HomeMy WebLinkAbout7/20/2011 - STAFF REPORTS - 2.R. iy
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DATE: July 20, 2011 CONSENT CALENDAR
SUBJECT: APPROVE LEASE-PURCHASE AGREEMENT WITH TORO FINANCING
FOR 33 PIECES OF MAINTENANCE EQUIPMENT FOR SERVICE AT
THE TAHQUITZ CREEK LEGENDS AND RESORT GOLF COURSES
FROM: David H. Ready, Esq., Ph.D., City Manager
By: Thomas Wilson, Assistant City Manager
Geoffrey S. Kiehl, Director of Finance and Treasurer
SUMMARY
The City is in need of acquiring a variety of golf course maintenance equipment
primarily for the purpose of reseeding and aeration at the courses. The attached 48-
month lease-purchase proposal from Toro provides for the equipment at a favorable
interest rate in today's market.
Recommendation:
1. Approve the Lease/Purchase Agreement with Toro Financing for a period of 48
months in an amount of$6,837.38 per month for a total of$328,194.13.
2. Authorize the City Manager to execute all necessary documents.
STAFF ANALYSIS:
The City has not owned, since Century Golf has managed the golf courses, the
specialized equipment necessary to perform the seasonal reseed ing/overseed ing of the
courses.
In the past, Century Golf, has been able to borrow the equipment from other golf
courses that they manage to perform the reseeding and aeration needs of the City's two .
golf courses. The equipment is no longer available to borrow or rent during the critical
time periods during which the reseed ing/overseed i ng and special maintenance activities
must be accomplished. This makes it necessary for the City to acquire the equipment
needed to perform the work during the optimal times of the year considering weather
and course utilization.
ITEM NO.
Approve Lease-Purchase Agreement with Toro Financing for Golf Course Maintenance Equipment
July 20, 2011
Page 2
Golf equipment purchases such as this have traditionally been financed through
lease/purchase agreements, rather than through direct purchases, due to the costs
exceeding the availability of cash in any one fiscal year, and yet being too small to
finance through a bond.
The attached agreement details the proposed equipment lease-purchase terms from
Toro Financing, to be supplied by Turf Star Inc., a subsidiary of Toro. Century Golf, our
management company for the golf courses utilized its unique position as managing
more than 100 golf facilities to negotiate more favorable pricing and lease/purchase
terms than otherwise is available to the City. (The minimum useful life of the equipment
is fifteen years).
FISCAL IMPACT:
The purchase price of the equipment is $294,452.47, and the total cost of the $6,837.38
monthly lease payments over a 48-month period at 5.42% interest is $328,194.13. The
City expects to exercise the $1.00 buy-out option that is available at the end of the
lease. Golf Fund account 430-7021-57503 has $275,000 available in the current fiscal
year.
ca��Wa (ai;WA
44_\David H. Rea , Esq., Ph.D., City Manager Thomas J Wils n, Asst. City Manager
Geoffrey Kidhl, Director of Finance
Attachments:
Toro Financing Master Lease Agreement #8682172
Description of Equipment
02
cmFinancing
Lessee: City of Palm Springs dba Tahquitz Creek Golf Course
Date:July 1,2011
Master lease# 8682172
Lease Schedule# 8682172-001
This is a cover letter indicating that the documents listed below need to be completed so we can process
your lease.PLEASE SIGN THE ENCLOSED DOCUMENTS AND RETURN THE FOLLOWING TO
US.
• Master Lease Agreement to be signed by: AuAuthorized Signerthorized Signer
• Master Lease Schedule to be signed by: AuAuthorized Signerthorized Signer p
• Insurance Letter to be returned
• Delivery and Acceptance to be signed by: AuAuthorized Signerthorized Signer
• Ship To/Bill To Form to be completed and returned
• Please submit a tax exempt certificate
03
rev.9/99
Financing Master Lease Agreement
SLG Municipal Pricing
Agreement# 8682172
"Master Agreement"shall mean this Master lease Agreement."Schedule"shall mean any Lease Schedule signed by you and
us which incorporates the terms of this Master Agreement. "Lease" shall mean this Master Agreement and any Schedule.
1.COMMENCEMENTOF SCHEDULE.CmmencementdaSdMWe(the'Comm oemWDateI and admsmwlsmd*cksyouseMtDmwMnotred"yowablgabo bm Wemaydhageycuarau clerk
acceptancedthe Egwpment shall occur upon delivery dthe Equipment to you.Youagrcebinspedde ananurden[firdsdarged$25.00faanydiec$which isreturned byte bankfa any reason(notloexceed
Egnipment upon delivery and veMyby telephone orn writing such information as we may recurs.The Equip- the mammum amount permitted byl t
mema accepted"uMalhe Lease inks you notify w viNn three(3)days of delivery that you do not 5.LATEC14ARGES.Forany paymem,which is not received within thirty(30)days of its due data you agree '..
accept the Equipment and specifythe defector malfunction.In thatevent,we will replace the defecfive Lem of bpayaetedergeequabtiiehghardl0%dacanoumdmu$2200(notbexosdtlema<imummnamt
Egdpmenta this Lease will be canceled and you will asume all our rights under any purchase order or paimifte!by law)as reasonable collection mass.
agreement entered I=by us to buy the Equipment.If you signed a purchase order or similar agreement for the 6.OWNERSHIP.USE,MAINTENANCEANDREPAIR. Inthecasda$1 Lease,you shall haveatletothe
purchase ofthe EqAxneK by signing a Schedule you assign tous affofyour rights,butrmedyouobligatios EqupmemYmleciakyrpmdefveryaM9W bete wmerdthe Equipment and weresavea security interest '..
undad.AM atlachment%accessoris,replacernents,replacement parts,substiWtions,additions and repairs to in the Equipment to secure all of your obligations under the Lease.In the case ofan FMV Lease,we am the
de Equipment shall form pan of the Equipment under aSchedule. Equpnmtad you levetheritIM house,iheEcupnenturderthetemad the Lam.tlNel.eassisdeanedb
2.SECURITY DEPOSIT The Security Deposit will be held by us,wttiadinterest and may bemmmimted be a secured transaction,you grant us asemdty interest inthe Equipment to secure,all at your obligations under
(unesdherme required bylaw),until all obrgatims under the Lease amsafisfieq and may be applied 9 our N Lease.Ym hereby assign tous all of your dglkq but meof your obligations,under any fwdaceagreanad
option against anoudts due uMa the Lease.The Sewriy Deposit WH be railroad toyou upon teiminatimof fads Equipment We hereby assign to you all our rights under my manufacturer asuppliawanammos,solong
'.. aSchedule,provided you am,not ndefaud,orappliedto the last Leas,Payment ab the am at we may quote as you ae rot in0efsuhereunder.YW must keep the EWpmemlrcedkrs.You may not remove teEquipment
for arty Pm0 se a upgrade d the Equipment from the address indicated m the front ofa Schedule whhmt first obtaining our approval.You agree to:(a)keep
3.LEASEPAYMENTS.YmagreetoremktomdieLe Payment(assetfomhinlheSchedule)adatldMx the Equipment in your exclusive conimland possession;(b)USE THE EQUIPMENT ONLY INTHELAWFUL
sumswhen dueand payableeachBilfng Period attheaddresweprovide to you from timetotime.lithe CONDUCTOFYOURBUSINESS,ANDNOTFORPERSONALHOUSEHOLDORFAMLYPURPOSES;(c)
''. Commencement Detect a$cnaideanottMfirslalheMeenth day ofarrycalendar month(a'PaymWDauI, use the Equipment n conformity with all imurancerequirements,manufacbrWs Instructions and manuals;(d)
!. the iitia Term da Schedule,shal bewriendedby it*number d days between the Cmmeoamwd Date and keep the Equipment repaired and maintained an good woMng order and as required by the manufacturers '..
'.. the Payment Date which first occurs after the Commencement Date of such ScheduIsand your first Lease warranty,certification and standard full service maintenance contract and(a)give us reasonable access to
!. Payment will be increased by 1Watthe monthly Lease Payments m ilipsiedby the member of days elapsed Inspect Me Equipment and ds maintenance and oterremrds.
from the Commencement Date to the day immediately preceding the Payment Date which occurs after such 7.INDEMNITY You am responsible for all esses,damage,clams,infingenem claim,injuries and attorneys'
Commencement Date.Lease Payments am due whether or not you areinvoiced.You aulhar®raba¢a7the fees and costs('Clars'),inneda asesestext by any person.n any maner meet to#,aEquipment inducting
Lease Payments by not move than l5%to rallied any remdgualbnof the Equipnenla adjustments torelied its use,condition orpossessor.You agreeto defend and indemnify,us against all Claims,although we reserve '..
!, applirable miss tam or the cost ofthe Equipment by the manuhclumnisupplier. it*right to control the defense and inseWorappmvedeknscounsel.TlisudemiycmtiresbeyoMlhe ''..
4.LEASECHARGES.You agmID.(a)payal costs and ayerrsesassmatedwith theuse,mantenares, terminatioota Schedule,foradsaomissms,which occurred during VUTemr ofa Schedule.Ymalmagree
servidng,repair or replacement of the Equipment and(b)pay all premiums and other costs ofinsuring the that the Lem has been entered Into or fins assumption tatwewill be entitled bcedaintar benefits"table
j Equipment In addition,you will(1)reimburse s for all costs and etpeses(including reasonable attorneys' blheownadtlte Equipment lnthemsofm FMVLmm,youagmtoindemn4
ie mdoordoasts)inommdinemadrgtheL.easeand(2)payatldhamslsmdexpensesfawhichyoum usfa the loss darryimme tax benefitsmused by your acts aanissims inconsistent wilhsuch assumption '..
j obfgaedunderftL�(I*1l Chargsl.Its Schedule Provides you with a$1 PudasOption(a"$1 alheleas.Inlhee+ dafariysudrbs,w mayin teLe Paprrenaadobaan unisdwtDoffW I..
Leas'),you agree to file all required property tax returns and promptly pay all property tam,which may be arrysuchadverseefiecl.
assessed against the Equipment 0aSchedule PmAdes you with a FairMarketValue Purchases option(an B.LOSSORDAMAGE.Ifary Rem of Equipment alost,stolen a damaged you wit,at your option and cost,
FMV Leml,(a)you aciuvMedge arid agreethatwewtll bathe owner dDie Equilcnemlhroghoutthe Leas ddw..(a)promptly mpairme item ampace the iemwith a mmpa2Ne Rem resombyaaepebeIn us;a(b)
Tenn andwewillbeassesedpersaWpoperlytivs,and(b)notwitstadingItefactlhayoumaybeexarq pay uslhesum of.(I)all pasidueandcurreMLessis Payments,(ii)thepresseuvaiueofall remaining Lease '..
hamhed'uedpaymentd personal property eres,you agree,aourd'aoetim,toeiNaf)raimburesusannually Payments for the item,discounted at the rate d6%per imum(or the lowest rate permitted by law,whichever
for all personal property and other similar tam and govemmemil charges associated with the ownership, 'shigher),nalleseChates,adfw)thePaiMakdVaAredtheEWprem(ifarFM/Lem).We wit than
possession a uses dthe Eq*naKor(i)mind bus each Billing Period orestimamof the pmoaedequivakvn transfer to you all our tight,title and interest in the Equipment AS4S AN D WH ERE4S,WFHOUT ANY WAR-
of such tam and governmental charges.You agree to pay usan administrative fee for the processing dtam, RPMYASTOCONOITON,TITLE ORVALUE Insursence promeds shall be applied Imard repair,replacement
assessments a tam which maybe due and payable under dreLease.We may tacem Your behalf any action apaymenthereundersapplicable.Inthis MasluxAgreement,'FairMarketValue"of the Equipment means
',. required underthe Lam,which you laid tomke,and upon recepofour invoice you will promptly pay ourcosts ie installed fair m rketvalmatthearddtheTam,asurniggodatlerardaxrditim(exmintforadnarywear
finduding insurance premsens and other payments to affilmail),plus neasionable prooessing fees,Restrictive and liner from normal use),as estimated by us. _
Continued on Page 2 '..
BOTH PARTIES AGREE TO WAIVE ALL RIGHTS TO A JURY TRIAL.
BY SIGNING THIS MASTER AGREEMENT,YOU AGREE TO THE TERMS ON BOTH PAGES 1 AND 2. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT
ENFORCEABLE.TO PROTECT YOU AND US FROM MISUNDERSTANDING OR DISAPPOINTMENT,ANY AGREEMENTS WE REACH COVERING SUCH MATTERS
ARE CONTAINED IN THIS WRITING,WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US,EXCEPT AS WE MAY LATER
AGREE IN WRITING TO MODIFY IT.
Turf Star Inc. City of Palm Springs dba Tahquitz Creek Golf Course
run Leger Nam
Name of Lessor 3200 East Tahquitz Way Palm City,CA 92262
2438 Radlery Court Hayward,CA 94545
Address of Lessor
By: By: X
signature of Auamris d Sigmr '..
Name: Name:
%ease Prod '..
Title: Title:
Date: Date: Fed Tax ID
Date of swaWre
-- - - 0 4
Page 1 of 2 Visit us at www.torafinancing.com Toro 1624(c)-SLG 02103
ADDITIONALTERMSANDCONDITIONSOFAGREEMENT
9.INSURANCE.You agree,atyarcost,o:(a)kwpftEquiposam insured against all risks at physical kesa violate any law or agreement(b)the Lease is signed by your authorized officer or agent acting with the full
damage tritsfull repacemeavalue,naming us as loss payee(a,in the case cis$1 lease,naming you and us automation ofyourgoveming body and holding the office irdkWedbebvsuchofialsaagerd'ssignaMe;(c)
mlmpayee mmrinwestsmayappm);and(b)m WainpubfcbW(yisurance,mveirgposonalnjay it*Lease,anydocuments relative ro the acqueffon ofthe Equipment and any other documents required to be
and Equipment damage for not less than$300,000 paroccumence,naming us as additional insured.You have delivered in connection with the Lam(collectively,the Toamants')haw been duty authorized,executed arid
di iminhowyousabsylheseitsummurequimme M.Rmlyamayodainmeragemyouram and provide dekexedbyyau n aaardancewilh all applicable Lam.rules,ordinances and regulations;(d)the Equipment is
uswithevidenceofinsurenceomrege.lfyou elect this option,the policy=at be issued by an insurance carrier essenballothe Immediate performance magovemmemalor proprietary firchim by you within the scopeafyour
rated B+abetter byA.M.Best Company,must provide us with not less than 15 dayspdorwritten notice at a uln*andshalbeuwdAmgNel> TeimaNytopafonnsdtturbm;(e)yawtvdto s MEqupnag
wroc4laion,na+renewal oramendment and must pwide deductible amounts acceptable to us.Secend,you for the entirel.enalTemland shag take all necessary action in include inyourannud budget any funds required
may elect tohaw us dreclyoban coverage potectinguurintemss.UNLESSYOU PROVIDE EVIDENCE OF btuBtiyouroNgafi n foreachf=lymrdw"dwLe Term;(f)yahav omoedfuywfthalapplimble
THEMWW4CECOVERAGEREOUIREDBYTHISMAUMAGREEMEMWEWYPURCHfSENSURWM Ingmemmgopen meetings,public bidding and appropafions required in connection with the Laos and the
AT YOUR EXPENSE TO PROTECT IXIR INTEREST 94THE EQUIPMENT.TH IS INSURANCE MAY,BUT NEED acgtaffimofUv Equipment;fg)ym obligation torendLaos Payments under the Laws anstiWasa anent
NOT,PROTECTYOURINTERESTS.THE COVERAGE THAT WE PURCHASE MAY NOT PAYANY CLAIM THAT expense and not a debt under applicable state law;(h)noprovision of this Lem oonsitutesa pledge of your tax
YOU MAKE OR ANY CLAIM THAT IS MADE AGAINST YOU IN CONNECTION WITH THE EQUIPMENT YOU a general revenues,and my provision which iswcroshW by a court dmnpe&m Jurisdiction is void from Ile
MAYLATERCAmcaAM'NSURPNCEPURCFI4SEDBYUS,BUTONLYAFTERPROVDNGEVD94CETHAT incepbiri niche Laos;(i)all Laos Payments due and to become due during your current fiscal year am within the
YOU HAVE OBTAINED INSURANCEAS REQUIRED BYTHISMASTERAGREEMENT IFVVEPURCHASE fiscal budget ofsuchyear,end are induced within an unrestricted and unencumbered appropdabon currently
NSURMICEFORTHEEOUIPMEM,YWWILLBERESPM13LEFORTHECOSTSOFTWITNSURPNCE, available for it*base akawflourcassofthe Equipment and Gall financial Information you have provided to
NCLUDINGTHEINSURPNCEPREMIUM,INfERESTANDAWOTHERCHARGESWEMAYIMPOSEINCON- us isamurate and wmpkaandfaiM repeswtsyourfinancialconlition.The Laos istheenfireagreemem
NE{TIONWrrHTHEPLACEMENTOFTHERSURWE,UNTLTHEEFFECTIVEDATEOFCANCELLATICN between mandtanutbemaified except byandharbamentsgned by us.The Laos a binding on you and
OREXPIRATIONOFTHEINSURANCE.THECOSTSOFTHEINSURANCEMAYBEADDEDTOYOURTOTAL ymrwaessorsandas gm.Ywaullwrvemorouragentm:(1)obainaaihepa6andni&eaedilkpuides;
OUTSTANDINGBNLANCEOROBLIGATION.THECOSTSOFTHE NSURANCEMAYBEMORETHMI THE (2)fumsh payrnenlhis[ayaaeditreporfig agencies;and(3)beywraeaneyk-factfaMe ads purpose of
COSTOFINSURANCEYOU MAY BEABLETOOBTAIN ONYOUROWN.The insumncecoveragemobtan signing UCC financing statements.Any claim you have against us must be made within two(2)years after the
may be through an insurance carrier,which may beAiated with our assgareaus,Them will bewdeductible eventwfkdlcalsedL fawulfindsarryVmWmdtleLs tobeunwbme",alolhaam Mdremain
and NeaovaaWvAlindudeprotedionfaeaMgmkes,fioodswdempbyeeftt WewillpaybapaNum,but ineffectandenforceable.You auUaizeusto insert orcorredmissing information on the Lease,including your
youmudremburseus.Each Billing Period,you rwstpayuswithyourl-em Paymwlthe"edpationofft pincer legdname,serial numbers and ayatlramfwmtiondescribing dwEquipment.Byousreged,andwe
ksuanc Mmm.MmeerddtheTermywmatpayusmyre bingpation Nthepremium. Pont theeadytaminatiw cisSdredue,you agree to pay afeefa such privilege.THE PARTIES INTEND THIS
10.DE) AU YouwMbeindeaufurdwtheLe i..(a)youailtD remtibusmypaymotwdNnten(lO)dM TOBEA"FINANCELEASE"UNDERARTK:LE2AOFTHEUMFURMCOMMERCIALCODEC'UCCq.YOU
dtiedwdaaaN tariyo wobkgationw*ftlaasa;(b)apbbonafiedbyaagwdyouaaryGuaenbr WMVEALLRIGHTSANDREMEDIESCONFERREDUPONALESSEEBYARTICLEZAOFTHEUCC.
underany bankruptcy or insolvency law;a(c)you default under any other agreement with us. 16.TIME PRICE.InNe case cis$1 Laos,you understand that the Equymentmaybepuchwalforcash(the
11.REMEDIES. Byoudef&Ammaydoaea ofthefdbwing:(a)recoverhan yw,AS LIQUIDATED "EqupnentCmt)ad may bepadasedPasuantbNe Laos fora Tin Price equal to the Lease Payment time
DAMAGES FOR LOSS OF BARGAINANDNOTASAPENALTY,the sum of:(i)an past due and current Laos NewmberofLeaw Payments,plus the Document Fee,anasseladhonaSchedule,plus dins PurchmOptim
Papartaon tepesmr lwofalmnianNLense Payments,d'swurdedatgwratecf6%pwmmm(ade amount,and by executing the Laos you hamdrsen topurchasethe Equpmemfa that Time Price.
lowest rate permitted by law,whichever ishigher),fill)all Lease Charges,and iv)the Fair Market Value of the 17.LEASERATEFACTOR.Each Lease Payment includes a partduur'xwestmemnfe EquipmerdCodand
Equipment(rfan FMVLaos);(h)declare amy other agreements between us n default;(c)requkeyouto return all a reknit m our imesbrentin the Laos.The balmain w our nvrlment(the towlfuance charge)isdetermined
d the Equipnentin the namerwtlined in Section l2,a take possession d the Equipment,nwhich case we shall bymultipying the Lease Payment times the number of Lease Payments,then adding the Document Fee and
not be heldresponsbleforanylosmdirectyaindirectlyansigauld,abyreawnoftlapresemsarWause Purchase Option amount(all w set aMw each Stledul than deducting the Equpmenl Cost(as determined
of my and ad ploploary dournaticin making on or within the Equipment and to lease a sell the Equipment a any above).The differtncewdetermined is the return to us on our Investment(the total finance chage).The raked
portion thereof,and to apply the proceeds,less reasonable selling and admnsaaaeexpeses,to theanumb reWm(firserice rate)may bedefanined by deducting the Security Deposit fiam the Equipment Cost and than
dues Wonder.(d)cageyou Interestman amounts due us Iran the due date man paid at the rate dl-12%per applying to the amount w determined,the rate tot Wil announce that amount down aone Purchase Option amount
month,Mnro event more than the ITAImaximum rate;(a)charge you for expenses Incurred in wnnectionwith by applying aspayoents,the Lease Payments and ma Document Fee.For Wposesd that anotizatim,each
the enforcement d our remadeshrMdig,Without llmatien,repossession,repair and wgectim cow,massys' Leas Payment inducing blue Advance Payment win be considered received on the data tia required to be paid
fees and court costs.These remedies arewmulative,am in addition aary other remedies provided arbylaw, under the Las and the Document Fee will be considered remiuedon the data of the Lem
mdmaybeexads cxrorrenityasepara*AnyfdbeadeaybymlDexer myrghlshaHnotopmIs 18.YOUR REPRESENTATIONS.You hereby represent and warrant 0us#missofthe date ofths Lem,and
asawaiverofanyotherrightorfuturerght. NmeghaRtheLeaseTerm:(a)you m the entity indicated in the LamasLessce;(b)you are a SUB matutiy
12 ENDOFTERMOPTIONS:RETURN OF EQUIPMENT.nthecamofa$tteaseadlyouaenondmatlt constricted pd'ftWsubdivision aagencyofthe State nwhich you are located;(c)you are duly organaedand
we will release my security interestwhichwe may have in the Equipment at the end of the Ten,Inlhemsd existing under be laws ofthe Constitution and laws dMe State in which you are located;(d)you areautiror¢ed
an FMVLmw at the and dtileTom and upon30 daysprbrwritlw notice tow,you shalleilter(a)return all of to enter into and carry Mywroblgations underthe Lease,any documents reatimto the acquisition of the
IheEqupmenta(b)puchamltildtieEgtipnemAS4SANDWHERE4S,WrTHOUTANYWARRANTYASTO Equipment and any other documents required to be delivered in connection with Has Low(collectively,the
CONUTION,TM.EORVMUE,fortls FanMarkdValue,omappficahlesaasaddhaa)a.TheL�shati 9omwsnsl;(e)MDoamwahambsnduyautnoW,mrcwadmddelivaedayounaaardancewilh
omb mmanwb4 m Mbasisadyoustdipaywthas Le Papn"mdLs Chagwmapplied alapplimbteim,mles,adima andreguafims.TheDowmwtsmQrid,legatandbindirgagreenents,
during the Term until the Equipment is returned tousoryou pay us he applicable purchase prim(arid akes),If enbrcenNenacadaroewitittenams Thepawn(s)so*VftDou ie&t v theatdn*ndom,are
youareindeaufa,inthemseden FMVLaws,you donotpurcaw the Equpoanlattls and daelerm(or acting with the full authorization dyourgovemirg body,and hold the respective offices indicated below each of
any mad+kxrnonth mnewel am),you shag remmgjlofthe Equipment,be*and insurance prepaid alyourasi theirsgnatures,each dwhich aregenune,Mthe Equipment sessenfial lotheiremediate peAaurancema
and Has,awfieeverweardicate intecontinenal United Stakes,withalmanmAsand toga ingood operand governmental apmpatayfunction by you within the scope aywr augustly and shall be used during the more
canddion(exceptlaodimrymarandtsrfmmmnalus),packWputheshpong mpany'sspecifimtions, Lease Termonyaperfannsurhfunctiw;(g)youkMndbusethe Equipnwtfortheendre Laos Ilem and shall
andpayaninspaeon,nesbdmgand handling fee of$100,not bexceedthe maximum permitted!byaw,as Neallrecessaryacbmtointludenyouranmidbxgearyfundsrequimdbfulfillyourobtigaknsforeahfacal
reaswable compensation for our costs in processing returned equipment.Youwin pay us for any loss in value year clang it*Lease Ten;(h)you haw complied luily with all applicable law governing opm meetings,public
reaching ban the faiuretomaintain the Equipment in accordance with this Master Agreement a for damages hkaings and appropriations required hi connection with the Lease and fie acqusNmofthe Equipment fi)your
incurred n shippingand handling. obfgationsto remit Laos Payments axstibfea wrtemexpensand not a debt underapplicable State law.No
13.ASSDNMENT.You neyndassgn adispwedanyrignlsaobligationsuMalheLeasasdrleaseUa provision atthe Lem constitutes a pledge of your tax orgeneral revenues,and any provision which is so
Equipnem,wihoutourpriawritlenwnsnt.We may,without notityrcgyou,(a)amgn his Leaseaarinteresl construed by a coup ofamim ajudsdidon isvod from the minion oftheLem,0)an payments Ms and to
n#vEquipmeritard(b)mbmimomationmhareabwlyouaWBsL.en $DtwmnuWkm,,supplaaary be dwduingymrwnerltfismlysrm"tbd*fscWWdWofmdtyea,andareindudedwhhnan
prosy wmvestor,pa WntaprchaseroftheLeas.fwedo make an assignmentundersubsec6w 13(a) unresactedand unencumbered appropriation currentyavalablefortheleaselpurdamddre Equipment,(k)you
above,our assigreewit have all deur this underteLow,but wnedwrobfgatiws.Ywagreenaloasert "Ina[doorcassetobe done any adwhich shall cause,orbyonissbn of any ad allow,the nterestportiw
agakstourassigneederns,offsets a defenses you may have against us. deny Low payment to become included in wrgross man"for Federal income taxation imposes under the
14.NONAPPROPRIATION.Faeach Laws commenced hereunder,you inteMa mail all Lam Payrensarid Federal Income To Code(Me'Codej;0)you shall maintain a=plateand accurate record atany and all
Ls Clagm"dretitundsarelegalyavalaaebyw.HatwytkwdungneLs Tenn(a)youarena amganensathelaos n the form wfidemroompyWth the bookentry requirements dSemon 149(a)Ntlte
granted an appropriation dfunds the Equipment subjeato that Lane,fin)operating funds am not otherwise Code and the regulations prescribed tereunderfnamtimetofime;(m)you shall comply with the information
avdabkeb you to pay it*Lease Payments and Lease Charges due ab become due under tot Laos,and(c) repts"requirements ofSection 149(e)of the Code.Such compliance shall include but not be limited to,the
them is no other legal pmcedureor available funds byor with which payment can be made tous under that Laos execution of8038-Gor803BGC Information Returns;fin)anfinanial imonnatim chat you have Provided ausis
(a NaMjoaaratiml you shag have the right b return the EquprenlsubjednMat Laws naaadancewith bue and accurate and prwidesa good representation at your financial condition;In)the Equipments personal
Section 12 haed and tamnate that Laos on the last day d the fiscal pedod for which appropriations;were rewived popery and when subjededa use byte you as Lwswwill not be a become a fixture under applicable law;
without penalty aexomwto you,except aske the portion of Laos Payments and Laos Charges for which kinds and(p)the Equipment shall be used for twasses a commercial Piurposes only;and not for oxissumer,home,family
shalhavebaenappmpatedandbudgeted.ntheeventdaNa Appapnabm,afloat thirty(301dayslxiaathe aagdwlwmlpurposes.
anddMeadfisWyearforwhbhfmclsshalhavebeenappropraadandbudgeted,yourdnefamfivedficer 19.LMRATDNSON CHARGES.This Section conbdswereveryoterpart cliffs MasarAgrewentandover
a legal counselslalmNyinwrNngthat(1)fundsharenotbeenappropriatedfatlreupcomingfiscal period,and all otherolmuments now or later pertaining to me Leas.We both intend bwmptywlh all applicable lam.In
(2)you haw,exhausted all kinds legally available for the paymentofLaos Paynencend LemChzgw.fyou no evemwillwe charge a collect any arwumsin excesdNoseallowed by applicable Law.Mypartdnis
Wrr,inateaLm mamuhdaNmAppmpatiw,yeumayndpumham,leamammwyequipmentOW MaterAgreanaRlhatcould,butbrths Section,be read underanydreurmmnostontnw for a charge higherthan
perform functions shnilarb lines partommal by the Equipmotfora period oftwelve(12)momrs following batiste front allowable under any applicable legal fimit is limited and malfied by this Section to limit the amounts
dkenreation.This Section 14 shall wtpennuilatermiene any Lease nomerbacquirearrydherEqupnem chargeable under Me Low athe maximum amount allmd under the legal limit.Ifin any circumstance,any
or to allocate funds cluactlyor indimolly to perform mentally the application forwhich the Equipment is intended. amount in mass dfatallowed byaws charged areceived,any such chagewil be deemed limited by the
15.MISCELLANEOU NOGcesnxstbenwitingendwtilbedewedgiven5daysafWmaWgbymr(area) amount legally allowed and my amount received by us in exam dthat legally allowed will be applied by us to
business address.You represent that:(a)you ham authority to enter into the Lam and by so doing you win not the payment ofamounts legally owed under the Lose,a refunded toyou.
Page 2 of 2 Toro 1624(c)Si 3
SLG Municipal Pricing
Financing Lease Schedule # 8682172-001
Master Lease Agreement# 8682172
Contreded Hours(FMV only)
Equipment Model&Description Serial Number 0600 601-900 901-1200 ''..
See Exhibit A
❑ SEE ATTACHED SCHEDULE A
Equipment Location(if different from Billing Address)
Turf star Inc. F�Fair Market Value
New
2438 Radley Court
',, flo(]$1.00 •LS Ram% (MustCwnpletefvCAMD,NH,NM,WI)
Hayward,CA 94545 'L&E Rae FAcma 0.02322 (MuslCompetafwaN othwslates) '..
QY state Zip Crequrad only fw 31,00 purchase option)
"Master Agreement"shall mean the above referenced Master Lease Agreement. Lease Payment $ 6,83738
"Schedule"shall mean this Lease Schedule. "Lease"shall mean this Schedule (plus applicable taxes)I
and the Master Agreement Equipment Purchase Price$ 273,273.75
Sales Tax 21.178.72 Term 48 months
YOU HAVE SELECTED THE EQUIPMENT.YOUAREAWAREOFTHENAMEOFTHEMANU. Total Purchase Price $ 294,452.47
FACTURER OF EACH ITEM OF EQUIPMENTAND YOU WILL CONTACT EACH MANUFAC. Billing Period (monthly if not checked)
TURER FOR A DESCRIPTION OF YOUR WARRANTY RIGHTS. WE MAKE NO WARRAN-
TIES TO YOU,EXPRESS OR IMPLIED,AS TO THE MERCHANTABILITY,FITNESS FOR A ''.. ❑✓ Monthly [:]Quarterly ❑Semi-Annually ❑Annually
PARTICULAR PURPOSE,SUITABILITY,OR OTHERWISE.WE PROVIDE THE EQUIPMENT The folkrNing additional payments are due on the data this Agreement is signed by you: -
TO YOU ASaS. WE SHALL NOT BE LIABLE FOR CONSEQUENTIAL OR SPECIAL DAM-
AGES. SECURITY DEPOSIT $
EXCEPT AS PROVIDED IN SECTION 3 YOUR PAYMENT OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL AND ARE NOT SUBJECT TO CANCELLATION,REDUCTION OR ADVANCE PAYMENT 1*$ 6,8373S -Applied to:E first last
SETOFF FORANY REASON WHATSOEVER BOTH PARTIES AGREE TOWAIVEALL RIGHTS (plus applicable taxes)
TO A JURY TRIAL DocumENT FEE $250 00 (included on first invoice)
ALL OF THETERMSANDCONDITIONSSET FORTH IN THE MASTERAGREEMENTARE ---- ---- ---- --'-"-' ---"' -"'--
HEREBY INCORPORATED INTO THIS SCHEDULE.BYSIGNING THIS SCHEDULE,YOU
AGREE TO THE TERMS OF THIS SCHEDULE AND THE MASTERAGREEMENT. ORAL °
AGREEMENTS ORCOMMITMENTSTO LOAN MONEY,EXTEND CREDITORTO FORBEAR '',. City of Palm Springs dba Tahqultz Creek Golf Course
FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR Fur Legal Name
RENEWSUCH DEBTARE NOTENFORCEABLE.TOPROTECTYOUANDUS FROM MISUN-
DERSTANDING ORDISAPPOINTMENT,ANYAGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THIS WRITING,WHICH IS THE COMPLETE AND EXCLU-
SIVE 3200 East Tahquitz Way
STATEMENTOFTHEAGREEMENTBETWEEN US,EXCEPTAS WE MAY LATERAGREE
IN WRITING TO MODIFY IT. BftAklm,
Palm City,CA 92262
coy stare TV
� I '
Turf Star Inc. Contact Name PMne ErtepPDdmss
2438 Radley Court Hayward,CA 94545 '..
ress o essor I '. ''.
By: By: X
5puhve of Auauized Sgner
Name: I Name:
PNaae Pint
I
Title: Title:
Date: Date: Fed Tax ID
Dare of sMawra
........ ...._ ___..... -_-... .-_ ...._-_.... N
For Supplier Use Only o
Documentation Checklist:: Other supporting documents as requested:
❑ Invoice ❑ Delivery and Acceptance ❑ UCC Financing Statements =
❑ Purchase Order ❑ Copy of Bid and Award ❑ Copy of Board Minutes
❑ Tax Exemption Certificate ❑ Opinion of Counsel ❑ Amendment(for certain states)
❑ Certificate of Insurance ❑ Assignment ❑ Certif of InmmbencylResolution
❑ Other ❑ Other
Page 1 of 1
06
Lessor Turf Star Inc.
Exhibit A- Description of Equipment
Lessee City of Palm Springs dba Tahquitz Creek Golf Course Agreement NoJScheduie No.
8682172-001
Lessor and Lessee agree that the following described Equipment is subject to the Master
Lease Agreement and Schedule referenced above:
Quantity Model No. Description
3 SLE120D Gearmore 48"Flail Mower 3 PT w/Duck Foot Blade
2 2.5T60X96 Gearmore Dump Trailer 2.5 Ton
2 L2010 Lely Spreader 3PT, 2275#
2 L2010CARRIER L2010 Carrier Frame
3 M604ODT-1 4WD Utility Tractor
3 E1134 Deluxe Fiberglass Canopy
3 E1136 Mounting Bracket Kit
3 M7630 Rear Work Light
1 7371 Workman HDX-D-4WD w/Bed Diesel 24HP
1 44225 Topdresser1800
1 7341 1/3 Flatbed-Workman
1 93-9225 1/3 Cover Kit-WORKMAN
1 7316 High Flow Hydraulic Kit HDX Models Only
1 115-7849 SIDE MIRROR KIT-HD WORKMAN
1 7420 Hand Throttle
1 117-4831 HITCH KIT, RECEIVER TUBE
1 15-4754 MYTURF WIRELESS HOUR MET ER ASSEMBLY
3 900212 TV60RE Turbo Vac w/Brush Recirculating Systems
Turf Star Inc City of Palm Springs dba Tahquitz Creek Golf Course
BY BY
aem .wRepresennpee aum"medrsepresemeb e
PRINT NAME PRINT NAME
TITLE DATE TITLE DATE
07
Delivery and Acceptance Notice
Lease agreement number: 8682172-001
Lessor:Turf Star Inc. Lessee: City of Palm Springs dba Tahquitz Creek Golki
Equipment:
See Exhibit A
Lessee shall pay Lessor at the office of Lessor, or at such other place as Lessor may hereafter
designate, such amounts as set forth on such Lessee's individual lease schedule in connection
with the Lease number set forth above commencing upon delivery of the leased equipment and
on the first day of each consecutive month thereafter for a period of time as set forth in such
Lessee's individual lease schedule.
Acceptance Notice
As evidenced by this Equipment Acceptance Notice,we acknowledge receipt,in good condition
and satisfactory installation,all of the items described above and certify that Lessor has fully and
satisfactorily performed each,every and all covenants and conditions to be performed by it under
the Lease Agreement between Lessor and Lessee. We authorize you to pay the supplier for the
equipment,supplies,and/or independent maintenance agreement(s).
We accept the above-mentioned equipment, programmed or not programmed(if applicable),and
waive insofar as Lessor and it assignees are concerned any reservations as to condition,
correctness,capability or capacity of the equipment or associated software or the equipment and
software in conjunction,and understand than any shortcomings in the equipment, its operation or
programming,without reservation,will not be grounds for withholding of any payments due or to
become due under the aforementioned lease.
The equipment described herein is not being accepted on a trial basis. In the event decal or
metal plates have been supplied,they have been affixed.
WE AGREE THAT THE LEASE BETWEEN LESSOR AND LESSEE IS THE ONLY LEASE,
SALE OR FINANCE ARRANGEMENT THAT WE HAVE ENTERED INTO FOR THIS
EQUIPMENT,AND WE ACKNOWLEDGE THAT THE LESSOR IS NOT AN AGENT OF THE
VENDOR(EQUIPMENT SUPPLIER) NOR IS THE VENDOR THE AGENT OF THE LESSOR.
Lessee: City of Palm Springs dba Tahquitz Creek Golf Course
By: X
Title:X
Installation date: X
Lesssee's acknowledgement of receipt of equipment
08
Please Complete and Return with Signed Lease Agreement
***send a copy ofthis to your insurance provider***
Lease Number (Application or MLA): 8682172
Lessee Name: City of Palm Springs dba Tahquitz Creek Golf Course
Address: 3200 East TahQuitz Wav
City,State,Zip: Palm City, CA 92262
PROPERTY INSURANCE CARRIER INFORMATION
Agency Name:
Agent:
Address:
City,State,Zip:
Telephone Number:
LIABILITY INSURANCE CARRIER INFORMATION
Agency Name:
Agent:
Address:
City,State,Zip:
Telephone Number:
IMPORTANT
Under the terms and conditions of your Lease Agreement, you are required to carry adequate
insurance coverage on the leased equipment. Make sure that your agent understands that you are
financing or leasing the equipment and that your policy conforms with the following:
1. Property or physical damage coverage for the replacement cost value of the Equipment or the
stipulated casualty value,whichever is higher.Maximum Deductible:$10,000.00
2. General Liability Coverage: for all FMV Leases and $1 Leases over $500,000. Amounts of -
$1,000,000 per occurrence/combined single limit (or $5,000,000 with respect to registered
Equipment)unless stipulated otherwise.Maximum Deductible: $10,000.00
3. Additional Insured/Loss Payee Endorsement naming"General Electric Capital Corporation and its
successors and assigns". "Claims-Made Policies"are NOT acceptable.
4. Fifteen(15)Days written notice of cancellation,non-renewal or amendment,
5. Equipment listed on,or schedule attached to,the evidence of insurance.
Insurance Inquires should be made to Customer Service at 1-800-533-9917. Please send an ACORD
FORM 27(sample attached)or ACORD FORM 28 evidencing adequate insurance coverage to:
General Electric Capital Corporation
Attention:Contracts Department
300 E.John Carpenter Freeway,Suite 204
Irving,TX 75062-2712
Fax:800-786-0456
09
SAMPLE ACORD FORM 27
ACORD EVIDENCE OF PERSONAL PROPERTY INSURANCE
THIS IS EVIDENCE THAT INSURANCE AS IDENTIFIED BELOW HAS BEEN ISSUED, IS IN FORCE, AND CONVEYS ALL THE
RIGHTS AND PRIVILEGES AFFORDED UNDER THE POLICY.
A ;y PNONE CDMPNIT
Fqi
EA1LL
9:
CODE: SUB CODE:
M.ENCY
IMUNED LMNNUMBEB GOIICYNUMBEB
FFFECINE DRTE EYHBAT*N DATE
n]iMMATED IFCHECKED
TNB NEPli1CFE PIWBEVUENCE WTED:
PROPERTY INFORMATION
LDCIITKKYDFSCBIPIION
Sample
COVERAGEINFORMATK)N
rnvEiuDE�anowe AMousrovsauRANDE DEwensLE
REMARKS(Imiuding Special Conditions
Sample
CANCELLATION
THE POLICY IS SUBJECT TO THE PREMIUMS, FORMS,AND RULES IN EFFECT FOR EACH POLICY PERIOD.SHOULD THE
POLICY BE TERMINATED,THE COMPANY WILL GIVE THE ADDITIONAL INTEREST IDENTIFIED BELOW DAYS
WRITTEN NOTICE, AND WILL SEND NOTIFICATION OF ANY CHANGES TO THE POLICY THAT WOULD AFFECT THAT
INTEREST IN ACCORDANCE WITH THE POLICY PROVISIONS OR AS REQUIRED BYLAW.
ADDITIONAL INTEREST
NGMEANDp°DBESS WRIGFGEE ADDfIpNOL WSURED
OSS PAYEE
LOAIi 1
AUM EDBEPREB An
ACORD 27(2003MO) O ACORD CORPORATION 1993
10
NOTICE OF ASSIGNMENT
DATE:July 1,2011
TO:City of Palm Springs dba Tahquitz Creek Golf Course
RE: Assignment of Schedule No. 001 to Master Lease Agreement No. 8682172 (the Schedules and the
Master Lease Agreement are hereinafter collectively referred to as the"Agreement')
Dear Customer:
Please be advised that we have sold and assigned to General Electric Capital Corporation("GE Capital")all of
our right,title and interest in and to, but none of our obligations in and to: (1)the Agreement identified above;
(2) all rights and remedies under the Agreement, (3) the equipment subject to the Agreement, and (4) all
payments due and to become due under the Agreement.
We did not transfer any of our obligations under the Agreement to GE Capital. All correspondence and
questions regarding maintenance and performance of the equipment should be directed to us. Under the terms
of the Agreement, you are required to remit Lease Payments and all other payments notwithstanding any
complaint you may have against us for maintenance, service, or supplies. Please remit all Lease Payments
and all other payments due and to become due under the Agreement to GE Capital at the address provided by
GE Capital. GE Capital will invoice you each month for the Lease Payments due and payable under the
Agreement.
Additionally, all notices required to be sent to the Lessor under the Agreement and any notices regarding your
termination of the Agreement for non-appropriation or convenience should also be sent to GE Capital at the
address listed below.
Please acknowledge your receipt of this notification letter in the space provided below and return a copy to GE
Capital at the following address:
General Electric Capital Corporation
300 E.John Carpenter Freeway,Suite 204
Irving,TX 75062-2712
In the event you do not acknowledge and return this notification letter within ten (10) days of the date
referenced above, GE Capital will assume you have read and agree with the information contained herein and
will remit to GE Capital all payments due and to become due under the Agreement.
Sincerely,
Turf Star Inc.
(Lessor)
By:
Name and Title:
ACKNOWLEDGED THIS DAY OF 20
City of Palm Springs dba Tahquitz Creek Golf Course
(Lessee)
By:
Name and Title:
li
TO BE COMPLETED AND RETURNED WITH SIGNED LEASE AGREEMENT
Lease agreement number: 8682172-001
Ship To:
Name:
Address:
City, ST,Zip
Attention:
Bill To:
(if different than SHIP TO address)
Name:
Address:
City, ST, Zip
Attention:
Federal Tax ID#
Verification Information:
Contact Name and Phone Number:
Best Time to Reach:
12
Certificate: Authorizing Resolutions, Incumbency, Appropriation and Essential Use
In connection with that Municipal Lease Agreement("Lease's dated and effective as of between Turf Star Inc which,together with
any successor or assignee(including General Electric Capital Corporation),is referred to as"Lessor"and City of Palm Springs dba Tahquitz Creek Golf
Course,a political subdivision organized and existing under the Constitution and laws of the State of California which is referred to as"Lessee,"the
undersigned does hereby certify to Lessor as follows:
1. I am the duly appointed/elected(choose one)and acting Clerk/Secretary of the (give name of agency,if any)("Governing Body')
of Lessee,and I have custody of the records of said Governing Body.
2. The resolutions attached hereto as Exhibit A and made a part hereof are a true and correct copy of the resolutions adopted and ratified by the
Governing Body of Lessee according to its rules of procedure at its pudic meeting held on and said resolutions have not been
rescinded or modified and are still in full force and effect.
3. The individuals named below are the duly elected or appointed officers of Lessee holding the offices or positions set forth after their names,and that
their signatures below are genuine:
Name Title Signature
4. Lessee has an immediate need for and expects to make immediate use of all of the Equipment described in the Lease in the performance of its
governmental and proprietary functions and such need is not expected to diminish during the term of the Lease. Specifically,the Equipment will be used
as follows:
6. All payments due by Lessee under the Lease for the current fiscal year are within the fiscal year budget for the fiscal year ending
.and are included within an unrestricted and unencumbered appropriation currently available for the lease/purchase of the
Equipment.
6. The Equipment is essential to the immediate performarnce of a governmental or proprietary function by Lessee within the scope of its authority.
7. There is no litigation,action,suit or proceeding pending or before any court,administrative agency,arbitrator or government body that challenges the
organization or existence of Lessee,the authority of its officers,the authorization,approval and/or execution of the Documents(as defined in the Lease),the
appropriation of funds in connection therewith for the current fiscal year,or the ability of the Lessee to perform its obligations under the Lease and the
transactions contemplated thereby.
L.S.
[SEAL] (Name of Secretary)
DVF-FS-SLG(Tax-Fxempt)-06.2004 13
FOR ACCTG.PURPOSES ONLY.
DOES NOT REPRESENT A BUY OUT,CASUALTY OR TERMINATION VALUE
CUSTOMER City of Palm Spnngs
AMOUNT $294,452.47
RATE 5.42 LA F.- .023221
TERM 48
ADV aAM A"
PAYMENT BEGINNING INTEREST PRMCIPAL TOTAL ENDMG -
NUMBER BALANCE EXPENSE PAYMENT PAYMENT BALANCE
0 $294,452,47 50O0 $0.00 SB.00 E2%.45147
1 $294,452A7 $1,330,28 $5507.10 56,837.38 $288.945.37
2 $288,945.37 $1.305,40 55.53198 E6837.38 $283,413.39
3 $283,413.39 51,28040 $555697 $6,937.38 $277,856.41
4 $277,856.41 $1.255.30 $5,58208 $6.837.38 $272,274.33
5 $272,274.33 SI,230.08 $5,607,30 $6,937.39 $266.667.03
6 $266,667.03 $1.204.75 $5,63263 $6.837.38 $261,034.40
7 $261.034.40 51,179.30 $5,65808 $5,83738 $255.376.32
8 $255,376,32 $1.153.74 $5,683.64 $6,837.38 $24949168
9 $249,692.68 $1,128.06 $5,709.32 56,837.38 $243,983.37
10 $243,983.37 $1.102.27 55,735.11 $6837.38 $238,24816
11 $238,24826 $1.076.36 E5.761.02 $6,837,38 $232,48713
12 $232,487.23 $1.050.33 $5.787.05 $6837.38 5226,700.19
13 5226,700-19 51,024.18 $5.81119 $6,837.38 $220.886.99
14 $220.886.99 $997.92 85,83946 $6.837.38 $215,047.54
IS $215,047.54 $971.54 55.865.84 $6,837.38 $209.181,70
16 $209.18170 8945.04 $5.89234 $6,837.38 $203,28936
17 $203289.36 $919,42 55.91896 $6.837.38 $197,370.40
18 $197.370.40 $891.68 55.94570 $6,837.38 $191,424.71
19 $19L414.71 $864.82 55,972.56 $6.81738 $185.45115
20 $185.452.15 $837,83 55.999.54 56.837.38 $179,452.60
21 St 79,452A0 $810.73 $6,026A5 $6.837.38 $173,425.95
22 $173,425.95 $783.50 56.053.87 56,837.38 $167372.08
23 $167,372.08 $756.15 M.081.23 $6.837.38 $161.2%185
24 $161,290.85 $728.68 86.108.70 $6,837.38 $155,182.16
25 $155,182.16 $701.08 $6,136,30 $6,837.38 $149.045.86
26 $149,045S6 5673.36 56,16402 46.83238 $142.881.84
27 $142,881.84 $54551 $M91,87 86,837.38 $136,68997
28 $136.689.97 $617.54 $6.219.84 $6,837.38 $130,470,13
29 $130,470.13 5589.44 $6,24794 $6.837.38 $124.222.19
30 $124222.19 S561,21 56276.17 56.837.38 9117,946A2
31 $117,946.02 $532,86 $6.304.52 56,837.38 $111,64L50
32 $111,64L50 550437 $6,333.00 $6.837.38 $105.308.50
33 5105,308.50 $475.76 $6.361.62 56,837.38 $98.WA8
34 598,946.88 5447.02 $6,390.36 56,837.38 $92.556.53
35 $92,556.53 $419.15 $6.419.23 $6,837.39 $86.137,30
36 $86,137.30 $389.15 $6448.23 MS37.38 $79,68907
37 $79.689.07 $36002 $6477.36 $6,837.38 $73,21 U1
38 $73211.71 $330.76 $6,506.62 $6837.38 M6.705.09
39 1W70509 $301.36 56.536.02 $6,837.38 $60,16907
40 $60.169.07 E27183 $6565.55 56837.38 853,60353
41 $53.603.53 $242.17 $6.595.21 56,837.38 $47,008.32
42 547,008.32 5212.37 56.625.00 E6,837.38 S40 383.32
43 540.38332 $181" $6,65493 $6,837,38 $33,728.38
44 $33,728.38 $152.38 56685.00 56,837.38 $27,04338
45 527.043.38 $122.18 M,715.20 $6,837.38 $20,328.18
46 $20,328.18 $91.84 56,745.54 $6,837.38 $13582.64
47 $13582.64 561.36 $6,776.01 E6837.38 56806.63
48 $5,806.63 $30.75 $6.806.63 56,837.38 $0.00
TOTALS $33,741.66 $294,452.47 $328.194.13
InifiAs DATE:
14
Form 8038-G Information Return for Tax-Exempt Governmental Obligations
► Under Internal Revenue Code section 149(e) OMB No.1545-0720
(Rev. November 2000) ► See separate Instructions.
Department of the Treasary Caution:If the issue rice is under$100,000, use Form 8038-GC.
Internal gewnue$¢rvice P
Re ortin Author' If Amended Return,check here ► ❑
1• Issuer's name 2 Issuer's employer identiru:ation number
3 Number and street(or P.O. box if mail is not delivered to street address) Room/suite 4 Report number
3
5 City,town,or post office,state,and ZIP code 6 Date of issue
7 Name of issue 8 CUSIP number
9 Name and title of officer or legal representative whom the IRS may call for more information 10 Telephone number of officer or legal representative
-Type of Issue(check applicable box(es) and enter the issue rice) See instructions and attach schedule
11 ❑ Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 ❑ Health and hospital . . . . . . . . . . . . . . . . . . . . . . . . . 12
13 El Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 El Public safety. . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 El Environment(including sewage bonds) . . . . . . . . . . . . . . . . . . . 15
16 El Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
17 El Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
18 ❑ Other. Describe ► 18
19 If obligations are TANS or RANs,check box ► ❑ If obligations are BANS, check box ► ❑
20 If obligations are in the form of a lease or installment sale, check box ►
Description of Obligations. Complete for the entire issue for which this form is being filed.
(a)Final maturely tlate (b)Issue price (c)Stated redemption (d)weighted (e)Yield
price at maturity average maturity
21 $ $ years %
Uses of Proceeds of Bond Issue (including underwriters' discount
22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . . 22 WA
23 Issue price of entire issue (enter amount from line 21, column(b)) . . . . 23 N/A
24 Proceeds used for bond issuance costs(including underwriters'discount) 24 N/A
25 Proceeds used for credit enhancement . . . . . . . . . . 25 N/A
26 Proceeds allocated to reasonably required reserve or replacement fund 26 N/A
27 Proceeds used to currently refund prior issues . . . . . . . 27 N/A
28 Proceeds used to advance refund prior issues . . . . . . . . . 28 N/A
29 Total (add lines 24 through 28) . . . . . . . 29 WA
30 NonrefundinDesc proceeds of the issue (subtract line 29 from line 23 and enter amount here . 30 N/A
ri tion of Refunded Bonds (Complete this part only for refunding bonds.)
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . ► WA years
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . ► N/A years
33 Enter the last date on which the refunded bonds will be called . . . . . . . . . . . ► N/A
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) . . . 35 N/A
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract(see instructions) 36a N/A
b Enter the final maturity date of the guaranteed investment contract ► N/A
37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other governmental units 37a NIA
b If this issue is a loan made from the proceeds of another tax-exempt issue, check box ► ❑ and enter the name of the
issuer ► and the date of the issue ► N/A
38 If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box . . . ► ❑
39 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . ► ❑
40 If the issuer has identified a hedge, check box ► ❑. . . . . . . . . . . . . . . . . . . . . . .
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.
Sign
Here
' Signature of issuer's authorized representative Date 'Type or print name and title
For Paperwork Reduction Act Notice, see page 2 of the Instructions. cat.No.53773s Form 8038-G (Rev.Tt-2owil C
Instructions for Form 41 Department of the Treasury
Internal Revenue Service
8038-G
(Revised November 2000)
Information Return for Tax-Exempt Governmental
Obligations
Caution: If the issue price is less than$100,000, use Form 8038-GC.
Section references are to the Internal Revenue Code, unless otherwise noted.
General Instructions Rounding to Whole Dollars sentence,obligations issued during different
You may show amounts on this return as whole calendar years may be treated as part of the
Purpose of Form dollars.To do so,drop amounts less than 50 same issue if all of the amounts to be
d advanced under the draw-down ban are
cents an increase amounts from 50 cents
Form 8038-G is used by issuers of tax-exempt through cents a the higher dll reasonably expected to be advanced within 3
roug
governmental obligations to provide the IRS e next years of the date of issue of the first obligation.
with the information required by section 149(e) Definitions Likewise,obligations(other than private activity
and to monitor the requirements of sections bonds)issued under a single agreement that
141 through 150.Complete Parts II through VI Tax-exempt obligation. This is any obligation, is in the form of a lease or installment sale may
on the basis of available information and inducing a bond,installment purchase be treated as part of the same issue if all of the
reasonable expectations as of the issue date. agreement,or financial lease,on which the property covered by that agreement is
If an item does not apply to the issue you are interest is excluded from income under reasonably expected to be delivered within 3
reporting,write"N/A"in the space provided for section 103. years of the date of issue of the first obligation.
the item. Tax-exempt governmental obligation. A Arbitrage rebate. Generally,interest on a
tax-exempt obligation that is not a private state or local bond is not tax-exempt unless the
Who Must File activity bond(see below)is a tax-exempt issuer of the bond rebates to the United States
governmental obligation.This includes a bond arbitrage profits earned from investing
IF the issue price THEN,for tax-exempt issued by a qualified volunteer fire department proceeds of the bond in higher yielding
(line 21,column(b)) governmental obligations under section 150(e).
nonpurpose investments.See section 148(f).
Is... issued after December 31, Private activity bond. This includes an
1986,issuers must flit... Construction issue. This is an issue
obligation issued as part of an issue in which: tax-exempt bonds that meets both of the
$100,000 or more A separate Form 8038-G for a More than 10%of the proceeds are to be following conditions:
each issue used for any private activity business use,and 1.At least 75%of the available construction
Less than$100,000 Form 8036GC,Infomwdon a More than 10%of the payment of principal proceeds are to be used for construction
Return for Small Tax-Exempt or interest of the issue is either(a)secured by expenditures with respect to property to be
Governmental Bond Issues, an interest in property to be used for a private owned by a governmental unit or a 501(c)(3)
Leases,and Installment Sales business use(or payments for such property) organization,and
or(b)to be derived from payments for property 2. All the bonds that are part of the issue
Other Forms That May Be Required (or borrowed money)used for a private are qualified 501(c)(3)bonds,bonds that are
For rebating arbitrage(or paying a penalty in business use. not private activity bonds,or private activity
lieu of arbitrage rebate)to the Federal It also includes a bond,the proceeds of bonds issued to finance property to be owned
government, use Form 8038-T,Arbitrage which(a)are to be used to make or finance by a governmental unit or a 501(c)(3)
Rebate and Penalty in Lieu of Arbitrage loans(other than loans described in section organization.
Rebate. For private activity bonds,use Form 141(c)(2))to persons other than governmental In lieu of rebating any arbitrage that may be
8038,Information Return for Tax-Exempt units and(b)exceeds the lesser of 5%of the owed to the United States,the issuer of a
Private Activity Bond Issues. proceeds or$5 million. construction issue may make an irrevocable
Issue price. The issue price of obligations is election to pay a penalty.The penalty is equal
When To File generally determined under Regulations to 1+h%of the amount of construction proceeds
File Form 8038-G on or before the 15th day of section 1.148-1(b).Thus,when issued for cash, that do not meet certain spending
the 2nd calendar month after the close of the the issue price is the price at which a requirements.See section 148(f)(4)(C)and the
calendar quarter in which the issue is issued. substantial amount of the obligations am sold Instructions for Form 8038-T.
Complete Form 8038-G based on the facts as to the public.To determine the issue price of
of the issue date. an obligation issued for property,see sections Specific Instructions
Late riling. An issuer may be granted an 1273 and 1274 and the related regulations.
extension of time to file Form 8038-G under Issue. Generally,obligations am treated as Part I—Reporting Authority
Section 3 of Rev.Proc.88-10, 1988-1 C.B. part of the same issue only if they are issued
635,if it is determined that the failure to fib on by the same issuer,on the same date,and as Amended return. If you are filing an amended
time is not due to willful neglect. Enter at the part of a single transaction,or a series of Form 8038-G,check the amended return box
top of the form This Statement Is Submitted in related transactions.However,obligations and complete Part I and only those parts of
Accordance with Rev.Proc.88-10."Attach to issued during the same calendar year(a)under Form 8038-G you are amending.Use the same
the Form 8038-G a letter explaining why Form a loan agreement under which amounts are to report number(line 4)as was used for the
8038-G was not submitted to the IRS on time. be advanced periodically(a"draw-down loan") original report.Do not amend the estimated
Also indicate whether the bond issue in or(b)with a tens not exceeding 270 days,may amounts previously reported once the actual
question is under examination by the IRS. Do be treated as part of the same issue if the amounts are determined.
not submit copies of the trust indenture or other obligations are equally and ratably secured Line 1. The issuer's name is the name of the
bond documents.See Where To File below. under a single indenture or loan agreement and entity issuing the obligations,not the name of
are issued under a common financing the entity receiving the benefit of the financing.
Where To File arrangement(e.g.,under the same official For a lease or installment sale,the issuer is the
File Form 8038-G,and any attachments,with statement periodically updated to reflect lessee or the purchaser.
the Internal Revenue Service Center,Ogden, changing factual circumstances).Also,for Line 2. An issuer that does not have an
UT 84201. obligations issued under a draw-down loan that employer identification number(EIN)should
meets the requirements of the preceding apply for one on Form SS-4,Application for
Cat.No.63774D 16
Employer Identification Number.This form may bond issued as part of the issue. For a lease Line 34. If more than a single issue of bonds
be obtained at Social Security Administration or installment sale,write"N/A"in column(c). will be refunded,enter the date of issue of each
offices or by calling 1-800-TAX-FORM. If the For column(it),the weighted average issue.
EIN has not been received by the due date for maturity is the sum of the products of the issue
Form 8038-G,write"Applied for'in the space price of each maturity and the number of years Part VI—Miscellaneous
for the EIN. to maturity(determined separately for each Line 36. If any portion of the gross proceeds
Line 4. After the preprinted 3,enter two maturity and by taking into account mandatory of the issue are or will be invested in a
self-designated numbers. Number reports redemptions),divided by the issue price of the guaranteed investment contract,as defined in
consecutively during any calendar year(e.g., entire issue(from line 21,column(b)). For a Regulations section 1.148-1(b),enter the
334,335,etc.). lease or installment sale,enter instead the total amount of the gross proceeds so invested,as
Line 6. The date of issue is generally the dale number of years the lease or installment sale well as the final maturity date of the guaranteed
on which the issuer physically exchanges the will be outstanding. investment contract.
bonds that are part of the issue for the For column(e),the yield,as defined in Line 37a. Enter the amount of this issue used
underwriter's(or other purchasers)funds.For section 148(h),is the discount rate that,when to fund a loan to another governmental unit,the
a lease or installment sale,enter the date used to compute the present value of all interest of which is tax-exempt.
interest starts to accrue. payments of principal and interest to be paid Line 39. Check this box if the issue is a
Line 7. If there is no name of the issue,please on the obligation, produces an amount equal construction issue and an irrevocable election
provide other identification of the issue. to the purchase price, including accrued to pay a penalty in lieu of arbitrage rebate has
Line 8. Enter the CUSIP(Committee of interest.See Regulations section 1.148-4 for been made on or before the date the bonds
Uniform Securities Identification Procedure) specific rules to compute the yield on an issue. were issued.The penalty is payable with a
number of the bond with the latest maturity. If If the issue is a variable rate issue,write"VR" Form 8038-T for each 6-month period after the
the issue does not have a CUSIP number,write as the yield of the issue.For other than variable date the bonds are issued.Do not make any
"None"on line 8. rate issues,carry the yield out to four decimal payment of penalty in lieu of arbitrage rebate
places(e.g.,5.3125%).If the issue is a lease with this form.See Rev.Pm.92-22, 1992-1
Part II—Type of Issue or installment sale,enter the effective rate of C.B.736 for rules regarding the"election
Identify the type of obligations issued by interest being paid. document"
checking the appropriate box(es)and entering Part IV—Uses of Proceeds of Bond Line 40. Check this box it the issuer identified
the corresponding issue price(see Issue price Issue a hedge on its books and records in
under Definitions on page 1).Attach a accordance with Regulations sections
schedule listing names and EINs of For a lease or installment sale,write"N/A"in 1.148-4(hx2)(viii)and 1.148-4(h)(5).These
organizations that are to use proceeds of these the space to the right of the title for Part IV. regulations permit an issuer of tax-exempt
obligations it different from those of the issuer. Line 22. Enter the amount of proceeds that bonds to identify a hedge for it to be included
Line 18. Check the box on this line only if lines will be used to pay interest from the date the in yield calculations for computing arbitrage.
11 through 17 do not apply.Enter a description bonds are dated to the date of issue.
of the issue in the space provided. Line 24. Enter the amount of the proceeds that
Line 19. If the obligations are short-term tax will be used to pay bond issuance costs, Paperwork Reduction Act Notice. We ask
anticipation notes or warrants(TANS)or including fees for trustees and bond counsel. for the information on this form to cany out the
short-term revenue anticipation notes or Line 25. Enter the amount of the proceeds that Internal Revenue laws of the United States.
warrants(RANs),check the first box on this will be used to pay fees for credit enhancement You are required to give us the information.
line. If the obligations are short-term bond that are taken into account in determining the We need it to ensure that you are complying
anticipation notes(BANs),issued with the yield on the issue for purposes of section with these laws.
expectation that they will be refunded with the 148(h)(e.g.,bond insurance premiums and You are not required to provide the
proceeds of long-term bonds at some future certain fees for letters of credit). information requested on a form that is subject
date,check the second box on this line. Line 27. Enter the amount of the proceeds that to the Paperwork Reduction Act unless the
Line 20. Check this box if property other than will be used to pay principal,interest,or call form displays a valid OMB control number.
cash is exchanged for the obligation,e.g., premium on any other issue of bonds within 90 Books or records relating to a form or its
acquiring a police car,a fire truck,or telephone days of the date of issue. instructions must be retained as long as their
equipment through a series of monthly Line 28. Enter the amount of the proceeds that contents may become material in the
payments.(This type of obligation is sometimes will be used to pay principal,interest,or call administration e any Internal Revenue law.
r
referred to as a"municipal lease.")Also check premium on any other issue of bonds after 90 Generally, any
and return information
this box if real property is directly acquired in days of the date of issue,including proceeds are confidenntiti real,as required by section 6103.
exchange for an obligation to make periodic that will be used to fund an escrow account fix The time needed to complete and file this
payments of interest and principal.Do not this purpose. form varies depending on individual
check this box it the proceeds of the obligation circumstances.The estimated average time is:
are received in the form of cash,even if the Part V—Description of Refunded Learning about the law or the form. 2 hr.,41 min.
term"lease"is used in the title of the issue. Bonds
Preparing,copying,assembling,
Part III—Description of Obligations Complete this part only If the bonds are to be and sending the form to the IRS...... 3 hr., 3 min.
used to refund a prior issue of taxexempt
Line 21 bonds.For a lease or installment sale,write If you have comments concerning the
"N/A"in the space to the right of the title for accuracy of these time estimates or
For column(b),see Issue price under suggestions for making this form simpler,we
Definitions on Part V.
page 1. Lines 31 and 32. The remaining weighted would be happy to hear from you.You can
at maluFor corily of tlumn he entire isseue is sum ion of h average maturity is determined without regard write
Distribution Center,o Rancho Committee,
Western
to the refunding.The weighted average
CA
stated redemption prices at maturity of each maturity is determined in the same manner as 95743-0001.Do not send the form to this
on line 21,column(d). office. Instead,see Where To File on page 1.
Page 2
17
INVOICE
Billing Id. Invoice No. Due Date
9682172-001 001 Up..Receipt
Make checks payable and remit to:
General Electric Credit Corporation
300 E.John Carpenter Freeway,Suite 204 -
Irving,TX 75062
City of Palm Springs dha Tahquitz Creek Golf Course
3200 East Tahquitz Canyon Way
Palm City,CA 92262
To ensure proper credit—detach along dotted line and return upper portion with payment.Please do not staple or fold.
.....................................................................I....... ..........._._........
8652172-001
Billing Due Date Customer Service
001 Upon Receipt 800 533 9917 $7,08738
City of Palm Springs dba Tahquitz Creek Golf Course
3200 East Tahquitz Canyon Way
Palm City,CA 92262
Account Due Date Description Amount
8682172-001 06/23/2011 Advance Payment $6,83738
Document Fee $250.00
Total Due Upon Receipt $7,08738
Retain this portion
IS
QUOTE
Abb (800)585-8001 , • QUOTE NO. CUSTOMER NO. PAGE
STAR www.turfstar.com 3254715-00 1273 000001 2
DATE: 03/22/11
To: ARNOLD PALMER GOLF MANAGEMENT
1885 GOLF CLUB DRIVE
PALM SPRINGS. CA 92264
ATTENTION: Justin Peloquin
Referring to your request for prices and delivery,we are pleased to quote as follows:
CITY. I MODEL NO. DESCRIPTION IYOURCOSTI EXTENDED
Harper TV60RE Vacs 109737.00
3 SLE120D Gearmore 48" Flail Mower 3 PT w/Duck Foot Blade 4520.00 13560.00
Gearmore Flail 13560.00
2 2.5T60X96 Gearmore Dump Trailer 2.5 Ton 6133.33 12266.66
Gearmore Trailer 12266.66
2 L2010 Lely Spreader 3PT, 2275# 5828.00 11656.00
2 L2010CARRIER L2010 Carrier Frame 4470.00 8940.00
Lely Spreader 20596.00
3 M6040DT-1 4WD Utility Tractor 27294.60 81883.80
3 E1134 Deluxe Fiberglass Canopy 400.00 1200.00
3 E1136 Mounting Bracket Kit 197.33 591.99
3 M7630 Rear Work Light 87.47 262.41
Kubota Tractor 83938.20
Sub-Total 273296.92
Sales Tax 23913.48
Total 297210.40
TERMS:Net 30 Days F.O.B.: DESTINATION DEuvERY:30 Days A.R.O. 1262156
Last Page
Quote is firm for 30 days.Brochures enclosed. Please contact us for further information.Your representative is John Perez
*****THANK YOU" "*
79-253 Country CIW Rive 955 Beacon Street 5646 W.BzrslowAve..Ste.104 2438 Radley Court 11373 Sundae Gdtl Circle 2110 La Mirada Dr..Stq l M
Be.da Durres,CA 92203 Brea,CA 92821 Fresrro,CA 93M Haymvd,CA9C5C5 Rancho Cadwa.CA%742 Vista,CA 9
Fax(760)3454297 Fax(800)7 5-8873 Fax(559)27-7123 Fax(510)785.3576 Fax(800)241-1997 Fan(760)73
19
QUOTE
(800)585-8001 • • QUOTE NO. CUSTOMER NO. PAGE
*STAR www.turfstar.com 3254715-00 1273 000001 1
DATE: 03/22/11
TO: ARNOLD PALMER GOLF MANAGEMENT
1885 GOLF CLUB DRIVE
PALM SPRINGS, CA 92264
ATTENTION: Justin Peloquin
Referring to your request for prices and delivery, we are pleased to quote as follows:
QTY. I MODEL NO. DESCRIPTION IYOURCOSTI EXTENDED
Financing Options:
48 Month Conditional Sales Contract w/ $1.00 Purchase Option
$6,770.45 = Monthly Payment: or
60 Month Conditional Sales Contract w/ $1.00 Purchase Option
$5,545.95 = Monthly Payment: or
72 Month Conditional Sales Contract w/ $1.00 Purchase Option
$4,734.56 = Monthly Payment
Monthly Payment based on Current State & Local Taxes
$250.00 Doc Fee per lease package is not included.
1 07371 Workman HDX-D-4WD w/Bed Diesel 24HP 24934.08 24934.08
When operated in CA, any offroad diesel vehicle may
be subject to the CA Air Resources Board In-Use
Off-Road Diesel Vehicle Regulation. It therefore could be
subject to retrofit or accelerated turnover requirements to
reduce emissions of air pollutants. For more information,
please visit the CA Air Resources Board website at
http://www.arb.ca.gov/msprog/ordiesel/ordiesel.htm.
1 44225 Topdresser 1800 5910.55 5910.55
1 07341 1/3 Flatbed-Workman 447.41 447.41
1 93-9225 1/3 COVER KIT-WORKMAN 122.74 122.74
1 07316 High Flow Hydraulic Kit HDX Models Only 1351.17 1351.17
1 115.7849 SIDE MIRROR KIT-HD WORKM AN 86.53 86.53
1 07420 Hand Throttle 138.85 138.85
1 117-4831 HITCH KIT, RECEIVER TUBE 106.93 106.93
1 115-4754 MYTURF WIRELESS HOUR MET ER ASSEMBLY 100.80 100.80
Workman HDX-D 4WD 33199.06
3 900212 TV60RE Turbo Vac w/Brush Recirculating System 36579.00 109737.00
TERMS:Net 30 Days F.O.B.: DESTINATION DELIVERY:30 Days A.R.O. 1262156
Continued
Quote is firm for 30 days. Brochures enclosed.Please contact us for further information.Your representative is John Perez
e" THANK YOU"*
79 w Counby Club Dive 955 Beacon Street 5846 W.BarstoeAve.,Ste.104 2438 Radley Caul 11373 Sunrise Wd Circ a 21101a Mirada D.,Ste.100
Bermuda Dunes,CA.9M03 Brea,CA 92821 F .,CA 93M Haya ,CA 94545 Rancho Cordova,CA 0742 YisU CA92081
Fax(760)345.4297 Fax(NO)775�8873 Fax(559)277-7123 Fax(510)7B5-3576 Fax(800)241-1997 Fax(760)734-4285
20