Res 029-2012 4/3/2012 RESOLUTION NO. 29-2012
Resolution Authorizing The City Manager To Execute All Documents
Necessary To Amend A Supplemental Schedule To A Master Capital
Equipment Lease That Was Previously Entered Into With Suntrust
Equipment Financing And Leasing Company To Include A 13 Year
Repayment Schedule For Various Energy Savings Projects In The
Principle Amount Of $4,419,310
WHEREAS, bids were received from qualified financial institutions to finance
$4,419,310 in various energy savings projects for City facilities;
WHEREAS, the bid received from SunTrust Equipment Financing and Leasing
Company was the lowest responsible bid, with a 2.54% interest rate over a 13-year
repayment schedule;
WHEREAS, the City of Wichita Falls already has an existing agreement with
SunTrust Equipment Financing and Leasing Company that was entered into in March
2009 to finance a fire ladder truck; and
WHEREAS, the City Council desires to add a 13 Year Capital Leasing Schedule
to the existing Capital Equipment Lease with SunTrust for financing $4,419,310 in
facility equipment improvements as part of an energy savings agreement with Noresco,
LLC.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The City Manager is authorized to execute all documents necessary to amend an
Existing Master Capital Equipment Lease that was previously entered into with
SunTrust Equipment Financing and Leasing Company to provide for a supplemental 13
year capital leasing schedule (Payment Amortization Schedule attached hereto) in
the principal amount of $4,419,310, for various energy efficient retrofit projects.
PASSED AND APPROVED this the 3rd day of April, 2012.
MAYOR
ATTEST:
City Clerk
-SUBJECT TO AND MADE A PART OF THAT CERTAIN PROPOSAL DATED FEBRUARY 24,2012-
Client: City of Wichita Falls,TX
Lessor: SunTrust Equipment Finance&Leasing Corp.
Fund by April 10,2012, Annual payments beginning July 2013
Payments on the dates indicated
Interest Rate:2.54%
Payment Payment Principal Prepayment
Number Date Amount Principal Interest Balance Amount
0 03-30-2012 - 4,419,310.00 - 4,419,310.00 4,463,503.10
1 07-15-2013 445,162.57 297,926.05 147,236.52 4,121,383.95 4,162,597.79
2 07-15-2014 452,837.79 346,927.31 105,910.48 3,774,456.64 3,812,201.21
3 07-15-2015 460,51.3.01 363,517.79 96,995.22 3,410,938.85 3,445,048.24
4 07-15-2016 475,863.44 388,209.84 87,653.60 3,022,729.01 3,052,956.30
5 07-15-2017 483,638.66 405,861.18 77,677.48 2,616,867.83 2,643,036.51
6 07-15-2018 383,760.84 316,513.11 67,247.73 2,300,354.72 2,323,358.27
7 07-15-2019 383,760.84 324,646.79 59,114.05 1,975,707.93 1,995,465.01
8 07-15-2020 402,948.88 352,177.55 50,771.33 1,623,530.38 1,639,765.68
9 07-15-2021 414,461.71 372,740.55 41,721.16 1,250,789.83 1,263,297.73
10 07-15-2022 425,974.53 393,831.99 32,142.54 856,957.84 865,627.42
11 07-15-2023 437,487.36 415,465.43 22,021.93 441,492.41 445,907.33
12 07-15-2024 452,837.79 441,492.41 11,345.38 - -
Total 5,219,147.42 799.837.42
SUBJECT TO AND MADE A PART OF THAT CERTAIN PROPOSAL DATED FEBRUARY 24,2012-
Payment Amortization Schedule