Palmetto, FLdocsonline.palmettofl.org/.../01092012/Tab06.pdfBudget Officer" means the Lessee officer...
Transcript of Palmetto, FLdocsonline.palmettofl.org/.../01092012/Tab06.pdfBudget Officer" means the Lessee officer...
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LEASE AGREEMENT
TillS LEASE AGREEMENT (this " Agreement") is dated as of January _, 2012, andis between the CITY OF PALMETTO, a public
bodyof
the
StateFlorida (the "
Lessee"), BRANCHBANKING
ANDTRUST
COMPANY ("
BB&
T").E
TALS:The
Lesseehaspower
to
acquire
suchpropertyas
it
mayappropriateforcarrying
outgovernmentalandproprietary
functions, toacquiresuch
property
to
lease
agreements.
This
Agreement
providesforBB&T
tomake
availablethe
Lesseesumof00
theasdefmedbysecuringtheLessee'
sobligations
underthisAgreementinfavor
ofBB&T.
NOWfor
andconsiderationof
themutualpromises
inthisAgreement,
and
goodconsideration, theparties
agreeasfollows:INTERPRETATIONcontext
clearly
requirescapitalizedinthisandnotthisTsattorneys' prosecutingdefendinganyproceedinginconnection
withthisAgreement,
anyrequired
licenseorpermitfees,
stateand salesand
use
or
ownershiptaxes
orpropertytaxesT ispay asinspection
and
anyotheramounts
payablebytheLessee (
or
paidbyBB&
sunderthis
Agreement (interest
thatthe
ifshall
pay
thesame,
setthis AmountAdvanced"
hasthe
meaning
assigned
in
Section02.Base Payments" rentalpaymentstheLesseepursuantanfIrmof
T.
-
Budget Officer" means the Lessee officer from time to time charged with preparing theLessee's draft budget as initially submitted to the Governing Board for
its
BusinessDay"
meansanydayonwhich
banks
intheStateare
notbylawauthorized
orrequiredtoremain
closed.meansthedate
on
whichthis
Agreementis
firstexecutedanddelivered
bytheparties.Code"
ofasas
totheLessee'
obligationsunderthis
Agreementregulationsifinformapplysuchtoany
Codeshallbeincludeprovisionsthereto.
Equipment" hasthemeaningassigned
in
Section03, andis
generally
expectedtoincludethe
personalExhibitDefault" defined
Sectionof
Nonappropriation" meansany
failureGoverningfirstday ofany
FiscalbudgetanappropriationforRequired
Paymentsby05.meansthe Lessee's
Octoberlawfullymeans
Lessee'boardas
fromtimeofPalmetto, Florida.meanssorsuch
personatwrittencertificate
toandbehalfbythe
officerLessee'totheLessee'
behalfunderthisAgreement. NetProceeds," whenusedwithrespect
toanyamountsderived
claimsonof
insurancerequired
underthis
Agreement, condemnation
arisingoutof
thecondemnationofallorportion
of
the
Equipment, orany
amountsinlieusettlementanyofamountremainingafterdeductingfromthegross
thereofall
expenses (includingattorneys'
feesandcosts)
inthecollection
ofsuchproceeds,
andreimbursement
to
theLesseeorBB&
T
foramounts
previouslyexpendedto remedy
theevent giving
risetosuch payment
orproceeds.
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Lessee and BB& T. The remainder of the Amount Advanced, $35, 146.00, will be advanced directlyto the City simultaneously with the execution of this Agreement. All
amountsondepositincludingthe
Amount
Advanced
and
alluntilFundprovidedthe
Funding03. 04.
Oblie:a)
Nothisconstruedinterpretedas
a
pledgeLessee'
and
creditthemeaningany
constitutionalthisAgreementbe construedpowerslending
Lessee'
withintheoftheconstitution.
Noconstruedpledgeorcreate
aofLessee'sother
thanProjectshall
of
b) inthisis
intendedor
theiftheare
when
ofthe
ProjectAgreement.2.sremainliablefullperformanceofitscovenantsAgreement (
Section04), includingoftheoccurrence
oforcircumstanceswhatsoever, includingany ofthea)
BB&T'
waiverofgrantedor
remedyit;Theorof
time for payment or performance of any obligation
under
thisAgreement,
whethertheLessee,
asubsequent
owner
of
the
Equipment
or
any
other
person;c) Therelease
ofor
partof
the
Equipment
orrelease
ofanypartyassumes
alloranyof
suchperformance;d) act
oromission
byT (
butthis
sectiondoes
notrelieve
BB&
T
of
anyof
itsunder
this
Agreement)
orProject
FundAgreement;e) Thesale
ofalloranypart
oftheEquipment; orf)
Anotherparty'sassumptionof
theLessee'sobligationsunder
thisAgreement.4
-
the best of the Lessee's knowledge after reasonable investigation, threatened with respect to (a) theLessee's organization or existence, (b) its authority to execute and deliver this Agreement or tocomply
with
thetenusofAgreement, (c) the
validityenforceabilityofthis
Agreementthetransactionscontemplated
byAgreement, (d) thetitleofficeofGoverning
Board
member
orother
officer, (
e) authorityorproceedingsrelatingtheLessee'sexecutiondeliveryofthis
Agreement,
t)
theundertakingof
transactionscontemplated
bythisAgreement.4.08.
NoDefault
orViolation. (a) Lessee
is
not
inofanyexisting
law, or
regulation
to
it, (b) isnotindefaultunderany
contract, other
order, judgment, orotherorrestrictionof
anykindtowhich
theLessee
isaparty
orby
whichitis
ortowhich
anyofits
assetsare
subject, includingthisand (c) no
eventconditionhas
undertheprovisions
instrument, including
thisAgreement, which
constitutes
which,withlapsetime,
or
both, constituteandefault
Misrepresentation. representation, covenantwarrantythis
Agreement
is
falsemisleadingin
any
materialrespect.
4.10. Environmental
Warranties
and
a) The
Lessee
warrantsrepresentstoBB&T
that, tothebestof
theLessee'sknowledge
afterthoroughinvestigation,the
Equipmentisnotnow
and
haseverbeenused
to
generate,
manufacture, refine,
transport,
treat, handle,
dispose,
transfer,
produceprocessHazardous
Materials.TheLesseecovenantsthat
theEquipmentshall
be
keptfreeof
HazardousMaterials
andshall
not
usedto
generate, refine, transport,
treat, store, handle,dispose,
transfer, orprocessMaterials,
except
inthenormalmaintenanceand
operationof
the
Equipment, thea
resultany
intentionalorunintentionalactor omission on the part of the Lesseeor any Lessee, the release of Hazardous Materials onto the Equipment or suffer the
presence of Hazardous
MaterialsontheEquipment,
except
in
connection
withmaintenanceofc) shall
and
byall
laws,
ordinances,
rulesand
regulations
withrespect
toHazardousMaterials
andshallkeep
theEquipmentclear
imposedsuchrules
If
receivesanyanygovernmental
or
anyLesseewith
regardto
HazardousMaterials
on, fromoraffecting
the
Equipment, theLesseeshall
immediatelynotifyBB&
Theshallconductcomplete
all
investigations,
studies, sampling
and
testing
andall
removaland
other
necessary upand
allHazardous
Materialson,
oraffecting
theaccordance
withall
applicablefederal,
locallaws, ordinances,rules,
regulationspolicies
and
toBB&T' s
satisfaction.
9
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d) " Hazardous Materials" means any explosives, radioactive materials, hazardousmaterials, hazardous wastes, hazardous or toxic substances, or related materials, asbestos orany materials containing asbestos, or any other substance or material as defined by
any
federal,orlocal
environmental
law, ordinance, ruleorregulationComprehensive
EnvironmentalResponse,
Compensation, Liability
Actof
1980, amended (
42U.
S.C. 9601
etsea.),
theMaterials
TransportationAct,
as49
U.S.
C. 1801
et ~.), the
Resourceand
RecoveryAct,
as42
U. S.
C. 9601
etseq.),
andregulations
adoptedand
publicationspursuantthereto.e)
TotheLessee
shallindemnifYandhold
BB&T hannlessfromand
against (anyall
damages, penalties,
fines,
claims, liens,
andor
indirectresultof
anywarranty
or
representationmade
bytheLessee
in
subsections (
through (
c) above
beingfalse
oruntruein
anymaterial
requirementState
or
federal,
the
Lessee.
immediate
the
Equipment,
and
does
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4.14. Financial Information. ( a) The Lessee shall send to BB& T a copy of the Lessee's
audited financial statements for each Fiscal Year within 30 days of the Lessee's acceptance
ofsuchstatements, butanyeventwithin
180ofthecompletion
ofFiscalYear.b)
Toextentpermittedbylaw, shallpermitT
or
its
agentrepresentatives
inspect
thesbooksandrecordsmakeextractstherefrom.4.TaxesandOther
Governmental
The
Lesseeshallpay,
AdditionalPayments,
thefullamountofall
taxes, and
othergovernmentalchargesmade
by
any
governmentalduringtheterm
ofAgreement.
With
to
specialassessmentsgovernmentalchargeswhichmaybelawfully
paidin
overaofyears,Lesseeshallbe
obligatedtoprovidefor
AdditionalPayments
onlyforsuch
installmentsas
arerequiredto
paidthe
Agreementterm. TheLessee
shall
notallowanyfortaxes,assessments
orchargeswith
tobecomedelinquent (
anytaxes
levieduponthe
Equipment
anyportionifpaid,
will
becomechargeonin
interest, therentalsrevenues4.
16.
Lessee'
sa) The
Lessee
shall, at
itsownexpense,
acquire,
carry
maintainbroad-
form
extendedpropertydamageinsurancewith
respecttoallEquipmentin
anamountequalto
theestimatedreplacementcost,
includinginstallationcosts, of
the
Equipment. propertydamageinsurance
shall
include
BB&T
as
apayee.
The
Lessee
shallevidenceof
suchtoBB&Tpromptly
uponinstallationof
the
Equipment. AnyNet
Proceedsof
theinsurance
required
thissubsection (
a) bepayable
asprovidedinSection
5.b) Theshall,
at
itsacquire, carryandmaintain
comprehensivegeneral
liability
insuranceanfor
personalor
deathand1,
000,000
forpropertydamage.c) The
Lesseeshallalsomaintain
workers'
compensationinsurance issued
bya
responsiblecarrierauthorized
underState
lawto
insurethe
Lesseeagainstliabilityfor
compensation
under
applicable
Stateintimed) shall
with
responsibleinsurers
such
policies
shallbe
deposited
withBB&
T, providedthat
inlieuof
suchpoliciesbe
Torthe
attesting
thatthebythis
is
infulleffect.
Priorto
theexpiration
ofanysuchpolicy,
the
LesseeshallfurnishBB&
Tevidencesatisfactory
BB&thatthehas
been
renewed
orreplaced
or
is
nolonger
bythis
Agreement.
No oremployee
havethe
powerto
orsettle
anyloss
greaterthan $
50,000
totheEquipment, whether
orcovered
by
insurance, withoutBB&T'
s
prior
writtenconsent.11
-
f) BB& T shall not be responsible for the sufficiency or adequacy of any requiredinsurance and shall be fully protected in accepting payment on account of such insurance or any
adjustment,
compromiseor
settlementlossagreed
toby
BB&
T.
g)
The
Lessee
shall
deliver
toBB&Tannually
by30
ofeach
year
a
certificatethat
theriskcoveragesby
thisAgreementareeffect,
andstatingthepolicy
numbers, coverage
limitsdeductible
orrisk-
retentionfor
allsuch
coverages.
ARTICLE
V
THEEQUIPMENT
5.Acquisition
and
Installation.
Theshall
complywithallprovisionsof
lawapplicabletotheacquisition
oftheEquipment, acceptall
portionsoftheEquipmentwhen
properlydelivered, provideforthe
properinstallationthereofandthereafter
promptlyplaceeachsuchportion
inservice.5.02. Chan2es
inLocation. The
Lesseeshallpromptlyinform
BB&Tif
anycomponent
oftheEquipment
shall
be
movedfromthelocationdesignated
forsuchEquipment
at
thetimeofitsacquisition.5.
03. AcquisitionandInstallationwithin
FundsAvailable. TheLessee
representsthat,
baseduponits
ofthe
plansspecificationsthe
Equipment, estimated
installationandthe
santicipated
configuration, canand
installed
a
total
price
withintotalamountof
funds
tobe
available
thereforeinbederivedfromthe
investment
thereof
andfunds
previously
identified
andforsuch
purposes. If
totalamount
availableforsuchintheFundshall
be
topaythe
entire
of
acquiringand
installingtheEquipment, Lesseepromisesto
payany
suchexcesscosts,
withno
resulting
reductionoroffset
in
the
amountsotherwisepayableLesseeAgreement.Disclaimer
agreesBB&T
hasanyplans
orspecificationswith
respect
theretoand
thatBB&T (
a) nota
manufacturerof, a
dealerin, anyofthe
partsofthe
EquipmentsimilarEquipment, (b)
has
not
madeanyrecommendation,
given
any
advicenortaken
any
other
actionwithrespect
to (
i)
thechoiceof
any
supplier,
vendorordesigner
of,
or
anyother
contractor
withtheany
component
part
thereofor
any
propertyrightsrelatingthereto,
or (ii) anyaction
takentoEquipmentorany
component
part
thereoforany
property
or
rightsrelatingthereto
at
any
stageofthe
acquisition, and
equipping
thereof, (
c) not
atany
time
physical
possession
of
theEquipmentorcomponentpartor
made
any
inspectionthereofor
of
any
property
rightswarranty orrepresentation,
expressoranypartany
propertywill
inor
-
injury or damage to persons or property, ( ii) has been or will be properly designed, or willaccomplish the results which the Lessee intends therefore, or (iii) is safe in anymanner
orTEXPRESS
ANYWITHTHE
COMPONENTPART
THEREOF,
INCLUDING
BUTNOTLIMITED
TOANY
WARRANTYOR
REPRESENTAWITH
RESPECTTOMERCHANTABILITY
THEFIlNESS
ORSUITABILITY
THEREOF
FOR
ANYPURPOSE, and
furtherthedesignor conditionsafety, capacitythereofrequirements
law,
orcontract
perform
anyfunction; thatthe
Amount
Advanced
willbesufficientto
pay
allcostsoftheacquisition
andinstallation
of
theEquipment; oragreedthat
Lessee
isto
thetheinstallationand
theandherebywaivesof
alland
representationsT.Theof
thissurvive
s
Ri2htEntry
andT
haveright
toandtheEquipmenttimeto
installation
thecompletioninstallation, andshall
vendor,
sub-withand
and
suchoforapprovaldeemedimposeuponcorrect
in
ortoanypersonrespectthereto,
liability
uponT, toquality
orany
such
beingsolelyfor
sbenefit.5.06. CompliancewithReauirements. (a)
The
Lessee
shall
causethe
Equipment
toinstalledina
carefulmanner
andin
compliance
with
all
applicablelegalrequirements.
b) TheLesseeobserveand
comply
promptly
allcurrentand
futurerelatingto
the
Equipment's
use
or
condition
imposedby (i) anyjudicial,
governmentalbodyoverorthereof
anywriting
a policycoveringnot
anysuch
requirement
shallnecessitate
structural
changes
orimprovements
orinterferewith
theuse
orenjoyment
of
the
Equipment.c)
TheLesseeshall
obtain
andin
effectall
operation.13
-
d) The Lessee shall in no event use the Equipment or any part thereof, nor allow thesame to be used, for any unlawful purpose, or suffer any act to be done
or
anyconditiontorespectEquipmentpart
tobrought thereon,
whichwhich
may, inlaw, constitute
anuisance,publicor private, orwhich
makevoid
orvoidable
anyinsurance
theninwithrespectthereto.
5.07. Useand
Operation. Lesseeshall
useand
operatethe Equipmentand relatedpropertyas
policecruisers, andfornopurpose
unlessrequired byTheshall
Equipment'soperation.5.
08. Maintenanceand
Repairs; Additions. (a) TheLessee
shallkeeptheEquipmentin
good
orderrepair (
reasonablewearandexcepted)
andin goodcondition,
shallnotcommitpermit
anywasteoranywhereby
the
usefulness
the
Equipment
might
beimpaired, andshallmaketimetotimeallnecessary
orappropriaterepairs,
replacements
andrenewals.
b)
TheLessee
may,
alsoatits
ownexpense,
makefromtime
totimeany
additions,
modificationsor
improvementstothe
Equipment
thatit
maydeemdesirableforitsgovernmental
or
proprietarypurposes
and
thatdo
not
materiallyimpair
theeffectiveuse,
normateriallydecrease
the
valueor
substantiallyalterthe
intendeduse, of
theEquipment. The
Lessee
shalldo, orcauseto
bedone, allsuchthingsas
mayberequired
bylawin
orderfullyto
protecttheinterests
ofandall
ofBB&Ts
rightsunderthis
Agreement.c) Any
andall
additions
toor
replacementsofthe
Equipmentand
allpartsthereof
shallconstitute
accessionstothe
Equipmentand
shallbesubject
to
allthe
terms
andof
thisAgreement
andincluded
the "
Equipment" thepurposes
ofthis
Agreement.d) Notwithstanding
theprovisions
ofsubsection (c) however,
Lesseemay,
fromtimeto
timeinitssolediscretionand
atownexpense, equipment
andother
tangiblepropertyinorontheEquipment.
Allsuchproperty shallremaintheLessee'
s
sole
property
inwhichBB&
T
shall
have
no
interest; provided, however,
thatanysuch propertywhichbecomes
permanently
affixedto theEquipmentshall
be
subjectto
BB&
T'sinterest
arisingunderthis
Agreementif
BB&Tshallreasonablydetermine
thatthe
Equipment
wouldbe
damaged
impaired
byremoval ofmachinery, equipment orotherproperty.5.Security. shall
take
all
reasonablesteps
necessaryto
safeguardtheEquipment
against
theft.
Thesecurityaffordedthe
Equipmentshallallequalorbetter
than
the
securityafforded
the
Lessee'
s
personal
property
that
is
not
subject
to
thisAgreement.
5.
10.
Utilities.
The
Lessee
shall
pay
all
charges
orin
connection
withthe
Equipment.14
-
5.11. Risk of Loss. The Lessee shall bear all risk of loss to and condemnation of theEquipment.
5.12. Condemnation.a) The Lessee shall immediately notify BB& T if any governmental authority
shall
institute, shallnotify
the
Lesseeofanyintenttoproceeding
forthe
takingor
damagesto,
allany
partof
theEquipmentany
interesttherein
underpower
ofeminent
domain, if
thereshall
bedamage
tothe
Equipmentto
governmentalaction,
butresulting
ina
takingany
portionof
theThe
Lesseeshall
fileprosecuteitsclaims
foranygood
faithandwithdue
diligenceandcausethesame
tocollectedpaid
overto
BB&
T, and
sand
prosecutesuchclaims.
Ifthe
Lessee
receivesany
NetProceedsarising
from
any
action,
theLessee
shallapply
suchNetProceeds
asprovided
b) property
acquired
or
exercise
of
Each
the
nature
and
extent
-
e) Any lien, charge or encumbrance affecting the validity of the Agreement, is found toexist. or proceedings are instituted against the Lessee to enforce any
lien, orencumbrance
againstthe
Equipment.f) The
Lessee'
sfailingtopay
whendueanyprincipal
oforintereston
anygeneralobligationdebt.
6.
02. Remedies
onDefault.
Uponthecontinuationof
anyEvent
of
Default, Tmay,any
furtherdemand
or
courttheLessee'sperformancecovenantstorecover
forthetheProjectrequiretopay
overbalancetheProject
beappliedoutstanding
RequiredPayments
in
any
thisandfees
andotherexpenses.
6.6.Uponan Eventof
Nonappropriation,shallpayBasePaymentsbeyond
thetheforhavebeen appropriatedfor
Agreementwhichappropriated
Baseanypenalty
towhatsoever. surrenderpossessiontheBB&itsthefIrst
ofYearNonappropriationapplies,
foraccordanceprepaidandinsured
anytheorbyBB&
InofNonappropriation, BB& Tmay, withoutanyfurtherdemand
ornotice, (a) apply
balanceinProject
Fundoutstanding
RequiredPayments
inmanner
Tmayreasonably
deemappropriate, andb) takewith
respect
to
theLesseeand
theascontemplated6.AnEventresultingterminationofthisAgreementshallnot
theLessee
ofliabilityfor
anydefaultsunder
Agreementorthe
ProjectFundAgreement
occurringto
the
EventofNonappropriation, or
of
liabilityunder
thoseprovisionsof this
Agreementand the
ProjectFundAgreement which
arestated
termination.17
-
6.05. Possession of Equipment. Upon the continuation of an Event of Default or theoccurrence of an Event ofNonappropriation, the Lessee shall immediately lose the right to possess,useand
enjoythe
Equipment (butmay
inpossessionofthe
Equipmenta Lesseethewillof
BB&thereupon
theLessee (shallpay
monthlyinadvancetoBB&
Tfairandvalue
theinanBB&itsreasonable
judgment),
and (b) upon
BB&T'sshalldeliverpossession
ofEquipmenttoBB&
T
or,
atBB&T'
sdirection,
toanypurchaser
ofafter
Intheany
Default
occurrenceofof
Nonappropriation, T, topennitted
i) possessionofEquipment, action, (allprofitsor
and (deducting
allcosts
ofand
administrationthe netrents
and
profitsfirsttothepaymentofnecessary
maintenanceandinsurance
costs,
and
thenLessee'andofs
Payments
fashionas
liable
toaccount
only
forrents
andprofits
itactuallyreceives.6.
06.
NoRemedvExclusive:
Delav
Waiver.
All
remedies
underAgreementcumulative
and
be
exercisedconcurrently
orThe
exerciseof
anyoneshall
notbe
deemedelection
ofsuch
remedyprecludetheexercise
ofotherremedy.
Ifanyof
Defaultshalloccurthereafter
bewaivedby
BB&T, suchwaivershall
belimitedto
thebreach
soandshallbea
waiverofanybreachunder
Agreement.6.PaymentofandAttornev'
Fees.
If
Temploysattorneytointheenforcement
orcollectionRequiredPayments,
orifBB&
voluntarilyor
shallbecome
partytosuitor
proceeding (
including
proceedingconducted
stateor
federalbankruptcyor
insolvency
statute) to
protecttoprotectthe
lienof
this Agreement, to
enforcecollectiontheRequiredPayments
orto
enforce
complianceby
theLesseewithanyoftheprovisionsof
thisAgreement,
theLesseeagrees
topay
reasonableattorneys' feesandallthethat
mayreasonablybe incurred (
notanysuitor
iscommenced),
andandcosts (together
withinterestatthePrime
Rate) be
secured
asARTICLE7.
orthisbe
Anyconununication
undershall
besufficiently
givenanddeemedgivenwhen
deliveredbyorfivedays
after
being
byfirst-classmail,
prepaid,addressedas
18
-
i) If to the Lessee, to 516 8th Avenue West, Palmetto, Florida 34220,Attention: Finance Director; or
ii) If to BB& T, to 5130 Parkway Plaza Boulevard,
BuildingAnydesignate
addressescommunicationsby
under
toothers.NoLessee. notassigninterestin
7.
byBB&BB&Tat
anytime,
assignor anythis
s
receive
Any
assignmentbyBB&or
anyshall
conveygreaterinterestrights
thantoAgreement.Theagrees
thatof
T'
its
noorreassignmentBB&
T'in
thisshallbeand
Lessee
ofis
madethenamefurther
agreesBB&T'
s
interestinthis
Agreement
mayassignedinwhole
orpartuponterms
which
in
effectthat
the
assignoror
assigneewill
acta
collectionand
payingagent
for
BB&T.
TheLessee
agreesto
executeany
reasonablyrequired
in
connection
with
anyassignment.
Any
assignorprovidenoticeofanytotheLessee,
andLesseeshall
keep
aand
accuraterecord
ofassignmentsas
required
byCode. After
the
givinganysuch
notice,
theshall
thereaftermake
allin
accordancewith
thetothe
assignee
namedandshall,
sorequested,
acknowledgesuchassignment
inwriting, but
suchacknowledgment
shall
no
way
be
deemednecessary
tomake
the7.
04.
Amendments.
Noor
provision
of
thisAgreement
may
amended, modified
or
waived
withoutthe
prior
writtenconsent
of
LesseeandBB&
T.
7.05. Goyernin2: Law. The
Lesseeand
BB&T
intendFlorida
Statelaw
shallgovern
this
Agreement.
-
PROJECT FUND AGREEMENT
THIS PROJECT FUND AGREEMENT is dated as of January _, 2012, and is by and
between the CITY OF PALMETTO, a public body of
theStateof
Florida (the "
City"), and
BRANCH
BANKING
AND
TRUSTCOMPANY ("
BB&
T").Theand
delivery
of
Project
Fundexecuting2012 (Agreement"),
theBB&purpose
Lease
toprovideT'
sof $ 381,00
to
theCity
tofinancetheof
intheLease
Agreement.
Inconsideration
for
BB&
T'entering
into
the
LeasetheCity
hasto
provide
for
financingtobedeposited
anddisbursedpursuant
tothisProject
FundNOW, THEREFORE, thepartiesagree
asfollows:SECTION
1.
DEFINITIONS
InthisProject
Fundtheterm "
Project
meansall
coststhedesign,
acquiring, installingof
theasdetermined
in
accordancewith
generallyacceptedaccounting
principles
andthatwillnot
adverselythe exclusion
fromgross
incomeforfederal
incometax
designated
interest
component
ofInstallmentPayments
payablebytheCity
theAgreement,
a)
sumsto
reimbursethe
Cityits
for
advancesmadeanysuchcosts, (b) interest
duringinstallation
process
and
forto
six
months
thereafter, c) all
coststo
the
financing
ofEquipmentthrough
theAgreementand
allrelated transactions.
Inaddition,
any
capitalizedusedin
thisProjectFundAgreement
nototherwise
defined
shall
have
the
meanings
assigned
thereto
in
the
Lease
Agreement.
SECTION
2.
PROJECT
FUND.2.
Project
Fund.
On
the
Closing
Date,
BB&
T
will
deposit $
345,
854.
00
into
a
special
account
of
the
City
at
Branch
Banking
and
Trust
Company
to
be
designated "
2012-
004
Palmetto
Project
Fund" (Fund"). shall
allofThe
thebutthe
Citywill
withdrawamountson
depositin
theProjectFund
onlyasprovidedin
thisProjectFund
Agreement
and
onlyapplicationfrom
timetotime
toofPending
subjectlienin
Tto
secure
City'
obligationsundertheLeaseAgreement.
-
3.4. Amendments. This Project Fund Agreement may not be modified or
amendedunlesssuch
amendment
isin
writingand
signedBB&Tand
the3.5. Third-Party
Beneficiaries. There
are
noparties
intendedorwhichshall
betothird-
party
beneficiaries
ofProject
FundAgreement.
3.Successors
andAssi2ns.
All
thecovenantsand
conditions
ofthis
ProjectFund
Agreementshall
bebindinguponandinureto
the
ofparties
to
this
Project
FundAgreement
andrespective
successorsand
assigns.7.
Severability.
If
any
of
competent
jurisdiction
shallanyprovisionof
thisFund
Agreement
invalid
orsuch
holdingshall
notor
renderunenforceable
anyprovisionof
this
ProjectAgreement.
3.8.
Counterparts. This
Project
FundAgreement
may
executedin
any
numbercounterparts, including
separatecounterparts,
executedcounterpartanoriginalalltogetheroneagreement.9. Termination. Except
otherwiseprovided
inFund
Agreement, FundAgreementshallcease
anduponpaymentfunds (
proceeds)
Fund.remainderofpageintentionally.]4
-
USE OF PROCEEDS CERTIFICATE
The undersigned Deputy Clerk of Finance of the City of Palmetto, Florida (the "City"), is
among the City officers charged with responsibility for
theofthe "
BankingTrustCompany ("
This
deliveredtheoffortheamanddelivering
on
theCitysetforthgood
faithconcerning
theand investmentorder
Obligations,
below,
excluded
fromincomeforincome
taxunderstand
antomakerepresentations
inAlltermsusedthis
Certificatethe
the
applicable
andpaycertaincosts.
BB&advance
Citytothethe
T
itsits
rightstheAgreementmay
makeassignmentof
payment
rightstoan
affiliate,
inatparand
withoutPROCEEDS: PAYMENTOBLIGATIONS
2. (
BB&
Twill
today
paydirectly
tothe
Cityfull
principalamount
tobe
advanced
underthe
Agreementof $
381,000.
00 (the "
bydisbursing
the
amount
of
35,146.
00
simultaneouslyclosing, andbymaking
depositof $345,
854.intoa
Project
Fundunderan
Project
Fundbetweenthe
City
andT.b)
Under
thetheCityis
obligatedpayBase
Payments,
asinthe
Agreement,
ondatesand
in
thesetforthAgreement (payBasePayments
are
to
in
this
Certificateas
the "Obligations"),
subjectas
provided
in
thec)
The
Base
Paymentsreflect
the
ofthe
Proceeds
and
includea
designated
interestcomponent
corresponding
anannualinterest
rateof1.
68%. TheCity
doesnot
expectto
prepayany
ofpriorto
the
scheduleddates.
-
Form 8038-0
City of Palmetto, Florida3a Name of person (other than issuer) with whom the IRS may communicate about this retum (see instructions)
Information Return for Tax-Exempt Governmental
ObligationsUnderCodee)
issueunder $use
IfAmended
Return,
check
here ~ 02
Issuer's
employeridentification
number (BN)6000403
3bTIU'
ofother
person
shown
on
3a
OMBNo.1545-0720
4andstreet (or P.ifnotstreet8th
8
orpost
of
issue381,000.00
e
uipment
leasepurchaseinstallment
financing
10a
Nameandtitleofofficer
orother
employee
oftheissuerseeinstructions)
suite
5Only)
7ofissue2012
9numberorotheron
Simpson, of
Financeeofenter
theSee
and
Education....Health
andTransportation. .
sewage16
Housing . . . .. ....policevehicles19obligationsare
RANs,
box19a ....obligationsareonly
20
areofor
check
123-Obli1213000alFinalinterest . . . . . . . . . . . .
price
issue (enterfromlinecolumn (b))
used
costs (underwriters' reasonablyreserve
or26
usedprior2728
toadvancerefundpriorissues . . . . . . .. 2829
Total (add
lines
24
through28). . . . . . . . . . . . . . . . . .
30
Nonrefundingoftheissue (
subtractline
29from
line
23
and
enteramounthere)
DescritionofBonds. Comlete
this
aniforrefundin
bonds.Enterthe
remaining
weightedaverage
maturity
of
the
bondstobecurrentlyrefunded . ~
32remainingmaturitybondsadvance
Enterdate
on whichtheEnter
thedate(
s)
therefunded
bonds
were
issued ~ (MMlDDIYYYY)
ForPaperworkReduction
ActNotice,
seeseparate
Instructions.
Cat.
No. 63n3S
1.68 %381,
000
00years
Form8038-
-
Form 8038- G (Rev. 9- 2011) Page 2
Miscellaneous
35 Enter the amount of the state volume cap allocated to the issue under section 141 (b)(5) . . . .
36abea
GIC) (instructions) . . . . . . . . . . . . . . . . . . . . . . . . .b
final
ofEnterofprovider ~Enterofproceedsof
that
beusedmakeloansother
governmentalissue
isloan madecheck
information:
the
the
masterobligation ~Cthe
EINissuer
pooldEntername
ofObligation ~Ifthehas
designatedb)(
exception),
40
dofhedge ~If
thesuperintegrated
box. . . . . . . . . .. ........ ~ 43Ifhas
procedures
ofunder
theandRegulations (issuer
haswrittenprocedures
to
monitortherequirements
of
sectioncheckbox. . . ~
0
458someportion
of
the
was
usedto
reimburse
expenditures, check
here ~ 0
andthe
amountof
reimbursement . . . . . . . . . ~b
Enter
thedate
theofficial
intentwas
adopted ~Signature
ConsentUnder
penalties
of
pe~
ury, I
declare
thathaveexamined
thisreturnaccompanyingschedulesand
statements, tothe
best
ofknowledgeand
belief,
theytrue, correct,
and
complete. furtherdeclare
that
ItotheIRS'
softhe
issuer'
sinformation, as
necessary
tothisreturn,
to
thethatIabove.ofissuer's
authorized
Print/
Type
preparer'
sname
IPreparer'
ss
name ~
Firm'
sDate
Karen
Simpson.
DeputyClerk
of
Typeor
print
name
andt~
le
IDeteI
Check
ifIPTIN
self-employedI
IFirm's
EIN ~r
Phoneno.
Form8038-
G (2011)
-
CERTIFICATE OF COVERAGECertificate Holder and Loss Payee Administrator Issue Date 1/ 4/12
BB&T GOVERNMENTAL FINANCE Florida League of Cities, Inc.5130 PARKWAY PLAZA BOULEVARD Department of Insurance and Financial ServicesCHARLOTTE NC
28217P.O.
Box
530065Florida
32853-0065COVERAGESIS
TOCERTIFYTHATAGREEMENT
BELOWHASBEENTO
THEDESIGNATEDMEMBERFORNOTWITHSTANDING
ANY
OR
OF
ANY
CONTRACT
OROTHERDOCUMENTWITHRESPECTWHICHTHISCERTIFICATEMAYBE
ISSUEDORMAYPERTAIN. THE
BY DESCRIBEDSUBJECTTHEAND
OF
AGREEMENT
COVERAGE
PROVIDEDBY:
FLORIDAMUNICIPALCOVERAGE
PERIOD: FROM
10/1/11
I
COVERAGE
PERIOD:
TO
10/
1/12
STANDARDTIMETYPEOF
COVERAGE - LIABILITYTYPE
COVERAGE -
PROPERTY
GeneralLiabilityo
Buildings
oMiscellaneousComprehensiveo
BasicFormInland
Marine PersonalInjuryoSpecial
FormoElectronicDataProcessing181
ErrorsandOmissionsLiabilityoPersonal
PropertyoBond181Supplemental
EmploymentPracticeoBasic
Form0
181Employee BenefitsProgram
AdministrationLiabilityo SpecialFormMedicalPropertyo
DeductibleN/A 181Limite
ofLIabilityoReplacementCostLiability onFilewith Other
thanprtvate000,000
EachAccident 1,LimitoDeductible
NlADeductibleStop/Schedule -
Collision - AutoN/A - MiscellaneousEquipmentis $
200,
000BodilyInjuryand/or
PropertyDamageper
person
or $300,000BodilyInjury
and/
or
Property
Damage
peroccurrence. Thesespecificlimits000 (combined
singlelimn)
per
occurrence, solelyfor
anyaclaimsbill
pursuant
10
Section
768.
28 (
5) FloridaStatutesor
liability/settlementforwhichnoclaims
billhasbeenfiled
orliabilityImposedpursuanttoFederalLaw
oractions
outsidetheState
ofFlorida
Description
of
Operatlons/Locations/VehlcleslSpeclalltllms
Re: Leaseof (
13)
Portable
Radios, (
4) Chelll"o/
etImpalas, (1)
DodgeChargerand (1)
JohnsonVT650StreetSweeper, Total Value $381 ,
000
THISOFINFORMATJON ONLYAND
CONFERSNO
RIGHTSUPONTHECERTIFICATE HOLDER. THISCERTIFICATEDOES NOTAMEND. EXTEND AFFORDEDBYTHE
AGREEMENTABOVE.DESIGNATED
MEMBERCANCELLATIONSSHOULD
ANYPART
OFTHE
ABOVE
DESCRIBED
AGREEMENT
BECANCELLED
BEFORETHEEXPIRATIONDATE
THEREOF,
THEISSUINGCOMPANYWILLENDEAVOR TO MAIL45DAYS
WRITTEN
NOTICETOTHE
CERTIFICATE HOLDERNAMEDABOVE, BUTFAILURETO
MAILSUCH
NOTICE SHALL
IMPOSENO
OBLIGATIONORLIABILITYOFANY
KINDUPONAGENTS
OR
REPRESENTATIVES
60017THSTREETWEST
Jf!
yPALMETTOFL34221AUTHORIZEDREPRESENTATIVEFMIT -
CERT (10196)