HomeMy WebLinkAbout8930M M M
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RESOLUTION NO. 8930
RESOLUTION AUTHORIZING THE EXECUTION OF A MUNICIPAL
LEASE AND OPTION AGREEMENT BETWEEN THE LITTLE ROCK
AMBULANCE AUTHORITY AND LASALLE NATIONAL BANK; DECLARING
AN EMERGENCY; AND FOR OTHER PURPOSES.
WHEREAS, the City of Little Rock, Arkansas (the "City "),
pursuant to Act No. 142 of the Acts of the General Assembly of
the State of Arkansas for the year 1975 (the "Act ") is
authorized to establish public facilities boards for the
purposes set forth in the Act, which include providing emergency
medical services and other medical services, and assisting in
the financing of emergency medical health care facilities and
other facilities related thereto within or near the City; and
WHEREAS, the City has created and established the City of
Little Rock, Arkansas, Emergency Medical Health Care Facilities
Board, commonly known as the Little Rock Ambulance Authority
d /b /a Metropolitan Emergency Medical Services (the "Authority ")
for the purposes set forth above, pursuant to Ordinance
No. 14,062, enacted June 16, 1981; and
WHEREAS, the Authority has requested the City to approve a
Municipal Lease and Option Agreement to be dated as of June 1,
1993, between the Authority and LaSalle National Bank (the
"Lease") for the purpose of refinancing two existing Lease
Purchase Agreements, the proceeds of which were used to acquire
ambulances for the use of the Authority; and
WHEREAS, the Board of Directors of the City of Little Rock
finds that the Lease is necessary in order, to accomplish the
objectives of the Authority previously mentioned;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section I. That the Little Rock Ambulance Authority is
hereby authorized to execute, deliver and perform its
obligations as lessee under, a Municipal Lease and Option
Agreement with LaSalle National Bank in substantially the form
attached hereto as Exhibit A with such changes and modifications
as the Authority shall deem advisable. The principal amount of
the rental obligations of the Authority pursuant to the Lease
shall not exceed $2,000,000. The rental obligations of the
Authority pursuant to the Lease shall be paid solely from the
user fees, charges and other revenues of the Authority, and the
City shall not undertake to pay, or be responsible for the
performance by the Authority of, any of the obligations of the
Authority pursuant to the Lease.
Section 2. It is hereby ascertained and declared that
there is an immediate and urgent need for the Authority to
execute and deliver the Lease in order to accomplish the
purposes for which the Authority was created. It is therefore
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declared that an emergency exists, and that this Resolution
shall therefore take effect and be in force from and after its
passage.
ADOPTED: June 1, 19 `
APPROVED: X �J�
May Jim Dailey
ATTEST: • •�
City Clerk
Robbie Hancock
0557y -2
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EXHIBIT "A"
MUNICIPAL LEASE AND OPTION AGREEMENT
Dated as of June L, 1993
By And Among
LASALLE NATIONAL BANK ( "Lessor - -)
And
LITTLE ROCK AMBULANCE AUTHORITY ( "Lessee ")
Lease #777
,
• • Lease #717 251
This Municipal Sease and Cotton Agreement (the "Agreement ") entered Into ber.aen LASALLE NATIONAL BANK
("Lessor--), whose address Is 120 Scuth LaSalle Street, Chicago, Illinois 60603, and L1t-'_e Rock Ambulance
Authority, ( "Lessee "), a 'body corporate and poi it is duly organized and existing under one laws of the State of
Arkansas ( "State "), whose address 1s 11C1 west Eighth Street, Little Rotk, Arkansas 72201:
WITNESSETH:
WHEREAS, Lessor desires to lease the Equipment, as hereinafter defined, to Lessee, and Lessee desires
to lease the Equipment from Lessor, sucject to the terms and aonditioas of and for -7.e purposes sec forth In
this Agreement; and -
WHEREAS, Lessee is authorized under the Constitution and laws of the state to ancer into this Agreement
for the purposes set forth herein;
NOW THEREFORE, for and In consideration of the premises hereinafter contained, the parties hereby agree
as follows:
ARTICLE 1 - COVENANTS OP LESSEE
Section 1.01. Covenants of Lessee. Lessee represents, covenants and warrants. for the benefit of
Lessor and its assignee 71, as taiio'ws:
(a) Lessee is authorized under the Constitution and Laws of the State to enter into this Agreement
and the transaction contemplated hereby, and to perform all of its obligations hereunder.
(b) Lessee has delivered to Lessor each of the closing documents (the "C-asing Documents ") listed
in Exhibit A, in conjunction with the delivery of this Agreement.
ARTICLE 2 - DEPINITIONS
Section 2.01. Definitions. Unless the context clearly otherwise requires or unless otherwise defined
herein, the capitalize terhis Agreement shall have the respective meaning specified '--slow.
"Code" means the Internal Revenue Code of 1986, as amended, and to the extent applicable, the
regulations and rulings issued thereunder.
'•Dated date-, is the date when the term of this Agreement begins and Lessee's obligation to pay rent
accrues, which date shay_ be Sune 1, 1993.
"Egolpmant" means the property described in Exhibit F and which is the subject of this Agreement.
"Lease Team,- means the period 'oetween the Dated Date and the late of termination pursuant to Article
4, Section 4.01 hereof.
'•Purchase Price" shall be equal to the sum of (a) the Purchase Price, as shown, on Exhibit E to be the
applicable price after the last prior Rental Payment is and has been made, (b) accrue merest thereon,
calculated an a 360 -day year for the actual days elapsed, (c) any unpaid charges for or interest on late
payments, and (di any ocher amounts payable to Lessor hereunder.
"Rental payments" means the basic rental payments payable by Lessee pursuant to Exhibit E of this
Agreement.
'-Vander'- means the mar.•ufact -arer of the Equipment as well as the agents or dealers of the manufacturer.
ARTICLE 3 - DEPOSIT OP MONIES; ACQUISITION AND LEASE OP EQUIPMENT
Section 3.01. Escrow DO -Osit. Excess Pr1ac1 al Transfer u en E 1 ant Acceptance. In the event that
an Escrow Agreement is er.terea Lntp in conr ecuon w [n one acquu it on o: the cgo_raertc, Lessor agrees to
deposit with an Escrow Agent sufficient funds to acquire the Equipment to be leased 'hereunder. Lessee
acknowledges and agrees that Lessor shall be Escrow Agent unless Lessee is otherwise advised.
Lessee understands that, except as provided herein or in the Escrow Agreement. no disbursements from
the Escrow Account shall be made by the Escrow Agent without the receipt from Lessee of a Payment Request Form
(Attachment 4) and an executed Acceptance Certificate (Exhibit G) . Accordingly, Lessee shall deliver such
documents promptly upon, but in no event later than 3 aajs :ol lowing, Lessee's final acceptance of the
Equipment from the Vendor.
Upon the earliest of acceptance by Lessee of all the Equipment; two years from the Dated Date; or
delivery of a notice to the Escrow Agent by Lessor and Lessee, the Escrow Agent shall disburse to the Lessor
any funds remaining in the Escrow Account that represent any remaining portion of -he Purchase Price. The
Lessor shall apply amounts so received toward the prepayment of principal in accordance with Article 11, Section
11.02.
Section 3.02. Leas" is Agent - Acquisition of the Eo4lpment. Lessor hereby appoints the Lessee as
its agent solely for the ?urpose of acgT::g one e.qu pment an essee herehy accepts such appointment. Lessee
and Lessor will do all things necessary to effect the acquisition of the Equipment free and clear of any
encumbrances and subject the same to the security interests contemplated hereunder. Lessor agrees to acquire
the Equipment pursuant to the Lessee's specifications. Failure by the Vendors to perform shall not affect
Lessee's obligation to make Rental Payments under this Agreement. Lessee agrees that the Equipment will be
acquired in accordance with the terms, conditions and specifications therefor and or. file with the Lessor.
Section 3.03. Lease of Equipment. Lessor hereby demises, leases and lets to Lessee, and Lessee rents,
leases and hires from Lesser, t.:e Equipment, in accordance with the provisions of this Agreement for the Lease
Term.
ARTICLE 4 - LEASE TERN
Section 4.01. Leese Term. This Agreement shall be In effect and shall comr..ence as of the Dated Date
and w111 remain in effect thr"gnout the Lease Tern. The Lease Tern will terminate ucan the first to occur of:
(a) the exercise by Lessee of the action to purchase the Equipment under Article 11: (b) Lessor's election
to terminate this Agreement upon a default under Article 13; (c) the payment by Lessee of all sums required to
be paid by Lessee hereunder; or (d) the occurrence of an Event of Nonapproprlation In accordance with Article
6, Section 6.04.
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ARTICLE 3 - ENJOYM=M OF EQUIPMENT
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Section 5.01. Quiet £mlovment. Lessor hereby covenants to provide Lessee daring -he Lease Term with
quiet use and enjoyment oc -no =q'a.pr..enc.
Section 5.02. Use of the Equipment. Lessee ' +ill nor install, use, operate or maintain the - quipmenc
lmpreoerly, carelessly, in v.o.accon or any applicable law or in a manner concrary to that contemplated by this
Agreement.
Section 5.C3. ASgRt o! 4Issaogtlon. During the Lease Term, the Lessor and its officers, er..oloyees and
agents shall have the dgmt ac a >. reasonaole times during 'ousiness hours cc enter i. ^.:o and upon :'r.e property
Or the Lessee for one purpose of 'inspecting the Equipment and all records pertaining :o the Equipment.
Section 5.04. Disclaimer of Warranties. LESSEE ACKNOWLEDGES MID AGREES THAT TIM EQUIPMENT IS Or A
312£, DESIGN, CAPACITY AND MANC7ACTURE =IM-by LESSEE. LESSOR MAKES NO WARRANTY NOR REPRESENTATION, EITHER
EXPRESSED OR IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERI. . '.:.SILITY OR FITNESS FOR PARTICULAR PURPOSE OR
FITNESS FOR USE OF THE EQUIPMENFT, OR ANY OTHER WARRANTY WITH RL 'r THERETO AND, AS TO THE LESSOR, THE LESSEE
LEASES THE EQUIPMENT "AS IS ". In no event shall the Lessor L.. llaole for any loss or damage, including
Incidence., Incited-, special or consequential damage, in connection with or arising out of this Agreement or
the existence, furn.sning, functioning or the Lessee's use of any items or products or services provided for
in this Agreement. Lessor agrees to ase its best efforts to assist Lessee in gaining the cooperation of the
vendor and /or Manufacturer of the Equipment in providing warranty service or replacement of the Equipment.
Section 5.�5. Vendors Warranties. Lessee may assert claims and righ -s chat the Lessor may have against
any Vendor of any port on on:.
ARTICLE 6 - RENTAL PAYMENTS
Section 6.01. Rental Payments to Constituto a Current Erponso o! Lesson. It Is intended that the
obligation of Lessee to pay .ec_a_ pa yasr..s nereunaer Is a currant expense or :lessee and not a debt of Lessee
In contravention of any applicable limitations or requirements; however, Lessee has made its own determination
In Chad regard and _n no way relies on Lessor for such determination. Nothing contained herein shall constitute
a pledge of the general tax revenues, funds or monies of Lessee. Lessee shall pay Rental Payments exclusively
from legally ovs!lab'a monies from its general fund and such other funds as may be designated by the Lessee in
lawful money of the United States of America to Lessor at its principal office, 120 South LaSalle Streec,
Chicago, Illinois (Lock Box; LaSalle National Public Finance, P. 0. Box 74523, Chicago, Illinois 60690), or
at such other place as Lessor may specify in writing (or, in the event of assignment by Lessor, t0 its
Assignee), in the amounts and no 'lacer than the dates set forth in Exhibit E attached hereto and made a part
hereof. Lessee farther agrees to forward Rental Payments to the Lessor ur us Assignee at least ten (10) days
prior to the due dace thereof.
Section 6.C2. Interest and Princi al C onants. A portion of each Rental Payment is paid as interest,
and the balance of each .encai eaymenc cs pain as principal. Exhibit E hereto sets fortn the interest component
and the principal component of each Rental Payment during the i�`ease Term.
Section 6.03. Rental Pa ant¢ to be Unconditional; Further Assurances. Except as expressly provided
under this Agreement, tna co.agac_oas or Lessee co mane nenca. ayments, and cc perform and observe the
covenants and agreements contained herein, shall be absolute and unconditional in all events and without notice
or demand by Lessor, notwithstanding any dispute between Lessee and Lesscr, any Vendor or any other person.
Lessee shall not assert any right of sac -off or counterclaim against its ob'_:gacion to make payments under this
Agreement. Lessee intends to do all things lawfully within its power to cccaln and maintain funds from which
the Rental Payments may be mace.
Section 6.04. Monad r__p o tip. If (a) sufficient funds are not appropriated for Rental Payments due
in any fiscal year and ) cce essee snail have insufficient funds duly authorized for the Rental Payments or
other amounts payable hereunder in such fiscal year from other sources, an Event of Nenappropriation shall be
deemed to have occurred. The Lessee shall deliver notice thereof to the Lessor promptly, but not later than
thirty (30) days after an Event of Nonappropriation. Upon the occurrence of an Event of Nonappropriation, the
Lessee agrees Chat the Lessor may reclaim possession of and title to the Eq•_ pment and make demand upon Lessee
for immediate payment of all ocher amounts (other than subsemuent Rental Payments) then outstanding under this
Agreement, to the extent permitted by law. Lessee agrees peaceably to deliver the Equipment In accordance with
Article 13, Section 13.03 hereof.
Section 6.05. Nonaubstitutlon. If an Event of Nona_norooriation occurs, the Lessee hereby agrees, -o
the extent permit -It by -aw, not to ?".chase, lease or rem: equipment performing functions similar to those
performed by the E¢lpment for a period of one year following the date of such event.
ARTICLE 7 - TITLE TO EQUIPMENT: SECURITY INTEREST
Section 7.01. Title to the Equipment. During the term of this Agreement, title to the Equipment shall
vest in Lessee, subject cc Lessor's r.gnts upon an Event of Default or an Event of Nonappropriation.
Section 7.C2. $epnrlty Interest. Lessee grants to Lessor a security interest constituting a first lion
on -he Equipment and on all aaa1: ens, attachments, accessions and substitutions thereto, and an any proceeds
therefrom.
Section 7.C3. Liens and Encumbrance. to Title; No Fixture. Lessee shall at all times keep the
Equipment free of ail ana arcutorances ocher than Lessor s security Interest. Lessee shall not, wI,h"c
the prior written consent of Lessor, attach the Equipment to real estate In any way that would cause the
Equipment to become a fixture under the laws of the jurisdiction within which the Equipment 1s located.
Section 7.04. Location o! Equipment. Lessee shall maintain the Equipment at the location specified
in Exhibit F hereto and snau not move tae Equipment without the prior written consent tf Lessor, except during
the orainary use of the Equipment by Lessee as specified in Exhibit D hereto; provided, however, that Lessee
shall not move or use the Equipment in. any way :hat would a. -ect _'Acr's perfected security interest therein.
ARTICLE 8 - MAnMWANCE; MODIFICATION; TAXES; INSURANCE AND OTHER CRApt_se
Section 8.01. Maintenance o! Equiommt by Lessee. Lessee will, at Lessee's own cost and expense,
maintain, preserve and keep c-a :qu.pmeac cn gcoc repair, we Ctlnq order and condition. If requested by Lessor,
Lessee will enter into a mutually agreeab La maln[enante program to insure the proper maintenance of the
equipment.
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section 9.12. Tares. Other Governmental Charges and Utility Charges. In the event that the use,
possess icn or atgi is it ion of one = cc.pr..ent -a recto co pe suo,ar_ to taxation !n any form (except for Income
taxes of LassOr), ;cvernmect e-arges or utility charges and expanses, Lessee will pay all such taxes and charges
as cney come due.
Sectien 9.:3. Provisions Regarding Insurance. At Its own expense Lessee shall_ cause casualty, public
Liability and oreoercv damage i -'_ranee to me carried and maintained (arid evidenced by certificates delivered
to Lessor throughout the Lease Term) in the amounts and for the coverage sac forth on =xh Ltit H, provided that
the amount of casuaay and property damage insurance shall not be less than the then apci.caote Purchase Price.
All policies of Insurance ccver_'ng the = quipment shall show Lessor as loss payee, and shall be cancelable only
upon at least 30 days prior wr'_- er. notice to Lessor. All Insurance proceeds from casualty losses shall oe
Payable as hersina`cer provides is .cis Agreement.
Section 8.24. Advances. In the event Lessee shall t _o maintain the full insurance coverage
recuired by this r=_ement ^- sna 11 fail to keep the Equipment .:d repair and operating condition, Lessor
may )but shall be�_nder no ob'_igacicr. tol purchase the requireu __ties of insurance and pay the premiums on
the same or may maka such repairs or replacements as are necessary and provide for payment thereof; and all
amounts so advanced therefor by Lessor shal-1 be repaid to Lessor, together with interest thereon at the race
specified in tie second sentence :f Article 13, Section 13.04 hereof.
Section S.`. Modlficationa. Without the prior written consent of the Lessor, the Lessee shall not
make any material a= narac_ons, cccic_cac ions or attachments to tr - qulpm.ent. All alterations, modifications
and attachments to the Equipment shall Decode a part of the Equi_-..nt and shall be subject to this Agreement
and the security _ttarest of Lessor.
ARTICLE 9 - DAMAGE, DESTRUCTION AND CONDEMNATION; USE OP PROCEEOR
Section 9.. Damage. Destruction and Condemnation. Lessee shall bear the entire risk of loss of the
Equipment due to cas'_alty, conaer..na._on or otrerwise. It la) the Equipment or any portion thereof is destroyed
(in whole or In part) or is damaged by :Ire or other casualty, or (b) title co, or the temporary use of the
Equipment or any part thereof is taken under the exercise of the power of eminent domain, Lessee shall
immediately notify Lassor. Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation
award to me applied either to the promos remelt, restoration, modification or replacement of the Equipment or,
at Lessor's option, to the oavmer.t in full of the Purchase Price. Any balance of the Net Proceeds remaining
after such work or ocrchase has been completed shall be paid to Lessee.
The term "Net Proceeds- shall meat: the amount remaining from the gross proceeds of any insurance claim
or condemnation award after detecting all expenses (including attorney's fees) incurred in the collection of
such claims or award.
Section 9.02. Insufficiency of Net Proceeds. If the Net Proceeds are insufficient to pay in full the
cost of any repair, restoration, dca._icat_on or reoracement, Lessee shall either (a) complete the work and pay
any cost in excess of the amount of Net Proceeds, or (b) Lessee shall pay to Lessor the Purchase Price.
ARTICLE 10 - TAY COVENANT
Section. 1C.01. Tar Covenant. It is the Intention of the Lessee and the Lessor that the interest
portion of the Rental Payments received by the Lessor be and remain exempt from federal income taxation;
however, Lessee has made its own determination in that regard and in no way relies upon Lessor for such
determination. Lessee covenants that it will take (or refrain from tak!Lg, where appropriate) any and all
action necessary to maintain the exemption from federal income taxation of the interest portion of the Rental
Payments, and chat It will act perform any act (or neglect to take an action) or enter into any agreement or
use or permit the ae of the =cuiccent or any portion thereof In a cancer that shall have the effect of
terminating the exemption from federal income taxation of the interest portion of the Rental Payments, Including
(without limitation) leasing a17 or any portion of the Equipment or contracting to a third party for the use
or operation of all or any portion, of the Equipment if entering into such lease or contract would have such
effect. In the avant any court or governmental authority having jurisdiction over Lessee or Lessor determines
that the interest portion of the Rental Payments is subject to federal Income taxes, and If such determination
results, directly or indirectly, in whole or in part, from Lessee's violation of this section 10.01, Lessee
shall, upon demand, reimburse Lessor in an amount equal to such lost tax benefits on Rental Payments made prior
to such determination of caxabi'_ity, and subsequent Rental Payments shall be similarly adjusted.
ARTICLE 11 - PCACSASE RIGRTS; PREPAYMENT
Section 11.71. Purchase R14hta. Lessee shall be deemed to have purchased the Equipment(a) upon
payment In full_ of all Renca: Payments in accordance with Exhibit E hereof and all ocher amounts payable
hereunder; or (b) upon, written notice delivered at least 30 daysrn advance of the proposed date for payment,
and upon the payment of the then current Rental Payment and the Purchase Price.
section 11.02. Part1a1 Preoa tai Lessee may make oa rtial prepayments of the Purchase Price, in a
minimum amount of tan perpent (. sl !i the original principal amount shown on Exhibit E, at the time of any
Rental_ Payment. Any prepayments may, at Lessor's option, be applied no shorter. the Lease Term. Aceordingly,
Lessor shall apply such prepayments, at Lessor's option, either (al to the principal portion of the Purchase
Price, thus not affectinq the Lease Term, or (b) to the principal portion of Rental Payments subsequently due,
in the Inverse order of their due dace, thus shortening the Lease Term. In either case, (a) Interest shall
cease to accrue on principal amounts so prepaid, and (b) Lessor shall deliver to Lessee a revised Exhibit E
reflecting such prepayment. If aocroorlate, in Lessor's judgment, partial prepayments may entitle esi see co
a release on any security interest on portions of the Equipment.
ARTICLE 12 - ASSIM& N'T, SORLEASING, INDENNIPICATION, MORTGAGING AND SELLING
Section 12.01. Assignment or Sale by Lessor.
(a) This Agreement, and one obligations of Lessee to make payments hereunder, may be said, assigned
or otherwise disposed of In whole or in part to one or more successors, grantees, holders, assignees or
subasslgnees by Lessor, whereupon s,-- successors, grantees, holders, assignees or subassignees shall succeed
co all of Lessor's rights and (except no the extent of any servicing obligations retained by Lessor) obligations
hereunder. Upon any sale, discosition, assignment or reassignment, Lessee shall be provided with a notice of
the same; provided, however, that failure of Lessor to provide such notice shall not affect the validity of such
sale, disposition, assignment or reassignment of Lessee's obligations hereunder. During the Term of this
Agreement, Lessee and any servicer shall each keep a complete and accurate register of all such assignments in
form necessary to comply witn Seccicn 149(a) of the code.
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(b) Lessee agrees to make all payments to the assignee designated in the assignment, notwithstanding
any claim, defense, setoff or counterclaim whacsce•:er (except arising from Lessor's treat'- of this Agreement)
that Lessee may from a:. -,e to came have against Lessor or Vendor. Lessee agrees to axe c, to all documents,
inciudinq notices of assignment and chattel mortgages or financing statements, which may be reasonably requested
by Lessor or assignee to protect its Interest in =he Equipment and in this Agreement.
(c) Lessee hereby agrees that Lessor may seal or offer to sell this Agreement (1) through a certificate
of participation program, whereby one or more interests are created in the Agreement, the Equipment or the
Rental Payments; or (ii) with other similar inszz'mencs, agreements and obligations through a pool, crust,
limited partnership, or ocher entity.
Section 12.32. No sale, Asslglal or Subleasing by Laos ". This Agreement and the Interest of Lessee
in the Equipment may not oe soia, assigr.ea or enc_r..cerea ey _essee without the prior written consent of Lessor.
Seccioc 12.33. "lease and Indemnification Covenants. To the extent permitted by the laws and
Constitution of the state, lessee sna:_ protect, nc;a harmiess and indemnify Lessor from and against any and
all liability, ob ilgat .ns, 'losses, claims and da:ages whatsoever, regardless of cause thereof (except those
resulticg form Lessor's intentlosal or grossly negligent acts or omissions), and expenses in connection
therewith, includ4ng, ' « :chouc limitation, course! fees and expenses, penalties and intaresc arising out of or
as the result of the entering into of this Agreement, the car.ershlp of any Stem of the Equipment, the ordering,
acquisition, use, ccerat .n, condition, purchase, delivery, rejection, storage or return of any item of the
Equipment or any act cent in co.. action with the operacien, use, condition, possession, storage or return of
any Lcem of the EGp :pment. The Indemni_`ipaclon era lnq under this Paragraph shall survive the cerm!natlon of
this Agreement.
ARTICLE 13 - EMUS Or DEFAULT AND RPd®IRS
Section 13,[1. Eventa of Default. The following constitute "Events of Default- under this Agreement:
(a) failure 'oy the Lessee to Day any Rental Payment or other payment rewired to be ?aid hereunder when
due for a period of 15 days after written notice is given to the Lessee by the Lessor, specifying such failure
and requesting chat it as remedied; or
(b) failure by the Lessee to maintain lnsursnce on the Equipment In accordance with Article 8, section
8.03. hereof for a period of 15 days after writter. notice 1s given to the Lessee by the Lessor, specifying such
failure and requesting that it be remedied; or
(c) failure by the Lessee to observe and Perform any other covenant, condition or agreement on its part
to be observed or performed for a period of 30 days after written notice is given to the Lessee by the Lessor,
specifying such fi -,14re and requesting that it be remedied; or
(d) commencement of a proceeding under any federal or state bankruptcy or insolvency law seeking relief
under such laws Concerning its indebtedness; or
(e) the =along of any material misrepresentation herein or In any document delivered by Lessee to
Lessor.
If a default specified In (a), (b) or (c) above cannot be cured within the applicable period, Lessor
will not unreasonably withhold its consent cc an extension of time to cure, but only if corrective action is
commenced by Lessee during tte applicable period and diligently pursued until the default is cured.
Lessor sha'__ give Lessee written notice of the occurrence of any Event of Default or any event which,
with the giving of notice or the passage of time, or both, would constitute an Event of Default, promptly, but
in no event later znan five (5) days after such occurrence.
The foregoing provisions of this Section are in addition to the provisions of Article 6, section 6.04
hereof.
Section 13.32. Ramedles on Default. whenever any Event of Default shall have occurred and be
continuing, the Lesser shau nave the rignt, at Its sole option without any further demand or notice, to take
any one or any compinacion of the following remedial steps:
(a) Terminate this Agreement and retake possession of the Equipment wherever situated, and sell or
lease, sublease or make other diseosition of the quipment for use over a term in a ccrozercially reasonable
ma s
nner, all for the account of Lessor; and declare the amount actually appropriated for the purchase or rental
of the Equipment and unpaid by Lessee during the current fiscal year to be Immediately doe and payable.
Lessor she' _/ apply the sale proceeds in the following manner:
FIRSTLY, to pay all proper and reasonable costs and expenses associated with the recovery,
repair, storage and sale of the Equipment, Including reasonable attorney's fees and expenses;
SECCNOLY, to pay the Lessor (1) the amount of all unpaid Rental Payments, if any, which are
then due and owing, together with Interest and lace charges thereon, (11) the then applicable Purchase Price
(taking into account the payment of past due Rental Payments as aforesaid), plus a pro rata allocation of
interest, at the race utilized cc establish the Interest component for the Rental Payment next due, from the
next preceding due dace of a Rental Payment until the date of payment by the 'ouyer, and (111) any other amounts
due hereunder.
TR_PJLY, to pay the remainder of the sale proceeds, purchase moneys or other amounts paid by
a buyer of the Equipment, to the Lessee; or
(b) proceed by appropriate court actior, to enforce performance by tie Lessee of the applicable
covenants of this Agreement or to recover for the breach thereof; or
(c) use or retake such portion of the Equipment as the Lessor, Sr. Its sole discretion, may decide.
All of the Lessee's right, title and interest in the Equipment shall terminate —mediately upon the
occurrence of an Event of Default or Evert of Nonappropriation.
Section 13.33. Return, oinmcnt. Upon an Event of Default or an Event of Non - appropriation, Lessee
agrees to deliver toe EGu pmen c hemp o esspr, ac Lessee's sole cost and expense, to a reasonable location specified
by Lessor.
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Section 13.05. Force Ma Douro. If by reason of force ma'eure Lessee is unable In whole or in part to
carry out its agreement on its oars .ere-,n contained, other cnan the ooiigations on the cart of Lessee contained
in Article 6 and Article 9, Seoticn 9.73. hereof, Lessee shall not be deemed in default during the continuance
Of suc :h inability. The corm " -cue ma'eure'• as used herein shall mean, without limitac cn, She following: acts
of Ood, strikes, icckcuts or ctner industrial disourbances; act of public enemies, orcer or restraints of any
kind o- the government of a: ^e 'J iced States of America or the State or any of their departments, agencies or
offlcals, or any civil or miL _ary acthcricy; _nsurrec -ions; riots; landslides; eartn.quakes, fires; storms:
droughts; :_cods; or explosizn.s.
ARTICLE 14 - HISCZLLANEOUS
Section. 15.01. Noticea. All notices, certificates or other communicacicns hereunder shall be
sufficiently given and shat_ oa Zoomed given when delivered or mailed by registered mall, postage prepaid, to
the parties at the addresses set forth on the first page hereof. In addition, copies of all notices to Lessor
shall ue given, as provided above, to Lessor at 417 17th Street, Suite 2080, Denver, CO 80202.
Section. 14.12. HSnddng Effect. -..his Agreement shall inure to the benefit of and shall be binding upon
Lessor and lessee and chair respecc: :•e successors and assigns.
Section 14.33. Sevorabillty. In the even- any provision of this Agreement shall be held invalid or
unenforceable by any court or ccmpecen- jur'sdlc -ion, such holding shall not invalidate or render unenforceable
any ocher provision 'nereof.
Section 14.74. Iacorocratlon by Reference. All Exhibits and Attachments hereto are incorporated
herein.
Section 14.05 Execution in Countorparta. This Agreement may be executed in several counterparts.
Section 14.C6. Applicable Law. This Agreement shall be governed by and construed in accordance with
the laws of Arkansas.
Section 14.07. Entire Agreement. This Agreement constitutes the entire agreement between Lessor and
Lessee. No waiver, consent, r..occrlcation or charge of terms of this Agreement shall 61rd either party unless
in writing signed by both parties, and then such waiver, consent, modification or change shall be effective only
in the sceclflc instance and for the soeciflc purpose given. There are no understandings, agreements,
representations or warrancies, express or implied, not specified herein regarding this Agreement or the
Equipment '_eased hereunder. Any terms and conditions of any purchase order or other document submitted by
Lessee in ccnnecticn with this Agreement which are in addition to or inconsistent with the terms and conditions
of this Agreement will not be binding on Lessor and will not apply to this Agreement. Lassea by the signature
below of its auchmr4 zed reoresencative acknowledges that it has read this Agreement, understands it, and agrees
to be bound by its terms and conditions.
Section 14.09. No Reoedy Ezelua loci Xeioor. No remedy herein conferred upon or reserved to the Lessor
is intended to foe exclusive ann every such remecy shall be cumulative and shall be in addition to every other
remedy given under -his Agreemenc or now or hereafter existing at law or In equity. No delay in enforcing any
remedy available to Lessor shall_ constitute a waiver thereof. No waiver of any term or provision hereof shall
be effactive against Lessor unless in writing, signed by Lessor.
IN WITNESS WHEREOF, Lessor has executed this Agreement in its corporate name, attested by its duly
authorized officers, and Lessee has caused this Agreement to be executed in its corporate name, attested by its
duly authorized officers. Al_ of the above occurred as of the date first written on tie heading hereof.
LESSCR: LASALLE NATIONAL BANK
Witness:
By: By: _
Titre: Title:
LESSEE: LITTLE ROCK AMBULANCE AUTHORITY
By:
Title:
Witness:
By:
Title:
6
255
Lease 1777
Section 13.]4.
Late Charge: Interest op Leto !AFQi2t. Any
Rental Payment not
paid on
the due date
thereof shall bear a
lace cnaz x t ccy coi_ars laud.. 1, plus an
additional finance
charge.
The finance
charge stall accrue on
the entire unpaid principal portion of the Purchase price from tine date the
unpaid Rental
Payment was due cnt_1
payment at a race (calculated an a 360 -day year
for the actual days
elapsed)
equal to the
lesser of (a) eighteen percent (13 %), or (b) the highest rate allowed under the laws cf
the State.
Section 13.05. Force Ma Douro. If by reason of force ma'eure Lessee is unable In whole or in part to
carry out its agreement on its oars .ere-,n contained, other cnan the ooiigations on the cart of Lessee contained
in Article 6 and Article 9, Seoticn 9.73. hereof, Lessee shall not be deemed in default during the continuance
Of suc :h inability. The corm " -cue ma'eure'• as used herein shall mean, without limitac cn, She following: acts
of Ood, strikes, icckcuts or ctner industrial disourbances; act of public enemies, orcer or restraints of any
kind o- the government of a: ^e 'J iced States of America or the State or any of their departments, agencies or
offlcals, or any civil or miL _ary acthcricy; _nsurrec -ions; riots; landslides; eartn.quakes, fires; storms:
droughts; :_cods; or explosizn.s.
ARTICLE 14 - HISCZLLANEOUS
Section. 15.01. Noticea. All notices, certificates or other communicacicns hereunder shall be
sufficiently given and shat_ oa Zoomed given when delivered or mailed by registered mall, postage prepaid, to
the parties at the addresses set forth on the first page hereof. In addition, copies of all notices to Lessor
shall ue given, as provided above, to Lessor at 417 17th Street, Suite 2080, Denver, CO 80202.
Section. 14.12. HSnddng Effect. -..his Agreement shall inure to the benefit of and shall be binding upon
Lessor and lessee and chair respecc: :•e successors and assigns.
Section 14.33. Sevorabillty. In the even- any provision of this Agreement shall be held invalid or
unenforceable by any court or ccmpecen- jur'sdlc -ion, such holding shall not invalidate or render unenforceable
any ocher provision 'nereof.
Section 14.74. Iacorocratlon by Reference. All Exhibits and Attachments hereto are incorporated
herein.
Section 14.05 Execution in Countorparta. This Agreement may be executed in several counterparts.
Section 14.C6. Applicable Law. This Agreement shall be governed by and construed in accordance with
the laws of Arkansas.
Section 14.07. Entire Agreement. This Agreement constitutes the entire agreement between Lessor and
Lessee. No waiver, consent, r..occrlcation or charge of terms of this Agreement shall 61rd either party unless
in writing signed by both parties, and then such waiver, consent, modification or change shall be effective only
in the sceclflc instance and for the soeciflc purpose given. There are no understandings, agreements,
representations or warrancies, express or implied, not specified herein regarding this Agreement or the
Equipment '_eased hereunder. Any terms and conditions of any purchase order or other document submitted by
Lessee in ccnnecticn with this Agreement which are in addition to or inconsistent with the terms and conditions
of this Agreement will not be binding on Lessor and will not apply to this Agreement. Lassea by the signature
below of its auchmr4 zed reoresencative acknowledges that it has read this Agreement, understands it, and agrees
to be bound by its terms and conditions.
Section 14.09. No Reoedy Ezelua loci Xeioor. No remedy herein conferred upon or reserved to the Lessor
is intended to foe exclusive ann every such remecy shall be cumulative and shall be in addition to every other
remedy given under -his Agreemenc or now or hereafter existing at law or In equity. No delay in enforcing any
remedy available to Lessor shall_ constitute a waiver thereof. No waiver of any term or provision hereof shall
be effactive against Lessor unless in writing, signed by Lessor.
IN WITNESS WHEREOF, Lessor has executed this Agreement in its corporate name, attested by its duly
authorized officers, and Lessee has caused this Agreement to be executed in its corporate name, attested by its
duly authorized officers. Al_ of the above occurred as of the date first written on tie heading hereof.
LESSCR: LASALLE NATIONAL BANK
Witness:
By: By: _
Titre: Title:
LESSEE: LITTLE ROCK AMBULANCE AUTHORITY
By:
Title:
Witness:
By:
Title:
6
� � r
i 256
EXHIBIT A
LIST OF CLOSING DOCUMENTS
1. Municipal Lease and Option Agreement
2. Resolution of Lessee's Governing Body (Exhibit B)
3. Opinion of Lessee's Counsel (Exhibit C)
4. Certificate of Lessee (Exhibit D)
5. Schedule of Payments (Exhibit E)
6. Equipment Description (Exhibit F)
7. Acceptance Certificate (Exhibit G)
8. Insurance coverage Requirements (Exhibit H)
9. Form 8038G /GC (Attachment 1)
10. UCC -1 Financing Statement (Attachment 2)
11. Small Issuer Exemption Statement (Attachment 3 - If Applicable)
12. Payment Request Form (Attachment 4 - If Applicable)
13. Escrow Agreement (If Applicable - To Be Delivered By Escrow Agent)
14. Name of County for UCC -1 Filing
7
Lease #777
M M M
Lease #777 257
EXHIBIT B
RESOLUTION OF GOVERNING BODY: EXTRACT OF MINUTES
Lessee: Little Rock Ambulance Authority
Date of Agreement: June 1, 1993
At a duly called meeting of the governing body of Lessee (as defined in the Agreement) held on
the day of I , 1993 the following resolution was introduced and adopted.
RESOLVED, whereas the governing body of Lessee has determined that a true and very real need
exists for the acquisition of the Equipment described in the Municipal Lease and Option Agreement
presented to this meeting; -and
WHEREAS, the governing body of Lessee has taken the necessary steps, including any legal
bidding requirements, under applicable law to arrange for the acquisition of such Equipment.
BE IT RESOLVED, by the governing body of Lessee that the Municipal Lease and Option
Agreement substantially in the form presented to this meeting is in the best interests of Lessee for the
acquisition of such Equipment, and the governing body of Lessee designates and confirms the following
persons to execute and deliver, and to witness (or attest), respectively, the Municipal Lease and Option
Agreement, with such changes thereto as such persons deem appropriate, and any related documents
necessary to the consummation of the transactions contemplated by the Municipal Lease and Option
Agreement:
FURTHERMORE BE IT RESOLVED, that the governing body of Lessee hereby represents that
the reasonably anticipated amount of qualified tax- exempt obligations which have been and will be issued
by the Lessee does not exceed $10,000,000 for the calendar year within which this Municipal Lease and
Option Agreement is to be a "qualified tax- exempt obligation" pursuant to Section 265 (b)(3) of the Internal
Revenue Code.
(Name of Parry to Execute Municipal Lease (Title)
and Option Agreement)
(Name of Party to Witness Municipal Lease (Title)
and Option Agreement)
The undersigned further certifies that the above resolution has not been repealed or amended and
remains in full force and effect and further certifies that the above and foregoing Municipal Lease and
Option Agreement is the same as presented at said meeting of the governing body of Lessee.
Seal:
Secretary/Clerk
Date
M M
Lease #777
EXHIBIT C
OPINION OF LESSEE'S COUNSEL
(Please furnish in this form on Attorney's Letterhead)
LASALLE NATIONAL BANK
410 17th Street #2080
Denver, CO 80202
Lessee: Little Rock Ambulance Authority
Date of Agreement: June 1, 1993
Gentlemen:
As counsel for Little Rock Ambulance Authority ( "Lessee "), I have examined duly executed originals
Of the Municipal Lease and Option Agreement (the "Agreement ") dated June 1, 1993, between Lessee and
LaSalle National Bank ( "Lessor "), and based upon the examination and upon such other examination as
I have deemed necessary or appropriate, I am of the opinion that:
Lessee is a public body corporate and politic, legally existing under the laws of the State
of Arkansas.
2. The Agreement has been duly authorized, executed and delivered by Lessee, pursuant to
constitutional, statutory and/or home rule provision which authorizes this transaction and
Resolution No. attached as Exhibit B to the Agreement.
3. The Agreement is a legal, valid and binding obligation of Lessee, enforceable in
accordance with its terms. In the event the Lessor obtains a judgement against Lessee
in money or damages, as a result of an event of default under the Agreement, Lessee will
be obligated to pay such judgement.
4. Applicable public bidding requirements have been complied with.
5. To the best of my knowledge, no litigation is pending or threatened in any court or other
tribunal, state or federal, in any way questioning or affecting the validity of the resolution
or the Agreement.
6. The signatures of the officers of Lessee which appear on the Agreement are true and
genuine; I know said officers and know them to hold the offices set forth below their
names.
7. The Lessee is a political subdivision within the meaning of Section 148 of the Internal
Revenue Code and the related regulations and rulings and that the portion of payments
identified as deferred interest charges to maturity, upon receipt, will not be includable in
Federal gross incomes under statutes, regulations, court decisions and rulings existing on
the date of this opinion and consequently, will be exempt from present Federal income
taxes and income tax of the State of Arkansas.
258
r
EXHIBIT D
CERTIFICATE OF LESSEE
M IM
259
Lease #777
THE UNDERSIGNED, duly authorized representative of the named Lessee under that certain
Municipal Lease and Option Agreement dated June 1, 1993 (the "Agreement ") with LaSalle National Bank
as Lessor (the "Lessor') hereby certifies as follows in accordance with the requirements of the Agreement.
Capitalized terms used herein have the same meaning as in the Agreement.
A. INCUMBENCY OF OFFICER AND SIGNATURE
I hold the position noted under my signature, and I have all authority necessary to execute and
deliver this Certificate. The following officer of the Lessee is duly elected or appointed, and the signature
opposite the name is true and correct, and where required, has been filed with the appropriate officials of
the State:
Signature
Title:
B. ESSENTIAL USE:
The Equipment will be used by the following governmental agency department for
the specific purpose of:
2. The Equipment is essential for the functioning of the Lessee and is immediately
needed by the Lessee. Such need is neither temporary nor expected to diminish
during the Lease Term. The Equipment is expected to be used by the Lessee for
a period in excess of the Lease Term.
3. Funds are expected to come from the general fund of the Lessee.
C. SECTION 265(b)(3) MATTERS:
Lessee (a) maintains a register or list of Exempt Government Obligations, (b) files,
when required, Form 8038G or Form 8038GC, and (c) therefore can certify that
the total Exempt Government Obligations issued to date in the current calendar
year, including the Agreement, are less than $10,000,000.
This Certificate is based upon facts, circumstances, estimates and expectations of the Lessee as
of the date on which the Agreement was executed, and to the best of my knowledge and belief, as of this
date, such facts, circumstances and estimates are true and correct and such expectations are reasonable.
IN WITNESS WHEREOF, I have executed and delivered this certificate as of the day of
, 1993.
WITNESS:
Signature
Title:
is
m m
260
EXHIBIT E
SCHEDULE OF PAYMENTS
DATED DATE: JUNE 1, 1993
LITTLE ROCK AMBULANCE AUTHORITY
PMT
PAYMENT
PAYMENT
INTEREST
PRINCIPAL
PURCHASE
#
DATE
AMOUNT
AMOUNT
AMOUNT
PRICE
1
1 -
Jul -93
43,926.45
7,318.49
36,607.96
1,605,253.47
2
1 -
Au,--93
43,926.45
7,151.31
36,775.14
1,566,610.98
3
1 -
Sep -93
43,926.45
6,983.37
36,943.08
1,527,841.29
4
1 -
Oct -93
43,926.45
6,814.66
37,111.79
1,488,943.98
5
1 -
Nov -93
43,926.45
6,645.19
37,281.26
1,449,918.64
6
1 -
Dec -93
43,926.45
6,474.94
37,451.51
1,410,764.84
7
1 -
Jan-94
43,926.45
6,303.91
37,622.54
1,371,482.15
8
1 -
Feb -94
43,926.45
6,132.10
37,794.35
1,332,070.17
9
1 -
Mar -94
43,926.45
5,959.50
37,966.95
1,292,528.45
10
1 -
Apr -94
43,926.45
5,786.12
38,140.33
1,252,856.57
11
1 -
May -94
43,926.45
5,611.95
38,314.50
1,213,054.11
12
1 -
Jun -94
43,926.45
5,436.98
38,489.47
1,173,120.63
13
1 -
Jul -94
43,926.45
5,261.21
38,665.24
1,133,055.70
14
1 -
Aug -94
43,926.45
5,084.64
38,841.81
1,092,858.89
15
1 -
Sep -94
43,926.45
4,907.26
39,019.19
1,052,529.77
16
1 -
Oct -94
43,926.45
4;729.07
39,197.38
1,012,067.89
17
1 -
Nov -94
43,926.45
4,550.07
39,376.38
971,472.83
18
1 -
Dec -94
43,926.45
4,370.25
39,556.20
930,744.15
19
1 -
Jan-95
43,926.45
4,189.61
39,736.84
889,881.40
20
1 -
Feb -95
43,926.45
4,008.15
39,918.30
848,884.14
21
1 -
Mar -95
43,926.45
3,825.85
40,100.60
807,751.94
22
1 -
Apr -95
43,926.45
3,642.73
40,283.72
766,484.34
23
1 -
May -95
43,926.45
3,458.76
40,467.69
725,080.90
24
1 -
Jun -95
43,926.45
3,273.96
40,652.49
683,541.17
25
1 -
Jul -95
43,926.45
3,088.32
40,838.13
641,864.71
26
1 -
Aug -95
43,926.45
2,901.82
41,024.63
600,051.07
27
1 -
Sep -95
43,926.45
2,714.48
41,211.97
558,099.78
28
1 -
Oct -95
43,926.45
2,526.27
41,400.18
516,010.41
29
1 -
Nov -95
43,926.45
2,337.21
41,589.24
473,782.50
30
1 -
Dec -95
43,926.45
2,147.29
41,779.16
431,415.58
31
1 -
Jan-96
43,926.45
1,956.50
41,969.95
388,909.21
32
1 -
Feb -96
43,926.45
1,764.84
42,161.61
346,262.92
33
1 -
Mar -96
43,926.45
1,572.30
42,354.15
303,476.25
34
1 -
Apr -96
43,926.45
1,378.88
42,547.57
260,548.74
35
1 -
May -96
43,926.45
1,184.58
42,741.87
217,479.93
36
1 -
Jun -96
43,926.45
989.39
42,937.06
174,269.35
37
1 -
Jul -96
43,926.45
793.31
43,133.14
130,916.54
38
1 -
Aug -96
43,926.45
596.34
43,330.11
87,421.02
39
1 -
Sep -96
43,926.45
398.46
43,527.99
43,782.33
• 261
40 1 - Oct -96 43,926.45 199.70 43,726.75 0.00
- - - -- ---- - ----------- --- - - - - -- ---------- -- -- ------ -- - - -- ----------- ---- -- ---- ------- ------- --- - - -- --------------- - - - - --
TOTALS 1,757,058.00 154,469.77 1,602,588.23
LESSEE: LITTLE ROCK AINSULANCE AUTHORITY
M-
TITLE:
r
EXHIBIT F
DESCRIPTION OF THE EQUIPMENT
Page 1 of 3
NEW EQUIPMENT: MEMS COMMUNICATION SYSTEM UPGRADE
800 Mhz Trunked Radio System
Mobile Eauioment
Smartnet Spectra C9 Mobile Radio
22
Front and Rear control Heads
21
Smartnet Digital STX Trunked Portable 3 Watt
33
Single Unit Rapid Charger
9
Six Unit Rapid Charger
2
Remote Speaker Mic with clip
33
Bravo Pagers 75
Fixed End Eauioment
Smartnet Spectra Desktop Control Station 14
People Finder Paging Encoder 1
Programming Package 1
MSR2000 UHF Base Station 1
Automatic Vehicle Locating
Coded Lanmarc 500 GPS Radio Modem
20
GPS Antenna Kit
20
Coded CMX4500 Mobile Status Terminal
20
Coded Base Station Controller
1
Coded NC5000 Network Controller
1
Equipment Cabling Kit
1
System Engineering Analysis
1
Project Management
1
Installation and Testing
1
Training and Documentation
1
REFINANCED EQUIPMENT FROM LEASE #564:
Three (3) 1992 Type III Excellence Golden Eagle Ambulances/E350 Ford Chassis - Diesel
11
Lease #777
263
EXHIBIT F (CONTINUED) Lease #777
Page 2 of 3
REFINANCED EQUIPMENT FROM LEASE #537:
1. Equipment included in current lease
Number Description
Seven (7) Used Type III Ambulances
Three (3) New Type III Ambulances
Medical Equipment
Communication Equipment
2.
Equipment and Ambulances.
Number
Description
Four (4)
Type III Ambulances
One (1)
Toyota 1988 Camry
Medical Equipment
Communication Equipment
Computer Hardware and Software,
Office Furniture and Other Equipment
3. Building and Lease -Hold Improvements
Number Description
One (1) 7,200 sq. ft. building located on the property described below:
Part of Block 288 and adjacent West Hall of Ringo Street, Original City of Little Rock,
Pulaski County, Arkansas, more particularly described as follows:
Beginning at the point of intersection of the Centerline of Ringo Street with the extended
North line of Block 288; thence in a Southerly direction along the Centerline of Ringo
Street a distance of 122 feet, more or less to a point on the Northerly Control of Access
Line of 1 -630; thence in a Westerly direction along said Control of Access Line a distance
of 182 feet to a point on the West line of the East Half of Block 288; thence in a Northerly
direction along said West line a distance of 119 feet more or less to a point on the North
line of Block 288; thence in a Easterly direction along the North line of Block 288 extended
a distance of 180.2 feet to the point of beginning and containing 25,785 square feet more
or less.
12
r
LOCATED:
EXHIBIT F (CONTINUED)
Page 3 of 3
LESSEE: "LITRE ROCK AMBULANCE AUTHORITY
Name:
Title: _
Date: _
13
Lease #777
264
M
To Lessor:
-r
EXHIBIT G
ACCEPTANCE CERTIFICATE
LASALLE NATIONAL BANK
410 Seventeenth Street, Suite 2080
Denver, Colorado 80202
•
Lease #777
In accordance with the terms of the Municipal Lease and Option Agreement (the "Lease ") dated
June 1, 1993 between LaSalle National Bank (the "Lessor"), and the undersigned (the "Lessee "), Lessee
hereby certifies and represents to, and agrees with, Lessor as follows:
1. The Equipment, as such term is defined in the Lease, has been delivered and installed at
the Equipment Location specified in Exhibit F - Description of Equipment to the Lease and
accepted on the date indicated below.
2. Lessee has conducted such inspection and/or testing of the Equipment as it deems
necessary and appropriate and hereby acknowledges that it accepts the Equipment.
3. No Event of Default, as such term is defined in the Lease, and no event which with notice
or lapse of time, or both, would become an Event of Default, has occurred and is
continuing at the date hereof.
LESSEE: LITTLE ROCK AMBULANCE AUTHORITY
Signature
Name:
Title:
Date:
14
2f�
r
• 266
COUNTY NAME
In order to file the UCC -1's included in these documents, we will need the
county in which the municipality resides. Please provide below and return
with your documentation:
County PULASKI
18