HomeMy WebLinkAbout33-80 RESOLUTION•
•
RESOLUTION NO. 33 -go
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A LEASE PURCHASE AGREEMENT FOR A MICRO -DATA
SERIES 8000 COMPUTER.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized and
directed to execute a lease purchase agreement for a micro -
data series 8000 computer. A copy of the lease purchase
agreement authorized for execution hereby is attached hereto,
marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this / ay of
1980.
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•
CERTIFICATE
I, Vivian Koettel, City Clerk, City of Fayetteville, Washington
County, Arkansas, do hereby certify that the above and foregoing
is a true and correct of Resolution #33-80 duly passed and approved
by the Board of Directors and Mayor of the City of Fayetteville,
Arkansas, on the 15th day of April, 1980, the same being recorded
in book number at page
CITY CLERK
(Seal )
McILROY BANK&TRUST
One Mcllroy Plaza
Fayetteville, Arkansas 72701
(5011575 1000
Mr. Scott Linebaugh, Finance Director
City of Fayetteville
P.O. Box A
Fayetteville, Arkansas 72701
Dear Scott:
October 17, 1980
Enclosed are two copies of the lease which needs to be signed by the
Mayor and one copy returned to me.
We should also have a certified copy of the Board of Directors resolu-
tion authorizing the Mayor to execute the lease
JWG/jg
enc.
Sincerely,
J. W. Gould
Senior Vice President
& Trust Officer
THE YOUNGEST RANK IN ARKANSAS SINCE 1871
CONTRACT FOR LEASE OF EQUIPMENT
AND SERVICES
1 PARTIES: The parties to this Lease are:
(a) Mcllroy Bank & Trust, an Arkansas Banking Corporation,
One Mcllroy Plaza, Fayetteville, Arkansas, hereinafter
called Lessor.
(b) The City of Fayetteville, a political subdivision of the
State of Arkansas and body corporate, hereinafter called
Lessee.
2. LEASE OF EQUIPMENT: Lessee hereby leases from Lessor and Lessor
leases to Lessee the Equipment described to -wit:
All Equipment set forth on Exhibit A attached hereto and made a
part hereof.
L essor shall deliver 'or have said Equipment delivered to Lessee
and installed at the offices of the City of Fayetteville, in the
City of Fayetteville, State of Arkansas.
L essee, upon delivery shall retain said Equipment at said location
and shall not move it from said location without written permission
first given by Lessor. Lessee further agrees to use the Equipment
in a careful manner and shall comply with all laws relating to
its possession, in accordance with the operational instructions
and training given by Vendor. If Lessor supplies Lessee with labels
stating that the Equipment is owned by Lessor, Lessee shall affix
and keep the same upon a prominent place of each item of Equipment.
L essee hereby authorizes Lessor to add to this Lease by addendum
t he serial number of each item of Equipment so delivered.
3. TERMS OF LEASE: The term of this Lease commences up:5n delivery of
t he property to Lessee and ends upon the expiration of sixty (60)
months after the rental commencement date.
4. RENT PAYMENTS: Lessee agrees to pay monthly installments in the
amounts set forth in Schedule A attached hereto and made a part
h ereof. Notwithstanding any dispute between Lessor and Lessee,
L essee shall make all payments when due and shall not withhold
any payments or portions thereof pending final resolution of
such dispute.
5 NONAPPROPRIATION: It is understood that Lessee, as a political
subdivision of the State of Arkansas, by statue, cannot commit
its revenues and funds beyond a single fiscal year;, consequently
it is agreed by the parties, that at ]east thirty (30) days prior
to the expiration date of each fiscal period during the term of
this Lease, Lessee shall give Lessor written notice as to whether
o r not funds have been allotted to continue payment for the
Equipment leased hereunder through the next fiscal period. In
t he event no funds have been allotted, then this Lease shall
t erminate upon expiration of the then current fiscal period and
L essee shall not be obligated to make anv payments beyond the
e nd of the said current fiscal period.
U pon termination of this Lease by such nonappropr•iation, Lessee
shall deliver the property covered by this lease to the Lessor.
In the event funds are appropriated for the next fiscal period then
t his Lease shall continue in effect.
6 LOSS AND DAMAGE: Lessee shall bear the entire risk of loss,
theft, destruction -or damage of the Equipment from any cause what-
soever except loss or damage caused by the act, ommission or neglect
o f Lessor, its agents, employees, or servants, and no loss, theft,
destruction or damage of the Equipment, except such loss or damage
t hat is caused by an act, ommission or neglect of Lessor, its
agents, employees or servants shall relieve Lessee of the obligation
to pay rent or of any other obligation under this lease.
L essee shall have the responsibility to maintain the Equipment in
good condition and repair.
In the event of loss, theft, destruction or damage of any kind
to any item of Equipment, Lessee shall at Lessor's option: (a)
place the same in good condition and repair; or (b) replace the
same with like equipment in good condition and repair or (c) ex-
e rcise its option to purchase said Equipment. In no event shall
L essee be liable for any amount due to loss -,--theft; destruction or
damage greater than the purchase price of said Equipment less the
amount then paid toward purchase as set forth on Exhibit B.
7. INSURANCE: Lessee shall provide and maintain (a) insurance against
theft, destruction or damage of the Equipment in an amount not less
than its purchase price less Lessee's equity with loss payable to
L essor. Lessee shall pay the premiums for all insurance. In the
e vent of any theft, loss, damage or destruction of the Equipment
o r any item thereof, Lessee shall have the option of applying the
proceeds of said insurance to repair, or replacement of the said
item or equipment, or to the purchase of the Equipment.
3.' TAXES, LIENS AND INDEMNITY: Lessee shall comply with and conform
to all laws and regulations pertaining to the possession, use or
maintenance of the Equipment and hold Lessor harmless against
actual and asserted violations not the result of any act, ommission,
o r neglect of Lessor, its employees, agents or servants, and will
pay all costs and expenses of every character occasioned by or
arising out of such use and pay promptly when due all charges
and license fees and liens arising after delivery of the Equip-
ment, and such taxes as may be imposed against Lessee by operation
o f law for the leasing, ownership, purchase, possession or use
o f the Equipment. Lessee shall indemnify against and hold Lessor
harmless from any and all claims, actions, proceedings, expenses,
damages and liabilities arising in connection with the Equipment,
as to third parties, except for any such claims or liabilities
as may be the result of an act, ommission or neglect on the part
o f the Lessor.
ASSIGNMENT: (a) Without Lessor's prior written consent, Lessee
shall not (1) assign, transfer, pledge, hypothecate or otherwise
dispose of this Lease or any interest therein, or (2) sublet or
lend the Equipment or permit it to be used by anyone other than
the Lessee or Lessee's employees. (b) Concurrent with the ex-
e cution of this Lease, Lessor has the right to assign any or
all its rights and interest in and to this Lease, including
its rights to receive payments identified in Exhibit A and all
security interest it is to acquire in the Equipment identified
in Exhibit A. Assignee shall have full benefit of all the
covenants made by the Lessee and all rights and remedies of
Lessor contained herein, including the right of further assignment
o f this Lease. Lessor shall not have the right or power to
assign its rights or delegate its duties and obligations under
this Lease, either in part or in whole, without obtaining the
prior written consent of Lessee, which consent shall not be
unreasonably withheld.
10. DEFAULT: If either party shall default in performance of any
o bligation created by this Lease, then the non -defaulting party,
after ten (10) days notice and demand, may pursue any remedy
in law or equity, in the alternative and without election of
✓ emedy, including suit for specific performance. The defaulting
party shall be liable and shall pay the non -defaulting party all
costs and expenses including reasonable attorney's fees, incurred
by the non -defaulting party in exercising any of its remedies
hereunder. In addition to the remedies stated above and without
w aiver thereof or election or remedy, the non -defaulting party
may pursue such remedies as are provided by the statutes of
Arkansas regulating the sales of goods.
11. NOTICES: Any written notice of demand under this Lease may be
given to Lessor by mailing it to the Lessor at its address set
forth above or written notice or demand under this contract may
be given to Lessee by mailing to: City of Fayetteville, P.O. Box
F, Fayetteville, Arkansas 72701. Notice or demand so mailed
shall be effective when deposited in the United States mail, duly
addressed and with postage prepaid.
12. CHOICE OF LAW: This Lease shall be governed by and construed
in accordance with the law of the State of Arkansas. Place of
performance shall be: Fayetteville, Arkansas.
13. OWNERSHIP, TITLE, PERSONAL PROPERTY: The Equipment is and shall
at all times remain the property of Lessor. The Equipment shall
at all times remain the personal property, notwithstanding that
t he Equipment or any part thereof may now be, or hereafter become,
in any manner affixed or attached to, or embedded in, or permanently
✓ esting upon, real property or any building thereon, or attached
in any manner to what is permanent as by means of cement plaster,
n ails, bolts, screws or otherwise.
14. OPTION TO PURCHASE: The Lessee shall have the option at anytime
t o purchase the Equipment covered by this lease by the payment of
the unrecovered cost of the Equipment arrived at by applying the
✓ ental payments to the cost of the Equipment less interest at
10% per annum in accordance with the amortization schedule contained
in Exhibit B attached hereto.
At the completion of the original Lease term hereof and if the
L ease is not in default, the Lessee shall have the option of
purchasing the Equipment covered by this Lease for one (1)
dollar.
U pon exercise of its option to purchase and tender of such
funds as are required by this Lease, Lessee shall become owner
o f said Equipment. Lessor warrants that upon purchase by Lessee,
L essee shall receive good title to said Equipment free and clear
o f any liens, security interest, or encumbrances not created
by act of Lessee.
15. ENTIRE AGREEMENT: This instrument and the attached Exhibit A
and B constitute the entire agreement between Lessor and Lessee.
N o waiver by either party of any provision hereof in one instance
shall constitute a waiver as to any other instance. Lessee shall
provide Lessor with copies of such Board of Director resolutions
and orders, opinions of counsel and other documents as are
✓ evelant to this Lease as Lessor shall request from time to time.
The parties may modify or amend the terms of this Lease by mutual
agreement in writing.
16. SAVINGS CLAUSE: Any provision of chis Lease prohibited by law
in any state shall, as to such state, be ineffective to the extent
o f such prohibition without invalidating the remaining provisions
o f this Lease.
-The undersigned agrees-to.all terms and conditions as set forth
above, and certifies that persons signing this Lease on its behalf
are authorized to obligate it.
IN WITNESS WHEREOF the parties hereby execute this Lease this
/ 7c( day of 4S-(.7:2.4(,,,,. , 19 .:c%0 .
(SEAL)
Antes,[:
/�, .
Attest.
CITY OF FAYETTEVILLE, ARKANSAS
("Lessee&IZi
) BY
McIZROY BANK & TRUST
("Lessor")
q�\
BY %/v7 ,i..�e-
USenio. \'it > •; r..
A Trust PAPA
'SCHEDULE B
AMCRTIZATIGN FOR CITY OF FAYETTEVILLE PAGE 1
PREPAREC BY COMPUTER RESGLkCES CORP.
PRINCIPAL 159,291.21 INTEREST RATE .1CGO PAYMENTS MONTHLY
PAYMENT PRINCIPAL
NG. BALANCE
PAYMENT
AMCUNT
PRINCIPAL
PAYMENT
INTEREST
PAYMENT
PAYMENT
NO.
1 159,391.21 3,381.59 2,058.39 1,328.20 1
2 157,332.82 3,386.59 2,075.54 1,211.05 2
3 155,257.28 3,386.59 2,092.84 1,293.75 3
4 152,164.44 3,386.59 2,110.28 1,276.31 4
5 151,054.16 3,386.59 2,127.66 1,258.73 5
6 148,926.3C 3,386.59 2,145.59 1,241.00 6
7 146,780.71 3,286.59 2,1t3.47 1,223.12 7
8 144,617.24 3,366.59 2,181.50 1,205.09 8
9 142,435.74 3,386.59 2,195.68 1,186.91 9
10 140,236.06 3,386.59 2,218.01 1,168.58 10
11 138,018.05 3,386.59 2,236.49 1,1550.10 11
12 135,781.56 3,386.59 2,255.13 1,131.4E 12
13 133,526.43 3,386.5S 2,273.92 1,112.67 13
14- 131,252.51 3,386.59 2,292.87 1,093.72 14
15 128,959.64 2,386.59 2,311.97 1,074.62 15
16 126,647.67 3,386.59 2,331.24 1,055.35 16
17 124,316.43 3,386.59 2,35C.67 1,035.92 17
18 121,965.76 3,386.59 2,370.25 1,016.34 18
19 119,595.51 3,386.59 2,3SC.01 996.5t 19
20 117,205.5C 3,3 6.59 2,409.92 976.67 20
21 114,795.58 3,3d6.59 2,430.00 556.55 21
22 112,365.58 3,386.59 2,45C.25 936.34 22
Z3 105,915.33 3,386.59 2,470.67 915.92 23
24 167,444.66 3,386.59 2,491.28 895:32 24
25 104,552.40 3,386.59 2,512.02 874.57 75
SCHEDULE B
AMCRTIZATICN FGR CITY OF FAYETTEVILLE PAGE 2
PREPARED EY COMPUTER RESGLRCES CORP.
PRINCIPAL 159,391.21 INTEREST RATE .1000 PAYMENTS MONTHLY
PAYMENT
NG.
PRINCIPAL
BALANCE
PAYMENT
AMI:UNT
PRINCIPAL
PAYMENT
INTEREST
PAYMENT
PAYMENT
NO.
26 102.441.4E 3,386.59 2,532.95 853.64 2h
27 99,508.43 3,386.59 2,554.06 832.53 27
28 97,354.37 3,386.55 2,575.34 811.25 28
29 94,779.03 3,386.59 2,556.80 789.75 29,
30 92,182.23 3,386.59 2,618.44 768.15 30
31 89,563.79 3,3E6.59 2,640.26 746.33 31
32 86,523.53 3,386.59 2,662.26 724.33 32
33 84,261.27 3,386.59 2,6E4.45 702.14 33
34 631,576.52 3,386.59 2,7C6.82 679.77 34
35 78,870.00 3,386.59 2,729.37 657.22 35
36 76,140.63 3,3E6.59 2,752.12 634.47 36
37 73,388.51 3,386.59 2,775.05 611.54 37
38 70,613.41 3,3E6.59 2,79E.17 588.42 38
39• 67,815.29 3,3E6.59 2,821.49 565.1C 3S
40 64,593.80 3,386.59 2,845.00 541.55 40
41 62,148.80 3,386.59 2186E671 517.88 41
-42 55,280.09 3,386.59 2,852.61 493.9E 42
43 56,387.48 3,386.59 2,516.72 469.87 43
44 53,470.76 3,366.59 2,941.02 445.57 44
45 50,529.74 ,386.59 2,965.53 421.06 45
46 47,564.21 3,386.59 2,99C.24 396.35 46
47 441573.97 3,386.59 3,015.16 371.43 47
48 41,558.81 3,386.59 3,040.29 346.3C 48
49 38,518.52 3,386.59 3,065.62 320.97 47
50 35.45L.SC 3,386.59 3,CS1.17 255.42 50
AMGRTIZATICN FOR CITY GF FAYETTEVILLE.
PREPAREC EY COMPUTER RESCLPCES CORP.
PRINCIPAL 1591391.21 INTEREST RATE .1000 PAYMENTS MONTHLY
SCHEDULE B
PIiGE 3
PAYMENT PRINCIPAL
NO. EALANCE
PAYMENT
AMOUNT
PRINCIPAL
PAYMENT
INTEREST
PAYMENT
PAYMENT
NO.
51 32,361.73 3,38.6.59 3,116.92 269.67 51
52 25,244.61 3,386.59 3,142.9C 243.65 52
53 26,101.51 3,386.59 3,169.05 217.50 53
54 22,932.82 3,386.59 3,155.50 151.09 54
55 15,737.32 3,386.59 3,222.12 164.47 55
56 16,515.20 3,386.59 3,248.97 137.62 56
57 .13,266.23 3,3E6.59 ' 3,276.05 110.54 57
58 9,990.18 3,386.59 3,3C3.35 83.24 58
59 1,686.83 3,386.59 3,330.87 55.72 59
60 3,355.96 3,353.92 3,355.96 27.96 60
CRANE TOTAL 203,192.73
159,291.21 4316C1.52
CONTRACT FOR LEASE OF EQUIPMENT
AND SERVICES
1. PARTIES: The parties to this Lease are:
(a) Mcllroy Bank & Trust, an Arkansas Banking Corporation,
One Mcllroy Plaza, Fayetteville, Arkansas, hereinafter
called Lessor.
(b) The City of Fayetteville, a political subdivision of the
State of Arkansas and body corporate, hereinafter called
Lessee.
2 LEASE OF EQUIPMENT: Lessee hereby leases from Lessor and Lessor
leases to Lessee the Equipment described to -wit:
All Equipment set forth on Exhibit A attached hereto and made a
part. hereof.
L essor shall deliver 'or have said Equipment delivered to Lessee
and installed at the offices of the City of Fayetteville, in the
City of Fayetteville, State of Arkansas.
L essee, upon delivery shall retain said Equipment at said location
and shall not move it from said location without written permission
first given by Lessor. Lessee further agrees to use the Equipment
in a careful manner and shall comply with all laws relating to
its possession, in accordance with the operational instructions
and training given by Vendor. If Lessor supplies Lessee with labels
stating that the Equipment is owned by Lessor, Lessee shall affix
and keep the same upon a prominent place of each item of Equipment.
L essee hereby authorizes Lessor to add to this Lease by addendum
the serial number of each item of Equipment so delivered.
3. TERMS OF LEASE: The term of this Lease commences upon delivery of
t he property to Lessee and ends upon the expiration of sixty (60)
months after the rental commencement date.
4. RENT PAYMENTS: Lessee agrees to pay monthly installments in the
amounts set forth in Schedule A attached hereto and made a part
h ereof. Notwithstanding any dispute between Lessor and Lessee,
L essee shall make all payments when due and shall not withhold
any payments or portions thereof pending final resolution of
such dispute.
5 NONAPPROPRIATION: It is understood that Lessee, as a political
subdivision of the State of Arkansas, by statue, cannot commit
its revenues and funds beyond a single fiscal year;, consequently
it is agreed by the parties, that at least thirty (30) days prior
t o the expiration date of each fiscal period during the term of
t his Lease, Lessee shall give Lessor written notice as to whether
o r not funds have been allotted to continue payment for the
E quipment leased hereunder through the next fiscal period. In
t he event no funds have been allotted, then this Lease shall
t erminate upon expiration of the then current fiscal period and
L essee shall not be obligated to make any payments beyond the
end of the said current fiscal period.
•
U pon termination of this Lease by such nonappropriation, Lessee
shall deliver the property covered by this lease to the Lessor.
In the event funds are appropriated for the next fiscal period then
t his Lease shall continue in effect.
6 LOSS AND DAMAGE: Lessee shall bear the entire risk of loss,
theft, destruction or damage of the Equipment from any cause what-
soever except loss or damage caused by the act, ommission or neglect
o f Lessor, its agents, employees, or servants, and no loss, theft,
d estruction or damage of the Equipment, except such loss or damage
t hat is caused by an act, ommission or neglect of Lessor, its
agents, employees or servants shall relieve Lessee of the obligation
t o pay rent or of any other obligation under this lease.
L essee shall have the responsibility to maintain the Equipment in
good condition and repair.
In the event of loss, theft, destruction or damage of any kind
to any item of Equipment, Lessee shall at Lessor's option: (a)
place the same in good condition and repair; or (b) replace the
same with like equipment in good condition and repair or (c) ex-
e rcise its option to purchase said Equipment. In no event shall
L essee be liable for any amount due to loss, theft, destruction or
damage greater than the purchase price of said Equipment less the
amount then paid toward purchase as set forth an Exhibit B.
7 INSURANCE: Lessee shall provide and maintain (a) insurance against
theft, destruction or damage of the Equipment in an amount not less
than its purchase price less Lessee's equity with loss payable to
L essor. Lessee shall pay the premiums for all insurance. In the
e vent of any theft, loss, damage or destruction of the Equipment
o r any item thereof, Lessee shall have the option of applying the
proceeds of said insurance to repair, or replacement of the said
item or equipment, or to the purchase of the Equipment.
8. TAXES, LIENS AND INDEMNITY: Lessee shall comply with and conform
t o all laws and regulations pertaining to the possession, use or
maintenance of the Equipment and hold Lessor harmless against
actual and asserted violations not the result of any act, ommission,
o r neglect of Lessor, its employees, agents or servants, and will
pay all costs and expenses of every character occasioned by or
arising out of such use and pay promptly when due all charges
and license fees and liens arising after delivery of the Equip-
ment, and such taxes as may be imposed against Lessee by operation
o f law for the leasing, ownership, purchase, possession or use
o f the Equipment. Lessee shall indemnify against and hold Lessor
h armless from any and all claims, actions, proceedings, expenses,
damages and liabilities arising in connection with the Equipment,
as to third parties, except for any such claims or liabilities
as may be the result of an act, ommission or neglect on the part
o f the Lessor.
9 ASSIGNMENT: (a) Without Lessor's prior written consent, Lessee
shall not (1) assign, transfer, pledge, hypothecate or otherwise
dispose of this Lease or any interest therein, or (2) sublet or
lend the Equipment or permit it to be used by anyone other than
t he Lessee or Lessee's employees. (b) Concurrent with the ex-
•
•
e cution of this Lease, Lessor has the right to assign any or
all its rights and interest in and to this Lease, including
its rights to receive payments identified in Exhibit A and all
security interest it is to acquire in the Equipment identified
in Exhibit A. Assignee shall have full benefit of all the
covenants made by the Lessee and all rights and remedies of
Lessor contained herein, including the right of further assignment
o f this Lease. Lessor shall not have the right or power to
assign its rights or delegate its duties and obligations under
this Lease, either in part or in whole, without obtaining the
prior written consent of Lessee, which consent shall not be
unreasonably withheld.
10. DEFAULT: If either party shall default in performance of any
o bligation created by this Lease, then the non -defaulting party,
after ten (10) days notice and demand, may pursue any remedy
in law or equity, in the alternative and without election of
✓ emedy, including suit for specific performance. The defaulting
party shall be liable and shall pay the non -defaulting party all
costs and expenses including reasonable attorney's fees, incurred
by the non -defaulting party in exercising any of its remedies
hereunder. In addition to the remedies stated above and without
waiver thereof or election or remedy, the non -defaulting party
may pursue such remedies as are provided by the statutes of
Arkansas regulating the sales of goods.
11. NOTICES: Any written notice of demand under this Lease may be
given to Lessor by mailing it to the Lessor at its address set
forth above or written notice or demand under this contract may
be given to Lessee by mailing to: City of Fayetteville, P.O. Box
F, Fayetteville, Arkansas 72701. Notice or demand so mailed
shall be effective when deposited in the United States mail, duly
addressed and with postage prepaid.
12. CHOICE OF LAW: This Lease shall be governed by and construed
in accordance with the law of the State of Arkansas. Place of
performance shall be: Fayetteville, Arkansas.
13. OWNERSHIP, TITLE, PERSONAL PROPERTY: The Equipment is and shall
at all times remain the property of Lessor. The Equipment shall
at all times remain the personal property, notwithstanding that
t he Equipment or any part thereof may now be, or hereafter become,
in any manner affixed or attached to, or embedded in, or permanently
✓ esting upon, real property or any building thereon, or attached
in any manner to what is permanent as by means of cement plaster,
n ails, bolts, screws or otherwise.
14. OPTION TO PURCHASE: The Lessee shall have the option at anytime
t o purchase the Equipment covered by this lease by the payment of
t he unrecovered cost of the Equipment arrived at by applying the
✓ ental payments to the cost of the Equipment less interest at
10% per annum in accordance with the amortization schedule contained
in Exhibit B attached hereto.
At the completion of the original Lease term hereof and if the
L ease is not in default, the Lessee shall have the option of
purchasing the Equipment covered by this Lease for one (1)
d ollar.
•
U pon exercise of its option to purchase and tender of such
funds as are required by this Lease, Lessee shall become owner
o f said Equipment. Lessor warrants that upon purchase by Lessee,
L essee shall receive good title to said Equipment free and clear
o f any liens, security interest, or encumbrances not created
by act of Lessee.
15. ENTIRE AGREEMENT: This instrument and the attached Exhibit A
and B constitute the entire agreement between Lessor and Lessee.
N o waiver by either party of any provision hereof in one instance
shall constitute a waiver as to any other instance. Lessee shall
provide Lessor with copies of such Board of Director resolutions
and orders, opinions of counsel and other documents as are
o evelant to this Lease as Lessor shall request from time to time.
The parties may modify or amend the terms of this Lease by mutual
agreement in writing.
16. SAVINGS CLAUSE: Any provision of this Lease prohibited by law
in any state shall, as to such state, be ineffective to the extent
o f such prohibition without invalidating the remaining provisions
o f this Lease.
The undersigned agrees to all terms and conditions as set forth
above and certifies that persons signing this Lease on its behalf
are authorized to obligate it.
IN WITNESS WHEREOF the parties hereby execute this Lease this
/7..o{ day of 19 4 .
(SEAL)
sit
CITY OF FAYETTEVILLE, ARKANSAS
("Lessee")
BY
McIL'ROY BANK & TRUST
("Lessor")
-
.Attest,
,‘,/ ja.t(se
rairdi
-:--.-7. ,�3\ ~f_yC:7
BY
Senior Vice president
'rust Piikaf
•
•
•
•
AMORTIZATION FOR CITY OF FAYETTEVILLE
PREPAREC BY COMPUTER RESOURCES CORP.
PRINCIPAL 159,391.21
PAYMENT
N0.
PRINCIPAL
BALANCE
1 159,391.21
2 157,332.82
3 155,257.28
4 153,164.44
5 151,054.16
6 148,926.30
7 146,780.71
8 144,617.24
9 142,435.74
10 140,236.06
11 138,018.05
12 135,781.56
13 133,526.43
14 131,252.51
15 128,959.64
16 126,647.67
17 124,316.43
18 121,965.76
19 119,595.51
20 117,205.50
21 114095.58
22 1124365.58
23 109,915.33
24 107,444.66
25 104,953.40
•
SCHEDULE B
PAGE 1
INTEREST RATE .1000 PAYMENTS MONTHLY
PAYMENT
AMCUNT
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
PRINCIPAL
PAYMENT
2,058.39
2,075.54
2,092.84
2,110.28
2,127.86
2,145.59
2,1E3.47
2,181.50
2,159.68
2,218.01
2,236.49
2,255.13
2,273.92
2,292.87
2,311.97
2,331.24
2,350.67
2,370.25
2,390.01
2,409.92
2,430.00
2,450.25
2,470.67
2,491.26
2,512.02
INTEREST
PAYMENT
PAYMENT
N0.
1,328.20 1
1,311.05 2
1,293.75 3
1,276.31 4
1,258.73 5
1,241.00 6
1,223.12 7
1,205.09 8
1,186.91 9
1,168.58 10
1,150.10 11
1,131.46 12
1,112.67 13
1,093.72 14
1,074.62 15
1,055.35 16
1,035.92 17
1,016.34 18
996.58 19
976.67 20
956.59 21
936.34 22
915.92 23
895.33 24
874.57 25
•
4
•
AMORTIZATION FOR CITY OF FAYETTEVILLE
PREPARED BY COMPUTER RESOLRCES CORP.
PRINCIPAL 159,391.21
PAYMENT
NO.
PRINCIPAL
BALANCE•
26 102,441.8
27 99,908.43
28 97,354.37
29 94,779.03
30 92,182.23
31 89,563.79
32 86,923.53
33 84,261.27
34 81,576.82
35 78,870.00
36 76,140.63
37 73,388.51
38 70,613.46
39 67,815.29
40 64,993.80
41 62,148.80
42 59,280.09
43 56,387.48
44 53,470.76
45 50,529.74
46 47,564.21
47 44,573.97
48 41,558.81
49 38,518.52
50 35,452.50
• •SCHEDULE B
PAGE 2
INTEREST RATE .1000 PAYMENTS MONTHLY
PAYMENT
AMOUNT
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,366.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
PRINCIPAL
PAYMENT
2,532.95
2,554.06
2,575.34
2,556.80
2,618.44
2,640.26
2,6622.26
2,664.45
2,706.82
2,729.37
2,752.12
2,775.05
2,798.17
2,821.49
2,845.00
2,868.71
2,892.61
2,916.72
2,941.02
2,965.53
2,990.24
3,015.16
%3,040.29
3,065.62
3,091.17
INTEREST
PAYMENT
PAYMENT
NO.
853.64 26
832.53 27
811.25 28
789.79 29
768.15 30
746.33 31
724.33 32
702.14 33
679.77 34
657.22 35
634.47 36
611.54 37
588.42 38
565.1C 39
541.59 40
517.88 41
493.98 42
469.87 43
445.57 44
421.06 45
396.35 46
371.43 47
346.30 48
320.97 49
295.42 50
•
AMORTIZATION FOR CITY OF FAYETTEVILLE
PREPARED BY COMPUTER RESCLRCES CORP.
PRINCIPAL 159,391.21 INTEREST RATE .1000 PAYMENTS MONTHLY
SCHEDULE B
PAGE 3
PAYMENT
N0.
'PRINCIPAL
BALANCE
51 32,361.73
52 29,244.81
53 26,101.91
54 22,932.82
55 19,737.32
56 16,515.20
57 13,266.23
58 9,990.18
59 6,686.83
60 3,355.96
PAYMENT
AMOUNT
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,386.59
3,366.59
3,386.59
3,386.59
3,383.92
GRANO TOTAL 203,192.73
PRINCIPAL
PAYMENT
3,116.92
3,142.90
3,169.09
3,195.50
3,222.12
3,248.97
3,276.05
3,3C3.35
3,330.87
3,355 96
INTEREST
PAYMENT
269.67
243.69
217.50
191.09
164.47
137.62
110.54
83.24
55.72
27.96
159,391.21 43,801.52
PAYMENT
N0.
51
52
53
54
55
56
57
58
59
60
McILROV BANK&TRUST
One McII oy Plaza
Fayetteville, Arkansas 72701
(501)575-1000
April 17,1980
LEASE CONMITPIENT LETTER
MICROFILMED
DATE MO nm 175-oREEL
ebitgAer-
From: NicIlroy Bank & Trust, Fayetteville, Arkansas
To: City of Fayetteville, Arkansas
Pursuant to our discussions, we will undertake to purchase for the
purpose of leasing to you certain equipment, herein specified and
identified on Schedule A-1 and any additional schedules that may
follow.
1. It is understood that the length of the lease for each
item of equipment shall be indicated on the attached schedule. The
lease of the equipment identified on Schedule A-1 will commence the
1st day of the month following delivery of the equipment and accep-
tance thereof by the lessee.
2. It is understood that title to the equipment will be
transferred to the lessee at the end of the lease term.
3. It is understood that the lessor will not warrant the
equipment and you will look solely to the suppliers and manufact-
urers who supply the equipment and software to us for any claims
arising in contract or in tort (including claims for breach of
warranty) in regard to this equipment. You will agree to indem-
nify us against any claims of third parties.
4. The lessee shall obtain and maintain in effect insurance
protecting the lessor against loss, damage or destruction of the
equipment for such amounts and against such hazards as lessor may
require, together with liability coverage for personal injuries,
death and property damage satisfactory to lessor.
5. The lease will be a net, net lease and lessee will pay
all insurance, taxes, maintenance and -other expenses applicable
to the leased property
6. The lease will provide for termination in the event of
non -appropriation of finds. •
THE YOUNGEST BANK IN ARKANSAS SINCE 1871
Lease Agreement Continued
From Mcllroy Bank & Trust, Fayetteville, Arkansas
To: City of Fayetteville, Arkansas
7. It is our intention of entering into the aforesaid lease
agreement, subject to the approval of our legal counsel. It is under-
stood that you will not be required to reimburse us for outside counsel
whether or not the lease agreement or other documientation:is signed.
8. This commitment offer shall become effective as a firm
commitment upon receipt by us of your signed acceptance on the enclosed
duplicate of this letter on or before the 1st day of May 1980.
Sincerely:
Mcllroy Bank & Trust
By:
Title:
The undersigned hereby accepts the foregoing commitment letter.
Date:
City of Fay eville, Arkansas
By:
Title:
ATTEST:
r./,- ifs.
erk
LEASE SCHEDULE A
LESSOR
LESSEE
McIlroy Bank & Trust City of Fayetteville, Ark.
One McIlroy Plaza P.O. Box F.
Fayetteville, Arkansas 72701 Fayetteville, Arkansas 72701
Supplier of Equipment Location of Equipment
Same as above
Mid -South Systems Corporation
P.O. Box 274
Springdale, Arkansas 72764
Term of Lease From Acceptance
Description of Equipment
Quantity Description
Five (5) years -60 months
New X Used
Quantity Unit Price
Microdata Computer Systems
( See attached purchase agreement)
Software
( See attached Software agreement)
Purchase Price
120,251.21
39,140.00
159,391.2.1
The total rental under this lease schedule shall be Two Hundred Seven
Thousand, Nine Hundred Thirty Three and No/100 payable in sixty (60)
rental payments of $3,465.55 each month beginning with delivery and
acceptance of the leased property.
McIlroy Bank & Trust City of Fayetteville, Ark
Lessor Lessee
By: By:
Title: Title
Date: Date:
/i'h d 40,L
yl LJ YQ