HomeMy WebLinkAboutCitiCapital Commercial Corp./Lakeshore Golf Course lease (2007)
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EQUIPMENT LEASE-PURCHASE AGREEMENT
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Lessor: (Name and Addressi I .' ~MAY 3 1 2007 I,
CitiCapital Commercial co~ J n I
3950 REGENT BL YD. 4 ---...--.-----.-,
Irving, TX 75063 CITY
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Lessee: (Name and Address)
CITY OF OSHKOSH, WI
Dba: LAKE SHORE GOLF COURSE
215 CHURCH AVE
OSHKOSH, WI 54901
Lessor agrees to lease to Lessee and Lessee agrees to lease from Lessor the Equipment described in Schedule A, now or hereafter
attached hereto, and all replacements, repairs, restorations, modifications and improvements thereof or hereof ("Equipment") in
accordance with the following terms and conditions of this Equipment Lease-Purchase Agreement ("Lease").
1. TERM. This Lease will become effective upon the execution hereof by Lessor. The term of this Lease will commence on the
Commencement Date set forth in Schedule B attached hereto and, unless earlier terminated as expressly provided for in this Lease,
will terminate on the Termination Date set forth in Schedule B attached hereto (the "Lease Term").
2. RENT. Lessee agrees to pay to Lessor or its assignee the Lease Payments, including the interest portion, in lawful money of
the United States of America, equal to the amounts specified in Schedule B. The Lease Payments will be payable without notice or
demand at the office of Lessor (or such other place as Lessor or its assignee may from time to time designate in writing), and will
commence on the first Lease Payment Date as set forth in Schedule B and thereafter on the subsequent dates set forth in Schedule B.
Any payments received later than ten (10) days from the due date will bear interest at the highest lawful rate from the due date. As
set forth on Schedule B, a portion of each Lease Payment is paid as, and represents payment of: interest. Except as specifically
provided in Section 6 hereof, the obligation of Lessee to make the Lease Payments hereunder and perform all of its other obligations
hereunder will be absolute and unconditional in all events and will not be subject to any setoff, defense, counterclaim, abatement,
deduction or recoupment for any reason whatsoever including, without limitation, any failure of the Equipment to be delivered or
installed, any defects, malfunctions, breakdowns or infirmities in the Equipment or any accident, condemnation or unforeseen
circumstances. Lessee 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 powers 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 shaH not
in any way be construed to be a debt of Lessee in contravention of any applicable constitutional or statutory limitation or
requirement concerning the creation of indebtedness of Lessee, nor shall anything contained herein constitute a pledge of the
general tax revenues, funds or monies of Lessee. It is the intention of the parties hereto to comply with any applicable usury laws;
accordingly, it is agreed that, notwithstanding any provisions to the contrary in this Agreement, in no event shall this Agreement
require the payment or permit the collection of interest or any amount in the nature of interest or fees in excess of the maximum
permitted by applicable law.
3. DELIVERY AND ACCEPTANCE. Lessee shall order the Equipment, cause the Equipment to be delivered and installed at
the location specified on Schedule A ("Equipment Location") and pay any and all delivery and installation costs in connection
therewith. Lessee will accept the Equipment as soon as it has been delivered and inspected. 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) upon
delivery of the Equipment.
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ClTICAPIT AL is a service mark of Citicorp.
A member-or cltiqroup~:'
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, that LESSOR LEASES AND LESSEE
TAKES THE EQUIPMENT AND EACH PART THEREOF "AS-IS" AND THAT LESSOR MAKES NO REPRESENTATION,
WARRANTY, OR COVENANT, EXPRESS OR IMPLIED, WITH RESPECT TO THE CONDITION, QUALITY,
DURABILITY, VALUE, DESIGN, OPERATION, SUITABILITY, MERCHANTABILITY OR FITNESS FOR A PARnCULAR
USE OF THE EQUIPMENT IN ANY RESPECT WHATSOEVER OR AS TO TIIE ABSENCE OF LATENT OR OTIIER
DEFECTS, WHETIIER OR NOT DISCOVERABLE, OR AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY
PATENT, TRADEMARK OR COPYRIGHT, OR AS TO ANY OBLIGATION BASED ON STRICT LIABILITY IN TORT OR
ANY OTHER REPRESENTATION, WARRANTY, OR COVENANT OF ANY KIND OR CHARACTER, EXPRESS OR
IMPLIED, WIlli RESPECT TIIERETO. RISKS INCIDENT TIIERETO ARE TO BE BORNE BY LESSEE AND, IN NO
EVENT SHALL LESSOR BE OBLIGATED OR LIABLE FOR ACTUAL, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR
OTIIER DAMAGES OF OR TO LESSEE OR ANY OTIIER PERSON OR ENTITY ARISING OUT OF OR IN CONNECTION
WIlli TIIE USE OR PERFORMANCE OF THE EQUIPMENT, THE MAINTENANCE TIIEREOF OR OF ANY SERVICES
PROVIDED HEREIN. Lessee may have rights under the contract evidencing the purchase of the Equipment. Lessee is advised to
contact the manufacturer of the Equipment for a description of any such rights. Lessor hereby assigns to Lessee during the Lease
Term, so long as no Event of Default has occurred hereunder and is continuing, all warranties, if any, expressed or implied with
respect to the Equipment, running from the manufacturer to Lessor and Lessor authorizes 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 or its assigns. 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. RETURN OF EQUIPMENT. Unless Lessee shall have paid all Lease Payments and other amounts due hereunder or
exercised its option to purchase as provided in Section 20 hereof: upon the expiration or earlier termination of this Lease pursuant to
the terms hereof, Lessee shall, at its sole expense but at Lessor's option, return the Equipment to Lessor in the condition required by
Section 9 hereof at any location in the continental United States designated by Lessor.
6. NON-APPROPRIATION OF FUNDS. Lessee currently intends to continue the Lease Term through its Termination Date
and to pay all Lease Payments hereunder. Lessee further currently intends to do all things lawfully within its power to obtain and
maintain funds from which the Lease Payments may be made, including making provision for such payments to the extent necessary in
each annual budget submitted and adopted in accordance with applicable provisions of state law, to have such portion of the budget
approved and to exhaust all available reviews and appeals in the event such portion of the budget is not approved. Notwithstanding the
foregoing, the decision whether or not to budget or appropriate funds is reserved to Lessee's governing body. If the Lessee shall not
budget and appropriate sufficient funds for payment of Lease Payments required hereunder, then the Lessee may terminate this Lease
on the next ensuing Lease Payment Date and the Lessee shall not thereafter be obligated to pay Lease Payments or other payments
required by this Lease. Lessee will immediately notify Lessor or its assignee in writing of such termination and this Lease shall
terminate on the last day of the fiscal period for which appropriations have been received or made without penalty or expense to
Lessee, except as to (i) the portions of Lease Payments herein agreed upon for which funds shall have been appropriated and
budgeted or are otherwise available and (ii) Lessee's other obligations and liabilities under this Lease relating to, or accruing or
arising prior to, such termination. Upon such termination, Lessee agrees to peaceably surrender possession of the Equipment to
Lessor or its assignee on the date of such termination in the manner set forth in Section 5 hereof and Lessor will have all legal and
equitable rights and remedies to take possession of the Equipment. Upon such termination, Lessee shall not be responsible for the
payment of any additional Lease Payments relating thereto coming due in succeeding fiscal periods, but if Lessee has not delivered
possession of the Equipment to Lessor in accordance with Section 5 and conveyed to Lessor or released its interest in the Equipment
within thirty (30) days after such termination, the termination shall nevertheless be effective, but Lessee shall be responsible for the
payment of damages in an amount equal to the amount of the Lease Payments thereafter coming due which are attributable to the
number of days after such thirty (30) day period during which Lessee fails to take such actions and for any other loss suffered by
Lessor as a result of Lessee's failure to take such actions as required.
7. REPRESENTATIONS, COVENANTS AND WARRANTIES. Lessee hereby represents, covenants and waJlTants to
Lessor as of the date hereof and at all times during the Lease Term that (i) Lessee is a state or a fully constituted political
subdivision thereof within the meaning of Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"), or its
obligations hereunder constitute obligations issued on behalf of a state or a political subdivision thereof: and Lessee shall do or
cause to be done all things necessary to preserve and keep in full force and effect its existence and this Lease; (ii) Lessee has full
power and authority under the
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constitution and laws of the state in which it is located to enter into this Lease and the transactions contemplated hereby, and to
perform all of its obligations hereunder; (Hi) each officer of Lessee executing this Lease has been duly authorized to execute and
deliver this Lease by proper action and approval of its governing body at a meeting duly called, regularly convened and attended by
a requisite majority of the members thereof, or by other appropriate official approval; (iv) the execution, delivery and performance
of this Lease and all documents executed in connection herewith, including, without limitation, Schedules A and B hereto and the
Delivery and Acceptance Certificate referred to in Section 3 hereof (this Lease together with all such documents shall be
collectively referred to herein as the "Lease Documents") have been duly authorized by all persons, governmental bodies and
agencies necessary to authorize and approve this Lease; (v) the Lease Documents constitute legal, valid and binding obligations of
Lessee, enforceable against Lessee in accordance with their respective terms; (vi) the execution, delivery and performanl',e of this
Lease by Lessee shall not (a) violate any federal, state or local law or ordinance, or any judgment, order, writ, injunction, decree,
rule or regulation of any court or other governmental agency or body applicable to Lessee; or (b) conflict with or result in the
breach or violation of any term or provision of, or constitute a default under, or result in the creation of any lien, charge, security
interest or other encumbrance on any assets of the Lessee or the Equipment pursuant to any note, bond, mortgage, indenture,
agreement, deed of trust, bank loan or credit agreement, lease or other obligation to which Lessee is a party or by which it or its
assets may be bound, except as herein provided; (vii.) in authorizing and executing this Lease, Lessee has complied with all open
meeting laws, public bidding requirements and other laws applicable to this Lease and the acquisition by Lessee of the Equipment;
(viii) Lessee has, in accordance with the requirements of law, fully budgeted and appropriated sufficient funds for the current fiscal
year of the Lessee to make the Lease Payments scheduled to come due during such fiscal year, and such funds have not been
expended for other purposes; (ix) the Equipment is essential to the function of the Lessee or to the service Lessee provides to its
citizens and the Lessee has an immediate need for, and expects to make immediate use of, substantially all of the Equipment, which
need is not temporary or expected to diminish in the foreseeable future; (x) no lease, rental agreement or contract for purchase to
which Lessee has been a party at any time during the last five years, has been terminated by Lessee as a result of insufficient funds
being appropriated in any fiscal year; (xi) the Equipment will be used by Lessee only for the purpose of performing one 01' more of
Lessee's governmental or proprietary functions consistent with the permissible scope of Lessee's authority; (xii) there is no action,
suit, proceeding, inquiIy or investigation, at law or in equity, before or by any court, public board or body, pending or threatened against
or affecting the Lessee, nor to the best knowledge of the Lessee is there any basis therefor, wherein an unfavorable decision, ruling or
finding would materially adversely affect the transactions contemplated by this Lease or any other document, agreement or certificate
which is used or contemplated for use in the consummation of the transactions contemplated by this Lease; and (xiii.) no event or
condition that constitutes, or with the giving of notice or the lapse of time or both would constitute, an Event of Default, exists at the
Commencement Date.
Lessee shall deliver to Lessor an opinion of Lessee's counsel in form and substance attached hereto or as otherwise acceptable to
Lessor.
8. TITLE TO EQUIPMENT; SECURITY INTEREST. Upon acceptance of the Equipment by Lessee hereunder, title to the
Equipment will vest in Lessee subject to Lessor's rights under this Lease; provided, however, that (i) in the event of termination of
this Lease pursuant to Section 6 hereof, or (ii) upon the occurrence of an Event of Default hereunder, and as long as such Event of
Default is continuing, 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 or its assignee in the manner set forth in Section 5 hereof. Lessee
grants to Lessor a continuing, first priority security interest under the Uniform Commercial Code in the Equipment, the proceeds
thereof and all additions, attachments, repairs, replacements, substitutions and modifications thereto and proceeds thereof made
pursuant to Section 9, in order to secure Lessee's payment of all Lease Payments due during the Lease Term and the performance of
all other obligations herein to be performed by Lessee. Lessee will join with Lessor in executing such financing statements or other
documents and will perform such acts as Lessor may request to establish and maintain a valid first lien and perfected security
interest in the Equipment. Lessee authorizes Lessor to file a financing statement descnbing the Equipment and covering assets of
Lessee other than the Equipment described herein. Lessee authorizes Lessor to complete the description of the Equipment on
Schedule A when additional information, such as models and serial numbers, becomes available.
9. USE; REPAIRS. Lessee will use the Equipment in a careful manner for the use contemplated by the manufacturer of the
Equipment. Lessee shall comply with all laws, ordinances, insurance policies and regulations relating to the possession, use,
operation or maintenance of the Equipment. Lessee, at its expense, will keep the Equipment in good working order and repair and
furnish all parts, mechanisms and devices required therefor.
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10. ALTERATIONS. Lessee will not make any 'alterations, additions or improvements to the Equipment without Lessor's prior
written consent unless such alterations, additions or improvements may be readily removed without damage to the Equipmtmt.
11. 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 written 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.
12. 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 and federal) which may 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, or taxes when due, or to provide the insurance required by Section
15 hereof, Lessor may, but need not, pay said charges or taxes or purchase such insurance and, in such event, Lessee shall
reimburse Lessor therefor on demand, with interest at the maximum rate permitted by law from the date of such payment by Lessor
to the date of reimbursement by Lessee.
13. RISK OF LOSS; DAMAGE; DESTRUCTION. Lessee assumes all risk ofloss of or damage to the Equipment from any
cause whatsoever, and no such loss of or damage to the Equipment nor defect therein nor 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
damage to any item of Equipment, Lessee will immediately place the same in good repair with the proceeds of any insurance
recovery applied to the cost of such repair. If Lessor determines 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 next
Lease Payment Date, pay Lessor: (i) 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 Concluding Payment set forth in Schedule B opposite such Lease Payment
Date. In the event that Lessee is obligated to make such payment pursuant to subparagraph (b) above with respect to less than all of
the Equipment, Lessor will provide Lessee with the pro rata amount of the Lease Payment and the Concluding Payment to be made
by Lessee with respect to the Equipment which has suffered the event of loss.
14. 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 Lessee's expense, furnish a waiver of any
interest in the Equipment from any party having an interest in any such real estate or building.
15. INSURANCE - See Page 4a . . . .
5. INSURANCE. At Its own expense, Lessee shall mamtain (a) casualty msurance msuring the Equipment against 10
damag fire and any other risks reasonably required by Lessor in an amount at least equal to the then applicable Conclud' ayment
of the Equi (b) liability insurance that protects Lessor from liability in all events in form and amount satisfact 0 Lessor, and
(c) workers' comp . coverage as required by the laws of the state; provided that, with Lessor's prior wri consent, Lessee may
self-insure against the risks 'bed in clauses (a) and (b). AIl insurance proceeds from casualty losse be payable as hereinafter
provided. Upon acceptance of ill. ipment and upon each insurance renewal date, Less I deliver to Lessor a certificate
evidencing such insurance. In the even y loss, damage, injury or accident invo . g the Equipment, Lessee will promptly
provide Lessor with written notice thereof and vailable to Lessor all info . n and documentation relating thereto and shall
permit Lessor to participate and cooperate with Lessee ing any cia' msurance in respect thereof.
All such casualty and liability insurance shall be with in tha acceptable to Lessor, shall name Lessee as named insured
and Lessor or its assigns as an additional named insur d shall contain a vision to the effect that such insurance shall not be
cancelled or modified materially without first . mg written notice thereof to or at least thirty days in advance of such
cancellation or modification. All such c insurance shall contain a provision making losses payable to Lessee and Lessor,
as their respective interests may a . The Lessee may provide required insurance as part of" et" coverage maintained on its
other assets, Required in ce coverage may also be provided in whole or in part by self-insurance, . written consent of the
Lessor, which shall e unreasonably withheld. If such consent is given, Lessee will furnish Lessor with a e or certificate of
self-insurance cifYing the type and extent coverage. The proceeds of any such policies will be payable to Lessee essor or
its assi as their interests may appear. In the event that Lessee has been permitted to self-insure, Lessee will furnish Lesso~a
I r or certificate to such effect.
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15. INSURANCE. At its own expense, Lessee shall maintain (a) casualty
insurance insuring the Equipment against loss or damage by fire and any other
risks reasonably required by Lessor in an amount at least equal to the then
applicable Concluding Payment of the Equipment, (b) liability insurance that
protects Lessor from liability in all events in form and amount satisfactory to
Lessor, and (c) workers' compensation coverage as required by the laws of the
state; provided that, with Lessor's prior written consent, Lessee may self-insure
against the risks described in c1ause~a) aRG-(b) and (c). All insurance proceeds
from casualty losses shall be payable as hereinafter provided. Upon acceptance
of the Equipment and upon each insurance renewal date, Lessee will deliver to
Lessor a certificate evidencing such insurance. In the even 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 relating thereto and shall permit Lessor to participate and
cooperate with Lessee in making any claim for insurance in respect thereof.
All such casualty and liability insurance shall be with insurers that are acceptable
to Lessor, shall name Lessee ~s named insured and Lessor or its assigns as an
additional named insured and shall contain a provision to the effect that such
insurance shall not be cancelled or modified materially without first giving written
notice thereof to Lessor at least thirty days in advance of such cancellation or
modification. All such casualtyEquipment insurance shall contain a provision
making any losses payable to Lessee and Lessor, as their respective interests
may appear. The Lessee may provide required insurance as part of "blanket"
coverage maintained on its other assets. Required insurance coverage may also
be provided in whole or in part by self-insurance, with written consent of the
Lessor, which shall not be unreasonably withheld. If such consent is given,
Lessee will furnish Lessor with a letter or certificate of self-insurance specifying
the type and extent coverage. The proceeds of any such policies will be payable
to Lessee and Lessor or its assigns as their interests may appe~r. In the event
that Lessee has been permitted to self insure, Lessee will furnish Lessor with a
letter or certificate to such offect. (Redundant. this has alreadv been stated
above ).
16. RELEASE AND INDEMNIFICATION. To the extent permitted by law,
Lessee shall indemnify, protect and hold harmless Lossor from and against any
and all liability, obligations, losses, claims and damages whatsoever, regardless
of cause thereof, and expenses in connection therewith (including, without
limitation, counsel f-ees and expenses ~:md any fedoral income t3X and interest
and penalties connected there'Nith imposed on interest received) arising out of
or as the result of (a) the entering into this Lease, (b) the ownership of 3ny item
of the Equipment, (c) the ordering, 3cquisition, use, operation, condition,
purch3se, delivery, rejection, storage or return of any item of the Equipment, (d)
3ny 3ccident in connection with the operation, use, condition, possession,
storage or return of any item of the Equipment resulting in damage to property or
injury or de~th to any person or (e) the breach of any covenant herein or 3ny
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material misrepresentation contained herein. The City of Oshkosh aqrees to
provide Iiabilitv protection for its officers, employees and agents while actinq
within the scope of their employment. Subiect to any limitations contained in
Sec. 893.80 and any similar statute, of the Wisconsin Statutes, the City further
agrees to hold the GRANTOR harmless from any and all liability, includinq
claims, demands, losses, costs, damaqes, and expenses of every kind and
description Oncludinq death), or damaqes to person or property arisinq out of or
in connection with or occurrinq durinq the course of this agreement where such
liability is founded upon or qrows out of the acts or omission of any of the
officers, employees or agents of the City of Oshkosh while actinq within the
scope of their employment.
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.
P::lIm:lo 4h n-f '1
16. RELEASE AND INDEMNIFICATION - See Pages 4a& 4b.
LEASE AND INDEMNIFICATION. To the extent permitted by law, Lessee shall indemnify, protect ~
harmless Less d against any and all liability, obligations, losses, claims and damages whatsoever ss of cause
thereof, and expenses in conne . ewith (including, without limitation, counsel fees and ex any federal income tax
and interest and penalties connected therewl on interest received) aris' or as the result of (a) the entering into
this Lease, (b) the ownership of any item of the Equipmen nng, acquisition, use, operation, condition, purchase,
delivery, rejection, storage or return of any item of the . ent, (d) any acc . onnection with the operation, use, condition,
possession, storage or return of any ite quipment resulting in damage to property 0 .. or death to any person or ( e)
the breach of any coven or any material misrepresentation contained herein. The indemnifica under this
paragraph s ue in full force and effect notwithstanding the full payment of all obligations under this Lease
. Ion of the Lease Term for any reason.
17. ASSIGNMENT. Without Lessor's prior written consent, Lessee will not either (i) assign, transfer, pledge, hypothecate,
grant any security interest in or otherwise dispose of this Lease or the Equipment or any interest in this Lease or the Equipment or
(ii) sublet or lend the Equipment or permit it to be used by anyone other than Lessee or Lessee's employees. Lessor may assign its
rights, title and interest in and to the Lease Documents, the Equipment and/or grant or assign a security interest in this Lease and the
Equipment, in whole or in part, and Lessee's rights will be subordinated thereto. Any such assignees shall have all of the rights of
Lessor under this Lease. Subject to the foregoing, this Lease inures to the benefit of and is binding upon the successors and assigns
of the parties hereto. Lessee COvenants and agrees not to assert against the assignee any claims or defenses by way of abatement,
setoff, counterclaim, recoupment or the like which Lessee may have against Lessor. Upon assignment of Lessor's interests herein,
Lessor will cause written notice of such assignment to be sent to Lessee which will be sufficient if it discloses the name of the
assignee and address to which further payments hereunder should be made. No further action will be required by Lessor or by
Lessee to evidence the assignment, but Lessee will acknowledge such assignments in writing if so requested. Lessee shall retain all
notices of assignment and maintain a book-entry record which identifies each owner of Lessor's interest in the Lease. Upon
Lessee's receipt of written notice of Lessor's assignment of all or any part of its interest in the Lease, Lessee agrees to attorn to and
recognize any such assignee as the owner of Lessor's interest in this Lease, and Lessee shall thereafter make such payments,
including without limitation such Lease Payments, as are indicated in the notice of assignment, to such assignee. Lessee waives and
will not assert against any assignee of Lessor any claims, cOlIDterclaims, claims in recoupment, abatement, reduction, defenses, or
set-offs for breach of warranty or for any other reason which Lessee could assert against Lessor, except defenses which cannot be
waived under the Uniform Commercial Code.
18. EVENT OF DEFAULT. The term "Event of Default," as used herein, means the occurrence of anyone or more of the
following events: (i) Lessee fails to make any Lease Payment (or any other payment) as it becomes due in accordance with the
terms of this Lease, and any such failure continues for ten (10) days after the due date 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 written notice thereof by Lessor; (iii) the discovery by Lessor that any statement, representation, or
warranty made by Lessee in this Lease or in any writing ever delivered by Lessee pursuant hereto or in connection herewith was
false, misleading, or erroneous in any material respect; (iv) Lessee becomes insolvent, or is unable to pay its debts as they become
due, or makes an assignment for the benefit of creditors, applies or consents to the appointment ofa receiver, trustee, conservat-or or
liquidator of Lessee or of any of its assets, or a petition for relief is filed by Lessee lIDder any bankruptcy, insolvency,
reorganization or similar laws, or a petition in, or a proceeding lIDder, any bankruptcy, insolvency, reorganization or similar laws is
filed or instituted against Lessee and is not dismissed or fully stayed within twenty (20) days after the filing or institution thereof;
(v) Lessee fails to make any payment when due or fails to perform or observe any covenant, condition, or agreement to be
performed by it under any other agreement or obligation with Lessor or an affiliate of Lessor and any applicable grace period or
notice with respect thereto shall have elapsed or been given; or (vi) an attachment, levy or execution is threatened or levied upon or
against the Equipment.
19. REMEDIES. Upon the occurrence of any Event of Default, and as long as such Event of Default is continuing, Lessor
may, at its option, exercise anyone or more of the following remedies: (i) by written notice to Lessee, declare an amolIDt equal to
all amounts then due lIDder the Lease, and all remaining Lease payments due during the fiscal period of Lessee in which the default
occurs to be immediately due and payable, whereupon the same shall become immediately due and payable; (ii) by written notice to
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 enter upon the premises where the Equipment is located and take
immediate possession of and remove the same, without liability for such entry or for damage to property or otherwise, (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
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amounts paid by the purchaser, lessee or sublessee pursuant to such sale, lease or sublease and the amounts otherwise 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 where the Equipment is then located or any other applicable law or proceed by appropriate court action to enforce the terms of
this 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, incurred by Lessor with respect to the enforcement of any of the remedies listed above or any other remedy
available to Lessor. Lessor may sell the Equipment without giving any warranties as to the Equipment and may disclaim any
warranties of title, possession, qUiet enjoyment, or the like. This procedure will not be considered to adversely affect the
commercial reasonableness of any sale of the Equipment.
20. PREPAYMENT OPTION. Upon thirty (30) days prior written notice from Lessee, and provided that there is no Event of
Default, or an event which with notice or lapse of time, or both, could become an Event of Default, then existing, Lessee will have
the right to purchase the Equipment prior to the Termination Date on any Lease Payment Date set forth in Schedule B by paying to
Lessor, on such date, the Concluding Payment as set forth in Schedule B. Upon satisfaction by Lessee of such purchase conditions,
Lessor will transfer any and all of its right, title and interest in the Equipment to Lessee AS IS, WITHOUT WARRANTY,
EXPRESS OR IMPLIED.
21. TAX ASSUMPTION; COVENANTS. Lessee hereby covenants with respect to this Lease that (i) neither the payment of
the Lease Payments hereunder nor any portion thereof is secured by any interest in property used or to be used in a trade or business of
a non-exempt person (within the meaning of Section 103 of the Code) or in payments with respect to such property or is derived from
payments with respect to property, or borrowed money, used or to be used in a trade or business of a non-exempt person (within the
meaning of Section 103 of the Code); (ii) no portion of the Equipment will be used directly or indirectly in any trade or business carried
on by any non-exempt person (within the meaning of Section 103 of the Code); (iii) it will not take any action or permit or suffer any
action to be taken or condition to exist if the result of such action or condition would be to cause its obligation to make Lease
Payments to be guaranteed, directly or indirectly, in whole or in part, by the United States or by any agency or instrumentality
thereof; (iv) it will neither take any action (including, without limitation, entering into any lease, sublease, output contract,
management contract, take-or-pay contract or.other arrangement) nor omit to take any action if the result of such action or omission
would be to cause the interest portion of each Lease Payment to become includable in the income of Lessor for purposes of federal,
state or local income tax; (v) it will provide (or cause to be provided) to Lessor such other information as Lessor may reasonably
request from Lessee to enable Lessor to fulfill tax filing, audit and litigation obligations, including, but not limited to, federal and
state income tax filing obligations; (vi) it will timely file a statement with respect to this Lease in the form required by Section
149(e) of the Internal Revenue Code of 1986, as amended (the "Code"); and (vii) neither take any action or omit to take any action
if the result of such action or omission would be to cause this Lease to be an "arbitrage bond" within the meaning of Section 148 of
the Code. If this Lease is accompanied by an Escrow Agreement, Lessee will execute and deliver to Lessor an Arbitrage Certificate
(in the form provided by Lessor).
If Lessor receives notice, in any form, from the Internal Revenue Service or it is determined based on an opinion of independent
tax counsel selected by Lessor and approved by Lessee, which approval shall not be unreasonably withheld, that the interest portion
of any Lease Payment is includable in the income of Lessor for purposes of federal, state or local income tax, Lessee, at its option,
shall either (i) pay the Concluding Payment as provided in Section 20 hereof and terminate the Lease or (ii) within 30 days after
notice from Lessor, pay Lessor an amount which will restore to Lessor its after-tax yield as contemplated by this transaction from
the date that the interest portion became taxable through the date of such additional rental payment and will further pay additional
rent to Lessor on each succeeding Lease Payment Date in such amount as will maintain Lessor's after-tax yield as contemplated by
this transaction.
22. 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 days subsequent to mailing.
23. SECTION HEADINGS. All section headings contained herein are for the convenience of reference only and are not
intended to define or limit the scope of any provision of this Lease.
WILease
Rev. July 1,2001
02/06/07 11:33 AM
Page 6 of 7
24. GOVERNING LAW. This Lease shall be construed in accordance with, and governed by, the laws of the state of the.
Equipment Location.
25. 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.
26. ENTIRE AGREEMENT; WAIVER. The Lease Documents constitute the entire agreement between the parties with
respect to the lease of the Equipment and shall not be contradicted by any oral representations made prior to, contemporaneously
with or subsequent to the date hereof nor do any oral agreements presently exist between the parties which have not been reduced to
writing. This Lease shall not 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 invalida1;ing the
remainder of this 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.
IN WITNESS WHEREOF, the parties have executed this Lease.
Lease Date:
LESSEE: CITY OF OSHKOSH, WI
D~~4UCOURS~
By:. ~
Richard A. Wollangk
By:
Title:
Ci'ty ~Mgpr
Title:
Dare:--
,/
Date:
And:
C:" H"~ ;"(. !'CSSiliY provisions
have beer rYl;'i.ele :c pay tne liability which will
accrue under this contract.
~ a Vtte~
City Comptroller
WILease
Rev. July 1,2001
02/06/07 11:33 AM
Page 7 of7
LESSEE: CITY OF OSHKOSH, WI
OPINION OF COUNSEL
With respect to that certain Equipment Lease-Purchase Agreement ("Lease") dated 4119/07 by and between Lessor
and Lessee, I am of the opinion that: (I) Lessee is a tax-exempt entity under SectionXIQ..nlX+tJtX~"XJlOOt~Xf4XM.:*:
jjjt as amended; (II) the execution, delivery and perfonnance by Lessee of the Lease have been duly authorized by all
necessary action on the part of Lessee; (III) the Lease constitutes a legal. valid and binding obligation of Lessee enforceable
in accordance with terms and all statements contained in the Lease and all related instruments are true;(IV) there are no suits,
proceedings or investigations pending or, to my knowledge, threatened against or affecting Lessee, at law or in equity , or
before or by any governmental or administrative agency or instrumentality which, if adversely determined, would have a
material adverse effect on the transaction contemplated in the Lease or the ability of Lessee to perfonn its obligations lmder
the Lease and Lessee is not in default under any material obligation for the payment of borrowed money, for the deferred
purchase price of property or for the payment of any rent under any lease agreement which either individually or in the
aggregate would have the same such effect; and (V) all required public bidding procedures regarding the award of the Lease
have been followed by Lessee and no governmental orders, pennissions, consents, approvals or authorizations are required
to be obtained and no registrations or declarations are required to be filed in connection with the execution and delivery of the
Lease.
Counsel for Lessee: CITY OF OSHKOSH, Lessee
By: \^~ ~~-\
Warren P. Kraft, City Attorney
Date: 4/19/07
* Section 115(1) of the Internal Revenue Code of 1954 (See attached.)
SCHEDULE A
EQUIPMENT DESCRIPTION
Lessor hereby leases to Lessee under and pursuant to the Lease and Lessee hereby leases from Lessor
under and pursuant to the Lease the following items of Equipment:
DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO. *) SUPPLIER
.- Lessor shall have the right to insert Serial Nos. at time of Delivery & Acceptance. TIZIANI GOLF CAR
(34) CLUB CAR GOLF CAR - GAS DSG CORPORATION
(1) CLUB CAR GOLF CAR- UILITY 11.JRF I IQ 4160 ANDERSON ROAD
COMPLETE WITH ALL ATTACHMENTS AND ACCESSORIES DEFOREST WI 53532
BY:
p.fi) k i ;J;-b
Equipment Location:
215 CHURCH AVE
OSHKOSH WI 54901
LESSEE: CITY OF OSHKOSH, WI
TITLE:
Purchasing Agent
DATE:
4/20/07
8038 G Information Return for Tax-Exempt Governmental Obligations t
Form - . olJnder Internal Revenue Code section 149(e) OMB No, 154~-()720
(Rev. May 1999) . .See separate instructions.
Department of the Treasury Caution: Use Form B038-GC if the issue price is under $100,000)
Internal Revenue Service
~ortinJlAutho~!y__.___..__.________ If Amended Return, check here · ';0 __~~~
Issuer's name 2 Issuer's employer identification number'--'
CITY OF OSHKOSH
-3--Number andstreet (or P.O. box if mail is not delivered to street address)
215 CHURCH AVE
5 City, town, or post office, state, and ZIP code
OSHKOSH, WI 54901
Room/suite 4 Report number-------
G 2002..
6 Date of issue---..----..
7 Name of Issue 8 ---CUSIP number ..-------
EquiE~~nt ~~ase-Purch~~~~~~ement Dated _n_._________ ______ __.___N/~_______.____..__ _____
-~9--r;:iameand title of officer or legal representative whom the IRS may call for more informat~~~___r:elePho~~number of Offic:~o_r.lega~:=:ese:tauv~..__.J
lmIIType of Issue (check applicable box(es) and enter the issue price) See instructions and atta~h schedule.__.._________
11 0 Education. . - . 11
12 0 Health and hospital. '1~f ___"u_._._.._.__.___
13 0 Transportation. . 13- .------,. .--.-..------.--
14 0 Public safety . . . . -f~'- -------.-.~.-..-._...-_.-
15 D Environment (including sewage bonds) 15 -.---.-----....
16 0 Housing. . . . . . 16
17 0 Utilities . . . . 17-
18 ~ Other. Describe Club Car Golf Cars 18 101,350_94
19 If obligations are TAN or RANs, check box' f.J If obligations are BANs, check box · . 0
20 If obligations are in the form of a lease or installment sale, check box . .... . . ~
pescription of Obli ations. Com lete for the entire issue for which_ this form is bein ~Ied.) _________
(b) Issue price (c) Stated redemPti~O(d) Weighted
price at maturity average maturity
. --- -_._-_._---_......._._----~--
___~ L_.__ $NtA ___......rears ._________...______~_
~ses of Proceeds of Bond Issue (including underwriters' discount) ___.________.
22 Proceeds used for accrued interest. . . . . . . . 22 Nt A
-.------.... -..-- -----....----...
23 Issue price of entire issue (enter amountfrom line 21, column (b)) . 23 NtA
_._.__...__._~_.._---_._....
24 Proceeds used for bond issuance costs (including underwriters' discount) . 24 NtA
25 Proceeds used for credit enhancement . . . . . . . . . . 25 NtA
26 Proceeds allocated to reasonably required reserve or replacement fund . 26 Nt A
27 Proceeds used to currently refund prior issues 27 Nt A
28 Proceeds used to advance refund prior issues . . . . . - . . 28 Nt A
29 Total (add lines 24 through 28). ........... f 29
30 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) _ i ~30
IimI!I Description of Refunded Bonds (Complete this part only for refunding bonds.)
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . .
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . .
33 Enter the last date on which the refunded bonds will be called . .
34 Enter the date(s) the refunded bonds were issued' .
_ Miscellaneous
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . - . ~5 ----------
36a Enter the amount of gross proceeds invested or to be Invested in a guaranteed investment contract (see instructions) 36a __ ~-===~=.~-=
b Enter the final maturity date of the guaranteed Investment contract ·
37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other governmental units 37a -- ---.. -------
b If this issue is a loan made from the proceeds of another tax-exempt issue, check box · · 0 and enterthe "a-me oft"he--
issuer- . and the date of the issue . .
If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box . · 0
If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . 0
If the issuer has identified a hedge, check box . . . . . . 0
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the, best
of my knowledge and belief, they are true, correct, and complete.
(e) Yield
NtA
N/A
N/A
N/A
N/A
years
years
38
39
40
Please
/"
Sign · ... ~u...9..Q~
Here Signature of issuer's authorized representative
For Paperwork Reduction Act Notice, see page 2 of the instructions.
Y(;;U:;/07 · · E,i~av,9 A-iJoKes. [);r, ,*V\~(.:.-
_... .Q~~___..._.._ .TY~...Qr. print B"!!11e and t~~__ ._._________.___.._.
Cat. No. 637735 Form 8038-G (REW. 5-99)
Address:
CITY OF OSHKOSH, WI dba:
LAKESHORE GOLF COURSE
215 CHURCH AVE
OSHKOSH, WI 54901
Purchaser:
State of Sales
Tax Registration:
tAfk~Ca;J 51 ~'~
BLANKET CERTIFICATE OF RESALE
This is to certify that all material, merchandise, or goods purchased by the undersigned from:
TIZIANI GOLF CAR CORPORATION
4160 ANDERSON ROAD
/ ( DEFOREST, WI 53532
after I f :;z c3 I c 7 is purchased for the following purpose:
=t- ( , ~Date).
Resale as tangible personal property
Rental as tangible personal property
To be incorporated as a material part of other tangible personal property to be produced f()r
sale by manufacturing, assembling, processing or refining.
To be exported for sale, use or consumption outside the continental limits of the United
States.
~ Exemption under Federal, State, or Local Governmental Laws.
Other:
This certificate shall be considered a part of each order which we shall give unless othelWise stated. This
certificate is to continue in force until r~e~~ L. ,i7'--
CERTIFICATE NUMBER: 6 iCeGd'l BY: ~.~J:Z-:P
AS ITS: fv (' C h P1 5'" A.J .:. '(
INSTRUCTIONS: (Please print or Type)
1. PURCHASER - Fill in Company's Legal Name including "dba".
2. ADDRESS - Complete mailing address
3. STATE OF REG. - The State with which your certificate number is filed. Please
complete one form for each state of registration
4. DATE - Fill in approximate date of first purchase with Club Car, Inc.
5. Check the most appropriate intended purpose of the purchase
6. CERTIFICATE NUMBER -Indicate your certificate number issued by the state in which
you are registered.
7. BY - Signature of person authorized by your Company.
8. AS ITS - Title of authorized person signing.
NOTE: PLEASE RETURN THIS CERTIFICATE ALONG WITH YOUR CONTRACT DOCUMENTS TO:
CITICAPIT AL COMMERCIAL CORPORATION
GOLF & TURF
3950 Regent Blvd S2A-210
Irving, TX 75063
B4/27!2007 14:03 2622414841
STEVE FISCHER
PAGE {~2/ 02
SCHEDULE C '
DELIVERY AND ACCEPTANCE CERTIFICATE
Pursuant to that certain Equipment Lease-Purchase Agreement dated as of
("Lease';), the undersigned Lessee hereby acknowledges receipt of the equipment, as more fully
described in Schedule A to the Lease ("Equipment") is installed and in good working condition and
Lessee hereby accepts the Equipment after full inspection thereof as satisfactory for all purposes undc:r
the Lease executed by Lessee and Lessor as of the date set forth below:
(34) CLUB CAR GOLF CAR ~ GAS DSO
(1) CLUB CAR GOLF CAR- DILITY 11JRF I IQ
COMPLETE WITH ALL ATTACHMENTS AND ACCESSORIES
(please note Serial Number next to unit)
i)
LESSEE: CITY OF OS"OSH, WI
; I
J .. '
By:
TITLE:
DATE ACCEPTED:
~(\, ~~r/\ ldOo7
INSURANCE FACT SHEET
VALUE PRICE: 101,350.94
MUNICIPALITY: Ci ty of Oshkosh
CONTACT:
Don Ca Fontaine
PHONE: 920-236-5100
EQUIPMENT DESCRIPTION:
34 Clubcar golf car - gas DSG
1 Clubcar golf car - utility turf 1IQ
Pursuant to Section 13 of the Equipment Lease-Purchase Agreement dated als of
, Lessee is obligated to provide insurance coverage naming CitiCapital Commercial
Leasing Corporation as Loss Payee -afld..AE:kiit-iGAal-lJl&ured. Please complete this form and return it
with your documentation package and contact your insurance agent to forward a Certificate of
Insurance showing coverage. If you are self insured, please note as such below.
PARENT INSURANCE COMPANY: Cocal Government Propp.rty In<: Flmrl
ADDRESS:
CITY:
PHONE:
7633 Ganser Way Suite ?06
Madison
STATE: WI
ZIP: 53719
608-821-1186
CITY:
Appleton
STATE: WI
ZIP: 54912
PHONE: 800-236-3311
EXPIRATION DATE: 2-1-08
CONTACT: Tim Nickels
POLICY NO: 70226
PUBLIC LIABILITY AMOUNT: 5.000.000
DEDUCTIBLE: 0
PHYSICAL DAMAGE
AMOUNTS: COMPREHENSIVE: 18.899.874 DEDUCTIBLE: 5,000
PHYSICAL DAMAGE
AMOUNTS: COLLISION: 18,899,874 DEDUCTIBLE: 5,000
OTHER COVERAGE: AMOUNTS: DEDUCTIBLE:
OTHER COVERAGE: AMOUNTS: DEDUCTIBLE:
INDICATE IF SELF-INSURED. OR IF POLICY IS CONTINUOUS:
SELF-INSURED:
LIABILITY:
YES
NO
PHYSICAL DAMAGE:
OTHER:
ALL:
CONTINUOUS UNTIL END OF LEASE/PURCHASE AGREEMENT:
YES:
NO:
i-- "T" ---. --';O~A~-~~:~~~:::::~V:::CEFUND
% The ASU Group
7633 Ganser Way, Suite 206
Madison, WI 53719-2092
(608) 833-1443
.1,
CERTIFICATE OF INSURANCE
11Iis certificate is issued as a matter olinformation only and confers no rights upon the certificate holder. This certificate does not
amend, extend or alter the ccverage afforded by the polides below:
Insured:
City of Oshkosh
PO Box 1130
Oshkosh, WI 54903-1130
Type of Insurance
Policy Number
Effective Date
Expiration
Date
. Buildings, Personal Property, Inland Marine Floater,
and Property in the Open
Deductible: $5,000
140530
I-May-06
I-May-O?
Description of Coverages I Operations:
Re: (34) Club Car Golf Car-Gas DSG
(1) Club Car Golf Car-Utility TurfIQ
Complete with all attachments and accessories
Value $101350.94
This policy insures against sudden and accidental direct physical loss or damage except as limited or excluded.
Certificate Holder is named as Loss Payee.
Cancellation: Should any of the above described policies be canceled before the expiration date thereof the issuing company will
ende(JI'or to mail 30 days written notice to the certificate holder named herein, but failllre to mail such notice shall impose no
obligation or liability of any kind upon the company, agents or representatives.
Certificate Holder: Issue Date: April 20, 2007
Fax: 888-810-4102
Authorized Representative:
Ingersoll-Rand Financial Services
PO Box 168647
Irving, TX 75016-8647
_,~J~e/c:,
Susan Hoffinan, ere
Policy Services Supervisor - The ABU GrOUD
ACORDTt/ CERTIFICATE OF LIABILITY INSURANCE I DA TE (M MfODIYY)
4/20/2007
PRODUCER (920) 739-7711 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION
Insurance Services, Inc. ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE
HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR
122 E College Avenue ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.
PO Box 877
Appleton, WI 54912-Q877 INSURERS AFFORDING COVERAGE
INSURED City Of Oshkosh INSURER A Leaaue of WI MuniciDalities Mutual Insurance
A TIN: Don LaFontaine INSURER B:
POBox 1130 !INSURER c:
Oshkosh, WI 54903-1130 INSURER D'
I INSURER E:
OSHKOSH-01
KOMA
COVERAGES
THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED, NOTWITHSTANDING
ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR
MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH
POLICIES. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS,
IN~: TYPE OF INSURANCE POLICY NUMBER POLICY EFFECTIVE PR~!fJ' EXPIRA nON LIMITS
.,gNERAL LIABILITY EACH OCCURRENCE $ 5 000,000
A ..x. ==rMERCIAL GENERAL LIABILITY 70266 2/1/2007 2/1/2008 FIRE DAMAGE (Anyone fire) $ INCL
- CLAIMS MADE D OCCUR MED EXP (Anyone oerson) $ EXCLUDED
..x. Public Official E & 0 PERSONAL & ADV INJURY $ INCL
..x. Employee Benefit Liabilit GENERAL AGGREGATE $ NONE
~'L AGGREnE LIMIT APnS PER: PRODUCTS.COM~OPAGG $ NONE
POLICY ~[}Ri- LOC Public Official E & 0 IncllNo Oed
gTOMOBILE LIABILITY COMBINED SINGLE LIMIT $ INCLUDED
A ~ ANY AUTO 70266 2/1/2007 2/1/2008 (Ea accident)
ALL OWNED AUTOS BODILY INJURY
(Per person) $
- SCHEDULED AUTOS
..x. HIRED AUTOS BODILY INJURY
$
..x. NON.OWNED AUTOS (Per accident)
- PROPERTY DAMAGE $
(Per accident)
~RAGELIABILITY AUTO ONLY - EAACCIDENT $
ANY AUTO OTHER THAN EA ACC $
AUTO ONLY: AGG $
EXCESS LIABILITY EACH OCCURRENCE $
:::loCCUR D CLAIMS MADE AGGREGATE $
$
~ DEDUCTIBLE $
RETENTION $ $
WORKERS COMPENSA TION AND I I T"X~J!~r!;i~ r IOJb'-
EMPLOYERS' LIABILITY E.L, EACH ACCIDENT $
E.L DISEASE - EA EMPLOYEI $
EL DISEASE. POLICY LIMIT $
OTHER I
I
I
DESCRIPTION OF OPERAnONS/LOCATIONSNEHICLES/EXCLUSIONS ADDED BY ENDORSEMENT/SPECIAL PROVISIONS
Rand Financial Services is named as an additional insured, under the General Liability, with respect to the lease of (34) Club Car Golf Cam, GAS
DSG, 1 Club Car Golf Car - Utility Turf 1 IQ complete with all attachments and Accessories.
CERTIFICATE HOLDER I I ADDITIONAL INSURED' INSURER LETTER: CANCELLATION
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION
Rand Financial Services DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL~ DAYS WRITTEN
Division of CitiCapital Commercial Corporation NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO DO :SO SHALL
POBox 168647 IMPOSE NO OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER, ITS AGEI~TS OR
Irving, TX 75016-8647 REPRESENTATIVES,
AUTHORIZED REPRESENTA TIVE /~-~~ ~.~:.__/
ACORD 25-5 (7/97)
@ACORDCORPORATION 1988
FACT SHEET
PLEASE RETURN THIS SHEET WITH THE FINANCIAL STATEMENTS
LEGAL NAME OF ENTITY:
City of Oshkosh
DEPARTMENT USING EQUIPMENT:
Golf Course
FEDERAL 10 NUMBER:
NAME OF COUNTY:
396-00-5563
WinnebaQo
STREET ADDRESS: Please give complete physical street address. Do not give address
with P.O. Box as express delivery will not deliver to it.
215 Church Aye
Oshkosh WI 54901
BILLING ADDRESS: Please indicate any special billing instructions that are required to
avoid late payments and subsequent late charges.
City of Oshkosh - Accounts Payable
P.O. Box 1130
Oshkosh WI 54903-1130
ACCOUNT PAYABLE:
CONTACT Laura Schoeoke
TELEPHONE #: 920-236-5094
SIGNATURES: Please print or type names exactly as the person will be signing the
Document. Signatures are not required here.
Donald K. La Fontaine
Edward Nokes
AUTHORIZED OFFICIAL:
Name: Richard WollanQk
Title: City Manager
ATTORNEY SIGNING OPINION OF COUNSEL:
Name: Warren P. Kraft
TELEPHONE #: 920-236-5115
MAJOR REVENUE SOURCE:
Green feels and tax collection
BANK REFERENCE: Associ ated Bank
CONTACT NAME:
James Czech
TELEPHONE #: 920-727-5280
/'
CITY HALL
215 Church Avenue
P.O. Box 1130
Oshkosh, Wisconsin
54903-1130
City of Oshkosh
~
OJHKOJH
,;-
/
-- -
CitiCapital Commercial Corporation
3950 Regent Blvd S2A-21 0
Irving TX 75063
Gentlemen:
. RE: Equipment Lease-Purchase Proposal
I am furnishing the following information to facilitate the credit review process for the proposed
Equipment Lease-Purchase transaction.
A detailed explanation of the use and application of the equipment is as follows: Gol f Course
Operations
The equipment is essential to the organization for the following reasons: Gal f Course Operations
This equipment replaces previous equipment: No Yes X
If yes, the previous equipment was 9RsiAalf.}'.purdlaseG in 492001.
, leased
Other equipment being used for the same purpose consists of: mowers and other turf
equipment
The useful life of the equipment in the operation of the department is: 10 years
The future plans for the equipment are: trade in for newer equipment
The program/department has been in operation for 50
years.
The source of funds for the payments due under the Equipment Lease-Purchase AgreemE~nt
for the current fiscal year is the Gol f Course Operations fund(s).
The fund(s) generates its revenue from: Green fee I s and taxes
Sincerely,
Lessee: CITY OF OSHKOSH, WI
&t~
By:
Title: Purchasing Agent
...
..:
Date:
4/20/07
MARCH 27, 2007
07 -91
RESOLUTION
(CARRIED 7-0
LOST
LAI DOVER
WITHDRAWN
)
PURPOSE:
AWARD BID FOR LEASING GOLF CARTS
INITIATED BY:
PURCHASING DIVISION
WHEREAS, the City of Oshkosh has heretofore advertised for bids for leasing golf
carts; and
WHEREAS, upon the opening and tabulation of bids, it appears that the following
is the most advantageous bid:
TIZIANI
PO Box 8674
MADISON, WI
Net Bid - 6 years:
$94,786.50
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the said bid is hereby accepted and the proper City officials are hereby
authorized and directed to enter into an appropriate agreement for the purpose of same,
all according to plans, specifications, and bid on file. Money for this purpose is hereby
appropriated from:
Acct. No. 517-0630-6432-00000 -- Golf Course-Equipment Rental
STATE OF WISCONSIN )
COUNTY OF WINNEBAGO ) SS
CITY OF OSHKOSH )
I, PAMELA R. UBRIG, City Clerk for the City of Oshkosh, Winnebago County, Wisconsin,
do hereby certify that the foregoing resolution is a true and correct copy of the original on file in my
office, adopted by the Common Council of the City of Oshkosh, Wisconsin at the meeting held on
March 27, 2007.
Witness my hand and the Corporc;tion--seal-- f the City of O~sb, isconsin.
.'~ ' ) . I'
DATED: April 19, 2007
City Clerk of the City of Oshk fl,
Winnebago County, Wisconsin
WISCONSIN SALES AND USE TAX EXEMPTION CERTIFICATE
Check One ....
o Single Purchase
@Continuous
Purchaser's Business Name
Purchaser's Address
City of Oshkosh
215 Church Avenue PO Box 1130 Oshkosh WI 54903
The above purchaser, whose signature appears on the reverse side of this form, claims exemption from Wisconsin state,
county, baseball or football stadium, and premier resort sales or use tax on the purchase, lease, or rental of tangible
personal property or taxable services, as indicated by the box(es) checked below.
I hereby certify that I am engaged in the business of selling, leasing, or renting:
(Description of Property or Services Sold by Purchaser)
General description of property or services purchased (itemize property purchased if "single purchase"):
Seller's Name
trl. ttV/r1G-oLfC,..q/"CCI/'t I
Seller's Address ..A ' r. ,A ,,' / r.2 - .fi
L{ ~ ~ d Y'VV. de ~9'v ~ / "'9JP~
0.:> \" 0 f' e \ LV;.h -S 3S 3 '
o Resale (Enter purchaser's seller's permit or use tax certificate number)
Manufacturing
D Tangible personal property becoming an ingredient or component part, or which is consumed or destroyed qr loses
its identity, in the manufacture of tangible personal property destined for sale.
D Machines and specific processing equipment and repair parts or replacements thereof, exclusively and directly used
by a manufacturer in manufacturing tangible personal property and safety attachments for those machines and
equipment.
D The repair, service, alteration, fitting, cleaning, painting, coating, towing, installation, and maintenance of machines
and specific processing equipment, that the above purchaser would be authorized to purchase without sales or use
tax, at the time the service is performed thereon. Tools used to repair exempt machines are not exempt.
D Fuel and electricity consumed in manufacturing tangible personal property (effective January 1,2006).
Percent of fuel exempt: % Percent of electricity exempt: %
D Portion of the amount of fuel converted to steam for purposes of resale. (Percent of fuel exempt %)
Farming (To qualify for this exemption, the purchaser must use item(s) exclusively and directly in the business of farming,
including dairy farming, agriculture, horticulture, floriculture, or custom farming services.)
D Tractors (except lawn and garden tractors) and farm machines, including accessories, attachments, parts and repair
service.
D Feed, seeds for planting, plants, fertilizer, soil conditioners, sprays, pesticides, and fungicides.
D Baling twine and baling wire.
D Breeding and other livestock, poultry, and farm work stock.
D Containers for fruits, vegetables, grain, hay, and silage (including containers used to transfer merchandis,e to
customers), and plastic bags, sleeves, and sheeting used to store or cover hay and silage.
D Animal waste containers or component parts thereof (may only mark certificate as "Single Purchase").
D Animal bedding, medicine for farm livestock, and milk house supplies.
D All-terrain vehicles (AN) used exclusively in farming.
S-211 (R. 9-05)
Wisconsin Department of Revenue
, ;.,
C~=-:2-2222 4~;~~
~o=: C~ST~~~~~ S~~~::~
5:3 2S::' 3755
0.22/22
Internal Revenue Service
Department of the Treasury
P. O. Box 2508
Cincinnati,OH 45201
Date: February 10, 2000
City of Oshkosh
Office of Comptroller
215 Church Avenue
Oshkosh, WI 54901-4747
Person to Contact:
Carol Kraft - #31-01135
Customer Service Specialist
Toll Free Telephone Number: .
817.629-5500
Fax Number:
513-263.3756
Employer Identification Number:
S9-6005563
Dear Sir:
ThiS is in response to your request for information conceming your organization's exemption from
Federal income tax.
As an instrumentality of a governmental unit, your organization is not subject to Federal income
tax under the provisions of Section 115(1) of the Internal Revenue Code of 1954, which state,s in
part:
UGross income does not include income derived from the
exercise of any essential governmental function and accruing
to a State or any political subdivision thereof ..."
Because your organization is an instrumentality of a governmental unit, its income is not taxable
as explained above. Contributions to instrumentalities are deductible under Section 170(c){1) of
the Code.
If you have any questions, please call us at the telephone number shown in the heading of this
letter.
Sincerely,
.2tr1!~~
Robert C. Padilla
Manager, Customer Service
TnT,""" n....,
02/06/2007 12:11:55 PM Page
CITY OF OSHKOSH
Compound Period: Monthly
Nominal Annual Rate: 5.220 %
CASH FLOW DATA
Event Date Amount Number Period . End Date
1 Loan 04/01/2007 101,350.94 I
2 Payment 05/01/2007 2,632.96- 6 Monthly 10/01/2007
3 Payment 05/01/2008 2,632.96 6 Monthly 1 % 1/2008
4 Payment 05/01/2009 2,632.96 6 Monthly lO/01/2009
5 Payment 05/01/2010 2,632.96 6 Monthly 10/0 1/20 lO
6 Payment 05/01/2011 2,632.96 6 Monthly 10/01/2011
7 Payment 05/01/2012 2,632.96 6. Monthly 10/0 1/20 12
8 Payment 11/01/2012 25,500.00 I
AMORTIZATION SCHEDULE - Normal Amortization
Date Payment Interest Principal Balance
Loan 04/01/2007 lOl,350.94
1 05/01/2007 2,632.96 440.88 2,192.08 99,158.86
2 06/01/2007 2,632.96 431.34 2,201.62 96,957.24
3 07/01/2007 2,632.96 421.77 2,211.19 94,746.05
4 08/01/2007 2,632.96 412.15 2,220.81 92,525.24
5 09/01/2007 2,632.96 402.49 2,230.47 90,294.77
6 I % I /2007 2,632.96 392.78 2,240.18 88,054.59
2007 Totals 15,797.76 2,501.41 13,296.35
7 05/01/2008 2,632.96 2,716.51 83.55- 88,138.14
8 06/01/2008 2,632.96 383.40 2,249.56 85,888.58
9 07/01/2008 2,632.96 373.62 2,259.34 83,629.24
lO 08/01/2008 2,632.96 363.79 2,269.17 81,360.07
II 09/01/2008 2,632.96 353.92 2,279.04 79,081.03
12 10/0 1/2008 2,632.96 344.00 2,288.96 76,792.07
2008 Totals 15,797.76 4,535.24 11,262.52
13 05/01/2009 2,632.96 2,369.06 263.90 76,528.17
14 06/01/2009 2,632.96 332.90 2,300.06 74,228.11
15 07/01/2009 2,632.96 322.89 2,3lO.07 71,918.04
16 08/01/2009 2,632.96 312.84 2,320.12 69,597.92
17 09/01/2009 2,632.96 302.75 2,330.21 67,267.71
18 10/0 1/2009 2,632.96 292.62 2,340.34 64,927.37
2009 Totals 15,797.76 3,933.06 11,864.70
19 05/01/20lO 2,632.96 2,003.03 629.93 64,297.44
20 06/01/20 lO 2,632.96 279.69 2,353.27 61,944.17
21 07/01/20 lO 2,632.96 269.46 2,363.50 59,580.67
22 08/01/20lO 2,632.96 259.18 2,373.78 57,206.89
23 09/01/20lO 2,632.96 248.85 2,384.11 54,822.78
24 10/01/2010 2,632.96 238.48 2,394.48 52,428.30
20lO Totals 15,797.76 3,298.69 12,499.07
25 05/01/20 II 2,632.96 1,617.43 1,015.53 51,412.77
26 06/01/20 II 2,632.96 223.65 2,409.31 49,003.46
27 07/01/20 II 2,632.96 213.17 2,419.79 46,583.67
02/06/2007 12:11 :55 PM Page 2
28 08/01/20 II 2,632.96 202.64 2,430.32 44,153.35
29 09/01/2011 2,632.96 192.07 2,440.89 41,712.46
30 10/01/2011 2,632.96 181.45 2,451.51 39,260.95
2011 Totals 15,797.76 2,630.41 13,167.35
31 05/01/2012 2,632.96 1,211.21 1,421.75 37,839.20
32 06/01/2012 2,632.96 164.60 2,468.36 35,370.84
33 07/01/2012 2,632.96 153.86 2,479.10 32,891.74
34 08/01/2012 2,632.96 143.08 2,489.88 30,401.86
35 09/01/2012 2,632.96 132.25 2,500.71 27,901.15
36 10/01/2012 2,632.96 121.37 2,511.59 25,389.56
37 11/01/2012 25,500.00 110.44 25,389.56 0.00
2012 Totals 41,297.76 2,036.81 39,260.95
Grand Totals 120,286.56 18,935.62 101,350.94