SCHEDULE OF PROPERTY NUMBER 6
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TRANSCRIPT OF PROCEEDINGS
CITY OF CLEARWATER, FLORIDA
SCHEDULE OF PROPERTY NO.6
TO
MASTER LEASE/PuRCHASE AGREEMENT
WITH
BANe OF AMERICA LEASING & CAPITAL LLC
July 30, 2001
Foley & Lardner
The Greenleaf Building
200 Laura Street
Jacksonville, FL 32202
Telephone: (904) 359-2000
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CITY OF CLEARWATER, FLORIDA
Schedule of Property No.6
to
Master Lease/Purchase Agreement
with
Banc of America Leasing & Capital LLC
INDEX OF DOCUMENTS
DESCRIPTION
Schedule of Property No.6....................................................................
Truth-in-Bonding Statement...................................................................
City Clerk's Certificate.........................................................................
Essential Use of Funds Certificate............................................................
Acceptance Certificate............................................................. . . . . . . . . . . . . .
1004.276829.1
TAB
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104.272339.1
SCHEDuLE OF PROPERTY NO.6
Re: Master Equipment Lease/Purchase Agreement, dated as of
February 13,2001, between Banc of America Leasing & Capital, LLC,
as Lessor, and the City of Clearwater. Florida, as Lessee
1. Defined Terms. All terms used herein have the meanings ascribed to
them in the above-referenced Master Equipment Lease/Purchase Agreement (the "Master
Equipment Lease").
2. Equipment. The following items of Equipment are hereby included
under this Schedule of the Master Equipment Lease.
SEE LIST OF EQUP:\IE~T ATTACHED HERETO AS EXHIBIT A-2.
3. Payment Schedule.
Rental Payments. The Rental Payments shall be in such amounts and payable
on such dates as set forth in the Rental Payment Schedule attached to this Schedule as Exhibit
A-I. Rental Payments shall commence on the date on which the Equipment listed in this
Schedule is accepted by Lessee, as indicated in an Acceptance Certificate substantially in the
form of Exhibit B to the Master Equipment Lease or the date on which sufficient moneys to
purchase the Equipment are deposited for that purpose with an Acquisition Fund Custodian,
whichever is earlier.
Purchase Price Schedule. The Purchase Price on each Rental Payment date for
the Equipment listed in this Schedule shall be the amount set forth for such Rental Payment
date in the "Purchase Price" column of the Rental Payment Schedule attached to this Schedule.
The Purchase Price is in addition to all Rental Payments then due under this Schedule
(including the Rental Payment shown on the same line in the Rental Payment Schedule).
4. Representations. Warranties and Covenants. Lessee hereby represents,
warrants and covenants as follows:
(a) That its representations, warranties and covenants set forth in the Master
Equipment Lease are true and correct as though made on the date of commencement of Rental
Payments on this Schedule. Lessee further represents and warrants that no material adverse
change in Lessee's financial condition has occurred since the date of the Master Equipment
Lease.
(b) That the undersigned Financial Services Administrator is duly authorized
to execute this Schedule and other documentation relating to this Schedule on behalf of the
Lessee, by a resolution duly adopted by the governing body of the Lessee, and that no other
officer, member or official of the Lessee is required to execute this Schedule for this Schedule
to be a valid and binding obligation of the Lessee.
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104.272339.1
5. The Lease. The terms and provisions of the Master Equipment Lease
(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.
The maximum Lease Term, subject to annual appropriation, is 60 months.
6. Acquisition Amount. The Acquisition Amount for the Equipment described
in this Schedule to be paid to the Lessee as reimbursement for payments to the Vendors is
$1,764,088.85.
7. Utilization Period. The Utilization Period applicable to this Schedule shall
end at the close of business, Florida time, on July 30, 2001.
Dated: July 30, 2001.
Lessor:
Banc of America Leasing & Capital, LLC
555 California Street, 4th Floor
San Francisco, California 94104
By:
Lessee:
City of Clearwater, Florida
100 South Myrtle Ave., 3d Floor
Clearwater, Florida 33756
By:
Margaret Simmons, Financial Services
Administrator
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104.272339.1
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5. The Lease. The terms and provisions of the Master Equipment Lease
(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.
The maximum Lease Term, subject to annual appropriation, is 60 months.
6. Acquisition Amount. The Acquisition Amount for the Equipment described
in this Schedule to be paid to the Lessee as reimbursement for payments to the Vendors is
$1,764,088.85.
7. Utilization Period. The Utilization Period applicable to this Schedule shall
end at the close of business, Florida time, on July 30, 2001.
Dated: July 30, 2001.
Lessor:
Banc of America Leasing & Capital, LLC
555 California Street, 4th Floor
San Francisco, California 94104
By:
Gail D. Smedal, Vice President
Lessee:
City of Clearwater, Florida
100 South Myrtle Ave., 3d Floor
Clearwater, Florida 33756
By: ~oI.,~
Margaret Simmons, Financial Services
Administrator
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14.272339.1
EXHIBIT A-I
RENTAL PAYMENT SCHEDULE
Rental Rental Payment Interest Portion
Payment Date Amount (4.0832%)
9/1/01 $ 6,202.69 $ 6,202.69
12/1/01 97,962.40 18,007.82
3/1/02 97,962.40 17,191.64
6/1/02 97,962.40 16,367.14
9/1/02 97,962.40 15,534.21
12/1/02 97,962.40 14,692.78
3/1/03 97,962.40 13,842.77
6/1/03 97,962.40 12,984.07
9/1/03 97,962.40 12,116.62
12/1/03 97,962.40 11,240.30
3/1/04 97,962.40 10,355.04
6/1/04 97,962.40 9,460.75
9/1/04 97,962.40 8,557.32
12/1/04 97,962.40 7,644.68
3/1/05 97,962.40 6,722.71
6/1/05 97,962.40 5,791.34
9/1/05 97,962.40 4,850.45
12/1/05 97,962.40 3,899.97
3/1/06 97,962.40 2,939.78
6/1/06 97,962.40 1,969.79
9/1/06 97,962.40 989.90
Principal
Portion
$79,954.58
80,770.75
81,595.23
82,428.19
83,269.61
84,119.63
84,978.32
85,845.78
86,722.09
87,607.35
88,501.65
89,405.07
90,317.72
91,239.68
92,171.06
93,111.94
94,062.43
95,022.62
95,992.61
96,972.50
Purchase Price*
$1,764,088.85
1,684,134.27
1,603 ,363 .52
1,521,768.26
1,439,340.07
1,356,070.46
1,271,950.83
1,186,972.51
1,101,126.73
1 ,014,404.64
926,797.28
838,295.64
748,890.56
658,572.84
567,333.16
475,162.10
382,050.15
287,987.73
192,965.11
96,972.50
1.00
*The Purchase Option Commencement Date shall be July 30, 2001. The Purchase Price
payable (i) on any Rental Payment date is the amount equal to the aggregate principal portion
of the remaining Rental Payments after payment of the Rental Payment payable on such Rental
Payment Date, and (ii) on any date other than a Rental Payment date is the amount equal to the
aggregate principal portion of the remaining Rental Payments plus an amount equal to the
interest portion of such Rental Payments accrued thereon to such date.
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104.272339.1
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FOf purposes of this Lease, "Taxable Rate," with respect to the interest
component of Rental Payments, means an annual fate of interest equal to 6.3951 %.
Lessee:
CITY OF CLEARWATER, FLORIDA
By: ~1~.L ~
Margaret Simmons, Financial Services
Administfator
After payment of the applicable Purchase Price, Lessee will own the related Equipment, free
and clear of any obligations under the related Lease.
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EXHIBIT A-2
LIST OF EQlTIPMENT
104.272339.1
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CITY OF CLEARWATER - THIRD DRAW
Equipment: New Vehicles and Miscellaneous Equipment
Vendor
International Truck and Engine Co.
Bobcat Company
Wesco Turf Inc.
Verizon of Florida
Coastline Equipment
Duval Ford
Allec Industries
Maroone Chevrolet
Garber Chevrolet
Kaiser-Pontiac Buick GMC Inc.
McClain Southland Inc.
Sheehan Pontiac-GMC Inc.
Bill Heard Chevrolet
TOTAL 5- YEAR TERM
Amount
211,245.00
36,331.00
27,236.40
171,720.00
50,738.00
467,290.75
225,296.00
145,116.00
53,390.00
90,753.70
143,318.00
36,684.00
104,970.00
1,764,088.85
5-YEAR TERM
Equipment
(5) 2000 International 4700 Dump Trucks
2001 Bobtrack 864 loader with attachments
Toro Reelmaster 5400 D five gang mower with attachments
911 Telephone System
2001 Case 580 Super M backhoe/loader with attachments
(19) 2001 Ford Crown Victoria police pursuit vehicles
(3) 2001 Ford 350 with Allec (1) 2001 Ford 450 with Altec
(6) 2001 Chevrolet Silverado Pickups
(2) 2001 Chevrolet Tahoe utility
(7) 2001 GMC Sonoma Compact Pickups
2001 Mack front loader refuse truck with Hercules 40 cubic yard capacity
(2) GMC Savana 2500 Cargo Van
(4) 2001 Chevrolet Silverado (1) 2001 Chevrolet Express Van (1) Silverado Pickup
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CITY OF CLEARWATER - THIRD DRAW
Equipment: New Vehicles and Miscellaneous Equipment
VENDOR BREAKDOWN
Vendor Name
International Truck and Engine Co.
International Truck and Engine Co.
International Truck and Engine Co.
International Truck and Engine Co.
International Truck and Engine Co.
Sub-Total
Bobcat Company
Sub-Total
Wesco Turf Inc.
Sub-Total
Verizon of Florida
Sub-Total
Coastline Equipment
Sub-Total
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Duval Ford
Amount
38,812.00
38,812.00
43,727.00
44,947.00
44,947.00
211,245.00
Invoice
Date
08/21/00
08/18/00
08/16/00
12/12/00
12/16/00
Location
1900 Grand Ave.
1900 Grand Ave.
1900 Grand Ave.
1900 Grand Ave.
1900 Grand Ave.
Description
2000 International 4700 Dump Trucks
2000 International 4700 Dump Trucks
2000 International 4700 Dump Trucks
2000 International 4700 Dump Trucks
2000 International 4 i'00 Dump Trucks
36,331.00 01/24/01 1900 Grand Ave. 2001 Bobtrack 864 loader with attachments
36,331.00
27,236.40 02/12/0 1 1900 Grand Ave. Toro Reelrnasler 5400-0 five gang mower with attacherntJllts
27,236.40
171,720.00 03/10/01 645 Pierce St
171,720.00
911 Telephone System
50,738.00 02/26/01 1900 Grand Ave. 2001 Case 580 Super M backhoelloader with attachments
50,738.00
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,594.25
24,59425
24,t'i94.25
24,594.25
02/26/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
02/26/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
03/03/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
02/26/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vetlicles
02/26/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
02/26/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
02/02/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
02/26/01 1900 Grand Ave 2001 Ford Crown Victoria police pursuit vehicles
02/26/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
03/06/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
03/06/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
03/06/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
03106/01 1900 Grand Ave. 2001 Ford Crown VictclI ia police pmsuit vehicles
03/06/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vellicles
03/06101 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles
03/27/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicl~s
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VIN/Serial Numbers
1 HTSCABL 71 H372955
1 HTSCABL51 H372954
1 HTSCABN71 H372956
1 HTSCABL31 H398341
1 HTSCABL51 H398342
518913403
210000106
JJG0279576
2FAFP71 W41 X143592
2FAFP71 W81 X146687
2FAFP71 WO 1 X15Cl961
2FAFP71WX1X146688
2FAFP71W11X146689
2FAFP71WB1 X146690
2FAFP71VVX1X146691
2F AFP71 WO 1 X 143590
2FAFP71W21X143591
2FAFP71 W91 X15Cl960
2FAFP71 W21 X15Cl959
2FAFP71 WO 1 X15095B
2F AFPI 1 W91 X150951
2FAFF'71 Wl1 X 15CJ9tiL
2FAFPl1 W31 X 150~)54
2FAH-'11 W~JJ X15580~)
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VENDOR BREAKDOWN
Invoice
Vendor Name Amount Date location Description VIN/Serial Numbers
Duval Ford 24,594.25 03/27/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles 2FAFP71W71 X155896
Duval Ford 24,594.25 03/27/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles 2FAFP71 W91 X155897
Duval Ford 24,594.25 03/27/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vehicles 2FAFP71W01 X155898
Duval Ford 24,594.25 03/06/01 1900 Grand Ave. 2001 Ford Crown Victoria police pursuit vetlicles 2FAFP71W51 X150955
Total 491,885.00
less: 1 car totaled (24,594.25) Vin# 2FAFP71 W71 X150956
Sub-total 467,290.75
Altec Industries 60,672.00 03/22/01 1900 Grand Ave. 2001 Ford F-450 with Altec 1 FDXF46F41EB39452
Altec Industries 53,749.00 04/20/01 1900 Grand Ave. 2001 Ford E-350 with Altec 1 FTSE34LX1HA95153
Altec Industries 53,749.00 04/20/01 1900 Grand Ave. 2001 Ford E-350 with Altec 1FTSE34L11HA95154
Altec Industries 57,126.00 OS/23/01 1900 Grand Ave. 2001 Ford F350 1FDXF46F31EC09393
Sub-Total 225,296.00
Maroone Chevrolet 21 ,685.00 04/04/01 1900 Grand Ave. 2001 Chevrolet Silverado 2500 3/4 ton p'up 1 GBHC24U31 Z265080
Maroone Chevrolet 24,780.00 04/04/01 1900 Grand Ave. 2001 Chevrolet Silverado 2500 3/4 ton p'up 1GBHC24U11Z264929
Maroone Chevrolet 21,674.00 04/04/01 1900 Grand Ave. 2001 Chevrolet Silverado 2500 3/4 ton p'up 1GBHC24U51Z265688
Maroone Chevrolet 21,425.00 04/11/01 1900 Grand Ave. Chevrolet Silverado 2500 P'up 1GCHC24U11Z270726
Maroone Chevrolet 31,230.00 04/24/01 1900 Grand Ave. 2001 Chevrolet 2500 4x4 Pickup 3GBKC34G21 M111810
Maroone Chevrolet 24,322.00 04/27/01 1900 Grand Ave. 2001 Chevrolet 3500 1 GCHK24U217284203
Sub-Total 145,116.00
Garber Chevrolet 26,695.00 04/11/01 1900 Grand Ave. 2001 Ctlevrolet Tahow 4x2 utility 1GNEC13V01 R180319
Garber Chevrolet 26,695.00 04/06/01 1900 Grand Ave. 2001 Chevrolet Tahow 4x2 utility 1 GNEC13V21 R176661
Sub-Total 53,390.00
Kaiser - Pontiac Buick GMC Inc. 18,307.00 04/17/01 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1 GTDT19W118215721
Kaiser - Pontiac Buick GMC Inc. 12,074.45 04/30/0 1 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1GTCS14W818221022
Kaiser - Pontiac Buick GMC Inc. 12,074.45 04/30/01 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1 GTCS14W618221696
Kaiser - Pontiac Buick GMC Inc. 12,074.45 04/30/01 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1GTCS14WX18222687
Kaiser - Pontiac Buick GMC Inc. 12,074.45 04/30/01 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1 GTCS 14W418221809
Kaiser - Pontiac Buick GMC Inc. 12,074.45 04/30/01 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1 GTCS 14 W518222628
Kaiser - Pontiac Buick GMC Inc. 12,074.45 04/11/01 1900 Grand Ave. 2001 GMC Sonoma Compact p'ups 1GTCS19W118216057
Sub-Total 90,753.70
McClain Southland Inc 143,318.00 02/13/01 1900 Grand Ave. "DOl Mack llO/lllo&l"r ,dllSU Irllck willi flUrelll,," ~D clll!ie y"rd cdp"city IM008367
Sub-Total 143,318.00
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VENDOR BREAKDOWN
Invoice
Vendor Name Amount Date location Description VIN/Serial Numbers
Sheehan Pontiac-GMC Inc 18,985.00 04/16/01 1900 Grand Ave. 2001 GMC Savana 2500 cargo van 1 GTFG25M511202177
Sheehan Pontiac-GMC Inc 17,699.00 04/16/01 1900 Grand Ave. 2001 GMC Savana 2500 cargo van 1 GTFG25M411202624
Sub-Total 36,684.00
Bill Heard Chevrolet 16,693.00 05/17/01 1900 Grand Ave. 2001 Chevrolet Silverado 1GCEC14T71Z295411
Bill Heard Chevrolet 16,693.00 05/18/01 1900 Grand Ave. 2001 Chevrolet Silverado 1GCEC14T11Z297185
Bill Heard Chevrolet 16,693.00 05/18/01 1900 Grand Ave. 2001 Chevrolet Silverado 1GCEC14T81Z296163
Bill Heard Chevrolet 16,693.00 05/18/01 1900 Grand Ave. 2001 Chevrolet Silverado 1 GCEC14T51Z299148
Bill Heard Chevrolet 21,230.00 OS/25/01 1900 Grand Ave. 2001 Chevrolet Express Van 1 GAHG39RX11210417
Bill Heard Chevrolet 16,968.00 05/10/01 1900 Grand Ave. 2001 Chevrolet Silverado 1/4 ton p'up 1GCEC14T41Z289386
Sub-Total 104,970.00
GRAND TOTAL 1,764,088.85
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CERTIFICATE REQUIRED BY
SECTIONS 218.385(2) AND (3), FLORIDA STATUTES
July 30, 2001
The Mayor and Members of
the City Council of the City
of Clearwater, Florida
Clearwater, Florida
Re: $1,764,088.85 Clearwater Lease/Purchase of Equipment
Ladies and Gentlemen:
In connection with the proposed Schedule of Property No.6 (the "Schedule")
pursuant to the Master Equipment Lease/Purchase Agreement dated February 13,2001, between
the City of Clearwater (the "City") and us, we have agreed to finance the leases of equipment
described in the Schedule upon the terms and conditions set forth therein and in the Master
Equipment Lease/Purchase Agreement.
The purpose of this letter is to furnish the City with information in connection
with the obligations described in the Schedule, as required by the provisions of Section
218.385(2) and 218.385(3), Florida Statutes, as amended.
1. The City is proposing to enter into the obligations represented by the Master
Equipment Lease/Purchase Agreement and the Schedule for the purpose of financing or
refinancing the cost of various items of city equipment. The obligations are expected to be
repaid over a period of five (5) years. At the interest rates specified in the Schedule, total interest
paid over the life of the obligation is expected to be approximately $201,362.
2. The source of repayment or security for the obligation is a covenant to budget
and appropriate funds to satisfy such obligations on an annual basis, subject to the City's right to
nonappropriate in any given year and terminate the obligations. Authorizing the obligations and
budgeting and appropriating sufficient funds to pay such obligations each year will result in an
average of approximately $393,090 of such revenues not being available to finance other services
each year for approximately five (5) years.
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104.272342.1
We understand that the statements set forth in paragraphs numbered 1 and 2 are
for informational purposes only and shall not affect or control the actual terms and conditions of
the obligations.
BANC OF AMERICA LEASING & CAP IT AL,
LLC
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104.272343.1
r-Jl
CLERK'S CERTIFICATE
The undersigned, a duly elected and acting City Clerk of the City of Clearwater,
Florida (the "Lessee"), certifies as follows:
A. The following listed person is the duly appointed Financial Services
Administrator of the Lessee (the "Official") in the capacity set forth opposite her name
below and that the signature below is true and correct as of the date hereof;
B. The Official is duly authorized, on behalf of the Lessee, by a duly
adopted resolution of the governing body of the Lessee, to negotiate, execute and
deliver Schedule of Property No.6, related documentation and all future Schedules of
Property and related documentation under the Master Equipment Lease/Purchase
Agreement dated February 13,2001 (collectively, the "Documents") and these
Documents are binding and authorized agreements and certificates of the Lessee,
enforceable in all respects in accordance with their terms, and no other officer, member
or official of the Lessee is required to execute the Documents for such Documents to be
valid, binding and enforceable against the Lessee.
Name of Official
Title
Signature
Margaret Simmons
Financial Services
Administrator
~~.L~
Dated: July 30, 2001
ia E. Gouae~u, City Clerk
(The signer of this Certificate cannot be listed above as authorized to execute_ the Documents.)
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104.272346.1
ESSENTIAL USE/SOURCE OF FUNDS CERTIFICATE
Banc of America Leasing & Capital, LLC
555 California Street, 4th Floor
San Francisco, California 94104
Re: Master Equipment Lease/Purchase Agreement dated February 13, 2001;
Schedule of Property No.6 dated July 30, 2001
This certificate confirms and affirms that the Equipment described in the Agreement
and Schedule referenced above is essential to the governmental, municipal or public purposes
or functions of the Lessee or to the services Lessee provides its citizens. Further, Lessee has
an immediate need for, and expects to make immediate use of, substantially all such
Equipment, which need is not temporary or expected to diminish in the foreseeable future.
Such Equipment will be used by Lessee only for the purpose of performing one or more of
Lessee's governmental or proprietary functions permitted under the Act (as defined in the
Agreement referenced above).
Lessee expects and anticipates adequate funds to be available for all future payments or
rent due after the current budgetary period, subject to annual appropriation.
Date: July 30, 2001
Lessee:
CITY OF CLEARWATER, FLORIDA
By: ~~d.~
Margaret Simmons, Financial Services
Administrator
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104.272347.1
ACCEPTANCE CERTIFICATE
Banc of America Leasing & Capital, LLC
555 California Street, 4th Floor
San Francisco, California 94104
Re: Schedule of Property No.6, dated July 30, 2001, to Master
Equipment Lease/Purchase Agreement, dated February 13,2001,
between Banc of America Leasing & Capital, LLC, as Lessor, and
the City of Clearwater, Florida, as Lessee.
Ladies and Gentlemen:
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 7.02 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.
Date: July 30, 2001
Lessee:
City of Clearwater, Florida
100 South Myrtle Ave., 3d Floor
Clearwater, Florida 33756
By: trn/1.A_~~1J.~
Margaret Simmons, Financial Services
Administrator
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