HomeMy WebLinkAbout30-85 RESOLUTION_•,
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RESOLUTION ND. 30-85
SCANNED
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CIFRK
TO EXECUTE BILLS OF SALE AND A LEASE AGREEMENT
WITH FIRST ARKANSAS LEASING OORPORATION FOR AIRCRAFT
HANGARS AT DRAKE FIELD.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CPT OF FAYETTEVILLE,
ARKANSAS:
That the Mayor and City Clerk are hereby authorized and directed
to execute two bills of sale and a lease agreement with First Arkansas
Leasing Corporation for aircraft hangars at Drake Field. A copy of
the bills of sale and the lease agreement authorized hereby are attached
hereto marked Exhibits "A", "B" and "C" and made a part hereof.
PASSED AND APPROVEDthis
-fp¥:f=76„"`3a
F/,
C'
Clerk
e
l9th day of
APPRVL-/
BY:
Mayor `
1985.
BILL OF SALE
STATE OF ARKANSAS)
WASHINGTON COUNTY)
KNOW ALL MEN BY THESE PRESENTS:
THAT for and in consideration of the sum of One hundred fifty-four
thousand, one hundred thirty-five dollars ($154,135.00) and other valuable
consideration paid by WORTHEN LEASING CORPORATION, Buyer, the receipt of
which is hereby acknowledged, CITY OF FAYETTEVILLE, Seller, does hereby
bargain; sell, convey, assign, transfer and deliver unto the WORTHEN
LEASING CORPORATION, the personal property listed on the attached
Schedule'A, located at Drake Field, Fayetteville, AR.
TO HAVE AND TO HOLD THE SAME unto the said WORTHEN LEASING CORPORATION,
their heirs and assign.
And Vendor hereby warrants the title to said property, and that it is
free of any and all encumbrances, against the lawful claims of any and all
persons. "
WITNESS our hand this day ofcai
SUBSCRIBED AND SWORN TO Before me this
4y fcommissionrexpires
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a S EAL--= .
mow;tihrl 4 V.
47
4.
7-020
CITY OF FAYETTEVILLE
1985.
Steil%
Paul R. Noland, Mayor
day of
ar Public
1
1985.
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Galea
SCHEDULE A
LIST OF LEASED EQUIPMENT
LEASE 0 rF 001
CITY. OF FAYETTEVILLE, ARKANSAS
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One (1) Fully -Fabricated 140' x,t0 Executive Pre-engineered
Metal Maintenance Hanger, Applicable to Board Resolution 135-84
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Name of Lessee:
Name of Lessor:
Mcm
First Arkansas Leasing Corporation
RECEIPT AND ACCEPTANCE OF
LEASED PROPERTY
City of Fayetteville
P. 0. Drawer F
Fayetteville, Arkansas;. 72701
First Arkansas Leasing Corporation
P. 0. Box 1681
Little Rock, Arkansas 72203
WORKMEN LEASING CORPORATION
Description of Property: One (1) Fully -Fabricated 140' 41Executive Pre-engineered
Metal Maintenance Hanger, Applicable to Board
Resolution 135-84
Gentlemen:' -
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All of the item(s) referred to above have been received by us and are in good order and condition and acceptable to us.'
Sid/
''PaunR; "Noland Mayor •
PROPERTY TAGGED FIRST MONTH RENTAL 1616.00
ti
DATED
°P1 19.. ? tea..
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BILL OF SALE
STATE OF ARKANSAS)
WASHINGTON COUNTY)
by
KNOW ALL MEN BY THESE PRESENTS:
THAT, for and in consideration of the sum of One hundred seventeen thousand,
six hundred ten dollars ($117,610.00) and other valuable consideration paid by
FIRST ARKANSAS LEASING CORPORATION, Buyer, the receipt of which is hereby
acknowledged, CITY OF FAYETTEVILLE, Seller, does hereby bargain, sell, convey,
assign transfer and deliver unto the FIRST ARKANSAS LEASING CORPORATION, the
personal property listed on the attached Schedule A, located at Drake Field,
Fayetteville, AR.
TO HAVE AND TO HOLD THE SAME unto the said FIRST ARKANSAS LEASING CORPORATION,
their heirs and assign.
And Vendor hereby warrants the title to said property, and that it is free
of any and all encumbrances, against the lawful claims of any and all persons.
WITNESS our hand this
day of 1985.
CITY OF FAYETTEVILLE
4241-
Paul R. Noland, Mayor
:SUBJSCCR3-BEDANDsSWORN TO Before me this day of
1.1y commiss�isn' expires v78 8y
1985.
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SCHEDULE A
LIST OF LEASED EQUIPMENT
LEASEyl/t-007
CITY OF FAYETTEVILLE, ARKANSAS
One (1) Fully -Fabricated T/,LR42, 13 unit !fetal Building with
Electric Bi -Fold Doors.
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FIRST ARKANSAS LEASING CORPORATION
Tax -Exempt Lease Agreement No. CF 003 .
This Agreement is entered into between First Arkansas Leasing Corporation,
an Arkansas corporation ("Lessor") and
CITY OF FAYETTEVILLE, ARKANSAS
("Lessee"), on this _ day of Rag",
19 gel(1. Lessor hereby leases to Lessee under the terms and conditions herein set
forth the personal property described on Schedule A (hereinafter referred to as
"Leased Equipment"). Each item of property listed on Schedule A shall be considered
Leased Property.
as a separate Stem of
2. INITIAL AND RENEWAL TERMS: The Initial Term of this Lease shall commence
on the first day of the next calendar month after execution of the Receipt and
Acceptance attached hereto as Schedule g , and shall and at the end of the Leaseet0
current fiscal appropriations period. The Renewal Terme shall each commence immedi-
ately upon the expiration of the Initial Term or the preceding Renewal Term, as
applicable, and each shall expire at the end of Lessee', then current fiscal appro-
priations period. In all events, this Leans shall terminate 60 months subsequent
to commencement of the initial term. Each renewal shall be automatic and shall
occur without requirement of Notice to or from Lessor or Lessee.
3. RENT. The
rental to he paid shall be $ 1616.00
per month commencing
on the first day of the next calendar month following the date of the Receipt and
Acceptance for the personal property as reflected on Schedule A, or the first day
of the first month of each Renewal Term, as applicable and ending oh the first day
of the month during which the Initial Term or each Renewal Term of the Lease expires.
Lessee shall make all payments when due and shall not be entitled to withhold any
payments
or portion
thereof in the event of a dispute between Lessor and Lessee.
Lessee hereby covenants
it will not assert any right of setoff or counterclaim
against its obligation to
Lessee covenants and
make the rental payments.
agrees (a) that 'sufficient moneys are available to Lesnee
to pay rent during the Initial Term; (b) that all moneys authorised Or appropriated
to Lessee for the Leased Equipment during the Initial '!term or any Renewal Term
shall be applied to the payment of rent; and (c) that
take such action as is
maintain budgeted and
for each Renewal Term.
necessary under applicabl
lawful funds sufficient to
Lessee has taken and will
e law to include, obtain and
pay the rental payments hereunder
Should Lessee not have sufficient funds available to pay
rentals under this Lease, Lessee will uos It. best efforts to elle ay procedures!
available to find other available Cued* for the Leaped ageipuat to avoid a
termination of this Agreement.
4. STATUS. Lessee represents, eovements and warrants that it is a public
body corpo rate and politic and is authorised by the Constitution sed less of the
State of Arkansas to enter into the transactions contemplated by this Lease acid to
carry out its obligations hereunder. 'Leasee has been duly authorised by s
resolution of its governing holy, in the for attached hereto ss Dfhibit D end
made a part hereof to execute and deliver this Lease. Lessee agrees that it will
do or cause to be done all things necessary to preserve and keep ice extotence in
full force and effect. Lessee further represents, covenants end watrranto that it
has complied with all procedures so that the Leone ie enforceable under the lave
of the State of Arkansas and that Lessee has complied with ell applicable bidding
requirements.
S. PI.t.IX,E. Lessee grants to the Lessor or its wipe, e ooeurity intorent
In and to all of the Leased Equipment, together with ell adlitions, attachments.
accessions, substitutions and proceeds with respect thereto, soft aalsting or et
any time hereafter acquired, and any sad all liebillties,
flail, indirect, s lets,
contingent, due or to become due, nor existing or hereafter orlat of the Lassos
to the lessor. Lessee covenants that the Leased fblwtppst will be maintained at
Drake Field, Fayetteville, Arkansas. Lessee agrees, if requested by
Lessor or its assignee, to execute and deliver to Lesser or its saeigaee financing
statements or other similar instruments furnished by Lamm or its assignee.
6. MAINTINANCE. Lessee, at Its own coat and depenoe, shall maintain the
Leased Equipment in good operating condition, repair end appearance and shall
protect the same from Deterioration other than normal weer cotton. Lessee
shall use the Leased Equipment in the regular course of its business only, within
Its normal capacity without abuse, and is a manner cent/plated by the manufacturer
thereof. Lessee shall not make modifications, alterations er additions to the
Leased Equipment without the written comet of LOOM, which shall not bo
unreasonably withheld. Lessee shall sot es affix the Leased lieigateat to realty.
so as to change its nature to real prepsrty, and egress (test the Lapsed Equipment
shall regain personal property et all clime.' Leasee 4111 keep ISO Lammed
Equipment on the premises where delivered and shall flet remove the Leonid
Equipment without the written consent of rhe Lessor, Witch shell toot be unreasonably
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withheld. All modifications, repairs, alterations, additions, replacements,
substitutions, operating accessories and controls shall eecrne
b the Leased
Equipment and
during norm.il
brromc the ptuperty of the Lessor.
business hours, to anter upon the
Leeeor shall have the right,
premises where the Leased
Equipment is located In order to inspect, observe or Otherwise protect Lester's
interest and Lessee shall cooperate in affording Lessor the opportunity to do chi
same. Lessee agrees to cause the Leaped Equipment to be maintained pursuant to
the manufacturer's standard preventive maintenance contract ed/or recommendations
Lessee agrees that Lessor shall not be responsible for any lees or damage whatsoever
to the Leased Equipment,
and tear or gradual
nor shall Lessor be responsible for latent defects, wear
deterioration, or lose of service or ups of the Leased
Equipment or any part
thereof.
Lessor shall not be liable to Lessee for any
liability, claim, loss, damage or expense of any kind or nature caused directly
or indirectly by the inadequacy of the Leaved Equipment, or coy Ltels supplied by
the vendor or any other party, or any interruption of use Or lost of service or
performance of any equipment.
7.
Lessor.
but nut
TAXES. Lessee intends the rent entente in the Losse to be net to
tho
Lesser shall comply with all low end shell pay ell taxes, 1f any, LnCltldigll
limited to, salts and use taxes, excise taxes, personal property taxes end
assessments and penalties, licenses, freight end transportation charges, permits sad
any similar charhp s imposed on the owearahip, possession or use of the Leased
Equipment during the term of this lease. In the event that chitties, taste, totes
or expenses required to he paid by the Lassoo shall remain unpaid after the due dots
thereof, Lessor shall have the right, but not the obligation, to pay tate same end
to charge such payments as additional rent to be paid with the nett rental wont.
8. IVDP:`^111T.
Lessee shall and does hereby indemnify and esne Lessor harmless
from any and all liability arising out of the ownership, oolectlos, possession,
leasing, operation, control, use, selntsnence, delivery or retort of the Leased
Equipment, Including hut not limited ti iajurleo totting persoasl injury, property
damage or death, but Lessee shall be credited with any tweets received by the
Lessor with respect thereto from liability insurance enured by Lasiea. Thio
imdemnlflcatl
Incurred by 1.
liability. '
on shall include all coats aed expeneas incleling attercey's feat
r,:sor in connection with say Sults or actions rt 1tlttg fres ally Coo
'This indemnity provision shall not eonatitute a waiver by leases of
lessee's statutory tort immunity."
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9. LIENS. Lessee shall not directly or -indirectly create, incur, assume
or suffer to exist any mortgage, pledge, lien, charge or claim on or with respect
to the Leased Equipment, except with respect to the rights of the Lessor.
Lessee shall promptly, and at its own expense, take such actions ee may be
necessary to duly discharge any such mortgage, pledge, lien, charge or claim not
excepted above if the same shall arise at any time.
10. DISCLAIMER OF WARRANTIES. Lessor makes no warranty or representation,
either express or implied, as to the value, design, condition, merchantability,
fitness for particular purpose or fitness for use of any of the Leased Equipment
or any other representation or warranty with respect to the Leased Equipment.
Lessor hereby assigns to Lessee for and during_ the lease term all manufacturer's
guaranties, express or implied L issued on or applicable to the Leased
Equipment and lessor authorizes Lessee to obtain the customary services furnished
in connection with such warranties or guaranties at Lessee's expense. Lessee
acknowledges that the Leased Equipment has been purchased by Lessor in accordance
with Lessee's specifications and from a vendor selected by Lessee; that Lessor is
not a manufacturer of or a dealer in such Leased Equipment and takes no part in or
responsibility for the installation of the Leased Egiipment1 that Lessor has made
no representation or warranty and assumes no obligation with respect to the
merchantability, condition, quality or fitness of the Leased Equipment.
11. NON -APPROPRIATION. In the event the governing body of Lessee does not
appropriate funds for the Leased Equipment and in the event there are no funded
appropriations from which payments can be made for the Leased Equipment, Lessee
warranties or
may, upon thirty (30)
days written notice to Lessor, cancel this Lease on the
Leased Equipment for which there are no funded appropriations from which payments
can be made, provided that:
(a) Funds are not appropriated or available for such fiscal period
for the acquisition of services, equipment or functions which in whole or
in part are essentially the same services and functions for the performance
of which the Leased Equipment was provided;
(b) Lessee has exhausted all funds legally available for payments
due under this Agreement; and
(c) Non -appropriation of funds did not result from any act or failure
to act of Lessee. -
Lessee agrees not to acquire essentially the same services for which the Leased
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Equipment was provided during its wboequent fiecal appropriations peeled
12. DEFAULT. The following shall constitute i defeeit by the Leases
("Default"):
(a)
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Failure to pay when due any lease psysent or the performance of
any obligation hereunder.
(b) Failure by the Lessee
of this lease.
to comply with or perform any provision
(c) False or misleading representations or warranties made or given
by the Lessee in connection with this Lease.
(d) Any reduction In the value of the Leased Equipment caused by
any act of the Lessee which ittper11s the prospect of full performance
or satisfaction of the Lessee's obligations heroin.
Upon the occurrence of any •vont of Default as epetified above, and ulen
Lessee's (allure to remedy such event of Default within a period of thirty ($0)
days, the Lessor or its assignee Shall have the right, •t its option, vithatt any
further demand or notice, to pursue any one or stere of the following remedies:
(a) Re-enter and take possession of the Leased Equipment terminating
the Lease, and repossessing the Leased Equipment, and selling, leasing
or subleasing the Leased Equipment for the account of Lessee, holding
Lessee liable for all payments up to the effective dats of any such
termination;
(b) Take whatever action at law or in equity nay appear necessary
or desirable to collect the payments due from Lessee until termination
or to enforce performance and observance of any obligation, agreement
or covenant of Lessee under this Lease.
Upon any Default, the expenses of re -taking and shipping the Leaned Equipment and
the expenses
of repair to return the Leased Equtptdont to normal vetktng order,
normal wear and
tear excepted, shall be pofd by the Leman.
13. INSURANCE.
damage insurance to be
sufficient to
proceeds from
At its own expense, Lessee libell cause casualty and property
carried and maintained with respect to the Leased Equipment,
protect the full value of the Leased Equipment. All insurance
casualty losses shall be payable solely to Lessee, subject to the
terms of this Lease.
14. TITLE. Title to the Leased Equipment and repairs and modifications
thereto shall he in the name of the Lessor. Lector shall hold such title and
every title or other similar documentary evidence of ownership shall carry the
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following legend: "This equipment is owned by First Arkansas Leasing Corporation,
for its own account, or as nominee for the benefit of its assignee, and this
equipment may not he sold, transferred or encumbered." Lessee shall have no
right, title or interest in the Leaned Equipment.
15. OPTION TO PURCHASE. In addition to the other rights of Leasee, the
Lessor hereby grants to Lessee an option to purchase the Leased Equipment at any
time before the termination of the Lease. In order to exercise such option,
Lessee must give Lessor notice in writing of its intent to exercise such option
not more than ninety (90) days nor lees than thirty (30) days prior to the date
upon which Lessee intends to exercise such option. Such option may only be
exercised on the first day of any month. The purchase price of the Leased
Equipment shall he determined in accordance with Schedule C. Such purchase
price shall he the figure under the column marked "Option price" and shall be
for the payment number corresponding to the last payment actually made. Upon
termination of the last Renewal Teri Lessee shall have the Option to purcheee
the leased Equipment for
$137,098.02.
16. TERNINATION. Upon terninatlon of the Lease, Lessor shall have the
right to entrr any place or plates where the Leased Equipment 1e or may be placed
and to take and carry away all or any part of the Leased Equipment.
O. ASSIGNMENT. Lessor may assign its right and interest to the lease
payments and the Leased Equipment without notice to the Lessee. Such assignee
shall have the full benefits of all the covenants made by Lessee and all rights
and remedies of Lessor contained herein. Lessee shall not have the right to
assign its duties, rights
part without
and obligations under this Leone either in whole or to
the prior written consent of Lessor or its assignee,
18. IIILI.INC INSTRUCTIONS. Lessee requests that
for payment
Lessor shall
to the Lessee at the following address:
City of Fayetteville, Arkansas
Lessor send its invoice*
Airport Department
P. 0. Drawer F
Fayetteville, Arkansas 72701
spud four (4) copies of each invoice monthly. Lessor shall remit
Invoices twrnt
have sufficltn
(20) days prior to the day of payment in order that Lessee *hell
t time to process payments so that they will be received by Lessor
on a timely basis.
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Any written notice to Lessor required by this Lease shall be complete by
placing the
same in the United States mail, postage prepaid to Lessor's address.
19. DAMAGE OR DESTRUCTION OF LEASED EQUIPMENT. In the event the Leased
Equipment is partially damaged or destroyed, Lessee will promptly repair anP
restore the Leased Equipment to working order for the purpose intended. Lessee
shall not be entitled to any reimbursement for any such damage or destruction from
Lessor, nor
it pursuant
shall Lessee be entitled to any diminution of the amounts payable by
to this Lease. In the event the Leased Equipment is totally damaged
or destroyed, Lessee may promptly replace the Leased Equipment pursuant to
provisions of this paragraph.
20.
covenant
MISCELLANEOUS. The waiver by Lessor of Lessee's breach of any term,
or condition hereof shall not be a waiver of any subsequent breach of the
terms, covenants or conditions. This Lease constitutes the entire agreement
between the parties and shall not he modified or altered except in writing and
signed by both parties. This Lease shall be governed by the laws of the State of
Arkansas and any provisions of this Lease found to he prohibited by law shall be
ineffective to the e:Ctent of such prohibition without invalidating the remainder
of the Lease. �}
Executed. this 2? day of Anil
CO
LESSOR:
, 19es" .X
FIRST ARKANSAS LEASING CORPORATION
LESSEE:
Lomas Geis
President
CITY OF FAYETTEVILLE, ARKANSAS
Title Mayor
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SCHEDULE A
LIST OF LEASED EQUIPMENT
LEASE A CF 003
CITY OF FAYETTEVILLE, ARKANSAS
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One 0.) Fully -Fabricated 140' x60 Executive Pre-engineered
Metal Maintenance Hanger, Applicable to Board Resolution 135-84
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SCHEDULE C
AMORTIZATION ANALYSIS
LESSEE: CITY OF FAYETTEVILLE, ARKANSAS
AMOUNT: $154,135.00
PAYMENT AMOUNT
NUMBER OF PAYMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61,616.00
$1,616.00
$1,616.00
51,616.00
61,616.00
51,616.00
$1,616.00
$1,616.00
$1,616.00
51.616.00
$1,616.00
51.616.00
$1,616.00
51,616.00
$1,616.00
51,616.00
51,616.00
51.616.00
51,616.00
$1,616.00
51,616.00
$1.616.00
51,616.00
51.616.00
61,616.00
$1.616.00
$1,616.00
$1.616.00
51,616.00
$1,616.00
$1,616.00
51,616.00
$1,616.00
$1,616.00
$1,616.00
$1,616.00
$1,616.00
$1,616.00
$1.616.00
$1,616.00
$1,616.00
$1,616.00
$1.616.00
$1,616.00
$1,616.00
51.616.00
$1.616.00
$1,616.00
*1,616.00
$1,616.00
$1.616.00
$1,616.00
51,616.00
$1,616.00
$1,616.00
$1,616.00
51.616.00
$1,616.00
$1.616.00
11,616.00
PAYMENT
ON INTEREST
11,401.2s
$1,399.28
81,397.31
$10395.32
$1,393.31
81,391.29
51,389.24
$1,387.18
51,385.10
81,383.00
$1,380.89
$1,378.75
61,376.59
$1,374.41
61,372.22
31,370.00
$1,367.77
$1,365.51
81,363.23
81,360.93
$1,358.62
$1,356.28
31,353.91
$1,351.53
$1,349.13
$1,346.70
$1,344.25
51,341.78
81,339.29
$1,336.77
81,334.24
$1,331.67
51,329.09
$1,326.48
$1,323.85
$1.321.19
41,318.51
31,315.81
*1,313.08
$1,310.33
$1,307.55
51.304.74
$1.301.91
51,299.06
$1,296.18
91,293.27
91,290.34
$1,287.37
$1,284.39
$1.281.37
$1,278.33
01,275.26
$1,272.16
$1,269.04
91,265.88
41,262.70
11,259.49
$1,256.25
$1,252.98
$1.249.68
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PAYMENT
ON PRINCIPAL
$214.77
$216.72
$218.69
$220.68
$222.69
$224.71
8226.76
$228.82
*230.90
$233.00
$235.11
$237.25
$239.41
$241.59
$243.78
$246.00
$248.23
$250.49
6252.77
$255.07
$257.38
$259.72
$262.09
$264.47
$266.87
$269.30
$271.75
$274.22
$276.71
*279.23
$281.76
4284.33
$286.91
$289.52
$292.15
$294.81
$297.49
$300.19
$302.92
$305.67
$308.45
$311.26
4314.09
$316.94
$319.82
$322.73
$325.66
$328.63
3331.61
$334.63
$337.67
$340.74
$343.84
$346.96
$350.12
$353.30
$356.51
$ 359.75
$363.02
$366.32
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PURCHASE
OPTION PRICE
6153,920.23
8153,703.51
$153,484.82
$153,264.14
$153,041.45
0152,816.74
$152,589.98
$152,361.16
8152,130.26
$151,897.26
$151.662.15
8151,424.90
$151,185.49
$150,943.90
$150,700.12
$150,454.12
$150,205.89
$149,955.40
$149,702.63
8149,447.56
4149,190.18
$148,930.46
8148,668.37
8148,403.90
$148,137.03
$147,867.73
$147,595.98
4147,321.76
8147,045.05
$146,765.82
8146,484.06
$146,199.73
8145,912.82
5145,623.30
8145,331.15
$145,036.34
3144,738.85
3144,438.66
$144,135.74
8143,830.07
$143,521.62
3143,210.36
$142,896.27
8142,579.33
$142,259.51
$141,936.78
8141,611.12
$141,282.49
$140,950.88
8140,616.25
$1400278.58
$139,937.84
$139.594.00
$139,247.04
5138,896.92
$138,543.62
$138,187.11
4137,827.36
$137,464.34
$137,098.02
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