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HomeMy WebLinkAboutReso. 1988-173 - Approving the lease purchase agreement between the city of redding and leasource financial services 411 411 RESOLUTION NO. iW/7.5 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE LEASE PURCHASE AGREEMENT BETWEEN THE CITY OF REDDING AND LEASOURCE FINANCIAL SERVICES FOR THE PURCHASE OF A MULTIGRAPHICS 2500 VR ELECTROSTATIC PLATE MAKER, AND AUTHORIZING THE CITY MANAGER TO SIGN ALL NECESSARY DOCUMENTATION. BE IT RESOLVED by the City Council of the City of Redding as follows : 1 . That the City Council of the City of Redding hereby approves the Lease Purchase Agreement between the City of Redding and Leasource Financial Services for the purchase of one Multigraphics 2.500 VR Electrostatic Plate Maker, a true copy of which is attached hereto. 2 . That the City Manager of the City of Redding is hereby authorized and directed to sign said Lease Purchase Agreement and other necessary documentation in connection therewith on behalf of the City of Redding, and the City Clerk is hereby authorized and directed to attest the signature of the City Manager and to impress the official seal of the City of Redding on the aforesaid documentation, when appropriate. I HEREBY CERTIFY that the foregoing Resolution was introduced and read at a regular meeting of the City Council of the City of Redding on the 3rd day of May , 1988 , and was duly adopted at said meeting by the following vote: AYES: COUNCIL MEMBERS: Buffum, Carter, Dahl , Fulton, & Johannessen NOES: COUNCIL MEMBERS : None ABSENT: COUNCIL MEMBERS: None ABSTAIN: COUNCIL MEMBERS : None K. £ + . : CE JOHANNESSEN, Mayor City of Redding ATTEST: FORM ROVED: ETHEL A. NICHOLS, City Clerk RANDALL A. HAYS, Ci y Attorney NJ 411 410 Lease Purchase Agreement # M LEASE PURCHASE AGREEMENT This EQUIPMENT LEASE AGREEMENT ("Agreement") is by and between Leasource Financial Services, a California partnership ("Lessor") and City of Redding, a Municipal Corporation. and General Law City, ("Lessee") . WITNESSETH: Lessor hereby demises, leases and lets to Lessee and Lessee hereby rents, leases and hires from Lessor, the Equipment described in any Exhibit A now or hereafter attached hereto ("Equipment") in accordance with the following terms and conditions of this Lease-Purchase Agreement ("Lease") . 1. Term. The term of this lease the ("Lease Term") shall comm- ence on the date the Equipment is accepted by Lessee pursuant to Section 3 hereunder and shall terminate the last day of Lessee's current fiscal year. For the duration of the Lease Term, this Lease will be automatically renewed at the end of each fiscal year unless the Lessee gives written notice to Lessor not less than ninety (90) days prior to the end of the Lessee's fiscal year of Lessee's intention to terminate this Lease pursuant to Section 5 hereunder. 2 . Rent. Lessee agrees to pay Lessor or its assignee the Lease Payments, including the interest portion, equal to the amounts speci- fied in Exhibit B. The Lease Payments will be payable without notice or demand at the office of the Lessor (or such other place as Lessor or its assignee may from time to time designate in writing) , and will commence on the Commencement Date as set forth in Exhibit C and there after on the subsequent dates set forth in Exhibit B. Any payments re- ceived later than (10) days from the due date will bear interest at the highest lawful rate from the due date. Except as specifically provided in Section 5 hereof, the Lease Payment will be absolute and unconditional in all events and will not be subject to any setoff, de- fense, counterclaim, or recoupment for any reason whatsoever including, without limitation, any failure of the Equipment to be delivered or in- stalled, 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 power to obtain, maintain and properly request and pursue funds from which the Lease Payments may be made, including making provisions for such payments to the extent necessary in each budget submitted for the purpose of obtaining funding, using its bona fide best efforts to have such portion of the budget approved and exhausting all available administrative reviews and appeals in the event such portion of the budget is not approved. It is Lessee's intent to make Lease Payments for the full Lease Term if funds are legally available. therefor and in that regard Lessee represents that the use of the Equipment is essential to its proper, efficient and economic operation. Lessor and Lessee understand and • 411 • intend that the obligation of Lessee to pay Lease Payments hereunder shall constitute a current expense of Lessee and shall 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 by Lessee, nor shall anything contained herein constitute a pledge of the general tax revenues, funds or monies of Lessee. 3. Delivery and Acceptance. Lessee, will cause the Equipment to be delivered to Lessee at the location specified in Exhibit A ("Equipment Location") . Lessee will pay all transportation and other costs, if any, incurred in connection with the delivery and installation of the Equipment. Lessee will accept the Equipment as soon as it has been delivered and is operational. Lessee will evidence its acceptance of the Equipment by executing and delivering to Lessor a Delivery and Acceptance Certificate in the form provided by Lessor and attached hereto as Exhibit C. 4. Disclaimer of Warranties. Lessee acknowledges and agrees that the Equipment is of a size, design and capacity selected by Lessee, that Lessor is neither a manufacturer nor a vendor of such equipment, and that LESSOR HAS NOT MADE, AND DORS NOT HEREBY MAKE, ANY REPRESENTATION, WARRANTY, OR COVENANT, EXPRESS OR IMPLIED, WITH RESPECT TO THE MERCHANTABILITY, CONDITION, QUALITY, DURABILITY, DESIGN, OPERATION, FITNESS FOR USE, OR SUITABILITY OF THE EQUIPMENT IN ANY RESPECT WHATSOEVER OR IN CONNECTION WITH OR FOR THE PURPOSES AND USES OF LESSEE, OR ANY OTHER REPRESENTATION, WARRANTY, OR COVENANT OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT THERETO, AND LESSOR SHALL NOT BE OBLIGATED OR LIABLE FOR ACTUAL, INCIDENTAL, CONSEQUENTIAL, OR OTHER DAMAGES OF OR TO LESSEF OR ANY OTHER PERSON OR ENTITY ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE EQUIPMENT AND THE MAINTENANCE THEREOF. Lessor hereby assigns to Lessee during the Lease Term, so long as no Event of Default has occurred hereunder and is continuing, all manufacturer's warranties, if any, expressed or implied with respect to the Equipment, 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, nor shall such matter have any effect whatsoever on the rights and obligations of Lessor with respect to this Lease, including the right to receive full and timely payments hereunder. Lessee expressly acknowledges that Lessor makes, and has made, no representations or warranties whatsoever as to the existence or the availability of such warranties of the manufacturer of the Equipment. 5. Non-Appropriation of Funds; Non-Substitution. Notwithstanding anything contained in this Lease to the contrary, in the event no funds or insufficient funds are appropriated and budgeted or are otherwise unavailable by any means whatsoever in any fiscal period for Lease Payments due under this Lease, Lessee will immediately notify the Lessor or its assignee of such occurrence and this Lease shall terminate on the last day of the fiscal period for which appropriations were received without penalty or expense to Lessee of any kind whatsoever, except as the portions of Lease Payments herein agreed upon for which funds shall have been appropriated and budgeted or are otherwise available. In the event of such termination, Lessee agrees to peaceably surrender possession of the Equipment to Lessor or its assignee on the -2- 10/87 110 III date of such termination, packed for shipment in accordance with manufacturer specifications and freight prepaid and insured to any location in the continental United States designated by Lessor. Lessor will have all legal and equitable rights and remedies to take possession of the Equipment. Notwithstanding the foregoing, Lessee agrees (i) that it will not cancel this Lease under the provisions of this Section if any funds are appropriated to it, or by it, for the acqusition, retention or operation of the Equipment or other equipment performing functions similar to the Equipment for the fiscal period in which such termination occurs or the next succeeding fiscal period thereafter, and (ii) that it will riot during the Lease Term give priority in the application of funds to any ,other functionally similar equipment. This paragraph will riot be construed sous to permit Lessee to terminate this Lease in order to acquire or lease any other equipment or to allocate funds directly or indirectly to perform essentially the same application for which the Equipment is intended. 6. Certification and Authorization. Lessee represents, covenants and warrants that it is a "municipal Corporation and General Law City,or that Lessee's obligation under this Lease constitutes an obligation issued on behalf of said-Municipal Corporation/City, such that any interest derived under this Lease may qualify for exemption frau Federal income taxes under Section 103 of the Internal Revenue Code. Lessee further warrants that this Lease represents a valid deferred payment obligation for the amount herein set ,forth of a Lessee having the legal capacity to enter into the same and is not in contravention of any Town/City, District, County, or State statute, rule, regulation, or other governmental provision. In the event that a question arises as to Lessee's qualification as a political subdivision, Lessee agrees to execute a power of attorney authorizing Lessor to make application to the Internal Revenue Service for a letter ruling with respect to the issue. Lessee agrees that (i) it will do or cause to be done all things necessary to preserve and keep the Lease in full force and effect; . (ii) it has complied with all bidding requirements where necessary and by due notification presented this Lease for approval and adoption as a valid obligation on its part; and (iii) it has sufficient kppropriations or other funds available to pay all amounts due hereunder for the current fiscal period; (iv) the Equipment will be used during the Lease Term only to carry out the essential government purposes of the manner provided in the Internal Revenue Code of 1986, the information reporting statement Form 8038G or Form 8038GC; and (vi) Lessee will take no action that will cause the Interest portion of any Lease Payment to became includible in gross income of the recipient for purposes of federal inccre taxaction under the Internal Revenue Code of 1986, and Lessee will take, and will cause its officers, employees and agents to take, all affirmative action legally within its power to prevent such Interest frau being includible in gross income for purposes of federal inane taxation under the Code. 7. Title to Equipment; Security Interest. During the term of this Lease, and so long as no Event of Default (as defined in Section 17) has occurred, title to the Equipment and any and all additions,. repairs, replacements or modifications thereof, will rest in the Lessee, subject to the rights of Lessor I under this Agreement. In the Event of Default as set forth in Paragraph 17 or as set forth in Paragraph 5, Lessee will peaceably surrender possession of the Equipment to Lessor. At the expiration of the Lease Term, when all Lease Payments have been made, Lessor will deliver clear title to the Equipment to the Lessee. -3- 10/87 Lessor shall have and retain a security interest under the Uniform Commercial Code in the Equipment, the proceeds thereof and any and all repairs replacements, substitutions and modifications thereto, in order to secure Lessee's payment of all Lease Payments and the performance of all other obligations of Lessee under this Agreement. If requested by Lessor, Lessee agrees to execute such additional documents including financing statements, affidavits, notices and similar instruments, in form satisfactory to Lessor which Lessor deems necessary or appropriate to protect its interest in the Equipment and in this Lease. 8. Use; Repairs. Lessee will use the Equipment in a careful manner for the use contemplated by the manufacturer for the equipment and shall comply with all laws, ordinances, insurance policies and regulations relating to, and will pay all costs, claims, damages, fees and charges arising out of its possession, use or maintenance. Lessee, at its expense will keep the Equipment in good working order and repair and furnish all parts, mechanisms and devices required therefor. 9. 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 Equipment. 10. Location; Inspection. The Equipment will not be removed frau, or if the Equipment consists of rolling stock, its permanent base will not be changed frau 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. 11. Liens and Taxes. Lessee shall keep the Equipment free and clear of all levies, liens and encumbrances except those created under this Lease. Lessee shall pa', 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 inane. If Lessee fails to pay said charges and taxes when due, Lessor shall have the right, but shall not be obligated, to pay said charges and taxes. If Lessor pays any charges or taxes, Lessee shall reimburse Lessor therefor. 12. Risk of Loss; Damage; Destruction. Lessee assumes all risk of loss of or damage to the Equipment fram 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 Purchase Option Amount set forth in Exhibit B. In the event that -4- 10/87 • 410 Lessee is obligated to make payment with respect to less than all of the Equipment, Lessor will provide Lessee with the pro rata amount of the Lease Payment and the Purchase Option Amount to be made by Lessee with respect to the Equint which has suffered the event of loss. 13. Personal Property. The Equipment is and will remain personal property and will not be deemed to be affixed or attached to real estate or any building thereon. If requested by Lessor, Lessee will, at 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. 14. Insurance. Lessee, will, at its expense, maintain at all times during the Lease Term, fire and extended coverage, public liability and property damage insurance with respect to the Equipment in such amounts, covering such risks, and with such insurers as shall be satisfactory to Lessor, or, with Lessor's prior written consent may self-insure against any or all such risks. In no event will the insurance limits be less than the amount of the then applicable Concluding Payment with respect to such Equipment. Each insurance policy will name Lessee as an insured and Lessor or its assigns as an additional insured, and will contain a clause requiring the insurer to give Lessor at least thirty (30) days prior written notice of any alteration in the terms of such policy or the cancellation thereof. The proceeds of any such policies will be payable to Lessee and Lessor or its assigns as their interests may appear. Upon acceptance of the Equipment and upon each, insurance renewal date, Lessee will deliver to Lessor a certificate evidencing such insurance. In the event that Lessee has been permitted to self-insure, Lessee will furnish Lessor with a letter or certificate to such effect. In the event of any loss, damage, injury or accident involving the Equipment, Lessee will pra ptly provide Lessor with written notice thereof and make available to Lessor all information and documentation relating thereto. 15. Indemnification. Lessee shall indemnify Lessor against, and hold Lessor harmless frau, any and all claims, actions, proceedings, expenses, damages or liabilities, including attorney's fees and court costs, arising in connection with the Equipment, including, but not limited to, its selection, purchase, delivery, possession, use, operation, rejection, or return and the recovery of claims under insurance policies thereon. The indemnification arising under this paragraph shall continue in full force and effect notwithstanding the full payment of all obligations under this Lease or the termination of the Lease Term for any reason. 16. Assignment. 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 for the governmental purposes of Lessee. Lessor may assign its rights, title and interest in and to this Lease, the Equipment and any documents executed with respect to this Lease 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 -5- 10/87 • O heirs, executors, administrators, successors and assigns of the parties hereto. Lesser 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. The Lessee covenants and agrees with the Lessor and each subsequent assignee of the Lessor to maintain for the full term of this Agreement a written record of each such assignment and reassignment. In compliance with Section 149(a) of the Internal Revenue Code, the Lessee' agrees to affix a copy of each notification of assignment to the Lessee's counterpart of the Agreement. The Lessee hereby designates the Lessor to be its agent for the purposes of maintaining a book entry system identifying the ownership or interests in and to this Agreement and the Lessor hereby accepts its duties as agent hereunder. 17. Event of Default. The term "Event of Default," as used herein, means the occurrence of any one 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 the 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 I thereof by Lessor; (iii) the discovery by Lessor that any statement, representation, or warranty made by Lessee in this Lease or in writing ever delivered by Lessee pursuant hereto or in connection herewith is false, misleading, or erroneous in any material respect; (iv) proceedings under any bankruptcy, insolvency, reorganization or similar legislation shall be, instituted against or by Lessee, or a receiver or similar officer shall be appointed for Lessee or any of its property, and such proceedings or appointments shall not be vacated, or fully stayed, within twenty (20) days after the institution or occurrence thereof; or (v) an attachment, levy or execution is threatened or levied upon or against the Equipment. 18. Remedies. Upon the occurrence of an Event of Default, and as long as such Event of Default is continuing, Lessor may, at its option, exercise any one or more of the following remedies: (i) by written notice to Lessee, declare an amount equal to all amounts then due under the Lease, and all remaining Lease Payments due during the Fiscal Year in effect when the default occurs to be immediately due and payable, whereupon the same shall became immediately due and payable; (ii) by written notice to the Lessee, request Lessee to (and Lessee agrees that it will) , at Lessee's expense, promptly return the Equipment to Lessor in the manner set forth in Section 5 hereof, or Lessor, at its option, may enter upon the premises where the Equipment is located and take immediate possession of and remove the same; (iii) sell or lease the Equipment or sublease it for the account of Lessee, holding lessee liable for all Lease Payments and other payments due to the effective date of such selling, leasing or subleasing and for the difference between the purchase price, rental and other amounts paid by the purchaser, lessee or sublease pursuant to such sale, lease or sublease and the amounts payable by Lessee hereunder; and (iv) exercise any other right, remedy or privilege which may be available to it under applicable laws of the state of the Equipment Location or any other applicable law or proceed by -6- 10/87 • • appropriate court action to enforce the terms of the Lease or to recover damages for the breach of this Lease or to rescind this Lease as to any or all of the Equipment. In addition, Lessee will remain liable for all covenants and indemnities under this Lease and for all legal fees and other costs and expenses, including court costs, incurred by Lessor with respect to the enforcement of any of the remedies listed above or any other remedy available to Lessor. 19. Notices. All notices to be given under this Lease shall be made in writing and mailed by certified mail, return receipt requested, to the other party at its address set forth herein or at such address as the party may provide in writing from time to time. Any such notice shall be deemed to have been received five (5) days subsequent to mailing. 20. 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. 21. Governing Law. This Lease Shall be construed in accordance with, and governed by the laws of, the state of the Equipment Location. 22. 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. 23. Entire Agreement; Waiver. This Lease, together with the Delivery and Acceptance Certificate and other attachments hereto, and other documents or instruments executed by Lessee and Lessor in connection herewith, constitute the entire agreement between the parties with respect to the lease of the Equipment, and this Lease shall not be modified, amended, altered, or changed except with the written conS'ent of Lessee and Lessor. Any provision of this Lease found to be prohibited by law shall be ineffective to the extent of such prohibition without invalidating the remainder of the Lease. The waiver by Lessor of any breach by Lessee of any term, covenant or condition hereof shall not operate as a waiver of any subsequent breach thereof. 24. Use of Equipment. The Lessee will use the Equipment in a manner for the contemplated by this Lease and in the Essential Use/Source of Funds Letter and shall comply with all applicable laws, ordinances, claims, damages, 1 fees and charges arising out of its possession, use or maintenance. The Lessee, at its expense, shall be responsible for and shall pay all charges for the maintenance of the Equipment. No more than 10% of the use of any unit of the Equipment in any month will be by persons or entities other than the Lessee or its eiuployees on matters relating to such employment, and no more than 5% of use of any unit of the Equipment in any month will be unrelated to use by or for the Lessee. No management contract shall be entered into with respect to any unit of the Equipment unless (a) at least half the compensation is on a periodic, fixed-fee basis; (b) no compensation is based on a share of net profits; and (c) the Lessee is able to terminate the contract without penalties at the end of any three years. -7- 10/87 • • . 25. Taxes and Ober Governmental Charges. In the event the Equipment is • found to be subject to taxation in any form, the Lessee will pay as the same respectively become clue, all taxes and governmental charges of any kind whatsoever together with any interest and penalties that may at any time be lawfully assessed or levied against or with respect to the Equipment including but not: limited to the ownership, leasing, rental, sale, purchase, or possession thereof (excluding however, all taxes on or measured by the Lessor's or its assigns' iricune) and any equipment or other property acquired by the Lessee in substitution for, as a renewal or replacement of, or as a modification, improvement, or addition to the Equipment, as well as all other charges incurred in the operation, maintenance, use and upkeep of the Equipment; provided that with respect to any governmental charges that may lawfully be paid in installments over a period of years, the Lessee shall be obligated to pay only such installments as are required to be paid during the Lease Term. Upon the expiration or earlier termination of this Agreement, the Lessee shall pay to the Lessor or its assigns any ad valorem, personal property or excise taxes assessed but not yet due and payable. I . 26. Filings. The Lessee authorizes the Lessor to make the Lessor's security interest a matter of public record by filings of any documents the Lessor deems necessary for that purpose and to be responsible for any costs associated therewith. The Lessee agrees to sign or execute such documents at its expense to evidence its consent filings. IN WITNESS WHEREOF, the parties have executed this Agreement as of t:hc day of 19 LESSEE: City of Redding LESSOR: Leasource Financial Services By: By: b. , Title: N Title: Partner is ADDRESS FOR N(I'ICES ADDRESS FOR NOTICES UNDER 'h IS LEASE: UNDER THIS LEASE: 760 Parkview Ave. 7996 California Ave. , Ste. C Redding, CA 96001 Fair Oaks, CA 95628 • Rita Vakal Lessee Contact � . I (916) 225-4489 Telephone Number -3- . 10/37 • . . • • II EXHIBIT A - EQUIPMENT SCHEDULE Lease No. This Equipment Schedule dated as of , is being executed by Leasource Financial ServiceV'Lessor") , and City of Redding ("Lessee") , as a supplement to, and is hereby attached to and made a part of that certain Lease Purchase dated as of ("Lease") , between Lessor and Lessee. Lessor hereby leases to Lessee under and pursuant to the Lease, and Lessee hereby accepts and leases from Lessor under and pursuant to the Lease, subject to and upon the terms and conditions set forth in the Lease and upon the terms set forth below, the following items of Equipment: Quantity Description (Manufacturer, Model & Serial No.) 1 Multigraphics 2500VR Electrostatic Plate Maker Equipment Location: Vendor: 1550 California St. Multigraphics Redding, CA 96001 241 S. Lathrop Way Sacramento, CA • Contact: Lon Wheeler Telephone: 916-922-1571 10/87 -, -- -- 1u.._ LLf-1=0,-n_tm.LL r 111ML.1uulIl.' P.2 • s Electroplating Eq. ORIGINAL MONTHLY LEASING FOR 3 .00 YEARS ANNUAL INTEREST RATE OF : 13,054070% Fiscal Payoff Period Principal Interest Total Amount 1 286 . 67 127 ,00 393 . 67 13, 778 . 48 2 269 . 57 124 . 10 393 .67 13 , 384 . 81 3 272. 50 121 . 17 393.67 12,991 . 14 4 275.47 118. 20 393. 67 12, 597 .47 I 6 278 .46 116. 21 393 .67 12 ,203 . 80 6 281 . 49 112 . 18 393.67 11 , 810. 13 7 284 . 55 109 . 12 393 .67 11 , 416,46 a 287 .65 106. 02 393.67 11 ,022 ,79 9 290. 78 102 . 89 393 .67 10,629 . 11 10 293 . 94 99. 73 393. 67 10, 235 .44 11 297. 14 96. 53 393 . 67 9, 841 , 77 12 300 . 37 93 . 30 393 .67 9, 448 . 10 13 303 . 64 90, 03 393 . 67 9, 054 .43 14 306.94 86. 73 393, 67 8, 660. 76 15 310 . 28 83 . 39 393 . 67 8, 267 .09 16 313 . 66 80.01 393 . 67 7, 873 .42 17 317 . 07 76 . 60 393. 67 7, 479 . 75 18 320 . 52 73 . 15 393 .67 7, 086 .08 1 19 324 .01 69 . 67 393. 67 6, 692 .41 20 327 . 53 66. 14 393. 67 6, 298 . 73 21 331 . 09 62 . 58 393 , 67 5,905 .06 22 334.70 58. 98 393 . 67 5, 511 . 39 23 338. 34 55, 33 393 . 67 5 , 117 . 72 24 342 . 02 51 . 65 393.67 4 , 724 .05 26 345. 74 47.93 393. 67 4,330. 38 26 349 .50 44 . 17 393 .67 3,936. 71 27 353. 30 40.37 393 . 67 3, 543.04 28 357. 14 36. 63 393. 67 3, 149.37 29 361 . 03 32 .64 393 .67 2, 755 . 70 30 364 . 96 28. 71 393 .67 2, 362 .03 31 368 . 93 24 . 74 393 . 67 1 , 968 . 35 32 372 . 94 20. 73 393.67 1 ,574 .68 33 377 . 00 16, 67 393 . 67 1 , 181 .01 34 381 . 10 12 .57 393 . 67 787 . 34 36 385 . 24 8 . 43 393 .67 393 , 67 36 389 . 43 4 . 24 393. 67 0 .00 11 , 674 . 70 2,497. 45 14, 172. 15 EXHIBIT "B" Printed on April 8, 1988 EXHIBIT C DELIVERY AND ACCEPTANCE CERTIFICATE Lease Date: Lease Number: Quantity Description (Manufacturer, Model & Serial No.) 1 Multigraphics 2500VR Electrostatic Plate Maker 1 1 The undersigned Lessee hereby acknowledges receipt of the Equipment described above ("Equipment") as fully installed and in good working condition; and Lessee i hereby accepts the Equipment after full inspection thereof as satisfactory for all purposes of the Equipment Lease Purchase executed by Lessee and Lessor. Lessee agrees to make payments beginning on the Commencement Date as set forth on Exhibit B, Payment Schedule. TotA1 Number of Payments: 36 Payment Period: Monthly (Monthly, Quarterly, Semi-Annual, Annual) Payment Amount: $ 393.67 SSE: City of Redding DATE ACCEPTED: X ("Commencement Date") BY: 10/87