R-52-10 Res. Lease Purchase 2 PW Dump TrucksRESOLUTION ' /0
RESOLUTION AUTHORIZING VILLAGE ADMINISTRATOR TO
ENTER INTO A LEASE/PURCHASE AGREEMENT
WITH NAVISTAR FINANCIAL CORPORATION
FOR PUBLIC WORKS VEHICLES
WHEREAS, the Village of Lemont seeks to purchase two (2) 2010 2 -ton dump trucks
through a 2 -year lease purchase plan; and
WHEREAS, these vehicles are within the State Contract Purchase Agreement; and
WHEREAS, the Municipal Lease Agreement proposal attached hereto as Exhibit A most
closely meets the requirements of the Village of Lemont.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees that the
Village Administrator is hereby authorized to execute the lease /purchase agreement with Navistar
Financial Corporation attached hereto as Exhibit A.
This resolution shall be in full force and effect from and after its passage, approval and
publication in the manner provided by law.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this 23rd day of August , 2010.
Debby Blatzer
Paul Chialdikas
Clifford Miklos
Rick Sniegowski
Ronald Stapleton
Jeanette Virgilio
CHARLENE SMOLLEN, Village Clerk
AYES
V
V
V
NAYS PASSED ABSENT
■
RIAN K. REAVES, Vil ge President
ANC/AL `
Navistar Financial Corporation
425 N. Martingale Road, Suite 1800
Schaumburg, IL 60173 USA
P : 630 - 753 -4173
Navistar Financial Corporation is pleased to present the following proposal for the transaction described below:
DATE: August 18, 2010
Dealer: Chicago INTL
LESSEE: Village of Lemont
PROPERTY: (Qty 2 @ $115,711 = $231,422) 2011 7400 Assuming $100K Down
EXPIRATION: September 18, 2010
LEASE QUOTE:
Brian Cary
Corporate Sales Executive
Amount
Rate
Payments
Factor
Payment Frequency
Term /
Years
Total
Payments
Advance /
Arrears
$131,422.00
4.75%
$70,431.04
0.5359152
Annual
2
2
Arrears
LEASE: This is a tax - exempt, municipal government lease with the title to the property passing to Lessee. This is a net lease
under which, all costs, including insurance, maintenance and taxes, are paid by Lessee for the term of the lease.
NOTES: This transaction must fund /fund to an escrow account by quote expiration date indicated above.
APPROVAL: This proposal, until credit approved, serves as a quotation, not a commitment by Lessor or Navistar Financial
Corporation to provide credit or property. Lessor acceptance of this Proposal is subject to credit; collateral and
essential use review and approval by Lessor.
The interest rate quoted herein assumes that the interest component of the Payments is exempt from federal income
tax. Lessor will provide a taxable financing proposal if it is determined that the financing will not qualify for tax- exempt
interest rates.
The financing contemplated by this proposal is subject to the execution and delivery of all appropriate documents (in
form and substance satisfactory to Lessor), including without limitation, to the extent applicable, the Master Lease
Agreement, any Schedule, financing statements, legal opinion or other documents or agreements reasonably required
by Lessor.
Thank you for the opportunity to present this proposal. If you have any questions, please contact me at my number or e-mail address
below. If you wish to accept this proposal, please do so by signing below and returning this proposal to me via FAX or e-mail. Upon
receipt of this proposal, Navistar Financial Corporation and the Lessor will promptly begin the credit, collateral, and essential use review
process.
Sincerely,
Brian Cary
Corporate Sales Executive
Office Number: 630 - 753 -4173
Fax Number: 630 - 753 -4470
Email: brian.cary@navistar.com
Proposal Accepted by Lessee:
By:
Title:
Date:
AR
MOM AfittelS:Zifir
PANrs P @FENdB F/N.I.NDI.it