HomeMy WebLinkAbout2018-04-16-I02 Golf Course Equipment Lease Purchase_Additional ActionAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 16, 2018
AGENDA ITEM:Consideration of approval of a resolution instituting proceedings to take
additional action for the authorization and issuance of a General
Obligation Lease Purchase Agreement in the amount of not to exceed
$35,000 for the acquisition of golf course equipment
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:Amount not to exceed
$35,000. $5,552.50 per year for five years.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution approving a General Obligation Lease
Purchase Agreement in the amount of not to exceed $35,000 for the
acquisition of golf course equipment.
ATTACHMENTS: I. Proposed Resolution
II. Lease Documents
PREPARED BY: Matt Jermier
REVIEWED BY:
I2
RESOLUTION 18-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE AUTHORIZATION AND
ISSUANCE OF A GENERAL OBLIGATION LEASE
PURCHASE AGREEMENT IN THE AMOUNT OF NOT TO
EXCEED $35,000 FOR THE ACQUISTION OF GOLF COURSE
EQUIPMENT
WHEREAS, pursuant to notice published as required by law, this Council has held a
public meeting and hearing upon the proposal to institute proceedings for the authorization and
the issuance of not to exceed $35,000 General Obligation Lease Purchase Agreement, for the
purpose of paying costs of the lease or lease-purchase of golf course equipment, and has
considered the extent of objections received from residents or property owners as to the proposal
and, accordingly the following action is now considered to be in the best interests of the City and
residents thereof:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
WAUKEE, STATE OF IOWA:
Section 1. That this Council does hereby institute proceedings and take additional action
for the authorization and issuance in the manner required by law of not to exceed $35,000
General Obligation Lease Purchase Agreement, to evidence the obligation thereof for the
foregoing purpose.
PASSED AND APPROVED this 16th day of April, 2018.
Mayor
ATTEST:
City Clerk
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Golf_OpinionOfCounsel ver. 01.21.14 351882 SL 3/16/2018 10:55 AM Page 1
OPINION OF COUNSEL
(To be on Attorney's Letterhead)
Date:
Lessee: City of Waukee, Iowa
230 Hickman Road,
Waukee, IA 50263
Lessor: VGM Financial Services, a division of TCF National Bank
1111 West San Marnan Dr, Suite A2 West
Waterloo, IA 50701-8926
Re: Contract 004-0651601-102, dated as of March 16, 2018, to Master Lease Number 651601L dated January
13, 2014 by and between City of Waukee, Iowa and VGM Financial Services, a division of TCF National
Bank
Ladies and Gentlemen:
I have acted as counsel to Lessee with respect to the contract described above (the “Lease”) and various related
matters, and in this capacity have reviewed a duplicate original or certified copy of the Lease and exhibit thereto.
Based upon the examination of these and such other documents as I deem relevant, it is my opinion that:
1. Lessee is a public corporation and political subdivision of the State of Iowa (the "State") duly organized, existing
and operating under the Constitution and laws of the State. The full, true and correct legal name of Lessee is
___________________________________________________.
2. The Uniform Commercial Code, as adopted in the State (the “UCC”), and no other statute of the State, governs
the creation, perfection, priority or enforcement of a security interest created by Lessee.
3. Lessee is authorized and has power under State law to enter into the Lease, and to carry out its obligations
thereunder and the transactions contemplated thereby.
4. The Lease and the other documents described above have been duly authorized, approved, executed and
delivered by and on behalf of Lessee, and the Lease is a valid and binding contract of Lessee enforceable in
accordance with its terms, except to the extent limited by State and Federal laws affecting remedies and by
bankruptcy, reorganization or other laws of general application relating to or affecting the enforcement of creditors'
rights.
5. The authorization, approval and execution of the Lease and all other proceedings of Lessee relating to the
transactions contemplated thereby have been performed in accordance with all open meeting laws, public bidding
laws and all other applicable State and Federal laws.
6. The execution of the Lease and the appropriation of moneys to pay the payments coming due under the Lease do
not result in the violation of any constitutional, statutory or other limitation relating to the manner, form or amount
of indebtedness which may be incurred by Lessee.
7. There is no litigation, action, suit, or proceeding pending or before any court, administrative agency, arbitrator or
governmental body, that challenges the organization or existence of Lessee; the authority of the organization or
existence of Lessee; the authority of its officers; the proper authorization, approval and execution of the Lease and
the other documents described above; the appropriation of monies to make Rental Payments under the Lease for the
Golf_OpinionOfCounsel ver. 01.21.14 351882 SL 3/16/2018 10:55 AM Page 2
current fiscal year, or the ability of Lessee otherwise to perform its obligations under the Lease and the transactions
contemplated thereby.
This opinion of counsel may be relied upon by Lessor and its successors and assigns.
Very truly yours,
Golf_ FMV_Resolution_Muni v 06.03.16 351882 3/16/2018 10:39 AM
RESOLUTION
LEASE NO. 004-0651601-102
DATED AS OF MARCH 16, 2018
A resolution authorizing the negotiation, execution, and delivery of Lease No. 004-0651601-102 dated March 16, 2018 (the “Lease”), between
City of Waukee, Iowa, 230 Hickman Road, Waukee, IA 50263 and VGM Financial Services, a division of TCF National Bank, 1111 West
San Marnan Dr, Suite A2 West, Waterloo, IA 50701-8926; and prescribing other details in connection therewith.
WHEREAS, City of Waukee, Iowa, (the "Lessee") is a political subdivision duly organized and existing pursuant to the Constitution and laws of
the State of Iowa; and
WHEREAS, Lessee is duly authorized by applicable law to acquire such items of personal property as are needed to carry out its governmental
functions and to acquire such personal property by entering into lease-purchase agreements; and
WHEREAS, Lessee hereby finds and determines that the execution of a Lease for the purpose of leasing with the option to purchase the property
designated and set forth in the Lease is appropriate and necessary to the function and operations of the Lessee; and
WHEREAS, VGM Financial Services, a division of TCF National Bank, (the "Lessor") shall act as Lessor under said Lease; and
WHEREAS, the Lease shall not constitute a general obligation indebtedness of the Lessee within the meaning of the Constitution and laws of the
State;
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF City of Waukee, Iowa:
Section 1. The Lease, in substantially the form as presently before the governing body of the Lessee , is hereby approved, and the
________________________ of the Lessee, is hereby authorized to negotiate, enter into, execute, and deliver the Lease and related documents in
substantially the form as presently before the governing body of the Lessee, with such changes therein as shall be approved by such officer, and
which Lease will be available for public inspection at the offices of Lessee.
Section 2. The Lessee shall, and the officers, agents and employees of the Lessee are hereby authorized and directed to take such further action
and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this
Resolution, and to carry out, comply with and perform the duties of the Lessee with respect to the Lease.
Section 3. The Lessee’s obligations under the Lease shall be expressly subject to annual appropriation by Lessee; and such obligations under the
Lease shall not constitute a general obligation of Lessee or indebtedness of Lessee within the meaning of the Constitution and laws of the State of
Iowa.
Section 4. All other related contracts and agreements necessary and incidental to the Lease are hereby authorized, ratified and approved.
Section 5. This resolution shall take effect immediately upon its adoption and approval.
CERTIFIED AS TRUE AND CORRECT this _____ day of __________________, 20____.
______________________________________________
Signature of Clerk, Secretary or Assistant Secretary
______________________________________________
Printed Name of Clerk, Secretary or Assistant Secretary
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Insurance Certificate Request
11100 Wayzata Blvd, Suite 801 Minnetonka, MN 55305
THE INFORMATION CONTAINED IN THIS FACSIMILE IS CONFIDENTIAL AND IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL NAMED ABOVE.IF THE READER OF THIS INFORMATION IS NOT THE
INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED AND YOU ARE DIRECTED TO
DESTROY IT.IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE CONTACT US IMMEDIATELY BY TELEPHONE AT 800-442-7811.
Insurance_CertRequest_Lease ver.09.03.14 351882 SL 3/16/2018 10:39 AM
To To Whom It May Concern From Marisa Meyers
Company Fax (866) 465-3149
Fax Phone (800) 215-4738 x
Phone Email mmeyers@financediv.com
Subject INSURANCE CERTIFICATE REQUEST Date March 16, 2018
Message:
Our mutual customer, City of Waukee, Iowa,is leasing equipment through VGM Financial Services, a division of TCF
National Bank. We are in need of an INSURANCE CERTIFICATE for the equipment leased prior to us closing out their
transaction. Please see below for specifics. Thanks!
Please include the following items on the certificate:
1. INSURED: City of Waukee, Iowa, 230 Hickman Road, Waukee, IA 50263
2. COVERAGES:
•Liability Insurance – Minimum $1,000,000.00 per occurrence in Combined Single Limit or such greater
minimum as may be prescribed by any applicable state law specifying minimum insurance requirements.
!Policy Number
!Policy Effective Date & Policy Expiration Date
•Property Damage – Cost: $28,500.00 or ACV
!Comprehensive & Collision Deductibles (if applicable) or Physical Damage Deductible (Shall
not exceed $10,000 or 10% of Total Cost)
!Policy Number
!Policy Effective Date & Policy Expiration Date
3. DESCRIPTION OF EQUIPMENT:
(1) Jacobsen Greens King IV Plus Triplex Mower together with all attachments and accessories thereto
Or reference: “Leased Equipment on TCF Contract Number 004-0651601-102”, if the description is too long
4. TCF National Bank, its successors and assigns needs to be listed as Loss Payee & Additional Insured on the
Insurance Certificate.
If you have any questions, please feel free to contact me. Please send the certificate to my attention as soon as possible to
mmeyers@financediv.com or fax to (866) 465-3149. Thank you!
Marisa Meyers
Senior Transaction Coordinator
VGM Financial Services, a division of TCF National Bank, 1111 West San Marnan Dr, Suite A2 West, Waterloo, IA
50701-8926
AUTHORIZATION FOR
AUTOMATIC ELECTRONIC PAYMENT
ACH.doc ver. 04.01.2005 351882 SL 3/16/2018 11:07 AM
By signing and completing this Authorization and returning it to VGM Financial Services, a division of TCF National Bank (together
with its successors and assigns, “Creditor”), you authorize all payments due to Creditor under all existing and future agreements with
Creditor (as amended or otherwise modified from time to time, the “Contracts”) to be made from the designated account on the terms
and conditions set forth herein.
Please make your regular payment until your invoice indicates that automatic electronic payment will be made.
Please complete the following (if any account information is not completed, you authorize Creditor to rely on the attached check or
deposit slip to obtain the relevant information).
Name of Account Holder: ________________________________________________________
Authorized Signature: _______________________________________________ Date:________________________
Title of Signor (if Account Holder is NOT an individual): ____________________________________________
Name of Financial Institution: ___________________________________________________________
Account Number: __________________________________________ (Account is a Checking Account or Savings Account)
Bank Routing Number: _______________________________________________________ (usually found next to account number)
PLEASE ATTACH A VOIDED CHECK
(a deposit slip may be attached if account does not have checks)
Terms and Conditions: You authorize Creditor to initiate debit entries to your designated account for making your payments due to Creditor, including your regularly
scheduled payment amount plus any past due amounts and any other outstanding fees and charges due and owing under your Contracts. Creditor typically will initiate
such debit entries on your regularly scheduled due dates. If a due date falls on a weekend or holiday, Creditor may initiate the debit entries on either (i) the last business
day prior to the due date or (ii) the first business day after the due date. If an attempted debit entry is returned for any reason, including insufficient funds, Creditor may
assess a fee for each failed debit entry and may, but is not required to, attempt the debit entry up to two (2) more times. Creditor also may make credit entries to your
designated account for purposes of adjusting debit entries made in error.
This authorization will remain in full force and effect until Creditor has received written notice of your intent to cancel this authorization in such time and in such
manner as to afford Creditor a reasonable opportunity to act on such notice. Creditor may cancel or suspend your automatic payment at any time and require non-
automatic payments. If Creditor suspends automatic payment at its discretion, it may subsequently resume automatic payment.
You represent that the designated account is used primarily for business and commercial purposes. You should immediately notify Creditor of any automatic payment
error. If you desire to change the account from which automatic payments are made, you must timely notify Creditor and execute a new Authorization for Automatic
Electronic Payment.
Payments under this Authorization will be made using the automated clearing house (“ACH”) funds transfer system and will be made in accordance with this
authorization, the ACH Rules and other applicable law in effect from time to time. This authorization does not alter or lessen your obligations under your Contracts
with Creditor including but not limited to those provisions regarding the amount of the monthly payments, when payments are due, the application of payments, the
assessment of late charges or the determination of delinquencies.
For Office Use Only (do not complete)
Contract No. ____________________________ First ACH Date: ____________________________
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