. 7. Continuation of Lease Term. Lessee currently intends, subject to.Section. 8; to continue the Lease Term. of each Lease through the Original. Term and all .Renewal Terms and to pay the Rental Payments thereunder. Lessee reasonably believes that legally available funds in an amount sufficient to make all Rental Payments during the maximum Lease Term of each Lease can be obtained. Lessee currently intends to do all things lawfully within its power to obtain and maintain funds from which the Rental. Payments may bemade, including making provision for such payments to the extent necessary in each budget or appropriation request submitted and adopted in accordance with applicable provisions of law. Notwithstanding the foregoing, the decision whether or not to budget and appropriate funds :or to extend the applicable Schedule for any Renewal Term is within the discretion of the governing body of Lessee. 8. Nonanarouriation. Lessee is obligated only to pay such Rental Payments under each Lease as may lawfully be made from funds budgeted and appropriated for that purpose. Should Lessee fail to budget, appropriate or otherwise make available funds to pay Rental Payments under any Lease following the then current Original Term or Renewal Term, such Lease or Leases shall be deemed terminated at the end of the then current. Original Term. or Renewal Term. Lessee agrees to deliver notice to Lessor of such terminationat least 30 days prior to the end of the then current Original Term or Renewal Term, but failure to give such notice shall not extend the term beyond such Original Term or Renewal Term. If any Lease is terminated in accordance with this Section, Lessee agrees to peaceably deliver the Equipment toLessor at the location(s) to be specified by Lessor. 9. Conditions to Lessor's Performance. This Agreement is not a commitment by Lessor to enter into any Lease not currently in existence, and nothing in this Agreement shall 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 within Lessor's discretion. Lessee will cooperate with Lessor in Lessor's review of any proposed Lease. Lessee understands that Lessor requires certain documentation and information necessary to enter into any Lease and Lessee agrees. to provide Lessor with any documentation or information Lessor may request in connection with - Lessor's. review of any proposed Lease.. Such documentation may include, without limitation, documentation concerning the Equipment and its contemplated use and location and documentation or information concerning the financial status of Lessee and other matters related to Lessee. 10. Rental Payments. Lessee shall promptly pay "Rental Payments" as described in Exhibit A-1 to each Lease, exclusively from legally available funds, to Lessor on the dates and in such amounts as provided in each Lease. Lessee shall pay Lessor a charge on any Rental Payment not paid on the date such payment is due at the rate of 12% per annum or the maximum rate permitted by law, whichever is less, from such date until paid. Rental Payments consist of principal and interest portions. Lessor and Lessee understand and intend that the obligation of Lessee to.pay Rental Payments under each Lease shall constitute a current expense of Lessee and shall not in any way be construed. to be a debt of Lessee in contravention of any applicable constitutional or statutory limitation or requirement concerning the creation of indebtedness by Lessee, nor shall anything contained herein or in a Lease constitute a pledge of the general tax revenues, funds or monies of Lessee. 11. RENTAL PAYMENTS TO BE UNCONDITIONAL. EXCEPT AS PROVIDED IN SECTION 8, THE OBLIGATIONS OF LESSEE TO MAKE RENTAL PAYMENTS AND TO PERFORM AND OBSERVE THE OTHER COVENANTS AND AGREEMENTS CONTAINED IN EACH LEASE SHALL BE ABSOLUTE AND UNCONDITIONAL IN ALL EVENTS WITHOUT ABATEMENT, DBUNUTION, DEDUCTION, SET-OFF OR DEFENSE, FOR ANY REASON, INCLUDING WITHOUT LMTATION ANY FAILURE OF THE EQUIPMENT TO BE DELIVERED OR INSTALLED, ANY DEFECTS, MALFUNCTIONS, BREAKDOWNS OR INFIRMITIES IN THE EQUIPMENT OR ANY ACCIDENT, CONDEMNATION OR UNFORESEEN CIRCUMSTANCES. 12. belive • Inst altation•-Acce tance. Lessee shall order the Equipment, cause the Equipment to be delivered and installed at the location specified in each Lease and pay any and all delivery and installation costs in connection therewith. When the Equipment.listed in any Lease has been delivered and installed, Lessee shall immediately accept such Equipment and evidence said acceptance. by executing and delivering to Lessor an Acceptance Certificate- (Exhibit B). Lessor shall provide Lessee with quiet use and enjoyment of the Equipment during the Lease Term: 13. - Location: Inspection. Once installed,' no item of the Equipment will be moved from the .location specified for it in the Lease on which such item is listed without Lessor's consent, which consent shall not be unreasonably withheld. Lessor shall have the right at � all ' reasonable times during regular business hours to enter into and .upon the property of Lessee for the purpose of inspecting.the Equipment. 14. Use: Maintenance. Lessee will not install, use, operate or maintain the Equipment improperly, carelessly, in violation of any applicable.. law or in a manner contrary to that contemplated by the related Lease. Lessee shall provide all permits and licenses, if any, necessary for the installation and operation of the Equipment. In addition, Lessee agrees to comply in all respects with all applicable laws, regulations and rulings of any legislative, executive, administrative or judicial body. Lessee agrees that it will, at Lessee's own cost and expense, maintain, preserve and keep the Equipment in good repair. and working order. Lessee will. enter into. a maintenance contract for the Equipment that is acceptable to Lessor. .15. Title: Upon acceptance of the Equipment under a Lease by Lessee, title to the Equipment shall vest in Lessee subject to Lessor's rights under the Lease; provided that title : shall thereafter immediately. and without any: action by Lessee vest in Lessor, and Lessee shall immediately surrender possession of the Equipment to Lessor; upon (a) any termination of the applicable Lease other than termination pursuant .to Section 23 or (b) the occurrence of.an Event of Default. Transfer -of title to Lessor pursuant to this Section shall ' occur automatically without the necessity of any bill of sale, certificate of title or other instrument of conveyance. Lessee shall, nevertheless, execute and deliver any such instruments as Lessor may request to evidence such transfer. 16. Security .Interest. To secure the payment of all of Lessee's obligations under each Lease, upon the execution of such . Lease, Lessee grants to Lessor a security interest constituting :a first and exclusive lien on the Equipment applicable to such Lease and on all proceeds therefrom. Lessee agrees to execute such additional documents, in form satisfactory to Lessor, which Lessor deems necessary or appropriate to establish and maintain its security interest in the Equipment.. The Equipment is and will remain personal property and will not be deemed to be affixed to or a part of the real estate on which it may be situated. 17. Liens. faxes,_ Other Governmental Charms and Utility Charnes. Lessee shall keep the Equipment free of all levies, liens and encumbrances except those created by each Lease. The parties to this Agreement contemplate that the Equipment will be used for governmental or proprietary purposes of Lessee and that the Equipment will therefore be exempt from all property taxes. If the use, possession or acquisition of any Equipment is nevertheless determined to be subject to. taxation, Lessee shall pay when due all taxes and governmental charges lawfully assessed or levied against or with respect to such Equipment. Lessee shall pay all utility and other charges incurred in the use and maintenance of the Equipment. Lessee shall pay such taxes or charges as the same may become due. 18. Insurance. At its own expense, Lessee shall during each Lease Term maintain (a) casualty .insurance insuring the Equipment against loss or damage by fire and all other risks covered by the standard extended coverage endorsement thenin use in the State and any other risks reasonably - required by Lessor, in an amount at least equal to the then applicable "Purchase Price" of the Equipment as described in Exhibit A-1 of each Lease; (b) liability insurance that protects Lessee from liability in all events in form and amount satisfactory to Lessor; and (c) workers' compensation coverage as required by the laws of the State; provided that, with Lessor's prior written consent, Lessee may self -insure against the risks described in clauses (a) and (b). Lessee shall furnish to Lessor evidence of such insurance or self-insurance coverage throughout each Lease Term. Lessee shall not materially modify or cancel such insurance or self-insurance coverage without first giving written notice thereof *to Lessor at. least 10 days in advance of such cancellation or modification.. All such insurance described in clauses (a) and : (b) above shall contain a provision naming Lessor as a loss payee and additional insured. 19: Advances. In the event Lessee shall fail to keep the Equipment in good repair and working order, Lessor may, but shall be under ' no obligation to, maintain and repair the Equipment and pay the cost thereof. All amounts so advanced by Lessor shall constitute additional rent. for the then current Original Term or Renewal Term and Lessee agrees to pay such amounts so advanced by Lessor with interest thereon from the advance date until paid at the rate of 12% per annum or the maximum rate permitted by law, whichever is less. 20. Damane. Destruction and Condemnation. If (a) the Equipment or any portion thereof 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 shall be taken under the exercise or threat of the power of eminent domain by any governmental body or by any person, firm or corporation acting pursuant to governmental authority, Lessee and Lessor will cause the Net Proceeds to be applied to the prompt replacement, repair, restoration, modification or improvement of the Equipment to substantially the same condition as existed prior to the event causing such damage, destruction, or condemnation, unless Lessee shall have exercised its option to purchase the Equipment pursuant to Section 23. Any balance of the Net Proceeds remaining after such work has been completed shall be .paid to Lessee. For purposes of this Section, the term "Net Proceeds" shall mean (y) the amount of insurance proceeds received by Lessee for replacing, repairing, restoring, modifying, or improving damaged or destroyed Equipment, or (z) the amount remaining from the gross. proceeds of any condemnation award or sale under threat of condemnation after deducting all expenses, including attorneys' fees, incurred in the collection thereof. If the Net Proceeds - are insufficient to pay in full the cost of any replacement, repair, restoration, .modification, or improvement referred to herein, Lessee shall either. (a) complete such replacement, repair, restoration, modification or improvement and pay any costs thereof in excess of the amount of the Net Proceeds, or (b) 'pursuant to Section 23 purchase Lessor's interest -in the Equipment and in any other Equipment listed in the same Lease. The amount of the Net Proceeds, if any, remaining after - completing such replacement, repair, restoration, modification or improvement .or after purchasing Lessor's interest in the Equipment . and such other Equipment shall be retained by Lessee. If Lessee shall make any -payments pursuant to this Section; Lessee shall not be entitled to any reimbursement therefor from Lessor nor shall Lessee be entitled to any diminution of the amounts payable under Section 10. 21. DISCLAIMER .OF.. WARRANTIES. LESSOR _ MAKES NO _ WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, AS. TO THE VALUE, DESIGN, CONDITION, MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE OR FITNESS FOR USE .OF THE EQUIPMENT, OR WARRANTY WITH RESPECT THERETO WHETHER EXPRESS OR IMPLIED, AND LESSEE ACCEPTS SUCH EQUIPMENT AS IS AND WITH ALL FAULTS. IN NO EVENT SHALL LESSOR BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGE -IN CONNECTION WITH OR ARISING OUT OF ANY LEASE. OR THE EXISTENCE, FURNISHING, FUNCTIONING OR LESSEE'S USE OF ANY ITEM, PRODUCT OR SERVICE PROVIDED FOR IN ANY LEASE. 22. Vendor's ' Warranties. Lessor hereby irrevocably appoints Lessee as its agent and attorney-in-fact during each Lease Term, so. long- as Lessee shall not Win default under the related Lease, to .assert from time to time whatever claims and rights (including without limitation warranties). relating to the Equipment that Lessor may have against Vendor. The term "Vendor" means any supplier or manufacturer of the Equipment as well as the agents or dealers of the 'manufacturer or supplier from whom Lessor purchased or is purchasing such Equipment. Lessee's sole remedy for the breach of such warranty, indemnification or representation shall be against Vendor of the Equipment, and, not against Lessor. Any such matter shall not have any effect whatsoever on the rights or obligations of Lessor with respect to any Lease, including the right to receive full and timely payments under a Lease. Lessee expressly acknowledges that Lessor makes, and has made, no representations or warranties whatsoever as to the existence or the availability of such warranties by Vendor of the Equipment. 23. Purchase Option. Lessee shall have the. option to purchase Lessor's interest in all of the Equipment listed in any Lease, upon giving written notice to Lessor at least 60 days before the date of purchase, at the following times and upon the following terms: (a) on the Rental Payment dates specified in each Lease, upon payment in full of the Rental Payments then due under such Lease ' plus the then -applicable Purchase Price as referenced in Exhibit A-1; or (b) . in the event of substantial damage to or destruction or condemnation of substantially all of the Equipment listed in a Lease, on the day specified in Lessee's notice to Lessor of its exercise of the purchase option upon payment in full to Lessor. of the Rental Payments then due under such Lease plus the then applicable Purchase Price plus accrued interest from the immediately preceding Rental Payment date to such purchase date. 24. Assigamnt. Lessor's right, title and interest in and to each Lease, including Rental Payments and any other amounts payable by Lessee thereunder and all proceeds therefrom, may be assigned and reassigned to one or more assignees or subassignees by Lessor without the necessity of obtaining the consent .of Lessee; provided that any such assignment shall not be effective until (a) Lessee has received written notice, signed by the assignor, of the name . and address of the assignee, and (b) it registered on the registration books. Lessee shall retain all such notices as a register of all assignees -in compliance with Section 149(a) of the Code, and shall make all payments to the assignee or assignees designated in such register. Lessee agrees to execute all documents that may be reasonably requested by Lessor or any assignee to protect its interests and property assigned .pursuant to this Section. Lessee shall not have the right to and shall not assert against any assignee any claim, counterclaim or other right Lessee may have against Lessor or Vendor. Assignments may include without limitation assignment of all of Lessor's security interest in and to the Equipment listed in a particular Lease and all rights in, to and under the Lease related to such Equipment. Lessee hereby agrees that Lessor may, without notice to Lessee, sell, dispose of, or assign this Agreement or any particular Lease or Leases through a pool, trust, limited partnership, or other similar entity, whereby one or more interests are created in this Agreement or in a Lease or Leases, or in the Equipment listed in or the Rental Payments under a particular Lease or Leases. . None of Lessee's right, title and interest in, to and under any Lease. or any portion of the Equipment listed in each Lease may . be assigned, subleased, or encumbered - by Lessee for any reason without obtaining prior written consent of Lessor. 25. Events of Default. Any of the following events shall constitute an "Event of Default" under a Lease: (a) failure by Lessee to pay any Rental Payment or other payment required to be paid under a Lease -at the time specified therein; (b) failure by Lessee to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in subparagraph (a) above, for a period of 30 days after written notice specifying such failure and requesting that it be remedied is given to Lessee by Lessor; (c) any statement, representation or warranty made by Lessee in or pursuant to any Lease shall prove to have been false, incorrect, misleading or breached in any material respect on the date when made; or (d) Lessee institutes any proceedings under any bankruptcy, insolvency, reorganization or similar law or a receiver or similar official is appointed for Lessee or any of its property. 26.. Remedies on Default. Whenever any Event of Default exists, Lessor shall have the right, at its sole option without.any further demand or notice; to take one or any combination of the following remedial steps: (a) by written notice to Lessee, Lessor. -may declare all Rental'Payments payable by Lessee pursuant to such Lease and other -amounts payable by Lessee under such Lease. to the end of the then current Original Term or Renewal Term to be. immediately due and .payable; (b) with or without terminating the Lease Term under such Lease, Lessor may enter the premises. where the Equipment listed in such Lease is located and retake possession of such Equipment or require Lessee at Lessee's expense to promptly return any or all of such Equipment to the possession of Lessor at such place within the United States as Lessor shall specify, and sell or lease such Equipment or, for the account of Lessee, sublease such Equipment, continuing to hold Lessee .liable for the difference between (i) .the Rental Payments payable by Lessee pursuant to such Lease and other' amounts related to such Lease of. the Equipment listed therein that are payable by Lessee to the end of the then current Original Term or Renewal Term, as the case may be, and, (ii) the net proceeds of any such sale, leasing or subleasing (after deducting all expenses of Lessor in exercising its remedies under such Lease, including without limitation all expenses of taking possession, storing, reconditioning and. selling or leasing such . Equipment and all brokerage, auctioneer's and attorney's fees), subject, however, to .the provisions of Section 8 hereof. The exercise of any such remedies in respect of any such Event of Default shall not relieve Lessee of any other liabilities under any other Lease or the Equipment listed therein; and (c) Lessor may take whatever action .at' law or in equity may appear necessary or desirable to enforce its. rights under suchLease or as a secured party in any or all of the Equipment. Any net proceeds from the exercise of any remedy under a Lease (after deducting all costs and expenses referenced in the Section) shall be applied 'as .follows: (i) if such remedy is exercised solely with respect to a single Lease, Equipment listed in such Lease or rights thereunder, then to amounts due pursuant to such Lease -and other amounts related to such Lease or such Equipment; or (ii) if such remedy is exercised with respect to more than one Lease, Equipment listed in more -than one Lease or rights under more than one Lease, then to amounts due pursuant to such Leases pro -rata 27. No Remedy Exclusive. No remedy herein conferred upon or reserved to Lessor is intended to be exclusive and every such remedy shall be .cumulative and shall be -in addition to every other remedy given under a Lease now or hereafter existing at law or in equity. 28. Notices. All notices or other communications under any Lease shall be sufficiently given and shall be deemed given when delivered or mailed by registered mail, postage prepaid, to the parties hereto at. the addresses listed. below (or at such other address as either party hereto shall designate in writing to the other for notices to such party), or to any assignee at its address as it. appears on the registration books maintained by Lessee. 29. Release and Yndemnification. To the extent permitted by State law, and subject to Section 7, Lessee shall indemnify, release, protect, hold harmless, save and keep harmless Lessor from and against any and all liability, obligation, loss, claim, tax and damage whatsoever, regardless of cause thereof, and all expenses in connection therewith (including, without limitation, attorney's fees and expenses; penalties connected therewith imposed on interest received)- arising out -of or as result. of (a) entering into any Lease, (b)' the ownership of any item of Equipment, (c) . the ordering, acquisition, use, operation, condition, purchase, delivery, rejection, storage or return of any item of Equipment, (d) any accident in connection with the operation, .use, condition, possession, storage or return of any item of Equipment resulting in damage. to property or injury to or death to any person, and/or (e) the breach of any covenant or any material representation contained in a Lease. The indemnification arising under this Section shall continue in full force and . effect notwithstanding the full payment of all obligations under all Leases or the termination of the Lease Term under all Leases for any reason. 30. Miscellaneous Provisions.. Each Lease shall inure to the benefit of and shall. be binding upon Lessor and Lessee and their respective successors and assigns. References herein to "Lessor" shall be deemed to include eacli of its assignees and subsequent assignees from and after the .effective date - of each assignment as permitted by Section 24. In the event any provision -of any Lease shall:be held invalid.or unenforceable by . any court of competent jurisdiction, such ' holding shall not invalidate or render unenforceable any other provision thereof. Each Lease may be amended by mutual written consent of Lessor and Lessee. Each Lease may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument: The captions or headings in this Agreement and in each Lease are for convenience only and in no way define; limit or. describe -the. scope or intent of any provisions or. sections of this Agreement or any Lease. This Agreement and each Lease shall be governed by and construed in accordance with the laws of the State. [Signature Page Follows] IN WITNESS WHEREOF, Lessor and Lessee have caused this Agreement to be executed in their names by their duly authorized representatives as of the date first above written. (LESSOR) Pinnacle Public Finance, Inc. 8377 East Hartford Drive, Suite 115 Scottsdale, AZ 85255 Signature: — Name/Title: ti lean D: Jimenez twat kJ111V Bireftf EM Date: 2:_ ` 2 i (LESSEE) Village of North Palm Beach 501 US Highway One North Palm Beach,Flo ' 3'34 Signature: 1( la ke k:- V 11a�-10Anaye " Name/Title: / Date:?''?/ 2 a' EXHIBIT A SCHEDULE OF PROPERTY NO.5 RE: MASTER EQUIPMENT LEASE PURCHASE AGREEMENT entered into as of February 21, 2020, ("Agreement"), between Pinnacle Public Finance, Inc. ("Lessor") and Village of North Palm Beach ("Lessee"). All terms used and not otherwise defined herein have the meanings ascribed to them in the Agreement. The following items of Equipment are hereby included under this Schedule to the Agreement. To the extent that less than all of the Equipment subject to this Schedule has been installed and accepted by Lessee on or prior to the date hereof, Lessee hereby acknowledges that a portion of the Equipment has not been delivered, installed and accepted by Lessee for purposes of this Lease and Lessor hereby commits to provide funds in an amount sufficient to pay the costs to acquire and install the Equipment. In consideration of the foregoing, Lessee hereby acknowledges and agrees that its obligation to make Rental Payments as set forth in this Schedule is absolute and unconditional as of the date hereof and on each date and in the amounts as set forth in the Rental Payment Schedule, subject to the terms and conditions of the Lease. Ninety five percent of the financing costs are being used to acquire assets that will be capitalized. DESCRIPTION OF EQUIPMENT Quant i Description Model No. Serial No. One (1) Sutphen Custom Ladder Truck SL75 Lessee hereby represents, warrants and covenants that its representations, warranties and covenants set forth in the Agreement are true and correct as though made on the Commencement Date of Rental Payments under this Schedule. The terms and provisions of the Agreement (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. Dated: June 10, 2021 Lessor: Pinnacle Public Finance, Inc. Signature: Name/Title: Date: Lessee: Village of No '4aeW Signature: ' Name/Tide: ✓u-�' Z ,,�-�'1 /�'9� r Date: EXHIBIT A -l. RENTAL PAYMENT SCHEDULE RE: Schedule of Property No. 5 dated June 10, 2021 to Master Equipment Lease Purchase Agreement dated as of February 21, 2020 between Pinnacle Public Finance, Inc., as Lessor, and Village of North Palm Beach, Florida, as Lessee. COMMENCEMENT DATE: June 10, 2021 Village of North Palm vy� Signature: Name/Title:'�-�`�� Date: 2- 2 Payment Payment I I Purchase Outstanding Pmt # I Date Amount Interest Principal Price Balance COMMENCEMENT DATE: June 10, 2021 Village of North Palm vy� Signature: Name/Title:'�-�`�� Date: 2- 2 6/10/2021 $985,490.00 1 9/15/2022 $111,796.57 $28,024.87 $83,771.70 $919,752.67 $901,718.30 2 9/15/2023 $111,796.57 $20,288.66 $91,507.91 $826,414.60 $8103210.39 3 9/15/2024 $111,796.57 $18,229.73 $93,566.84 $730,976.42 $716,643.55 4 9/15/2025 $111,796.57 $16,124.48 $95,672.09 $633,390.89 $620,971.46 5 9/15/2026 $111,796.57 $13,971.86 $97,824.71 $533,609.68 $523,146.75 6 9/15/2027 $111,796.57 $11,770.80 $100,025.77 $431,583.40 $423,120.98 7 9/15/2028 $111,796.57 $9,520.22 $102,276.35 $327,261.52 $320,844.63 8 9/15/2029 $111,796.57 $7,219.00 $104,577.57 $220,592.40 $216,267.06 9 9/15/2030 $111,796.57 $4,866.01 $106,930.56 $111,523.23 $109,336.50 10 9/15/2031 $111,796.57 $2,460.07 $109,336.50 $0.00 $0.00 Totals: $1,117,965.71 $132,475.71 $985,490.00 Rate 2.2500% COMMENCEMENT DATE: June 10, 2021 Village of North Palm vy� Signature: Name/Title:'�-�`�� Date: 2- 2 EXI3IBIT B PLEASE COMPLETE EITHER FINAL OR PARTIAL ACCEPTANCE, AS RELEVANT FINAL ACCEPTANCE CERTIFICATE Re: Schedule of Property No. 5 dated June 10, 2021 to Master Equipment Lease Purchase Agreement dated as of February 21, 2020 between Pinnacle Public Finance, Inc., as Lessor, and Village of North Palm Beach, as Lessee. In accordance with the Master Equipment Lease Purchase Agreement (the "Agreement'), the undersigned Lessee hereby certifies and represents to, and agrees with Lessor as follows: (1) All of the Equipment (as such term is defined in the Agreement) listed in the above -referenced Schedule of Property (the "Schedule") has been delivered, installed and accepted on the date hereof. (2) Lessee has conducted such inspection and/or testing of the Equipment listed in the Schedule as it deems necessary and appropriate and hereby acknowledges that it accepts the Equipment for all purposes. (3) Lessee is currently maintaining the insurance coverage required by Section 18 of the Agreement. (4) No event or condition that constitutes, or with notice or lapse of time, or both, would constitute, an Event of Default (as defined in the Agreement) exists at the date hereof. LESSEE Village ofNorth Palm Beach Signature: Name/Title: Acceptance Date: >OR< PAYMENT REQUEST and PARTIAL ACCEPTANCE CERTIFICATE Pinnacle Public Finance, Inc. is hereby requested to pay the person or entity designated below as Payee, the sum set forth below in payment of a portion or all of the cost of the acquisition described below. The amount shown below is due and payable under the invoice of the Payee attached hereto with respect to the cost of the acquisition of the equipment and has not formed the basis of any prior request for payment. The equipment described below is part or all of the "Equipment" listed in Exhibit A to the Master Equipment Lease Purchase Agreement referenced above. Quantijy Serial Number/Description: Amount: Payee: Payee's Federal ID Number: Lessee hereby certifies and represents to and agrees with Lessor as follows: (i) the equipment described above has been delivered, installed and accepted on the date hereof, (ii) Lessee has conducted such inspection and/or testing of said equipment as it deems necessary and appropriate and hereby acknowledges that it accepts said equipment for all purposes; (iii) Lessee is currently maintaining the insurance coverage required by Section 18 of the Agreement; (iv) no event or condition that constitutes, or with notice or lapse of time or both would constitute, an Event of Default (as such term is defined in the Agreement) exists at the date hereof. Dated: LESSEE Village of North Palm Beach Signature: Name/Title: PLEASE RETURN PAYMENT REQUEST TO: Pinnacle Public Finance, Inc. 8377 East Hartford Drive, Suite 115 Scottsdale, AZ 85255 INSURANCE COVERAGE REQUIREMENTS LESSOR: Pinnacle Public Finance, Inc. LESSEE: Village of North Palm Beach Please Reference Control #103123 on the Certificate of Insurance In accordance with Section 18 of the Agreement, we have instructed the insurance agent named below: (Please fill in name, address and telephone number). &61�IS e4 -V+ Telephone: U 2, it/ 20 N. DPQ,pNi! Toa Fax: ( ) �-IIfi t:jando, FG 32 80Contact: _J e-SSi c*L J en a. All Risk Physical Damage Insurance on the leased equipment evidenced by a Certificate of Insurance and Long Form Loss Payable Clause naming Pinnacle Public Finance, Inc. and/or its assigns, as Loss Payee. Coverage Required: Full Replacement Value b. Public Liability Insurance evidenced by a Certificate of Insurance naming Pinnacle Public Finance, Inc. and/or its assigns as Additional Insured. Minimum Coverage Required: $2,000,000.00 C. Workers' compensation coverage as required by the laws of the State; provided that, with Lessor's prior written consent, Lessee may self -insure against the risks described in clauses. Proof of insurance coverage will be provided prior to the time the Equipment is delivered to us. PLEASE LIST NAME & ADDRESS AS FOLLOWS: Pinnacle Public Finance, Inc. 8377 East Hartford Drive, Suite 115 Scottsdale, AZ 85255 LESSEE: Vill ofNh lm e l� Signature: (� Name/Title: An f Ut SI I� aGG .A,VlQO�P�( Date: BANK QUALIFIED DESIGNATION Schedule of Property No. 5 dated June 10, 2021 to Master Equipment Lease Purchase Agreement dated February 21, 2020 Lessee hereby represents and certifies the following (please check one): 7Ba Qualified Lessee has designated, and hereby designates, this Lease 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 "Code"). In making that designation, Lessee hereby certifies and represents that: • As of the date hereof in the current calendar year, neither Lessee nor any other issuer on behalf of Lessee has designated more than $10,000,000 of obligations (including this Lease) as "qualified tax-exempt obligations"; • Lessee reasonably anticipates that the total amount of tax-exempt obligations (including this Lease) to be issued by or on behalf of Lessee (or allocated to Lessee) during the current calendar year will not exceed $10,000,000; • The Lease will not be at any time a "private activity bond" as defined in Section 141 of the Code; • The Lease is not subject to control by any entity and there are no entities subject to control by Lessee; and • Not more than $10,000,000 of obligations of any kind (including the Lease) issued by, on behalf of or allocated to Lessee will be designated for purposes of Section 265(b)(3) of the Code during the current calendar year. Non -Bank Qualified ❑ Lessee has not designated this Lease as a "qualified tax-exempt obligation' for the purposes and within the meaning of Section 265(b)(3) of the Code. LESSEE: Village o Nvrth- alm Be Signature: X Printed Name/Title: X�c� Date: X 2-2'`C' G �� PAYMENT INSTRUCTIONS Pursuant to the Master Equipment Lease Purchase Agreement dated February 21, 2020 (the "Agreement'), Schedule of Property No. 5, dated June 10, 2021, between Pinnacle Public Finance, Inc. (the "Lessor") and Village of North Palm Beach (the "Lessee"), Lessee hereby acknowledges the obligations to make Rental Payments promptly when due, in accordance with Exhibit A-1 to the Agreement. LESSEE NAME: Village of North Palm Beach TAX ID#: 59-6017984 INVOICE MAILING ADDRESS: l�I I� VI'Wfi14 OWNor-i ?� nw ZPA FL` 3"Og Mail invoices to the attention of: n (y Cf A.i n Phone �6 ���' 3 3� Z) Fax Xt 00 LIS- Approval I S'Approval of Invoices required by: S4 i'Y11 rCt N Phone (�6 t) �� 9 3 �' U FaxI; Accounts Payable Contact: I r4 U' S ��R +•� Phone U �7 �' '3 b Fax Processing time for Invoices: we Approval: 1A1Ztk4 Checks: Do you have a Purchase Order Number that you would like included on t e invoice? No Yes PO# Do your Purchase order numbers change annually? No Yes�_z Processing time for new purchase LESSEE: Villa of orth lm B ach Signature: /. Name/Title: "qW IV17by_ Date: ' Instructions for 8038-G: Updated for use with September, 2098 form The below described lines need to be completed by the Lessee: Line 2-: Enter the EIN number of the Issuer (Lessee) An issuer (Lessee) that does not have an employer identification number (EIN) should apply for one on Form. SS4, Application for Employer Identification Number. This form may be obtained at Social Security. Administration offices or by calling 1 -800 -TAX -FORM (1-800- 829-3676). You can also get this form on the IRS website at www.irs.aov. You may receive an EIN by telephone by following the instructions for Form SS -4. Lines 10a and 10b: Enter the name, title, and telephone number of the officer of the Issuer whom the IRS may call for more information If the issuer wishes to designate a person other than an officer of the issuer (including a legal representative or paid preparer) whom the IRS may call for more information with respect to this return, enter the name, title, and telephone number of such person. Line 39: Bank Qualified Designation Check this box if this Lease is designated as a "small issuer exception" under section 265(b)(3)(13)(i)(III). [Issuer (Lessee) reasonably anticipates that the total amount of tax- exempt obligations (including this Lease) to be issued by or on behalf of Lessee (or allocated to Lessee) during the calendar year 2021 will not exceed $10,000,000.] Lines 41a -41d and 42: Hedges If the issuer (Lessee) has identified a hedge, this section must be completed. Line 43: Written procedures regarding Remediation of Non -Qualified Bonds Check. this box if Issuer (Lessee) has established written procedures to ensure that all nonqualified bonds of this issue are remediated according to the requirements under the Code and Regulations (see instructions). Line 44: Written procedures to monitor Section 148 of the Code Check this box if Issuer (Lessee) has established written procedures to monitor the requirements of Section 148 of the Internal Revenue Code (related to arbitrage and yield restriction). Lines 45a and 46b: Reimbursement . . If applicable, please identify whether any proceeds of the issue were used to reimburse expenditures. Please identify the amount of reimbursed expenditures and the date of the adoption of the official declaration of intent. [The instructions acknowledge that such declaration is not always required but do not provide guidance on completion without such requirement.] Signature and Consent: Please provide an authorized signature, date, and printed (or typed) name and title of the individual signing on behalf of Lessee. Form8038=G Information Return for Tax -Exempt Governmental Bonds ► Under Internal Revenue Code section 149(e) (Rev.:September201t3) 0; Sao separate instructions. Department of the Treasury... ° Caution: !f the issue price is under $100, 000, use Form 8038 -GC. Internal Revenue Service 110-.13o to wwwJrs.g9v/F8038Q.1or instructions and the latest information. Ment l: nic AiMority. If Amended Roti REF# 103123 OMB No. 1545-0720 check here ►, I 1 'Issuer's name 2 issuer's employer identification number (EIN) Vigage'of North Palm. beach 59-6017984 3a Name of person (other than Issuerj with whom the IRS maycommunlcate about this return (see instructions) 3b Telephone number of other person shown on 3a 4 Number and street (or P.O. box If mail Is not delivered to street address) Room/suite 5 Report number (For IRS'Use Only) .:.. 10.26. ears 3 _. _ 6 City, town, or post office,;state, and'ZI-P aode __ '7 Date of issue North Palrn ' Beach .. FL .33408 6/10/2021 9 Name of IssuitV 9 CUSIP number Sch of prtip No. 5 dtd 6110/2021 to Master°Eddf ihent Lease Purchase 80eme "t.dtd 2/21/2020 :108 Name and title of officer or other employee of the issuer whom the IRS may call for more information (see 10b Telephone number of officer or other instructions) employee shown on 10a Sarnia Janjua, Director of Fitiartce _ _..- .. -454 :841-3360 MOM Tii46 ef' 19site?: fein%r'i fife. issue: Driers/.. See the Instructions and attach schedule.... _. . 11 12 13 14: 15 16 17 18 19a 19a b ,.20— ' Education.. .. , . . Health and hospital ,. .. ,. .. ,. ,. .: .. Transportation .. . , :. ... . Y Public safety , .. .: Environment (including sewage bonds) .:. .. .- : .; Housing . :. .. :: .. 4 Utilities Other. Describe PP - If bonds are TANs or RANs, check only box 19a ,, ,.. ., ► `❑ if bonds are BANs, check only box 19b .. ., :. , .: :. ► ❑ _.If.bonds.are in.the:form..of.a lease or installment sate,.check box ,; .. ;. .. .; ►i (b) Issue price 194, .._ (d) Weighted average maturity 14 985,490 00 21 16 ,$ 985,490.00 :$' N/A 10.26. ears Dra�rrihtiari ef. Bdnels_ r.ZM*n Ato forahe,Antl -a i t e for which -.1114. forrn:.is'. bP-ih ."filed'. - - ���� y6$cl'�p'�lonor ir[erunaea.itsvnas. �ompleze mis parc•onty r�r rr�i.ut_luing_.u�nus. .rvrr►; _ .. . 31 Enter the remaining weighted average maturity.ofthe tax-exempt bonds to be refunded . . . ► years. 32 Enter the remaining weighted average maturity of the taxable bonds to be refunded . . . . ► years 33 Enter the last date on which the refunded tax-exempt bonds will be called (MM/DD/YYYY) 10- 04 34 Enter the date(s) the refunded bonds were issued ► (MM/DD/YYYY) For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 637738 Form 8038-G (Rev. 9-2018) (a) Final maturity -date (b) Issue price (e) Stated redemption price at maturity (d) Weighted average maturity (e) Yield 21 9/1 S/20.31 ,$ 985,490.00 :$' N/A 10.26. ears 2.2500 % Uses' df Prd'eiEl.of Bontl issue neludLn :underwriters' disiMount� N/A 22' 23 24 25 26 27 28 29 30 Proceeds used for accrued interest . . . . . . . . . . . : :: :: Issue price of entire issue (enter amount from line 21, column (b)) Proceeds used for. -bond issuance costs (including underwriters' discount) .24 Proceeds used for credit enhancement . . . . . . . . . . . . .25- 5-26 Proceeds allocated to reasonably required reserve.or replacement fund 26 Proceeds used to refund prior tax-exempt bonds. Complete Part V . 27 Proceeds used to refund prior taxable bonds. Complete Part V : 28 Total (add lines 24 through 28) . . . . . . . . . . . . i NQnrsftar d(J06ft l3;of the issue' subtract line 29 from line 23 and enter amount here) : .:: 221. J.29 .30 ..1. ���� y6$cl'�p'�lonor ir[erunaea.itsvnas. �ompleze mis parc•onty r�r rr�i.ut_luing_.u�nus. .rvrr►; _ .. . 31 Enter the remaining weighted average maturity.ofthe tax-exempt bonds to be refunded . . . ► years. 32 Enter the remaining weighted average maturity of the taxable bonds to be refunded . . . . ► years 33 Enter the last date on which the refunded tax-exempt bonds will be called (MM/DD/YYYY) 10- 04 34 Enter the date(s) the refunded bonds were issued ► (MM/DD/YYYY) For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 637738 Form 8038-G (Rev. 9-2018) Form 8038-G (Rev. 9-2018) .. Page 2 Misceifaneous - 35 Enter the amount of the state volume cap-allocated to the Issue under section 141(b)(5) 3S. 36a -Enter the amount of gross proceeds invested or to be invested in a guaranteed Investment contract' (GIC). See instructions . . . . . . 38a b Enter thefinal'maturity date of the GIC Do- (MM/DD/YYYY) c Enter the name of the GIC provider► 37 Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans to other governmental units . 37 38a If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑ and enter the following information:: b Enter the date. of the master pool bond ► (MM/DD/YYYY) c Enter the EIN of the Issuer of the master pool bond 0- d d Enter the name of the issuer of the master pool bond 39 if the issuer has designated the issue under section 265(b)(3)(B)Q)(I11) (small issuer exception), check box ► ❑ 40 If the issuer has elected to pay a penalty In" lieu of arbitrage rebate, check box ► ❑ 41a If the issuer has Identified a hedge, check here ► ❑ .and enter the following information: b Name of hedge provider ► C Type.of hedge.► d Term of hedge ►,., ._. 42 If the issuer has superintegrated the hedge, check.box . . . . . . . . . . . . . . ► ❑ 43 If the issuer has established written procedures to, ensure that all nonqualiffed bonds of this issue are remediated according to the requirements under the Code and Regulations (see instructions), check box . . . . . . . ► . ❑ 44 if the issuer has: established written procedures to monitor the requirements of section 148, check box . . . . . ► [� 45a If some portion of the proceeds was used to reimburse expenditures, check here ► ❑ and enter the amount of reimbursement 10- b. b Enter t '64ste the": ciail Fntei t-.was ado,oto-a ►' (4�INU4 Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge y are t e, correct, and complete. l further declare that I consent to the IRS's disclosure of the-issuer's return information, as necessary to Signature and belief, the and ; process thi rn, to e p at ave author ove. b Wt-e Consent - Signature of Issuer's au , 66idd representative ate Type or print name and title " Paid Prliwype preparees name Tmoarees. signature Date Check ❑ if " WIN* P:reparer Michael Krahenbuhl self-emptoyed, PO1850365 Use Only. Flnn's name lipPinnacle'Public Finance Firm's EiN Op27.3119149 l Fmts:a dr+ass>.r 8377 E. Hartford Drive, Suite 1.15, Scottsdale, AZ 85255 rpy ems,; 48D.419-4800. Form 8038-0 (Rev. 9-2018) CERTIFICATE OF SIGNATURE AUTHORITY OF LESSEE June 10, 2021 Pinnacle Public Finance, Inc. 8377 East Hartford Drive, Suite 115 Scottsdale, AZ 85255 RE: Schedule of Property No. 5 dated June 10, 2021 ("Lease") to the Master Equipment Lease Purchase Agreement dated February 21, 2020 ("Agreement"), by and between Village of North Palm Beach ("Lessee") and Pinnacle Public Finance, Inc. ("Lessor"). Dear Pinnacle Public Finance, Inc., I, the undersigned, do hereby certify (') that ArAfow b. Luk04S i I� (VIt {please print the name and title of the person who signed , Malrl�Aa) lease documents the line above) the officer of Lessee who executed the foregoing Lease and Agreement on behalf of Lessee and whose genuine signature appears thereon, is the duly qualified and acting officer of Lessee as stated beneath his or her signature and has been authorized to execute the foregoing Lease and Agreement on behalf of Lessee, and d�-�b I (ii) that the budget year of Lessee is from �i�( to Sincerely, Signature: Name/Title: Dated: v,ll<,� e Cly i I C-J� The Certificate of Signature Authority of Lessee should be executed by an authorized individual confirming the executioner of the remaining documents is authorized. This document cannot be signed by the person signing the lease documents. TORCIVIA, DONLON, GODDEAU & RUBIN, P.A. 701 -Northpoint Parkway, Suite 209 West Palm Beach, Florida 33407-1950 561-686-8700 Telephone / 561-686-8764 Facsimile www.torcivi*alaw.com Glen J. Toroivia Lara Donlon Christy L. Goddeau* Leonard G. Rubin* *FLORIDA BAR BOARD CERTIFIED CITY COUNTY. AND LOCAL GOVERNMENT ATTORNEY June 1, 2021 Pinnacle Public Finance, Inc. 8377 E. Hartford Drive, Suite 115 Scottsdale, AZ 85255 Jennifer H.R. Hunecke James Brako Susan M. Garrett Re: Schedule of Property No. 5, dated June 10, 2021 to Master Equipment Lease Purchase Agreement dated as of February 21, 2020 between Pinnacle Public Finance, Inc., as Lessor, and Village of North.Palm Beach, as Lessee.. Ladies and Gentlemen: As legal counsel to Village of North Palm Beach, (the "Lessee"), I have examined .(a) an executed counterpart of a: certain Master Equipment Lease Purchase Agreement dated as of.lobruarY 21, 2024 and:Exhibits thereto. by:andbetween Pinnacle Public Finance,.. Inc. (the "Lessor" ):arid Village of North -Paha Beach, (the "Agreement") aad. an executed counterpart. of Schedule of Property No. 5 dated 'June 10, 2021 ''by and between Lessor and Lessee (the "Schedule"), which, among other things, provides for the lease with option to purchase to the Lessee of certain property listed in the Schedule (the "Equipment"), (b) an executed counterpart of the ordinances or resolutions of Lessee which, among other things, authorize Lessee to execute the Agreement and the Schedule and (c) such otheropinions, documents and matters of law as I have deemed necessary in connection with the following opinion. The Schedule and the terms and provisions of the Agreement incorporated therein by reference together with the Rental Payment Schedule attached to the Schedule are herein referred to collectively as the "Lease". In rendering this opinion, I have. assumed without inquiry: (a) The authenticity of all documents submitted to me as copies of the originals, and the conformity, of such copies. to the originals as they are finally executed and. delivered by Lessee and Lessor; (b) 'That -the Lease has been or will be duty authorized; executed and delivered -by Lessor; Pinnacle. -Public Finance, Inc. June 1, .2-021 Pagel (c) That the Lease constitutes valid,. legal and binding obligations of Lessor enforceable against: Lessor in accordance with its terms; and (d) That:the Lease -accuratelydescrbes and contains the mutual understandings of the parties, . and that there -are. notoral or written statements or agreements that modify, amend or vary, ox :p..urport. to modify, amend or vary,: any of the terms thereof. Based on the foregoing, I .am .of the following opinion: (1) Lessee is a public body corporate and politic, .duly, organized and existing under the laws of the State,. or has a.: substantial' amount of one- the following sovereign powers: (a) the. power to tax, (b) the power of.eminent domain, or (c) police power,. {2) The::nawe- of the lessee contained in the Lease. is the correct legal name of the: Lessee; (3) Lessee has the requisite power and authority lo lease: and acquire the. Equipment with an option to purchase and to execute and deliver the. Leaseand to perform its obligations under the Lease; 'The Lease hiss been duly authorized, approved,..executed, and delivered by and on behalf of Lessee and the Lease is. a legal, valid and binding "obligation of Lessee: enforceable in accordance with its: terms, subject to (i) all: applicable' bankruptcy, reorganization, insolvency;, fraudulent conveyance, moratorium and other similar laws;(Ji) the qualification that certain. waivers, .restrictions -and remedies provided. for in this Lease, including without limitation certain indemnification obligations, maybe wholly or partially unenforceable under Florida. law; and.(iii) general principles of equity: (5) The authorization, approval,, execution, and delivery: of the' Lease: and all other proceedings of Lessee relatifng to- the- transacUOM contemplated thereby have been performed in acCordanceVith all open meeting laws, public bidding laws and all other applicable state .laws; and (6) To the best ofmy. knowledge; there..i�s no proceeding_pendingor threatened in any court or before aiay governmental authority or arbitration board or tribunal that if adversely determined,. would adversely affect the transactions contemplated by: the Lease or the security interest of Lessor or its assigns, as. the case may be, in the Equipment thereunder. All of the -opinions. -set forth above are also subject to the following qualifications,, limitations and exceptions: (a) The opinions expressed herein. are limited to matters governed by the laws of the .State of Florida: No opinion. is expressed regarding the laws of any other jurisdiction. (b) The opinions. expressed herein are basedupon the law 'in effect on the date hereof, and we assume no obligation to. revise, or supplement them if -the law is changed by legislative action, judicial decision or otherwise. Torcivia, Donlon, Goddeau &:Rubin, P.A., 701 Northpoint, Parkway, Suite 209, West Palm Beach, Florida 33407 (561) 686-8700 - (561).686-8764 (facsimile) Pinnacle.Public Finance, Inc. June 1, 2021 Page 3 All capitalized terms herein shall .have. the same meanings :as -in the Lease unless otherwise provided herein. _Lessor, its. suceessots .and .assigns, anal. any counset rendering an opinion on the j tax-exempt status of the. interest components of the Rental Payments,.are entitled to rely on this opinion. Sincerely yours, Leonard G. Rubin Village Attorney Torcivia, Donlon, Goddeau &. Rubin, -P.A., 701 Northpoint Parkway; Suite 209, West Palm Beach, Florida 33407 (561) 686.8700 - (561) 686-8764 (facsimile) A, Bond is subject to the attached Additional Obligee Rider which is made part of this Performance bond". Liberty ,.ala SURETY PERFORMANCE BOND Bond Number: 019077726 Interchange Corporate Center 450 Plymouth Road, Suite 400 Plymouth Meeting, PA. 19462-1644 Ph. (610) 832-8240 KNOW ALL MEN BY THESE PRESENTS, that we SUTPHEN CORPORATION as principal (the "Principal's, and LIBERTY MUTUAL INSURANCE COMPANY, a Massachusetts stock insurance company, as surety (the "Surety's, are held and firmly bound unto VILLAGE OF NORTH PALM BEACH, FLORIDA , as obligee (the "Obligee's, in the penal sum of One Million Eight Thousand Six Hundred and 00/100 . Dollars ($1,008,600.00 ), for the payment of which sum well and truly to be made, the Principal and the Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, the Principal has by written agreement, dated the 4th day of June 20 21 , entered into a contract (the "Contract'5 with the Obligee for SL75 Aerial Ladder NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Principal shall promptly and faithfully perform the Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect. PROVIDED AND SUBJECT TO THE CONDITIONS PRECEDENT: 1. Whenever the Principal shall be, and declared by the Obligee to be in default under the Contract, the Obligee having performed the Obligee's obligations thereunder, the Surety may promptly remedy the default, or shall promptly: 1.1 Arrange for the Principal, with consent of the Obligee, to perform and complete the Contract; or 1.2 Undertake to perform and complete the Contract itself, through its agents or through independent contractors; or 1.3 Obtain a bid or bids from alternative contractors to complete the Contract in accordance with its terms and conditions, and upon determination by the Surety of the lowest responsible bidder, or if the Obligee elects, upon determination by the Obligee and the Surety jointly of the lowest responsible bidder, arrange for a contract between such bidder and the Obligee, and make available as work progresses (even though there should be a defauit or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding the amount set forth in the first paragraph of this bond. The term "balance of the contract price," as used in this paragraph, shall mean the total amount payable by the Obligee to the Principal under the Contract and any amendments thereto, less the amount properly paid by the Obligee to the Principal; or 1.4 Waive its right to perform and complete, arrange for completion, or obtain a new contractor and with reasonable promptness under the circumstances: a. After investigation, determine the amount for which it may be liable to the Obligee and, as soon as practicable afterthe amount is determined, tender payment therefore to the Obligee; or b. Deny liability in whole or in part and notify the Obligee citing reasons therefore. LMI C-5100 Page 1 of 2 Rev. 3/12 Notwithstanding any other provision of this bond or the Contract, or otherwise, the Surety is not responsible for and shall not be held liable to the Obligee for any hazardous waste removal and the Surety shall not be held liable to, or in any other respect be responsible to, the Obligee by way of indemnity, claims or otherwise, or to any public authority or to any other person, firm or corporation, for or on account of any fines or claims by any public authority or for bodily injuries or property damage to any person or thing, including, but not limited to, injury or damage due to the release or threat of release of hazardous substances of any kind or damage to real estate or to the environment or clean-up costs or other damages of whatever kind or nature arising out of any act of commission or omission by the Principal, the Principal's agents, servants, employees, subcontractors or suppliers or any other person in connection with the performance of the Contract. This limitation applies regardless of when any such fine is assessed, claim is made, or injury, damage, release or threat of release occurs and without regard to any term or condition of the Contract. 3. The Surety hereby waives notice of any alteration or extension of time made by the Obligee. 4. Any suit under this bond must be instituted before the expiration of one (1) year from the date on which the Principal ceased to work on the Contract. If the provisions of this paragraph are void or prohibited by law, the minimum period of limitation available to sureties as a defense in the jurisdiction of the suit shall be applicable. 5. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Obligee named herein or the heirs, executors, administrators or successors of the Obligee. 6. Any claims must be presented in writing to Liberty Mutual Insurance Company to the attention of the Surety Law Department at the above address. DATED as of this 9th day of June 2022 W TN ESS I ATTES SUTPHEN C PORATION ( ipal) By: ) (Seal) Name: , Drew Sutphe Title: president ' LIBERTY MUTUAL INSURANCE COMPANY (Surety) By: •' Kim berl G. Sherrod Attom -i -Fact LMIC-5100 Page 2 of 2 Rev. 3112 r - This Power of Attorney limits the acts of those named herein, and they have no authority to bind the Company except in the manner and to the extent herein stated. L1�E'.�'tX Liberty Mutual Insurance Company The Ohio Casualty Insurance Company Certificate No: 8206709-014046 Mutual® SURETY West American Insurance Company POWER OF ATTORNEY KNOWN ALL PERSONS BY THESE PRESENTS: That The Ohio Casualty Insurance Company is a corporation duly organized under the laws of the State of New Hampshire, that Liberty Mutual Insurance Company is a corporation duly organized under the laws of the State of Massachusetts, and West American Insurance Company is a corporation duly organized under the laws of the State of Indiana (herein collectively called the "Companies"), pursuant to and by authority herein set forth, does hereby name, constitute and appoint, Kimberly G. Sherrod; Michelle D. Krebs all of the city of Cincinnati state of OH each individually if there be more than one named, its true and lawful attorney-in-fact to make, execute, seal, acknowledge and deliver, for and on its behalf as surety and as its act and deed, any and all undertakings, bonds, recognizances and other surety obligations, in pursuance of these presents and shall be as binding upon the Companies as if they have been duly signed by the president and attested by the secretary of the Companies in their own proper persons. IN WITNESS WHEREOF, this Power of Attorney has been subscribed by an authorized officer or official of the Companies and the corporate seals of the Companies have been affixed thereto this 7th day of June 2021 Liberty Mutual Insurance Company P� 1NSU P�11i INS& � 1NSU 4.1 The Ohio Casualty Insurance Company �oLPo r 'yn yJ �oRP0�r�y P �ogPo�ar 40 West American Insurance Company g 1912 0 1919 0 LU 1991 0 ( D a9 �° °—y z .4uo a o vS E dJ1�`SACHUS .da �� NAMPg�`,a� `�s NDIA14 ,d3 / 2 U By: m David M. Carey, Assistant Secretary Cr c`o State of PENNSYLVANIA ss PCounty of MONTGOMERY o On this 7th day of June 2021 before me personally appeared David M. Carey, who acknowledged himself to be the Assistant Secretary of Liberty Mutual Insurance Company, The No Casualty Company, and West American Insurance Company, and that he, as such, being authorized so to do, execute the foregoing instrument for the purposes ` - therein contained by signing on behalf of the corporations by himself as a duly authorized officer. y IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my notarial seal at King of Prussia, Pennsylvania, on the day and year first above written. 5P PAST .poNWF F� Commonwealth of Pennsylvania - Notary Seal Ir QC% Teresa Pastella, Notary Public U Montgomery County OF My commission expires March 28, 2025 B Commission number 1126044 y� NSYL�P �G Member, Pennsylvania Association of Notaries Teresa Pastella, Notary Public oTgny This Power of Attorney is made and executed pursuant to and by authority of the following By-laws and Authorizations of The Ohio Casualty Insurance Company, Liberty Mutual Insurance Company, and West American Insurance Company which resolutions are now in full force and effect reading as follows: ARTICLE IV — OFFICERS: Section 12. Power of Attorney. Any officer or other official of the Corporation authorized for that purpose in writing by the Chairman or the President, and subject to such limitation as the Chairman or the President may prescribe, shall appoint such attomeys-in-fact, as may be necessary to act in behalf of the Corporation to make, execute, seal, acknowledge and deliver as surety any and all undertakings, bonds, recognizances and other surety obligations, Such attomeys-in-fact, subject to the limitations set forth in their respective powers of attorney, shall have full power to bind the Corporation by their signature and execution of any such instruments and to attach thereto the seal of the Corporation. When so executed, such instruments shall be as binding as if signed by the President and attested to by the Secretary. Any power or authority granted to any representative or attorney-in-fact under the provisions of this article may be revoked at any time by the Board, the Chairman, the President or by the officer or officers granting such power or authority. ARTICLE XIII — Execution of Contracts: Section 5. Surety Bonds and Undertakings. Any officer of the Company authorized for that purpose in writing by the chairman or the president, and subject to such limitations as the chairman or the president may prescribe, shall appoint such attomeys-in-fact, as may be necessary to act in behalf of the Company to make, execute, seal, acknowledge and deliver as surety any and all undertakings, bonds, recognizances and other surety obligations. Such attomeys-in-fact subject to the limitations set forth in their respective powers of attorney, shall have full power to bind the Company by their signature and execution of any such instruments and to attach thereto the seal of the Company. When so executed such instruments shall be as binding as if signed by the president and attested by the secretary. Certificate of Designation — The President of the Company, acting pursuant to the Bylaws of the Company, authorizes David M. Carey, Assistant Secretary to appoint such attorneys -in - fact as may be necessary to act on behalf of the Company to make, execute, seal, acknowledge and deliver as surety any and all undertakings, bonds, recognizances and other surety obligations. Authorization — By unanimous consent of the Company's Board of Directors, the Company consents that facsimile or mechanically reproduced signature of any assistant secretary of the Company, wherever appearing upon a certified copy of any power of attorney issued by the Company in connection with surety bonds, shall be valid and binding upon the Company with the same force and effect as though manually affixed. I, Renee C. Llewellyn, the undersigned, Assistant Secretary, The Ohio Casualty Insurance Company, Liberty Mutual Insurance Company, and West American Insurance Company do hereby certify that the original power of attorney of which the foregoing is a full, true and correct copy of the Power of Attorney executed by said Companies, is in full force and effect and has not been revoked. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seals of said Companies this 9th day of June , 2021 . JP oaPo��y JQ�oaPorygU'Qy vPao Pow qy G 1912 0c 1919 u' 1991 o Y3 y0 0y /,0 Q SSACHU`��da kAMPsa`� a0 �NDIANP a� By: �f� � Renee C. Llewellyn, Assistant Secretary LMS -12873 LMIC OCIC WAIC Multi Co 02/21 � U 0 c—i O Oo F-+ ' O � o o Lo g "o Lu U A0 —i W O X 0 WCo U � O .� a cA a V E O U O l0 N OD Ln 4-1� o6 oq 3 0 3 0 3 C 00 O I L. N L CLrl L. 0000 L0000 0rn V Ln = Op oos o LL CL CO 4-0 N a.. 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CL 00o L U Lr -I _ 00 00 00 t O O r -I rq•i v� a Q I� i i �+4r vi 0--- m W N Q a W CL CL W m (1)� O � O o O M H c W 3 ~ N Z p 0 Q rn Rt 00 � m m a m W N Q a W CL CL W (1)� .c •0 LLI aai o0 a o � LnJ N N E O O *' N � O u N O � a � N CL m oc NJ *' N U_ O Oo N c N O O u cu >.O co O cn u Om R* O d^ M m m E E 00 00 a �. LL t c 3 0 L N m N OI E CU •L L O CD F- > 'u Q z= on EW Q o m o � o - � ado O m O - o L= ar vi 0- O ko N m i 0m ZO 0-0100 c OJ mLn Z Eo 4A. M O O O a L G O O O p N vi c o = 0 o E a Q * m W