R2004-012 01-26-04RESOLUTION NO. R2004-12
A RESOLUTION OF THE CITY' COUNCIL OF THE CITY OF
PEARLAND, TEXAS, AUTHORIZING THE CITY MANAGER OR HIS
DESIGNEE TO PARTICIPATE IN AN INTERLOCAL COOPERATIVE
PRICING ARRANGEMENT WITH THE HOUSTON-GALVESTON AREA
COUNCIL (HGAC) FOR THE PURCHASE OF A VEHICLE
(CHEVROLET TAHOE).
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That contract pricing has been obtained through interlocal cooperative
partner HGAC for the purchase of a vehicle.
Section 2. That the City Manager or his designee is hereby authorized to
participate in an interlocal cooperative pricing arrangement with the Houston-Galveston
Area Council (HGAC) for the purchase of a vehicle in the amount of $25,929.00.
PASSED, APPROVED and ADOPTED this the 26th day of January ,
A.D.,2004.
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
01/20/04 TUH 11:04 FAX 872 473 7037 GltAC CSG ~001
GENERAL MOTORS ACCEPTANCE CORPORATION
Municipal Lease Purchase Plan
Att~atioa: Averyt Knapp
GM. AC appreciates the opportantty to provide the foliowiug municipal lease/purchase quote.
Tema in year$ .................................................. 3
Arrears R~ntal, to be paid ............................ Monthly
Lease Factor ..................................................... 0.0298812
Equtpmont to t]aunce ........................................ 2004 Chev Tmi~oe
A~mual Rate ....................................................... 4.80%
The following payment is calculated by multiplying the Leame Fa~or by the
Principal amount. Payments for different priucipal amotmts can be oaloulatud
in the ~am~ method.
Priu~ipah $:/5,929,00 Paymeut: $774.79
The interest rate is indicative of the rate OMAC would charge today. Should the rate
environment change, OMAC re:erves the right to adjust tho rate accordingly. The
rate will be determined upon doliwry of the equipmeut aud fixed for the term of thc
l~a.s~. The end of lease puretuue option is $1 per uuit.
This proposal is for tax-exempt municipal fumacin8 only, and these conditions must
- Qealification as a t~x-exempt municipality for feclm'al tax purl~ses
- Exe~utlon of mutually ae, e, eptable doeumeuZmtion
- GMAC must rccelvo copies of mudit¢~l finanoial atatenxents and
the currant yeads budget
- Credit review aud approval by
- Thc municipality must pay all salos ~ property taxes,
malutaia thc vehicles, and provide for physical damage
and liability insuran. C~ acceptablm to GtVIA~
·
Also, there must bu no chauge in any tax law, regulatmus, case law, rulings or oth~:r
}uturprutations by the Internal Revenue Service
benefit assumed in dete~g th~ above proposal. If rely further assistanc~ is
required, pleas, do not h~sit~te to call me at 1-1{00-471-4622
NATALIE SAWYER
NOTE: Thiz rate will be Iockzd for $he foUowh~g.numbzr of da~: ~
tt6/09/2004 08:58 FAX 800 428 4622 GMAC /'/ 2 • ZI 007
Delivery and Acceptance Certificate
1 Vehicles (s) for Municipal Lease/Purchase
Payment
Structure... 36 Monthly An annual rate of... 4.80%
#Year Make Model yin Cost Payment
1.2004 CHEVROLET TAHOE I CNEC13V3412353736 $25,929.00 S774.75
Total Cost of the vehicle (s): $25,929.00 Total Payments: $774.78
Equipment Location (Garaged at) :
Under the Municipal Lease Agreement dated -June 9, 2004 , (Lease)between General Motors
Acceptance Corporation (the Lessor) and the undersigned Lessee, the Lessee hereby certifies that
the vehicle (s) listed above has (have) been delivered to Lessee, tested and inspected by Lessee,
found to be in good order and accepted as Equipment under the Lease, all on the date indicated
below.
The Lesse hereby agrees to lease/purchase the vehicles as described.
General Motors Acceptance Corporation CITY OF PEARLAND
By: By: Bill Eisen ✓% �---��
Date: Date: _ June 9, 2004
06/09/2004 08:57 FAX 800 428 4622 GMAC • 12002
•
GENERAL MOTORS ACCEPTANCE CORPORATION
•
MUNICIPAL LEASE-PURCHASE AGREEMENT
LESSL±: CITY OF PEARLAND
LESSOR: GENERAL MOTORS ACCEPTANCE CORPORATION -
Lessor agrees to lease to Lessee and Lessee epees to lease from Lessor,the Equipment described in any Delivery and Acceptance Cert&icate now or
hereafter attached hereto("Equipment')in accordance with the following terms and conditions of this Lease-Purchase Au cement("Lease").
1. TERM. This Lease will become effective upon the execution hereof by Lessor. The term of this Lease will commence on the date the Equipment is
accepted pursuant to Section 3 hereunder and, unless earlier terminated as expressly provided for in this Lease,will continue for the term set forth in
Schedule B attached hereto("Lease Term").
•
2. RENT. Lessee agrees to pay to Lessor or its assignee the Lease Payments,including the interest portion,equal to the amounts specified in the Delivery
and Acceptance Certificate. The Lease Payments will be payable without notice or demand at the office of the Lessor(or such other place as Lessor or its
assignee may from time to time designate in writing),and will commence upon acceptance of the vchicic(s)and continue on the same date periodically
thereafter for the number of time periods reflected on the Delivery and Acceptance Certificate, Any payments received later than ten(10)days from the
due date will bear interest at the highest lawful rate from the due dale, Except as specifically provided in Section 5 hereof,the Lease Payments will be
absolute and unconditional in all events and will not be subject to any setoff.defense,counterclaim,or recoupment for any reason whatsoever including,
without limitation,any failure of the Equipment to be delivered or installed,any defects.malfcnctions,bre-akdowns or inlrmities in the Equipment or any
accident.,condemnation or unforeseen circumstances. Losses reasonably believes that funds can be obtained sufficient to make all Lease Payments during
the Lease Term and hereby covenants that it will do all things lawfully within its power to obtain,maintain and properly request and pursue funds from
which the Lease Payments may be made,including making provisions for such payments to the extent necessary in each budget submitted for the purpose
of obtaining funding,using its bona fide best efforts to have such portion of the budget approved and exhausting all available administrative reviews and
appeals in the event such portion of the budget is not approved. It is Lessee's intent to make Lease Payments for the full Lease Term if funds are legally
available therefor and in that regard, Lessee represents that the use of the Equipment is essential to its proper,efficient and economic operation, Lessor
and Lessee understand and intend that the obligation of Lessee to pay Lease Payments hereunder shall constitute a current expense of Lessee and shall nor
in any way be construed to be a debt of Lessee in contravention of any applicable constituticnal or statutory limitation or requirement concerning the
txeation of indebtedness by Lessee,nor shall anything contained herein constitute a pledge of the general nix revenues,funds or monies of Lessee,
3. DELIVERY AND ACCEPTANCE. Lessee,or if Lessee so requests,Lessor.will cause the Equipment to be delivered to Lessee at the location specified
in the Delivery and Acceptance Certificate("Equipment Location"). Lessee will pay all transpeetation and other costs,if any,incurred in econection with
the delivery and installation of the Equipment. Lessee will accept the Equipment as soon as it has been delivered and is operationaL Lessee will evidence •
its acceptance of the Equipment by executing and delivering to Lessor a Delivery and Acceptance Certificate in the form provided by Lessor.
4, DISCLAIMER OF WARRANTIES. Lessee acknowledges and agrees that the Equipment is of a size, design and capacity selected by Lessee, that
Lessor is neither a manufacturer nor a vendor of such equipment,and that LESSOR HAS NOT MADE,AND DOES NOT HEREBY MAKE,ANY
REPRESENTATION,WARRANTY, OR COVENANT,EXPRESS OR IMPLIED,wrrH RESPECT TO THE MERCHANTABILITY, CONDrrlON,
QUALITY, DURABILITY, DESIGN OPERATION, FITNESS FOR USE, OR SUITABILITY OF THE EQUIPMENT IN ANY RESPECT
WHATSOEVER OR IN CONNECTION WiTH OR FOR THE PURPOSES AND USES OF LESSEE, OR ANY OTHER REPRESENTATION,
WARRANTY,OR COVENANT OF ANY KIND OR CHARACTER,EXPRESS OR IMPLIED,WITH RESPECT THERETO,AND LESSOR SI-LAL,
NOT BE OBLIGATED OR LIABLE FOR ACTUAL, LNCiDENT'AL,CONSEQUENTIAL. OR OTHER DAMAGES OF OR TO J PcCEE OR ANY
OTHER PERSON OR ENTITY ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE EQUIPMENT AND THE
MAINTENANCE THEREOF. Lessor hereby assigns to Lessee during the Lease Term,so long as no Event of Default has occurred hereunder and is
continuing,all manufacturer's wan-sntia,if any,expressed or implied with respect to the Equipment,and Lessor authorize;Lessee to obtain the customary
services furnished in connection with such warranties at Lessee's expense. Lessee's sole remedy for the breach of any such manufacturer's warranty shall
be against the manufacturer of the Equipment.and not against Lessor,nor shall such matter have any effect whatsoever ou the rights and obligations of
Lessor with respect to this Lease,including the right to receive full and timely payments hereunder. Lessee expressly acknowledges that Lessor makes.and
has made.no representations or warranties whatsoever as to the existence or the availability of such warranties of the manufacturer of the Equipment.
5, NON-APPROPRIATION OF FUNDS;NON-SUBSTITUTION. Notwithstanding anything contained in this Lease to the contrary, in the event no
funds or insufficient funds arc appropriated and budgeted or are otherwise unavailable by any means whatsoever in any fiscal period for lease Payments
due under this Lease,Lessee will immediately notify the Lessor or its assignee of such occurrence and this I pace shall terminate on the last day of the fiscal
period for which appropriations were received without penalty e'expense to Lessee of any rand whatoever,except as to the portions of Lease Payments
herein agreed upon for which funds shall have been appropriated and budgeted or tire otherwise available. In the event of such termination.Lessee agrees
to peaceably surrender possession of the Equipment to Lessor or its assignee on the date of such termination. Lessor will have all legal and equitable rights
and remedies to take possession of the Equipment. Notwithstanding the foregoing,Lessee agrees(i)that it will not cancel this Lease under the provisions
of this Section if any funds are appropriated to it,or by it,for the acquisition,retention or operation of the Equipment or other equipment performing
functions similar to the Equipment for the fiscal period in which such termination occurs or the text succeeding fiscal period thereafter,nod(ii)that it will
not during the Lease Term give priority in the application of funds to any other functionally similar equipment. This paragraph will not be construed so as
to permit Lessee CO terminate this Lease in order to acquire or lease any other equipment or to allocate funds directly or indirectly to perform essentially the
same application for which the Equipment is intended.
06/09/2004 08:57 FAX 800 428 4622 GMAC 003
•
-2-
b. CERTIFICATION AND AUTHORIZATION. Lessee represents,covcuants and warrants that it is a state,or a political subdivision thereof,or that
Lessees obligation under this Lease constitute an obligation issued on behalf of a state or political subdivision thereof.such that any interest derived under
this Lease will qualify for exemption from Federal iucome taxes under Section 103 of the Internal Revenue Code. Lessee further warrants that this Lcasc
represents a valid deferred payment obligation for the amount herein set forth of a Lessee having legal capacity to enter into the same and is not in
coatraventian of any Town,City,District,County,or State statute,rule,regulation,or other govemrnmeil provision. In the event that a question arises as
to Lecsce's qualification as a political subdivision,Lessee agees to execute a power of attorney authorizing Lessor to make application to the Internal
Revenue Service for a letter ruling with respect to the issue, Lessee agrees that(i)it will do or cause to be done all things necessary to preserve and keep
the Lease in full force and effect, (ii)it has complied with all bidding requirements where necessary and by due notification presented this Lease for
. approval and adoption as a valid obligation on its part,and(tii)it has sufficient appropriations or other funds available to pay all amounts due hereunder
for the current fiscal period.
7. TITLE TO EQUIPMENT;SECURITY INTEREST. Upon acceptance of the Equipment by Lessee hereunder.title to the Equipment will vest in Lases
subject to Lessor's rights under this Lease,provided.however,that(i)in the event of termination of this Lease by Lessee pursuant to Section 5 hereof;(ii)
upon the occurrence of an Event of Default hereunder,and as long as such Event of Default is continuing;or(iii)in the event that the purchase option has
not been exercised prior to the Expiration Date, title will immediately vest in Lessor or its assignee without any action by Lessee and Lessee shall
immediately surrender possession of the Equipment to Lessor. In order to secure all of its obligations hereunder,Lessee hereby(i)grunts to Lessor a fast
and prior security interest in any and all right,tide and interest of Lessee in the Equipment and in all additions;attachments,accessions,and substitutions
thereto,and on any proceeds therefrom,(ii)agrees that this Lease may be filed as a financing statement evidencing such security interest,and(iii)agrees to
execute and deliver all financing statements,certificates of title and other instruments in form satisfactory to Lessor necessary or appropriate to evideuce
such security interest.
S. USE;REPAIRS. Lessee will use the Equipment in a careful manner for the use contemplated by the manufacturer for the Equipment and shall comply
with all laws,ordinances,insurance policies regulations sciatica to,and will pay all casts,claims,damages.fees and charges arising out of its possession,
use or maintenance. Lessee, at its expense will keep the Equipment in good working order and repair and furnish all parts, mechanisms and devicee
required therefor.
9. ALTERATIONS. Lessee will not make any alterations,additions or improvements to the Equipment without Lessor's prior written concert unless such
alterations,additions or improvements may be readily removed without damage to the Equipment.
10. LOCATION:INSPECTION. The Equipment will not be removed from,or if the Equipment consists of rolling stock,its permanent base will not be
changed from the Equipment Location without Lessor's prior wrincn consent which will not be unreasonably withheld. Lessor will be entitled to enter
upon the Equipment location or elsewhere during reasonable business hours to inspect the equipment or observe its use and operation.
11. LIENS AND TAXES. Lessee shall keep the Equipment free and clear of all levies,liens and encumbrances except those created under this Lease.
Lessee shall pay,when due,all charges and taxes(local,state ant federal)which now or hereafter be imposed upon the ownership.leasing,rental,sale,
purchase.possession or use of the Equipment,excluding however.all taxes on or measured by Lessor's income. If Lessee fails to pay said charges,and
taxes when duc, Lessor shall have the right,but shall not be obligated.to pay said charges and taxes. If Lesser pays any charges or taxes,Lessee shall
reimburse Lessor therefor.
12. RISK OF LOSS; DAMAGE:DESTRUCTION. Lessee assumes all risk of loss of or damage to the Equipment from any cause whatsoever,and no
such loss of or damage to the Equipment nor defect therein not unfitness or obsolescence thereof shall relieve Lessee of the obligation to make Lease
Payments or to perform any other obligation under this Lease. in the event of riam cge to any item of Equipment,Lessee will immediately place the same in
good repair with the proceeds of any insurance recovery applied ca the cost of such repair. If Lessor detemrines that any Item of Equipment is lost,stolen,
destroyed or damaged beyond repair,Lessee,at the option of Lessor,will either(a)replace the same with like Equipment in good repair,or(b)on the text
Lease Payment date,pay Lessor.(r)all amounts then owed by Lessee to Lessor under this Lease,including the lease Payment due on such date,and(ii)an
amount equal to the applicable Customers Balance set forth in Schedule D. In the event that Lessee is obligated to make such payment with respect to lcs;
than all of the Equipment,Lessor will provide Lessee with the pro rate amount of the Lease Payment and the Customers Balance to be made by Lessee
with respect to the Equipment which has suffered the event of loss.
13. PERSONAL PROPERTY. The Equipment is and will remain personal property and will not be deemed to be affixed or attached to real estate or any
building thereon, If requested by Lessor,Lessee will,at Lessees expense,furnish a waiver of interest in the Equipment from any party having an interest in
.such real estate or building.
14. INSURANCE. Lessee, will,at its expense,maintain at all times during the Lease Temt,fore and extended coverage,public liability and property
damage insurance with reepect to the Equipment in such amounts,covering such risks,and with such insured as shall be satisfactory to Lessor,or.with
Lessors consent may self-insure against any or all such risks. to no event will the insurance limits be less than the amount of the then applicable
Customers Balance with respect to such Equipment. Each insurance policy will name Lessee as an insured and Lessor or its assigns as an additional
insured.and will contain a clause requiring the insurer to give Lessor at least thirty(30)days prior written notice of any alteration in the terms of such
policy or cancellation thereof. The proceeds of any such policies will be payable to Lessee and Lessor or its assigns as their interest may appear. Upon
acceptance of the Equipment and upon each insurance renewal date.Lessee will deliver to Lessor a certificate evidencing such insurance. In the event that
Lessee has been permitted to self-insure, Lessee will furnish Lessor with letter or certificate to such effect In the event of any loss,damage,injury or
accident involving the Equipment.Lessee will promptly provide Lessor with written notice thereof and make available to Lessor all information and
documentation related thereto.
06/09/2004 08:58 FAX 800 428 4622 GMAC [2004
-3-
15. INDEMNIFICATION: Lessee shall indemnify Lessor against,and hold Lessor h;umless from,any and all claims,actions,proceedings,cxpeoscs,
damages or liabilities, including anomcy's fccs and court costs,arising in connection with the Equipment including,bur not limited to. its selection,
purehaee,de•livery,possession,use operation.rejection,or return and the recovery of claims under insurance policies thereon. The indemnification arising
under this paragraph shall continue in full force and effect notwithstanding the full payment of all obligations under this Lease or the termination of the
Lease Term for any reason. -
16, ASSIGNMENT AND SUBLEASE, •
(a) Without Lessor's prior written consent.Lessee will not either()assign:transfer,pledge,hypothecate, or grant any security interest in or otherwise
dispose of this Lease or the Equipment or any interest in this Lease or the Equipment:(ii)sublet or lend the Equipment or permit it to be used by anyone
other than Lessee or Lessee's employes. No assignment or sublease shall relieve the L isce of any of its obligations or duties hereunder,which shall remain
those of a principal and not a guarantor.
(b) Lessor shall not assign, transfer. pledge,or dispose of this Agreement or any interest therein,whether as security for any of its indebtedness or
otherwise. Subject to the foregoing,this Lease inures to the benefit of and is binding upon the heirs.executors,administrators,successors and assigns of
the parties hereto.
17. EVENT OF DEFAULT. The rani'Event of Default",as used herein,means the occurrence of any one or more of the foilowing event:(I)Lessee
fails to make any Lease Payment(or any other payment)as it becomes duc in accordance with the terms of the Lease,and any such failure continues for
ten(10)days after the due dale thereof:(ii)Lessee fails to perform or observe any other covenant,condition,or agreement to be performed or observed by
it hereunder and such failure is not cured within twenty(20)days after vaittea notice thereof by Lessor.(iii)the discovery by Lessor that any statement,
representation, or warranty made by Lessee in this Lease or in writing ever delivered by Lessee pursuant hereto or in connection herewith is false,
misleading.or erroneous in any material respect:(iv)proceedings under any bankruptcy,insolvency,reorganization or similar legislation shall be instituted
against or by Lessee.or a receiver or similar officer shall be appointed for Lessee or any of its property,and such proceedings or appointments shall not be
vacated,or fully stayed,within twenty(20)days after the institution or occurrence thereof:or(v)an attachment.levy or execution is threatened or levied
upon or against the Equipment.
18, REMEDIES. Upon the occurrence of an Event of Default,and as long as such Event of Default is continuing,Lessor may,at its option.exercise any
one or more of the following remedies:(i)by written notice to Lessee,declare an amount equal to all amounts then duc under the Lease,and all remaining
Lease Payments due during the Fiscal Year in effect when the default occurs to be immediately due and payable. whereupon the same shall become
immediately due and payable,(ii)by written notice to the Lessee,request Lessee to(and Lessee agrees that it will),at Lessee's expense,promptly return the
equipment to Lessor in the manner set forth in Section 5 hereof,or Lessor,at its option,may eater upon the premises where the Equipment is located and
rake immediate possession of and remove the same;(iii)sell or lease the Equipment or sublease it for the account of Lessee,holding Lessee liable for all
Lease Payments and other payments due to the effective date of such selling,leasing or subleasing and for the difference between the purchase price,rental
and other amounts paid by the purchaser,lessee or sublessee pursuant to such sale.lease or sublease and the amounts payable by Lessee hereunder;and(iv)
exercise any other right, remedy or privilege which may be available to it under applicable laws of the State of the Equipment Location or any other
applicable law or proceed by appropriate court action to enforce the terms of the Lease or to recover damages for the breach of this Lease or to rescind this
Lease as to any or all of the Equipment in addition,Lessee will remain liable for all covenants and indemnities under this Lease and for all legal fees and
other costs and expenses,including court costs,inclined by Lesser with respect to the enforcement of any of the remedies listed above or any other remedy
available to Lessor. -
19. PURCHASE OPTION. Upon thirty(30)days prior written notice from Lessee to Lesson,and provided that there is no Event of Default,or an event
which with notice to lapse of time,or both,could become an Event of Default,then existing,Lessee will have the right to purchase the Equipment on any
Lease Payment due date by paying to Lessor,on such date,the Customers Balance amount set forth opposite the appropriate number of payments made as
reflected on Schedule B to the Lease. Upon satisfaction by Lessee of such purchase conrlitions,Lessor will transfer any and all of its right,title and interest
in the Equipment to Lessee as is,without warranty,express or implied,except that the Equipment is free and clear of any liens created by Lessor.
20. REPORTING REQUIREMENTS. Lessee agrees to comply with the information reporting requirements of Section 149(e)of the Internal Revenue
Code of 1986(the"Code"). In the event Lessor,solely on account of Lessee's failure to comply with such information reporting requirements,is not
entitled to treat the Lease Payments and the Customers Balances received from Lessee hereunder as interest and principal payments on a state or local
bond, the interest of which is exempt from Federal income tax under Section 103(a)of the Code,then Lessee shall pay to Lessor,as additional rentals,a
sum which,after deduction of all taxes which are or will be payable by Lessor in respect of the receipt thereof under the Laws of the United States or any
state or local government or taxing authority in the United States,or under the laws of any taxing authority or political or governmental subdivision of a
foreign country,shall be equal to the additional Federal income tax which is or will be payable by Lessor as a result of the loss of such interest exemption,
together with any interest,addition to tax or penalty which may be assessed by the United States Government against Lessor in connection with the loss of
such interest exemption,which amounts shall be payable on wrincrl demand by Lessor.together with interest thereon at the highest lawful rate from the
date of payment of the additional Federal income tax to the date of payment by Lessee.
21. NOTICES. All notices to be given under this Lease shall be made in writing and mailed by certified mail,return receipt requested,to the other party at
its address set forth herein or at such address as the party may provide in writing from time to time. Any such notice shall be deemed to have been received
five(5)days subsequent to mailing.
22, SECTION HEADINGS. All section headings contained herein are for the convenience of reference only and arc not intended to define or limit the
scope of any provision of this Lease.
06/09/2004 08:58 FAX 800 428 1622 GMAC 005
-a-
23. GOVERNING LAW. This Lease shall be construed in accordance with.and governed by the laws of,the state of the Equipment Location.
24. DELIVERY OF RELATED DOCUMENTS. Lessee will execute or provide,as requested by Lessor,such other documents and information as are
reasonably necessary with respect to the transaction contemplated by this Lease.
25. ENTIRE AGREEMENT; WAIVER. This Lease,together with the Delivery and Acceptance Certificate and other attachments hereto,and other
drz:umcnts or instruments executed by Lessee and Lessor in connection herewith,constitute the entire aeement between the parties with respect to the
lease of the Equipment,and this Lease shall nor be modified.amended,altered, or changed except with the written consent of Lessee and Lessor. Any
provision of this Lease found to be prohibited by law shall be ineffective to the extent of such prohibition without invalidating the remainder of the Lease.
The waiver by Lessor of any breach by Lessee of any term,covenant or condition hereof shall not operate as a waiver of any subsequent breach thereof
GMAC . CITY OF PEARLAND
By: By: �.
Title: • Tide: City Manager
Date: Date: June 9, 2004
•
OPINION OF COUNSEL
With respect to that certain Municipal Lease-Purchase Agreement(Lease) dated by and between General Motors
Acceptance Corporation and the Lessee. I am of the opinion that: (I)the Lessee is a tax-exempt entity under Section 103 of the Internal
Revenue Code; (ii)the execution, delivery and performance by the Lessee of the Lease have been duly authorized by all necessary action
on the part of the Lessee; (Pei) the Lease constitutes a legal, valid and binding obligation of the Lessee enforceable in accordance with Its
terms and all statements contained in the Lease and all related instruments are true;(iv)Lessee has sufficient monies available to maice all
payments required to be paid under the Lease during the current fiscal year of the Lease, and such monies have been properly budgeted
and appropriated for this purpose in accordance with State law;and (v)the Uniform Commercial Code of the state where the Equipment is
located and or the certificate of title laws of such state will govern the method of perfecting Lessor's security Interest in the Equipment.
By: '�.
Attorney for Les
Date: �/ei /O;uit
06/09/2004 08:58 FAX 800 428 4622 GMAC ! ].006
pg. 5
MUNICIPAL CERTIFICATE
I, Bill Eisen, City Manager of CITY OF PEARLAND. hereby certify that
the Municipal Lease Purchase Agreement, dated June 9, 2004 _, between GMAC, as Lessor and .
CITY OF PEARLAND leasing the Equipment described, was executed by me on the 9th
day of June , 2004 ; and that I have full power and authority to execute the
Municipal Lease Purchase Agreement, and that the power to enter into the Lease Purchase
Agreement granted to CITY OF PEARLAND has not been withdrawn, and that all required
procedures necessary to make the Municipal Lease Purchase Agreement a legal and binding
obligation of the Lessee have been followed.
I also certify that payment due by the CITY OF PEARLAND under the Municipal Lease Purchase
Agreement referred herein for the current lease term are within the current budget and within an
available, unexhausted and unencumbered appropriation of the municipality of the CITY OF
PEARLAND. •
IN:WITNESS WHEREOF, I have set my hand this 9th day of June 20 04 .
Attest: Agency Official
atu (Signature)
City Secretary _ City Manager
(Title) (Title)
06/09/2004 08:58 FAX 800 428 4622 GMIAC Z008
GMAC SCHEDULE B -
Payment Schedule to the Lease Agreement dated .
Customer: CITY OF PEARLAND
Dealer: LAWRENCE MARSHALL CHEVROLET
Equipment 1: 1-2004 CHEVROLET TAHOE
Equipment 2:
Term: 36 Monthly
Annual Percentage Rate: 4.80%
First Payment: in Arrears
Amount Financed: $25,929.00
Payment Amount: $774.78
Total Interest: $1,963.08
End of Lease Purchase Option: Si per unit
#OF BALANCE:
PMTS CUSTOMERS PERCENT OF REDUCTION INTEREST ON
MADE PAYMENT BALANCE COST IN PRINCIPAL PRINCIPAL
0 $0.00 $25,929.00 100.00% 50.00 $0.00 I
1 $774.78 $25,257.94 97.41% S671.06 $103.72
2 5774.78 $24,584.19 94.81% S673.75 $101.03
3 S774.78 S23,907.74 92.20% $676.44 $98.34
4 $774.78 $23,228.60 89.59% S679.15 $95.63
5 5774.78 $22,546.73 86.98% 5681.87 $92.91
6 $774.78 $21,862.14 64.32% $684.59 $90.19
7 $774.78 S21,174.81 81.66% $687.33 $87.45
8 S774.78 $20,484.72 79.00% S690.08 S84.70
9 S774.78 S19,791.88 76.33% $692.84 $81.94
10 $774.78 $19,096.27 73.65% S695.61 $79.17
11 $774.78 $18,397.88 70.95% S698.39 S76.39
12 8774.78 S17,696.69 68.25% $701.19 $73.59
13 $774.78 $16,992.69 65.54% S703.99 $70.79
14 8774.78 $16,285.89 62.81% $706.81 $67.97
15 5774.78 $15,576.25 60.07% $709.64 $65.14
16 $774.78 $14,863.77 57.32% $712.48 S62.30.
17 S774.78 $14,148.45 54.57% $715.32 S59.46
18 S774.78 S13.430.28 51.80% S718.19 $56.59
19 5774.78 S12,709.20 49.02% $721.06 $53.72
20 S774.78 $11,985.26 46.22% $723.94 $50.84
21 $774.78 $11,258.42 43.42% S726.84 547.94
22 S774.78 S10,528.68 40.61% $729.75 $45.03
23 S774.78 $9,796.01 32.09% $732.67 $42.11
24 S774.78 $9,060.41 34.94% S735.60 $39.18
25 $774.78 $8,321.88 32.09% $738.54 $36.24
26 $774.78 $7,580.38 29.24% $741.49 $33.29
27 S774.78 $6,835.92 26.36% $744.46 $30.32
28 $774.78 $6,088.49 23.48% S747.44 $27.34
29 $774.78 $5,338.06 20.59% $750.43 $24.35
30 8774.78 $4,584.63 17.68% S753.43 $21.35
31 $774.78 S3,828.19 14.76% S756.44 $18.34
32 $774.78 $3,068.73 11.84% $759.47 $15.31
33 8774.78 $2,306.22 8.89% S762.51 $12.27
08/09/2004 08:58 FAX 800 428 4622 GMAC Ul009
34 $774.78 $1,540.67 5.94% S765.56 $9.22
35 $774.78 $772.05 2.98% $768.62 S6.16
36 $774.78 $0.36 0.00% $771.69 $3.09
(Lessor) (Lessee)
General Motors Acceptance Corporation CITY OF PEARLAND
P.O. Box 251329 3519 LIBERTY DR
Plano, TX 75026 PEARLAND, TX 77584
By: •
c
By Title: Bill Eisen, City Manager
Title Date: June 9. 2004