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Home My WebLink About99-03 RESOLUTION• RESOLUTION NO. 99-03 • A RESOLUTION AUTHORIZING THE USE OF ONE MILLION ONE HUNDRED SEVENTY-EIGHT THOUSAND NINE HUNDRED TWENTY EIGI-IT DOLLARS (51,178,928.00) UNDER THE AMENDMENT 65 MASTER LEASE AGREEMENT WITH BANC OF AMERICA LEASING & CAPITAL, LLC TO REIMBURSE TI -IE CITY FOR THE PURCHASE OF RESIDENTIAL SOLID WASTE VEHICLES. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the use of One Million One Hundred Seventy -Eight Thousand Nine Hundred Twenty Eight Dollars ($1,178,928.00) under the Amendment 65 Master Lease Agreement with Banc of America Leasing & Capital, LLC to reimburse the city for the purchase of residential solid waste vehicles. PASSED and APPROVED this 1st day of July, 2003. NAME OF FILE: CROSS REFERENCE: Item # Date Resolution No. 99-03 Document 1 06/18/03 Staff Review Form w/attachments: draft resolution memo to City Council Sample Amortisation Schedule Residential Solid Waste Vehicle Purchases 2003 2 07/08/03 memo to Steve Davis NOTES: XX AGENDA REQUEST CONTRACT REVIEW GRANT REVIEW • STAFF REVIEW FORM For the Fayetteville City Council Meeting of: Aga 7/i 03 • Residential SolidWaste3V Lease Agreement Amendment 65 ,P Ant July 1, 2003 Le-Asins )r eras FROM: Stephen Davis Name Finance & Internal Services Div. Finance & Internal Services Division Department ACTION REQUIRED: Approval of a resolution authorizing the use of $1,178,928 of the previously approved Amendment 65 Master Lease agreement with Banc of America Leasing & Capital, LLC . COST TO CITY: $125,975.00 $ 903,443.00 Services & Charges Cost of this request Program Category / Project Name 5500-5020-5308-00 $ 352,386.00 Residential Collection Account Number Project Number Funds Used to Date Program / Project Category Name 551,057.00 Solid Waste Remaining Balance Fund Name BUDGET REVIEW: Budget Manager XX Budgeted Item ,to, Date Budget Adjustment Attached CONTRACT/GRANT/LEASE REVIEW: Accounting Manager City Attorne D Internal Audlltor Gifgia3 Date �UL6te 4-18-03 Purchasing Manager STAFF RECOMMENDATION: Staff recommends approval of the resolution. Division Head Department Director Services Dir. • Cross Reference Date New Item: Yes No Date Previous Ord/Resta: 7dD� Date Date Orig. Contract Date • Date 03 6 /8�j%/ Orig. Contract Number "'Staff Review Form - Page 2 • Description Meeting Date Comments: Reference Comments: Budget Manager Accounting Manager City Attorney Purchasing Manager ADA Coordinator Internal Auditor Grants Coordinator • • RESOLUTION NO. A RESOLUTION AUTHORIZING THE USE OF ONE MILLION ONE HUNDRED SEVENTY-EIGHT THOUSAND NINE HUNDRED TWENTY EIGHT DOLLARS ($1,178,928 00) UNDER THE AMENDMENT 65 MASTER LEASE AGREEMENT WITH BANC OF AMERICA LEASING & CAPITAL, LLC TO REIMBURSE THE CITY FOR THE PURCHASE OF RESIDENTIAL SOLID WASTE VEHICLES. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the use of One Million One Hundred Seventy -Eight Thousand Nine Hundred Twenty Eight Dollars ($1,178,928.00) under the Amendme 65j Master Lease Agreement with Banc of America Leasing & Capi LI C to reimburse the city for the purchase of residential solid wasteve • ele PASSED and APPROVED this 151 day of July, 2003. PROVED:oet ATT B SMITH, City Clerk DDANy9O'. P Y, Mayor FAYETTOILLE THE CITY OF FAYETTEVILLE. ARKANSAS DEPARTMENTAL CORRESPONDENCE • TO: Fayetteville City Council THROUGH: Dan Coody, Mayor Hugh Earnest, Chief Administrative Officer FROM: Stephen Davis, Finance & Internal Services Director DATE: June 18, 2003 SUBJECT: Debt Management Program: Leasing Services — Solid Waste Vehicles Background City Council approved a Master Lease Ordinance with Banc of America Leasing & Capital, LLC on May 6, 2003 in an amount not to exceed $5.0 million for residential solid waste vehicles. Current Status Staff is submitting, for City Council approval, a request to utilize approximately S 1,179,000 of the approved lease amount to reimburse the City for the purchase of residential solid waste vehicles. The payment terms under this use of the Amendment 65 Master Lease will be for a period of no more than sixty (60) months at a fixed interest cost of no more than 2.89%. Recommendation Staff recommends City Council approval of a resolution authorizing the use of a portion of the Amendment 65 Master Lease with Banc of America Leasing & Capital, LLC. K:\Steve Davis\Debt Financing\Lease Agreement Documents\Leasing Services BOA_ 2003 Amend 65 lJsc.doc debt service Date number Apr -16-03 May -16-03 Jun -16-03 Jul -16-03 Aug -16-03 Sep -16-03 Oct -16-03 Nov -16-03 Dec -16-03 Jan -16-04 Feb -16-04 Mar -16-04 Apr -16-04 May -16-04 Jun -16-04 Jul -16-04 Aug -16-04 Sep -16-04 Oct -16-04 Nov -16-04 Dec -16-04 Jan -16-05 Feb -16-05 Mar -16-05 Apr -16-05 May -16-05 Jun -16-05 Jul -16-05 Aug -16-05 Sep -16-05 Oct -16-05 Nov -16-05 Dec -16-05 Jan -16-06 Feb -16-06 Mar -16-06 Apr -16-06 May -16-06 Jun -16-06 Jul -16-06 Aug -16-06 Sep -16-06 Oct -16-06 Nov -16-06 Dec -16-06 Jan -16-07 Feb -16-07 Mar -16-07 Apr -16-07 May -16-07 Jun -16-07 Jul -16-07 0 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 Sample Amortization Schedule $1,178,928 Principal interest 2.640001 principal 2,593.64 2,553.16 2,512.58 2,471.92 2,431.17 2,390.33 2,349.39 2,308.37 2,267.26 2,226.06 2,184.76 2,143.38 2,101.91 2,060.34 2,018.68 1,976.93 1,935.09 1,893.16 1,851.13 1,809.01 1,766.80 1,724.50 1,682.10 1,639.61 1,597.03 1,554.35 1,511.58 1,468.72 1,425.76 1,382.70 1,339.55 1,296.31 1,252.97 1,209.54 1,166.01 1,122.38 1,078.66 1,034.84 990.93 946.92 902.81 858.61 814.31 769.91 725.41 680.81 636.12 591.33 546.44 501.45 456.37 18,402.08 18,442.56 18,483.13 18,523.80 18,564.55 18,605.39 18,646.32 18,687.34 18,728.46 .18,769.66 18,810.95 18,852.34 18,893.81 18,935.38 18,977.04 19,018.79 19,060.63 19,102.56 19,144.59 19,186.70 19,228.91 19,271.22 19,313.62 19,356.11 19,398.69 19,441.37 19,484.14 19,527.00 19,569.96 19,613.01 19,656.16 19,699.41 19,742.75 19,786.18 19,829.71 19,873.33 19,917.06 19,960.87 20,004.79 20,048.80 20,092.91 20,137.11 20,181.41 20,225.81 20,270.31 20,314.90 20,359.59 20,404.39 20,449.28 20,494.26 20,539.35 • Sew kteiasee4 debt service 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 balance 1,178,928.00 1,160,525.92 1,142,083.36 1,123,600.23 1,105,076.43 1,086,511.89 1,067,906.49 1,049,260.17 1,030,572.83 1,011,844.37 993,074.71 974,263.76 955,411.42 936,517.61 917,582.23 898,605.20 879,586.41 860,525.78 841,423.22 822,278.64 803,091.93 783,863.02 764,591.80 745,278.18 725,922.08 706,523.39 687,082.03 667,597.89 648,070.89 628,500.93 608,887.91 589,231.75 569,532.34 549,789.59 530,003.41 510,173.70 490,300.37 470,383.31 450,422.44 430,417.65 410,368.85 390,275.95 370,138.84 349,957.43 329,731.62 309,461.31 289,146.41 268,786.81 248,382.43 227,933.15 207,438.89 186,899.53 OOP Aug -16-07 Sep -16-07 Oct -16-07 Nov -16-07 Dec -16-07 Jan -16-08 Feb -16-08 Mar -16-08 Apr -16-08 TOTAL • 52 53 54 55 56 57 58 59 60 411.18 365.89 320.51 275.02 229.44 183.75 137.96 92.08 46.09 20,584.54 20,629.82 20,675.21 20,720.70 20,766.28 20,811.97 20,857.75 20,903.64 20,949.63 • 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 20,995.72 80,815.02 1,178,928.00 1,259,743.02 mmmmm any -- 166,315.00 145,685.17 125,009.96 104,289.27 83,522.99 62,711.02 41,853.27 20,949.63 0.00 City of Fayetteville, Arkansas Residential Solid Waste Vehicle Purchases 2003 Calendar Year City Unit Number Unit Description (Chassis VIN #) 465 1M2ACO8C53M008243 466 1M2ACO8CO3M008246 467 1M2ACO8C93M008245 468 1 M2ACO8C63M008249 469 1M2ACO8C43M008248 470 1M2ACO8C23M008247 Total Date of Payment to Vendor 3 -Feb -03 14 -Feb -03 14 -Feb -03 17 -Mar -03 17 -Mar -03 31 -Mar -03 Payment Amount $196,488.00 $196,488.00 $196,488.00 $196,488.00 $196,488.00 $196,488.00 $1,178,928.00 City Check Number 304753 305336 305335 306666 306666 307177 K:\Steve Davis\Debt Financing\Lease Agreement Documents\Residential Solid Waste Vehicle 6/18/2003 Purchases 2003+ FAYETTEVILLE T141 CIN Or FATITTIVIUL ARKANSAS DEPARTMENTAL CORRESPONDENCE • To: Steve Davis Finance & Internal Services Division From: Clarice Buffalohead-Pearman City Clerk Division Date: July 8, 2003 Re: Res. No. 99-03 It is my understanding that you have received an executed copy of the above resolution, approved by the City Council on July 1, 2003, authorizing the use of $1,179,928.00 under Amendment 65 Master Lease Agreement with Banc of America Leasing & Capital, LLC, for residential solid waste vehicles. This resolution and attachments will be recorded in the city clerk's office and microfilmed. If anything else is needed please let the clerk's office know. /cbp attachments cc Nancy Smith, Internal Auditor