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O-844-94 06/13/94VILLAGE OF LEMONT ORDINANCE NO. 11[9_1____4 AN ORDINANCE AUTHORIZING EXECUTION OF LEASE PURCHASE AGREEMENT WITH ELGIN SWEEPER COMPANY ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT This 1 �' �! ` day of Published in pamphlet form by authority of the President and Board of Trustees of the Village of Lemont, Counties of C ok, Will, and DuPage, Ill' is, this 13 t& day of , 1994 1994. ITEM VI.C. ORDINANCE eF. ORDINANCE AUTHORIZING ADOPTION OF A LEASE PURCHASE AGREEMENT WITH ELGIN SWEEPER COMPANY WHEREAS, on May 23, 1994, the Village accepted the low bid of $96,862 for a 5 -Year Lease Purchase of an Elgin Pelican Street Sweeper; and WHEREAS, it is necessary to adopt a formal lease agreement to initiate the delivery of the equipment. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees that the attached Lease Purchase Agreement be approved. PASSED AND APPROVED BY'I'HE PRESIDENT AND BOARD OF TRUSTEES OF THIN: VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS on this /3J day of cidryie..- , 1994. Barbara Buschman Alice Chin Keith Latz William Margalus Rick Rimbo Ralph Schobert AYES NAYS PASSED ABSENT v V 1/ V v CHARLENE M. SMOLLEN, Village Clerk Approved by me this /3-a day of (31Q,)-2.-<2.— i'4 C • ' 0 A. ' ASNESKI, Village President , 1994 CHARLENE M. SMOLLEN, Village Clerk STANDARD FORM t —AI't -PART UNIFORM COMMERCIAL CODE - FINANCING STATEMENT - FORM UCC -1 INSTRUCTIONS: 1. PLEASE TYPE this form. Fold only along perforation for mailing. 2. Remove Secured Party and Debtor copies and send other 3 copies with interleaved carbon paper to the filing officer. Enclose filing fee. 3. If the space provided for any itemis) on the loon is inadequate the itemis) should he continued on additional sheets, preferably 5" x 8" or 8" x 10 ". Only one copy of such additional sheets need be presented to the filing officer with a set of three copies of the financing statement. Long schedules of collateral, indentures, etc., may be on any size paper that is convenient for the secured party. Indicate the number of additional sheets attached. 4. If collateral is crops or goods which are or are to become fixtures, describe generally the real estate and give name of record owner. 5. When a copy of the security agreement is used as a financing statement, it is requested that it be accompanied by a completed but unsigned set of these forms. without extra fee. 6. At the time of original filing, filing officer should return third copy as an acknowledgment. At a later time, secured party may date and sign Termination Legend and use third copy as a Termination Statement. This FINANCING STATEMENT is presented to a filing officer for filing pursuant to the Uniform Commercial Code: 13. Maturity date (if any): 1. Debtor(s) (Last Name First) and address(es) 2. Secured Party(ies) and address(es) For Filing Officer (Date, Time, Number, and Filing Office) ORDER PULL -A -PART BUSINESS FORMS FROM 14214 INDIANA AVE., CHICAGO, IL 60627 PHONE 1- 800 - 441 -1020 ' Village of Lemont 418 Main Street Lemont, IL 60439 -3788 Elgin Sweeper Company 1415 W. 22nd St., #1100 Oak Brook, IL 60521 4. This financing statement covers the following types (or items) of property: One (1) Elgin Sweeper model Pelican Premier Dual - broom street sweeper, together with a municipal lease and option agreement ( #M- 01864) and all rentals due thereunder, and all accessions, additions, replacements and substitutions thereto and therefore. 5. Assignee(s) of Secured Party and Addressles) This statement is filed without the debtor's signature to perfect a security interest in collateral. (check © if so) ❑ already subject to a security interest in another jurisdiction when it was brought into this state. ❑ which is proceeds of the original collateral described above in which a security interest was perfected: Check © if covered: ❑ Proceeds of Collateral are also covered. ❑ Products of Collateral are also covered. No. of additional Sheets presented. Filedwith: Secretary of State - Illinois By e of Lemont Sig •ture(s •f •ebtor s) (1) Filing Officer Copy — Alphabetical Elgin Sweeper Company By. STANDARD FORM - FORM UCC -1. Signature(s) of Secured Party(ies) Form 8038 -GC ,Rey. May 1993) Information Return for Small Tax - Exempt Governmental Bond Issues, Leases, and Installment Sales ■ Under Internal Revenue Code section 149(e) ► For calendar year ending 19 94 OMB No. 1545 -0720 Department of the Treewry Internal Revenue Service (Use Form 8038 -G if the issue price of the issue Is 6100,000 or more.) Reporting Authority Check box if Amended Return 1 Issuer's name Village of Lemont 2 issuer's employer identification number 36 : 6005968 3 Number and street (or P.O. box if mail is not delivered to street address) 418 Main Street Room/suite 4 City, tovr., state, and ZIP code Lemont, Illinois 60439 -3788 Part 11 Description of Obligations 5 Issue price of small tax- exempt governmental obligations reported on this form 6 Check the box that most nearly approximates the weighted average maturity of the obligation(s): a ® Less than 5 years b ❑ From 5 to 10 years c ❑ More than 10 years 7 Check the box that most nearly approximates the weighted average interest rate on the obligation(s): a ❑ Less than 5% b 12 From 5% to 10% c ❑ More than 10% 8 Total issue price of the obligation(s) reported on line 5 that is/are: a Obligation(s) issued in the form of a lease or installment sale b Obligation(s) designated by the issuer under section 265(b)(3)(B)(i)(III) c Obligation(s) issued to refund prior issues d Loans made from the proceeds of another tax- exempt obligation 9 Check box if issuer has elected to pay a penalty in lieu of rebate Please Sign Here Under pe lti and belief, they' re truft,.cq rect, and complete. $85,146.00 $85,146.00 8b 8d 0 of perjury, 1 declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge uie of office General Instructions (Section references are to the internal Revenue Code unless otherwise noted.) Paperwork Reduction Act Notice We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws. The time needed to complete and file this form vanes depending on individual circumstances. The estimated average time is: Learning about the law or the form . . . 1 hr., 40 min. Preparing the form . . . 2 hr., 44 min. Copying, assembling, and sending the form to the IRS . 16 min. If you have comments conceming the accuracy of these time estimates or suggestions for making this form more simple, we would be happy to hear from you. )( 6/13/94 Date You can write to both the Internal Revenue Service, Attention: Reports Clearance Officer, T:FP, Washington, DC 20224; and the Office of Management and Budget, Paperwork Reduction Project (1545- 0720), Washington, DC 20503. DO NOT send the foam to either of these offices. Instead, see Where To File on page 2. Purpose of Form Form 8038 -GC is used by issuers of tax - exempt govemmental obligations to provide the IRS with the information required by section 149(e) and to monitor the requirements of sections 141 through 150. Who Must File Issuers of tax- exempt govemmental obligations with issue prices of less than 5100,000 must file Form 8038 -GC. Issuers of a tax- exempt governmental obligation with an issue price of 5100,000 or more must file Fonn 8038 -G, Information Retu n for Tax - Exempt Govemmentai Obligations. Richard A. Rwasneski Village President Type or onnt name and title Filing a separate retum.— Issuers have the option to file a separate Form 8038 -GC for any tax- exempt governmental obligation with an issue price of less than $100,000. However, an issuer of a tax- exempt bond used to finance construction expenditures must file a separate Form 8038 -GC for each issue to give notice to the IRS that an election was made to pay a penalty in lieu of arbitrage rebate (see line 9 instructions). Filing a consolidated return. —For all tax -exempt governmental obligations with issue prices of less than $100,000 that are not reported on a separate Form 8038 -GC, an issuer must file a consolidated information return including all such issues issued within the calendar year. Thus, an issuer may file a separate Form 8038 -GC for each of a number of small issues and report the remainder of small issues issued during the calendar year on one, consolidated Form 8038 -GC; but a separate Form 8038 -GC must be filed to give the IRS notice of the election to pay a penalty in lieu of arbitrage rebate. Cat. No. 64108B 6/28/93 Published by Tax Management Inc., a Subsidiary of The Bureau of National Affairs, Inc. 21 Form 8038 -GC (Rev. 5-93) 8038 -GC.1 Effective December 31, 1986, IRS Form 8038 -GC must be filed for each issue of tax - exempt governmental bonds. In this transaction, you, as Lessee, are the issuer. This form is for information purposes only; BUT, IT MUST BE FILED. We have filled in the form, except for signature (at bottom) and issuer's employer identification number (Part I, line 2). Please have an authorized representative sign the form, fill in the remaining information (Part I, line 2), and return it to Federal Signal Leasing. We will file it with the IRS. Your cooperation is sincerely appreciated. VERY IMPORTANT! PAYMENT SCHEDULE Lessee: VILLAGE OF iEM8MT. IL Humber and frequency of payments: Iixty (60) monthly payments in advance. Interest computed at 5.38% per annum' Total sales price Trade-in al lowed Down payment Payment 1 Payment 2 Payment 3 Payment 4 Payment 5 Payment 6 Payment 7 Payment 8 Payment 9 Payment 10 Payment 11 Payment 12 Payment 13 Payment 14 Payment 15 Payment 16 Payment 17 Payment. 18 Payment 19 Payment 20 Payment 21 Payment 22 Payment 23 Payment 24 Payment 25 Payment 26 Payment 27 Payment 28 Payment 29 Payment 30 Paymwnt 31 Payment 32 Payment 33 Payment 34 Payment 35 Payment 36 Lease Ho. 11-01864 Purchase i � Payment amount applied to • price Payment ----------- ---- (remaining amount Interest Principal balance) ------------ $0,00 0.00 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1.814'37 1,614.37 1,614.37 1,614.37 1,614.37 1/814,37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 l.614'37 1,614.37 1,614.37 1,614.37 1,614.37 1.Gl4'37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 1,614.37 • $85,146.00 $0^00 85.146'00 0,00 85.1.46,00 $0-00 1,614'37 83.531,63 374.38 1.239'88 82.281'64 368.82 • 1.245.55' 81.048-08 363.24 1.251-13 78.794'86 357.63 1.256'74 78.538'22 352,00 1'262'37 77.275,85 346.34 1,268.03 76,007.82 340.66 1.273'71 74.734:11 334'95 1.279'42 73,454.69 329,21 1,285.16 72.168'53 323.45 1,290.92 70,878.61. 117.67 1.296-70 69.581'81 311'88 1.302.51 68,279.40 306.02 1,308-35 86'971,05 300,15 1,31.4.22 65.656.83 294.26 1.320'11 64,336.72 288.35 1.328'02 83'010.70 282'40 1.331'97 61.678'73 276.43 1,337.94 60,340.79 270.44 • 1`143,33 58,996.86 264'41 1.349.86 57,646.90 258.36 1.356-01 56.288,88 252.29 1.382'08 54,928.81 246'18 1.388'13 53,560.62 240.05 1,374'32 52.186'30 233'88 1.380'48 50.805'82 227'70 1.386.67 49.418'15 221.49 1.382-88 48,026.27 215,25 1.398'12 46`627.15 208.98 1,405.39 45^221'76 202.68 1.411,63 43.810.07 196.35 • 1,418.02 42.392,05 189.99 1.424'38 40`967,67 183-61 1.430'76 38.536,91 177.20 1.437'17 38.099,74 170.76 1'443'61 36,656.13 (onntinuod on next page) Payment amount Payment 37 1,614.37 Payment 38 1,614.37 Payment 39 1,614.37 Payment 40 1,614.37 Payment 41 1,614.37 Payment 42 1,614.37 Payment 43 1,614.37 Payment 44 1,614.37 Payment 45 1,614.37 Payment 46 1,614.37 Payment 47 1,614.37 Payment 48 1,614.37 Payment 49 1,614.37 Payment 50 1,614.37 Payment 51 1,614.37 Payment 52 1,614.37 Payment 53 1,614.37 Payment 54 1,614.37 Payment 55 1,614.37 Payment 56 1,614.37 Payment 57 1,614.37 Payment 58 1,614.37 Payment 59 1,614.37 Payment 60 1,614.37 Tota is $96,862.20 Payment_ amount applied to Interest Principal Purchase pr ice (remaining balance) (continued from previous page) 1.64.29 1,450.08 35,206.05 157.79 1,456.58 33,749.47 151.26 1,463.11 32,286.36 144.70 1,469.67 30,816.69 138.12 1,476.25 29,340.44 131.50 1,482_87 27,857.57 124.85 1,489.52 26,368.05 118.18 1,496.19 24,871.86 111.47 1,502.90 23,368.96 104.74 1,509.63 21,859.33 97.97 1,516.40 20,342.93 91.17 1,523.20 18,819.73 84.35 1,530.02 17,289.71 77.49 1,536.88 15,752.83 70.60 1,543.77 14,209.06 63.68 1,550.69 12,658.37 56.73 1,557.64 11,100.73 49.75 1,564.62 9,536.11 42_74 1,571.63 7,964.48 35.70, 1,578.67 6,385.81 28.62 1,585.75 4,800.06 2.1.51 1,592.86 3,207.20 14.37 1,600.00 1,607.20 7.17 1,607.20 (0.00) $11,716.20 $85,146.00 '" Balances not paid when due shall be subject to past due interest at the rate of 18% per year or the highest rate permitted by late, whichever is less. Interest accrues daily, at the rate indicated. above, on the outstanding principal balance (listed in "Purchase price" column). ELGIN SWEEPER COMPANY "Lessor" VILLAGE OF LEMONT, IL "Lessee" By: _.._._._._.._._ By: Title: Richard A. Kwasneski Title: ,(Village President LLJJUfi: Elgin Sweeper Company 1415 W. 22nd St., Suite 1100 Oak Brook, IL 60521 LESSEE: Name Village of Lemont Address 418 Main Street City Lemont FUH GONIPLETION by LESSOR Always Refer to Lease No M- 01864 State IL zip Code 60439-3788 Contact and Title. Dan Fielding, Dept. of Public Works Telephone No 708/257"2532 ITEM QUANTITY EQUIPMENT DESCRIPTION (Include Make, Model, Serial No. and all Attachments) 1 1 One (1) Elgin Sweeper model Pelican Premier Dual -Broom Street Sweeper LEASE TERM TOTAL EQUIPMENT COST RENT DUE (Period) NO. /AMOUNT OF RENTAL PAYMENTS Sixty (60) Months $85,146.00 In Advance Monthly See payment schedule attached hereto and made a part hereof ("Payment Schedule ") ACCEPTANCE CERTIFICATE The undersigned, as Lessee under the Municipal Lease and Option Agreement (the "Agreement ") referred to above, acknowledges receipt in good condition of all of the Equipment above described as of the date set forth below (the "Commencement Date ") and certifies that Lessor has fully and satisfactorily performed all of its covenants and obligations required under the Agreement. Lessee hereby certifies that the description of the personal property set forth above constitutes an accurate description of the "Equipment" and further certifies that the location of the Equipment is as stated above unless otherwise indicated below. Lessee unconditionally accepts the Equipment for all purposes of the Agreement as of the Commencement Date and agrees that it will commence payments in accordance with Article V of the Agreement. Equipment Location: Commencement Date 1994 V.11age of Lemont, IL (Lessee) Name By 'chard A. Kwasnes i Title. X Village President LESSEE: PLEASE RETAIN THIS PAGE, IF NECESSARY, FOR EXECUTION UPON ACCEPTANCE OF THE EQUIPMENT AND THEN RETURN SAME TO LESSOR. LL:..aOUli. Elgin Sweeper Company 1415 W. 22nd St., Suite 1100 Oak Brook, IL 60521 LESSEE: Name- Village of Lemont Address- 418 Main Street FOR COMPLETION BY LESSOR Always Refer to Lease No M- 018 6 4 City Lemont Contact and Title. Telephone No 708/257 -2532 Dan Fielding, State IL Zip Code 60439 -3788 Dept. of Public Works ITEM QUANTITY EQUIPMENT DESCRIPTION (Include Make, Model, Serial No. and all Attachments) 1 1 One (1) Elgin Sweeper model Pelican Premier Dual -Broom , Street Sweeper LEASE TERM TOTAL EQUIPMENT COST RENT DUE (Period) NO. /AMOUNT OF RENTAL PAYMENTS Sixty (60) Months $85,146.00 In Advance Monthly See payment schedule attached hereto and made a part hereof ( "Payment Schedule ") MUNICIPAL LEASE AND OPTION AGREEMENT Lessor hereby leases to Lessee the Equipment for the purposes and upon the following terms and conditions: ARTICLE 1: COVENANTS OF LESSEE. Lessee represents, covenants and warrants, for the benefit of Lessor and its assignees, as follows: A. Lessee is a public body, corporate and politic, duly organized and existing under the Constitution and laws of the State as set forth above ( "State ") and 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. B. Lessee has been duly authorized to execute, deliver and perform this Agreement under the Constitution and laws of the State and under the terms and provisions of the resolution of its governing body, or by other appropriate official approval. Lessee further represents, covenants and warrants that all requirements have been met, and procedures have occurred in order to ensure the enforceability of this Agreement. Lessee shall cause to be executed an opinion of its counsel in form acceptable to Lessor. C. During the term of this Agreement, the Equipment will be used by Lessee only for the purpose of performing one or more governmental or proprietary functions of Lessee con- sistent with the permissible scope of Lessee's authority and will not be used in trade or business of any person or entity other than the Lessee. Lessee shall not permit the Equipment to be moved permanently or semi - permanently (over 60 days) to a state other than the state in which the equipment is originally titled. D. During the period this Agreement is in force, Lessee will annually provide Lessor with current financial statements, budgets, proof of appropriation for the ensuring fiscal year and such other financial information relating to the ability of Lessee to continue this Agreement as may be reasonably requested by Lessor. E. The Equipment is, and shall remain during the period this Agreement is in force, personal property and when subject to use by Lessee under this Agreement, will not be or become fixtures. ARTICLE II: DEFINITIONS. The following terms will have the meanings indicated below unless the context clearly requires otherwise: "Lease Term" means the Original Term defined in Article III hereof and a sufficient number of automatic Renewal Terms as will constitute the number of months set forth on the face of this Agreement. "Lessor" means the entity designated on the face of this Agreement as Lessor hereunder. "Purchase Price" means the amount which Lessee may, at its option, pay to Lessor in order to purchase the Equipment, as set forth in the Payment Schedule attached to this Agreement, subject to the terms of Article IX. "Renewal Term(s)" means the automatic renewal periods of this Agreement, each having a duration of one (1) year co- terminous with Lessee's fiscal year except the last of such automatic renewal periods which shall end on the anniversary of the Commencement Date. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Original Term, except that the Rent Payments shall be as provided in the attached Payment Schedule. ARTICLE III: COMMENCEMENT OF LEASE TERM. The Original Term of this Agreement shall commence on the date the Equipment is accepted by Lessee as indicated on the Certificate of Acceptance ( "Commencement Date ") and shall terminate the last day of Lessee's current fiscal year. For the duration of the Lease Term, this Agreement will be automatically renewed at the end of the Original Term and any Renewal Term unless the Lessee gives written notice to Lessor not less than ninety (90) days prior to the end of the Original Term or Renewal Term then in effect of Lessee's intention to terminate this Agreement pursuant to Article V hereof. ARTICLE IV: INSPECTION. Lessor shall have the right at all reasonable times during business hours to enter into and upon the property of Lessee for the purpose of inspecting the Equipment. ARTICLE V: RENT PAYMENTS. Section 5.01 Rent Payments to Constitute a Current Expense of Lessee. Lessor and Lessee understand and intend that the obligation of Lessee to pay Rent Payments hereunder 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 limitations or requirements concerning the creation of indebtedness by Lessee, nor shall anything contained herein constitute a pledge of the general tax revenues, funds or monies of Lessee. Section 5.02 Payment of Rent Payments. Lessee shall pay Rent Payments, exclusively from legally available funds to Lessor in the amounts and on the dates set forth in the Payment Schedule attached t this Agreement. A portion of each Rent Payment is paid as, and represents payment of, interest and principal, respectively. Balances not paid when due shall be subject to past due interest at the rate of 18% per annum or the highest rate permitted by law, whichever is less. Notwithstanding any other provision of this Agreement and under any and all circumstances, Lessee is obligated to pay interest to Lessor on the Purchase Price (remaining balance) at the per annum rate specified in this Agreement for each day this Agreement remains in effect. All such unpaid interest shall be due immediately upon termination of this Agreement. Section 5.03 Rent Payments to be Unconditional. Subject to Section 5.05, the obligation of Lessee to make payment of Rent Payments and other payments required under this Agreement shall be absolute and unconditional in all events. Lessee shall make all such payments when due and shall not withold any such payments as a result of any disputes arising among Lessee and Lessor, any Vendor or any other person, nor shall Lessee assert any right of set -off or counterclaim against its obligation to make such payments or be entitled to any abatement of such payments as a result of accident or unforeseen circumstances. Section 5.04 Continuation of Lease Term by Lessee. Lessee intends to continue the Lease Term through the Original Term and all of the Renewal Terms and to pay the Rent Payments hereunder. Lessee reasonably believes that legally available funds of an amount sufficient to make all Rent Payments during the Original Term and each