Loading...
HomeMy WebLinkAbout1999.03.16_OPGA AgendaNOTICE OF PUBLIC MEETING OF THE OWASSO PUBLIC GOLF AUTHORITY TYPE OF MEETING: Regular DATE: March 16, 1999 TIME: 6:30 p.m. PLACE: Council Chambers, Owasso Community Center Notice and Agenda filed in the office of the City Clerk and posted on the City Hall bulletin board at 4:00 p.m. on Friday, March 12, 1999. Marci Boutwell, Authority Secretary AGENDA 1. Call to Order 2. Flag Salute 3. Roll Call 4. Consideration and Appropriate Action Relating to a Request for Approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from consent by request. A motion to adopt the Consent Agenda is non -debatable. A. Approval of the Minutes of March 2, 1999 Regular Meeting. Attachment #4-A B. Approval of Claims. Attachment #4-13 Owasso Public Golf Authority March 16, 1999 Page 2 5. Consideration and Appropriate Action Relating to Approval of a Lease/Purchase Agreement for Golf Carts. Ms Bishop Attachment #5 = The staff will recommend Trustee approval of a Lease/Purchase Agreement with The Associates in the amount of $166,690; authorization for payment of a $200 documentation fee; and authorization for the Chair to execute the necessary documents. 6. Report from OPGA Manager 7. Report from OPGA Attorney W r 8. New Business w 9. Adjournment r OWASSO PUBLIC GOLF AUTHORITY MINUTES OF REGULAR MEETING Tuesday, March 2, 1999 The Owasso Public Golf Authority met in regular session on Tuesday, March 2, 1999 in the Council Chambers at the Owasso Community Center per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 4:00 p.m. on Friday, February 26, 1999. ITEM 1: CALL TO ORDER -- Chairman Bode called the meeting to order at 6:46 p.m. ITEM 2: FLAG SALUTE The flag salute was given during the City Council meeting preceding this meeting. ITEM 3: ROLL CALL PRESENT Denise Bode, Chair Mark Wilken, Vice Chair Mary Lou Barnhouse, Trustee Melinda Voss, Trustee Duston Smith, Trustee STAFF Jeff Hancock, City Manager Ronald D Cates, Authority Attorney Marcia Boutwell, Authority Secretary A quorum was declared present. ABSENT ITEM 4: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR APPROVAL OF THE CONSENT AGENDA. ' A. Approval of the Minutes of February 16, 1999 Regular Meeting. B. Approval of Claims ' Mr Smith moved, seconded by Ms Voss, to approve the consent agenda. The consent agenda included minutes of the February 16, 1999 regular meeting, by reference made a part hereto. Item B on the consent agenda included the following claims: (1) Bailey Ranch Golf Club $47,471.22; (2) Payroll $14,372.34. AYE: Smith, Voss, Barnhouse, Wilken, Bode ' NAY: None ' Motion carried 5-0. II Owasso Public Golf Authority ITEM 5: REPORT FROM OPGA MANAGER No report. ITEM 6: REPORT FROM OPGA ATTORNEY No report. ITEM 7: NEW BUSINESS None. ITEM 8: ADJOURNMENT Mr Smith moved, seconded by Ms Voss, to adjourn. AYE: Smith, Voss, Barnhouse, Wilken, Bode NAY: None Motion carried 5-0, and the meeting was adjourned at 6:47 p.m. Marcia Boutwell, Authority Secretary March 2, 1999 Denise Bode, Chairperson 2 CITY OF OWASSO OWASSO PUBLIC GOLF AUTHORITY B I 3/12/99 7:17:11 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT It---------------------------- u I I 990104 OKLAHOMA TAX COMMISSION 990560 BGR DAILY ACCOUNT DEPARTMENT TOTAL ===_> CART OPERATIONS ----------------------------- 990179 DELBERT E BROOKS 991931 KIMBALL ACE HARDWARE 992184 TREASURER PETTY CASH 992237 FIZZ-0 WATER DEPARTMENT TOTAL ====> SALES TAX REIMB PETTY CASH CART MAINTENANCE MAINT/REPAIR SUPPLIES MAINT SUPPLIES WATER -BATTERIES IOLF COURSE OPERATIONS ------------------------------- 990103 HERCULES TIRE SALES INC TIRES/TUBES 990107 EWING TULSA SPRINKLER PARTS 990110 NAPA AUTO PARTS REPAIR PARTS 990407 JUSTICE GOLF CAR CO INC REPAIR PARTS ' 990407 JUSTICE GOLF CAR CO INC BATTERIES COURSE SIGNS 990559 SPECIALTY GOLF COURSE SUP 990607 HASKELL SAND & GRAVEL CO MASON SAND 990842 ESTES, INC WEED CHEMICALS 991132 GOLDTHWAITE'S INC REPAIR PARTS 991902 LUBER BROS INC REPAIR PARTS 992178 MCI TELECOMMUNICATIONS 1/99 USE ' 992184 TREASURER PETTY CASH REIMB PETTY CASH 992235 LESCO INC FERTILIZER 992236 YALE UNIFORM RENTAL UNIFORM CLEAN/RENT DEPARTMENT TOTAL ====> IrFOOD & BEVERAGE OPERATIONS ------------------------------ 1 , 990558 WAL-MART II DEPARTMENT TOTAL ====> CLEANING SUPPLIES 4,551.92 991 ------- _11 5,543.03 480.00 7.56 54.00 32.80 574.36 74.86 .66 14.06 110.18 299.95 55.35 608.69 1,145.60 23.00 133.92 10.32 16.00 944.40 18.06 3,455.05 3.24 ------------- 3.24 9 CLUBHOUSE OPERATIONS ------------------------------ CITY OF OWASSO OWASSO PUBLIC GOLF AUTHORITY 3/12/99 7:17:11 A/P CLAIMS REPORT APAPVR PAGE: 10 PO # VENDOR DESCRIPTION AMOUNT ------------------------------------------------------------------------- 990102 GUARDIAN SECURITY SYSTEMS ALARM SYSTEM 990558 WAL-MART CLEANING SUPPLIES 991129 OKLAHOMA NATURAL GAS 1/99 USE 992178 MCI TELECOMMUNICATIONS 1/99 USE 992238 SOUTHWESTERN BELL TELE 2/99 NON-PLEXAR DEPARTMENT TOTAL =_==> GENERAL & ADMINISTRATIVE ------------------------------ 990178 ADVANTA FINANCIAL CORP 990324 DOZIER PRINTING 992185 COMMERCE & LEGAL NEWS DEPARTMENT TOTAL ====> GOLF SHOP MERCHANDISE ------------------------------ 990311 TITLEIST DRAWER CS 990311 TITLEIST DRAWER CS 990311 TITLEIST DRAWER CS 990311 TITLEIST DRAWER CS 990311 TITLEIST DRAWER CS 990311 TITLEIST DRAWER CS 990315 MAXFLI GOLF DIVISION 990315 MAXFLI GOLF DIVISION 990315 MAXFLI GOLF DIVISION 990315 MAXFLI GOLF DIVISION 990320 BG ENTERPRISES LTD 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990698 FOOT -JOY DRAWER CS 990720 PING 990720 PING 990931 GEAR FOR SPORTS 991258 CUTTER & BUCK 991574 POLO RALPH LAUREN CORP 991574 POLO RALPH LAUREN CORP DIGITAL PLAYER -CONTRACT PRINTED FORMS LEGAL NOTICE GOLF BALLS GOLF BALLS -DISCOUNT GOLF CLUBS GOLF CLUBS -DISCOUNT GOLF BAGS GOLF BAGS -DISCOUNT GOLF BALLS GOLF CLUBS GOLF BALLS -DISCOUNT MERCHANDISE CREDIT GOLF TEES GOLF SHOES GOLF SHOES -DISCOUNT GOLF GLOVES GOLF GLOVES -DISCOUNT SOCKS SOCKS -DISCOUNT SOFTSPIKES SOFTSPIKES-DISCOUNT GOLF CLUBS GOLF BAGS GOLF CAPS GOLF SHIRTS GOLF SLACKS GOLF SHIRTS 1,440.00 7.17 495.88 17.57 72.45 2,033.07 97.99 155.80 50.60 ------------- 304.39 407.40 -15.72 181.76 -2.44 419.92 -16.00 911.14 287.00 -37.43 -410.00 157.70 7,141.29 -418.05 2,919.77 -173.66 464.13 -27.18 36.28 -.65 140.70 611.26 551.44 602.93 1,473.70 389.36 DEPARTMENT TOTAL ==_=> 15,594.65 � I CITY OF OWASSO ' OWASSO PUBLIC GOLF AUTHORITY 3/12/99 7:17:11 A/P CLAIMS REPORT APAPVR PAGE: 11 PO # VENDOR DESCRIPTION AMOUNT ------------------------------------------------------------------------- ' FUND TOTAL =___> 27,507.79 I I � I � I � I � I I I I I n � I I I I I 11 11 CITY OF OWASSO OPGA A/P TRANSFER REPORT VENDOR DESCRIPTION TRANSFERS AMOUNT WORKERS' COMP SELF -INS TRANSFER FROM OPGA 608.33 TRANSFERS TOTAL 608.33 OWASSO PUBLIC GOLF AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 03/01/99 OVERTIME TOTAL DEPARTMENT EXPENSES EXPENSES Golf Shop Cperati4ns $0.00 $4,682.33 Cart Operations 0.00 1,300.18 Golf Course Operati©ns 0.00 6,886.47 Food & Beverage 0.00 1,666.40 FUND TOTAL $0.00 $14,535.3.8 APPROVED: 03/16/99 Chairman Trustee Trustee 1/ UI'• TO: FROM: SUBJECT: DATE: BACKGROUND: HONORABLE CHAIR AND TRUSTEES OWASSO PUBLIC GOLF AUTHORITY SHERRY BISHOP FINANCE DIRECTOR LEASE -PURCHASE FINANCING - GOLF CARTS March 12, 1999 On February 22, the OPGA trustees authorized the purchase of 75 Club Cars from Justice Golf Car Company for $166,690 (net of trade-in allowance). The bid specifications for the golf carts included an option for lease -purchase financing with the first payment deferred until July 1. Justice Golf Car Company arranged for the lease -purchase financing with Associates Commercial Corporation. The lease -purchase agreement provides financing for four years at 5.41 % interest. IThere is a $200 documentation fee due with the agreement. The documentation from Associates Commercial Corporation is attached. Mr. Cates has reviewed the agreement and approved it for consideration by the Trustees. RECOMMENDATION: Staff recommends Trustee approval of the Equipment Lease -Purchase Agreement with Associates Commercial Corporation for $166,690 and authorization for the Chair to execute the documents and further authorization to pay the $200 documentation fee. ATTACHMENTS: Associates Commercial Corporation documentation Memorandum - Golf Car Purchase, dated January 22, 1999 ASSOCIATES COMMERCIAL CORPORATION VENDOR EQUIPMENT DIVISION A SUBSIDIARY OF ASSOCIATES FIRST CAPITAL CORPORATION INVOICE Date: March 10, 1999 -- Bill to: Remit to: (1st payment only) Owasso Public Golf Authority Associates Commercial Corp Attn: Accounts Payable VED — Municipal Finance Dept. 207 S. Cedar Street 8001 Ridgepoint Drive Owasso, OK 74055 Irving, TX 75063-3117 the financing of: Seventy-three (73) 1999 Club Car DS Electric Golf Cars Complete with all Attachments and Accessories Two (2) 1999 Club Car Carryall I Electric Vehicles Complete with all Attachments and Accessories NOTE: All future payments should be directed to Associates Commercial Corporation VED-Municipal Finance P O Box 3169 Milwaukee, WI 53201-3169 Documentation Fee: $ 200.00 aco.00 Date Due: UPON RECEIPT Amount Due: $ --6 4A 8001 Ridgepoint Drive, Irving, TX 75063-3117 (800) 868-4402FAX (800) 315-4050 ASSOCIATES COMMERCIAL CORPORATION VENDOR EQUIPMENT DIVISION I' A SUBSIDIARY OF ASSOCIATES FIRST CAPITAL CORPORATION ' March 10, 1999 Ms. Sheri Bishop City of Owasso 207 S. Cedar Street Owasso, OK 74055 SUBJECT: Equipment Lease/purchase financing Owasso Public Golf Authority, OK Dear Ms. Bishop: The Lease documentation for the equipment being acquired is enclosed. Please review for accuracy, execute where indicated by each Red "X", and then return along with payment (if required) to the address following the documentation list: • Lease/Purchase Agreement — Please execute. • Opinion of Counsel — please have your attorney execute, or return with the executed documents, a photocopy of the minutes of the Board meeting or Board Resolution in which the purchase of the equipment was approved. • Schedule A, Equipment Description - Please execute. • Schedule B, Payment Schedule — Please review. • Schedule C, Delivery and Acceptance Certificate - The document should be returned only upon final delivery and acceptance of the equipment. Associates will pay the vendor/supplier upon receipt. Please execute and indicate the date equipment was accepted. • Incumbency Certificate — Please have completed by the Governing Body members authorized to enter into the Lease on behalf of your organization. Then have "Keeper of the Record", Such as the Secretary, execute. • 8038G — Please complete/verify item #2, your Federal ID number, review for accuracy and execute. • UCC-1 — Uniform Commercial Code filing form. • Insurance Information — Please obtain a Certificate of Coverage naming Associates Commercial Corporation as Loss Payee and Additional Insured from your local insurance agent and return with the executed documents • Fact Sheet — Please complete and return with documents for proper account/payment processing. Please include financial records and combined balance sheets for the past two years. 8001 Ridgepoint Drive, Irving, TX 75063-3117 (800) 868-4402 FAX (800) 315-4050 Essential Use Letter — Please copy this letter onto your letterhead and properly execute. Tax Exemption/Resale Certificate — Please enclose a photocopy, if available. Please return all of the documents with original signatures to me at: Associates Commercial Corporation VED-Municipal Finance Dept 8001 Ridgepoint Drive Irving, TX 75063 --- �MPN Also, please remit to my attention at the address given above, a check for $ 4;444-94 made payable to Associates Commercial Corporation. This represents the firs* r,.,ymei4 plos $ 200.00 documentation fee. An invoice is enclosed for your convenience. If you have any questions, please call me at (800) 868-4402. Thank you for doing business with The Associates. Sincerely, Charles Smith Vendor Equipment Division Document Coordinator Enclosures :cs 8001 Ridgepoint Drive, Irving, TX 75063-3117 (800) 868-4402 FAX (800) 315-4050 EQUIPMENT LEASE -PURCHASE AGREEMENT Lessee: (Name and Address) Owasso Public Golf Authority 10105 Larkin Bailey Road Owasso, OK 74055 Lessor. (Name and Address) Associates Commercial Corporation 8001 Ridgepoint Drive Irving, TX 75063-3117 Lessor agrees to lease to Lessee and Lessee agrees to lease from Lessor the Equipment described in Schedule A attached hereto ("Equipment") in accordance with the following terms and conditions of this Equipment Lease -Purchase Agreement ("Lease"). 1. TERM. This Lease will become effective upon the execution hereof by Lessor. The term of this Lease will commence on the first Lease Payment Date ("Commencement Date") pursuant to Section 2 hereunder and, unless earlier terminated as expressly provided for in this Lease, will continue until the payment of all Lease Payments and all other amounts authorized or required to be paid by Lessee hereunder with respect to the Equipment (the "Lease Term"). 2. RENT. Lessee agrees to pay to Lessor or its assignee the Lease Payments, including the interest portion, equal to the amounts specified in Schedule B. The Lease Payments will be payable without notice or demand at the office of Lessor (or such other place as Lessor or its assignee may from time to time designate in writing), and will commence on the fast Lease Payment Date as set forth in Schedule B and thereafter on the subsequent dates set forth in Schedule B. Any payments received later than ten (10) days from the due date will bear interest at the highest lawful rate from the due date. Except as specifically provided in Section 6 hereof, the obligation of Lessee to make the Lease Payments hereunder and perform all of its other obligations hereunder will be absolute and unconditional in all events and will not be subject to any setoff, defense, counterclaim, or recoupment for any reason whatsoever, including, without limitation, any failure of the Equipment to be delivered or installed , any defects, malfunctions, breakdowns or infirmities in the Equipment or any accident, condemnation or unforeseen circumstances. Lessee reasonably believes that funds can be obtained sufficient to make all Lease Payments during the Lease Term and hereby covenants that it will do all things lawfully within its power to obtain, maintain and properly request and pursue funds from which the Lease Payments may be made. including making provisions for such payments to the extent necessary in each budget submitted for the purpose of obtaining funding, using its bona fide best efforts to have such portion of the budget approved and exhausting all available administrative reviews and appeals in the event such portion of the budget is not approved. It is the Lessee's intent to make Lease Payments for the full Lease Term if funds are legally available therefor and in that regard Lessee represents that the use of the Equipment is essential to its proper, efficient and economic operation. Lessor and Lessee understand and intend that this lease shall not be deemed to create any debt of Lessee in contravention of any applicable constitutional or statutory limitation or requirement concerning the creation of indebtedness by Lessee, nor shall anything contained herein constitute a pledge of the general tax revenues, funds or monies of Lessee. 3. DELIVERY AND ACCEPTANCE. Lessee shall order the Equipment, cause the equipment to be delivered and installed at the location specified on Schedule A ("Equipment Location") and pay any and all delivery and installation costs in connection therewith. Lessee will accept the Equipment as soon as it has been delivered and inspected. Lessee will evidence its acceptance of the Equipment by executing and delivering to Lessor a Delivery and Acceptance Certificate as set forth in Schedule C attached hereto (or other such form as acceptable by Lessor), upon delivery of the Equipment. 4. DISCLAIMER OF WARRANTIES. Lessee acknowledges and agrees that the Equipment is of a size, design and capacity selected by Lessee, that Lessor is neither a manufacturer nor a vendor of such equipment, that LESSOR LEASES AND LESSEE TAKES THE EQUIPMENT AND EACHPART THEREOF "AS -IS" AND THAT LESSOR HAS NOT MADE, AND DOES NOT HEREBY MAKE, ANY REPRESENTATION, WARRANTY, OR COVENANT, EXPRESS OR IMPLIED, WITH RESPECT TO THE MERCHANTABILITY, CONDITION, QUALITY, DURABILITY, DESIGN, OPERATION, FITNESS FOR USE, OR SUITABILITY OF THE EQUIPMENT IN ANY RESPECT WHATSOEVER OR IN CONNECTION WITH OR FOR THE PURPOSES AND USES OF LESSEE, OR AS TO THE ABSENCE OF LATENT OR OTHERDEFECTS, WHETHER OR NOT DISCOVERABLE, OR AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT,TRADEMARK OR COPYRIGHT, OR AS TO ANY OBLIGATION BASED ON STRICT LIABILITY IN TORT OR ANY OTHERREPRESENTATION, WARRANTY, OR COVENANT OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECTTHERETO, IT BEING AGREED THAT ALL RISKS INCIDENT THERETO ARE TO BE BORNE BY LESSEE AND LESSOR SHALL NOTBE OBLIGATED OR LIABLE FOR ACTUAL, INCIDENTAL, CONSEQUENTIAL, OR OTHER DAMAGES OF OR TO LESSEE OR ANY OTHER PERSON OR ENTITY ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE EQUIPMENT ANDTHE MAINTENANCE THEREOF. Lessor hereby assigns to Lessee during the Lease Term, so long as no Event of Default has occurred hereunder and is continuing, all manufacturer's warranties, if any, expressed or implied with respect to the Equipment, and Lessor authorizes Lessee to obtain the customary services furnished in connection with such warranties at Lessee's expense. Lessee's sole remedy for the breach of any such manufacturer's warranty shall 'be against the manufacturer of the Equipment, and not against Lessor. Page 1 Lessee expressly acknowledges that Lessor makes, and has made, no representations or warranties whatsoever as to the existence or the availability of such warranties of the manufacturer of the Equipment. 5. RETURN OF EQUIPMENT. Unless Lessee shall have exercised its purchase option as provided in Section 20 hereof, upon the expiration or earlier termination of this Lease pursuant to the terms hereof, Lessee shall, at its sole expense but at Lessor's option, return the Equipment to Lessor to any location in the continental United States designated by Lessor. 6. NON -APPROPRIATION OF FUNDS; NON -SUBSTITUTION. Notwithstanding anything contained in this Lease to the contrary, in the event no funds or insufficient funds are appropriated and budgeted or are otherwise unavailable by any means whatsoever in any fiscal period for Lease Payments due under this Lease, Lessee will immediately notify Lessor or its assignee in writing of such occurrence and this Lease shall terminate the last day of the fiscal period for which appropriations have been received or made without penalty or expense to Lessee, except as to (i) the portions of Lease Payments herein agreed upon for which funds shall have been appropriated and budgeted or are otherwise available and (ii)Lessee's other —obligations and liabilities under this Lease relating to, or accruing or arising prior to, such termination. In the event of such termination, Lessee agrees to peaceably surrender possession of the Equipment to Lessor or its assignee on the date of such termination in the manner set forth in Section 5 hereof and Lessor will have all legal and equitable rights and remedies to take possession of the Equipment. Notwithstanding the foregoing, Lessee agrees (i) that it will not cancel this Lease and this Lease shall not terminate under the provisions of this Section if any funds are appropriated to it, or by it, for the acquisition, retention or operation of the Equipment or other equipment or services performing functions similar to the functions of the Equipment for the fiscal period in which such termination would have otherwise occurred or for the next succeeding fiscal period, and (ii) that it will not during the Lease Term give priority in the application of funds to any other functionally similar equipment or to services performing functions similar to the functions of the Equipment. This section will not be construed so as to permit Lessee to terminate this Lease in order to purchase, lease, rent or otherwise acquire the use of any other equipment or services performing functions similar to the functions of the Equipment, and, if this Lease terminates pursuant to this Section, Lessee agrees that during the fiscal period immediately following the fiscal period in which such termination occurs it will not so purchase, lease, rent or otherwise acquire the use of any such other equipment or services. 7. REPRESENTATIONS, COVENANTS AND WARRANTIES. Lessee represents, covenants and warrants as of the date hereof and at all times during the Lease Term that: (i) Lessee is a state or a fully constituted political subdivision thereof, or its obligations hereunder constitute obligations issued on behalf of a state or a political subdivision thereof, such that any interest derived under this Lease will qualify for exemption from Federal income taxes under section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), and that it will do or cause to be done all things necessary to preserve and keep in full force and effect (a) its existence and (b) this Lease; (ii) the execution, delivery and performance by the Lessee of this Lease and all documents executed in connection herewith, including, without limitation, Schedule A hereto and the Delivery and Acceptance Certificate referred to in Section 3 hereof (the Lease together with all such documents shall be collectively referred to herein as the "Lease Documents") have been duly authorized by all necessary action on the part of the Lessee; (iii) the Lease Documents each constitute a legal, valid and binding obligation of the Lessee enforceable in accordance with their respective terms; (iv) no additional governmental orders, permissions, consents, approvals or authorizations are required to be obtained and no registrations or declarations are required to be filed in connection with the execution and delivery of the Lease Documents; (v) Lessee has sufficient appropriations or other funds available to pay all Lease Payments and other amounts due hereunder for the current fiscal period; (vi) the use of the Equipment by the Lessee is essential to and will be limited to the performance by Lessee of one or more governmental functions of Lessee consistent with the permissible scope of Lessee's authority; (vii) no portion of the Equipment will be used directly or indirectly in any trade or business carried on by any person other than Lessee; and (viii) no portion of the Equipment will be used by an organization described in section 501 C (3) of the Code and (ix) this Lease does not constitute an arbitrage obligation within the meaning of section 148 of the Code and is not federally guaranteed within the meaning of section 149(b) of the Code. Lessee shall deliver to Lessor an opinion of Lessee's counsel in form and substance as set forth herein or as otherwise acceptable to Lessor. In the event that a question arises as to Lessee's qualification as a political subdivision, Lessee agrees to execute a power of attorney authorizing Lessor to make application to the Internal Revenue Service for a letter ruling with respect to the issue. 8. TITLE TO EQUIPMENT. Upon acceptance of the Equipment by Lessee hereunder, title to the Equipment will vest in Lessee subject to Lessor's rights under this Lease; provided, however, that (i) in the event of termination of this Lease pursuant to Section 6 hereof, (ii) upon the occurrence of an Event of Default hereunder, and as long as such Event of Default is continuing, or (iii) in the event that the purchase option has not been exercised prior to the Expiration Date, title will immediately vest in Lessor or its assignee without any action by Lessee and Lessee shall immediately surrender possession of the Equipment to Lessor or its assignee in the manner set forth in Section 5 hereof. 9. USE; REPAIRS. Lessee will use the Equipment in a careful manner for the use contemplated by the manufacturer of the Equipment. Lessee shall comply with all laws, ordinances, insurance policies and regulations relating to the possession, use, operation or maintenance of the Equipment. Lessee, at its expense, will keep the Equipment in good working order and repair and furnish all parts, mechanisms and devices required therefor. Page 2 10. ALTERATIONS. Lessee will not make any alterations, additions or improvements to the Equipment without Lessor's prior written consent unless such alterations, additions or improvements may be readily removed without damage to the Equipment. 11. LOCATION; INSPECTION. The Equipment will not be removed from or, if the Equipment consists of rolling stock, its permanent base will not be changed from the Equipment Location without Lessor's prior written consent which will not be unreasonably withheld. Lessor will be entitled to enter upon the Equipment Location or elsewhere during reasonable business hours to inspect the Equipment or observe its use and operation. 12. LIENS AND TAXES. Lessee shall keep the Equipment free and clear of all levies, liens and encumbrances except those created under this Lease. Lessee shall pay, when due, all charges and taxes (local, state and federal) which may now or hereafter be imposed upon the ownership, leasing, rental, sale, purchase, possession or use of the Equipment, excluding however, all taxes on or measured by Lessor's income. If Lessee fails to pay said charges, or taxes when due, Lessor may, but need not, pay said charges or taxes and, in such event, Lessee shall reimburse Lessor therefor on demand, with interest at the maximum rate permitted by law from the date of such payment by Lessor to the date of reimbursement by Lessee. 13. RISK OF LOSS; DAMAGE; DESTRUCTION. Lessee assumes all risk of loss of or damage to the Equipment from any cause whatsoever, and no such loss of or damage to the Equipment nor defect therein nor unfitness or obsolescence thereof shall relieve Lessee of the obligation to make Lease Payments or to perform any other obligation under this Lease. In the event of damage to any item of Equipment, Lessee will immediately place the same in good repair with the proceeds of any insurance recovery applied to the cost of such repair. If Lessor determines that any item of Equipment is lost, stolen, destroyed or damaged beyond repair, Lessee, at the option of Lessor, will either (a) replace the same with like equipment in good repair, or (b) on the next Lease Payment Date, pay Lessor: (i) all amounts then owed by Lessee to Lessor under this Lease, including the Lease Payment due on such date, and (ii) an amount equal to the applicable Concluding Payment set forth in Schedule B opposite such Lease Payment Date. In the event that Lessee is obligated to make such payment pursuant to subparagraph (b) above with respect to less than all of the Equipment, Lessor will provide Lessee with the pro rata amount of the Lease Payment and the Concluding Payment to be made by Lessee with respect to the Equipment which has suffered the event of loss. 14. PERSONAL PROPERTY. The Equipment is and will remain personal property and will not be deemed to be affixed or attached to real estate or any building thereon. If requested by Lessor, Lessee will, at Lessee's expense, famish a waiver of any interest in the Equipment from any party having an interest in any such real estate or building. 15. INSURANCE. Lessee, will, at its expense, maintain at all times during the Lease Term, fire and extended coverage, public liability and property damage insurance with respect to the Equipment in such amounts, covering such risks, and with such insurers as shall be satisfactory to Lessor, or, with Lessors prior written consent, may self -insure against any or all such risks. In no event will the insurance limits be less than the amount of the then applicable Concluding Payment with respect to such Equipment. Each insurance policy will name Lessee as an insured and Lessor or its assigns as an additional insured, and will contain a clause requiring the insurer to give Lessor or its assigns at least thirty (30) days prior written notice of any alteration in the terms of such policy or the cancellation thereof. The proceeds of any such policies will be payable to Lessee and Lessor or its assigns as their interests may appear. Upon acceptance of the Equipment and upon each insurance renewal date, Lessee will deliver to Lessor a certificate evidencing such insurance. In the event that Lessee has been permitted to self -insure, Lessee will furnish Lessor with a letter or certificate to such effect. In the event of any loss, damage, injury or accident involving the Equipment, Lessee will promptly provide Lessor with written notice thereof and make available to Lessor all information and documentation relating thereto and shall permit Lessor to participate and cooperate with Lessee in making any claim for insurance in respect thereof. 16. INDEMNIFICATION. Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions proceedings, expenses, damages or liabilities, including attorney's fees and court costs, arising in connection with the Equipment, including, but not limited to, its selection, purchase, delivery, installation, possession, use, operation, rejection, or return and the recovery of claims under insurance policies thereon. The indemnification provided under this Section shall continue in full force and effect notwithstanding the full payment of all obligations under this Lease or the termination of the Lease Term for any reason. 17. ASSIGNMENT. Without Lessor's prior written consent, Lessee will not either (i) assign, transfer, pledge, hypothecate, grant any security interest in or otherwise dispose of this Lease or the Equipment or any interest in this Lease or the Equipment or (ii) sublet or lend the Equipment or permit it to be used by anyone other than Lessee or Lessee's employees. Lessor may assign its rights, title and interest in and to the Lease Documents, the Equipment and/or grant or assign a security interest in this Lease and the Equipment, in whole or in part, and Lessee's rights will be subordinated thereto. Any such assignees shall have all of the rights of Lessor under this Lease. Subject to the foregoing, this Lease inures to the benefit of and is binding upon the successors and assigns of the parties hereto. Lessee covenants and agrees not to assert against the assignee any claims or defenses by way of abatement setoff, counterclaim, recoupment or the like which Lessee may have against Lessor. Upon assignment of Lessor's interests herein, Lessor will cause written notice of such assignment to be sent to Lessee which will be sufficient if it discloses the name of the assignee and address to which further payments hereunder should be made. No further action will be required by Page 3 Lessor or by Lessee to evidence the assignment, but Lessee will acknowledge such assignments in writing if so requested. Lessee shall retain all notices of assignment and maintain a book -entry record (as referred to in Section 21) which identifies each owner of Lessor's interest in the Lease. Upon Lessee's receipt of written notice of Lessor's assignment of all or any part of its interest in the Lease, Lessee agrees to atone to and recognize any such assignee as the owner of Lessor's interest in this Lease, and Lessee shall thereafter make such payments, including without limitation such Lease Payments, as are indicated in the notice of assignment, to such assignee. 18. EVENT OF DEFAULT. The term "Event of Default," as used herein, means the occurrence of any one or more of the following events: (i) Lessee fails to make any Lease Payment (or any other payment) as it becomes due in accordance with the terms of this Lease, and any such failure continues for ten (10) days after the due date thereof; (ii) Lessee fails to perform or observe any other covenant, condition, or agreement to be performed or observed by it hereunder and such failure is not cured within twenty (20) days after written notice thereof by Lessor; (iii) the discovery by Lessor that any statement, representation, or warranty made by Lessee in this Lease or in any writing ever delivered by Lessee pursuant hereto or in connection herewIlth was false, misleading, or erroneous in any material respect; (iv) Lessee becomes insolvent, or is unable to pay its debts as they become due, or makes an assignment for the benefit of creditors, applies or consents to the appointment of a receiver, trustee, conservator or liquidator of Lessee or of any of its assets, or a petition for relief is filed by Lessee under any bankruptcy, insolvency, reorganization or similar laws, or a petition in, or a proceeding under, any bankruptcy, insolvency, reorganization or similar laws is filed or instituted against Lessee and is not dismissed or fully stayed within twenty (20) days after the filing or institution thereof; (v) Lessee -falls to make any payment when due or fails to perform or observe any covenant, condition, or agreement to be performed by it under any other agreement or obligation with Lessor or an affiliate of Lessor and any applicable grace period or notice with respect thereto shall have elapsed or been given; or (vi) an attachment, levy or execution is threatened or levied upon or against the Equipment. 19. REMEDIES. Upon the occurrence of any Event of Default, and as long as such Event of Default is continuing, Lessor may, at its option, exercise any one or more of the following remedies: (i) by written notice to Lessee, declare an amount equal to all amounts then due under the Lease, and all remaining Lease Payments due during the fiscal year of Lessee in which the default occurs to be immediately due and payable, whereupon the same shall become immediately due and payable; (ii) by written notice to Lessee, request Lessee to (and Lessee agrees that it will), at Lessee's expense, promptly return the Equipment to Lessor in the manner set forth in Section 5 hereof, or Lessor, at its option, may enter upon the premises where the Equipment is located and take immediate possession of and remove the same, (iii) sell or lease the Equipment or sublease it for the account of Lessee, holding Lessee liable for all Lease Payments and other payments due to the effective date of such selling, leasing or subleasing and for the difference between the purchase price, rental and other amounts paid by the purchaser, lessee or sublessee pursuant to such sale, lease or sublease and the amounts otherwise payable by Lessee hereunder; and (iv) exercise any other right, remedy or privilege which may be available to it under applicable laws of the state where the Equipment is then located or any other applicable law or proceed by appropriate court action to enforce the terms of this Lease or to recover damages for the breach of this Lease or to rescind this Lease as to any or all of the Equipment. In addition, Lessee will remain liable for all covenants and indemnities under this Lease and for all legal fees and other costs and expenses, including court costs, incurred by Lessor with respect to the enforcement of any of the remedies listed above or any other remedy available to Lessor. 20. PURCHASE OPTION. Upon thirty (30) days prior written notice from Lessee, and provided that there is no Event of default, or an event which with notice or lapse of time, or both, could become an Event of Default, then existing, Lessee will have the right to purchase the Equipment on any Lease Payment date set forth in Schedule B hereto by paying to Lessor, on such date, the Lease Payment then due together with the Concluding Payment amount set forth in Schedule B opposite such date. Upon satisfaction by Lessee of such purchase conditions, Lessor will transfer any and all of its right, title and interest in the Equipment to Lessee AS IS, WITHOUT WARRANTY, EXPRESS OR IMPLIED, except Lessor will warrant that the Equipment is free and clear of any liens created by Lessor. 21. TAX ASSUMPTION; COVENANTS. The parties assume that Lessor can exclude from Federal gross income the interest portion of each Lease Payment set forth in Schedule B under the column captioned "Interest." Lessee covenants that it will (i) register this Lease and transfers thereof in accordance with section 149(a) of the Code and the regulations thereunder, (ii) timely file a statement with respect to this Lease in the required form in accordance with section 149(e) of the Code, (iii) not permit the property financed by this Lease to be directly or indirectly used for a private business use within the meaning of section 141 of the Code, (iv) not take any action which results, directly or indirectly, in the interest portion of any Lease Payment not being excludable from Federal gross income pursuant to section 103 of the Code and will take any reasonable action necessary to prevent such result, and (v) not take any action which results in this Lease becoming, and will take any reasonable action to prevent this Lease from becoming (a) an arbitrage obligation within the meaning of section 148 of the Code or (b) federally guaranteed within the meaning of section 149 of the Code. Notwithstanding the earlier termination or expiration of this Lease, the obligations provided for in this Section 21 shall survive such earlier termination or expiration. 22. NOTICES. All notices to be given under this Lease shall be made in writing and mailed by certified mail, return receipt requested, to the other party at its address set forth herein or at such address as the party may provide in writing from time to time. Any such notice shall be deemed to have been received five days subsequent to mailing. Page 4 23. SECTION HEADINGS. All section headings contained herein are for the convenience of reference only and are not intended to define or limit the scope of any provision of this Lease. 24. GOVERNING LAW. This Lease shall be construed in accordance with, and governed by, the laws of the state of the Equipment Location. 25. DELIVERY OF RELATED DOCUMENTS. Lessee will execute or provide, as requested by Lessor, such other documents and information as are reasonably necessary with respect to the transaction contemplated by this Lease. 26. ENTIRE AGREEMENT; WAIVER. The Lease Documents constitute the entire agreement between the parties with respect to the lease of the Equipment, and this Lease shall not be modified, amended, altered, or changed except with the written consent of Lessee and Lessor. Any provision of this Lease found to be prohibited by law shall be ineffective to the extent of such prohibition without invalidating the remainder of this Lease. The waiver by Lessor of any breach by Lessee of any term, covenant or condition hereof shall not operate as a waiver of any subsequent breach thereof. LESSEE: Owasso Public Golf Authority, OK By: Title: Date: Y Title: LESSOR: Associates Commercial Corporation Page 5 LESSEE: Owasso Public Golf Authority, OK OPINION OF COUNSEL With respect to that certain Equipment Lease -Purchase Agreement ("Lease") dated X by and between Lessor and Lessee, I am of the opinion that: (I) Lessee is a tax-exempt entity under Section 103 of the Internal revenue Code of 1986, as amended; (II) the execution, delivery and performance by Lessee of the Lease have been duly authorized by all necessary action on the part of Lessee; (III) the Lease constitutes a legal, valid and binding obligation of Lessee enforceable in accordance with terms and all statements contained in the Lease and all related instruments are true;(IV) there are no suits, proceedings or investigations pending or, to my knowledge, threatened against or affecting Lessee, at law or in equity , or before or by any governmental or administrative agency or instrumentality which, if adversely determined, would have a material adverse effect on the transaction contemplated in the Lease or the ability of Lessee to perform its obligations under the Lease and Lessee is not in default under any material obligation for the payment of borrowed money, for the deferred purchase price of property or for the payment of any rent under any lease agreement which either individually or in the aggregate would have the same such effect; and (V) all required public bidding procedures regarding the award of the Lease have been followed by Lessee and no governmental orders, permissions, consents, approvals or authorizations are required to be obtained and no registrations or declarations are required to be filed in connection with the execution and delivery of the Lease. Counsel for Lessee: X By: Y__ Date: X SCHEDULE A EQUIPMENT DESCRIPTION Lessor hereby leases to Lessee under and pursuant to the Lease and Lessee hereby leases from Lessor under and pursuant to the Lease the following items of Equipment: II DESCRIPTION (MANUFACTURER, MODEL AND SERIAL NO.*) I SUPPLIER II * Lessor shall have the right to insert Serial Nos. at tune of Delivery & Acceptance. Seventy-three (73) 1999 Club Car DS Electric Golf Cars Complete with all Attachments and Accessories Justice Golf Car Co, Inc. Two (2) 1999 Club Car Carryall I Electric Vehicles Complete with all 4301 S. Robinson Attachments and Accessories Oklahoma City, OK 73109 LESSEE: Owasso Public Golf Authority, OK BY: Y1.1 TITLE: Y. DATE: x Equipment Location Bailey Ranch Golf Club 10105 Larkin Bailey Road Tulsa County Owasso, OK 74055 03/10/1999 Page 1 Schedule B - Owasso Public Golf Authority, Owasso, OK Compound Period .......: Monthly Nominal Annual Rate ...: 5.410 % Effective Annual Rate ..: 5.546 % Periodic Rate ..............: 0.4508 % Daily Rate ..................: 0.01503 % CASH FLOW DATA Event Start Date Amount Number Period End Date 1 Loan 04/01/1999 166,690.00 1 2 Payment 04/01/1999 0.00 3 Monthly 06/01/1999 3 Payment 07/01/1999 4,138.04 45 Monthly 03/01/2003 AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year Date Payment Interest Principal Balance Loan 04/01/1999 166,690.00 1 04/01 /1999 0.00 0.00 0.00 166,690.00 2 05/01/1999 0.00 751.49 751.49- 167,441.49 3 06/01 /1999 0.00 754.88 754.88- 168,196.37 4 07/01/1999 4,138.04 758.29 3,379.75 164,816.62 5.08/01/1999 4,138.04 743.05 3,394.99 161,421.63 6 09/01 /1999 4,138.04 727.74 3,410.30 158,011.33 7 10/01/1999 4,138.04 712.37 3,425.67 154,585.66 8 11 /01 /1999 4,138.04 696.92 3,441.12 151,144.54 9 12/01/1999 4,138.04 681.41 3,456.63 147,687.91 1999 Totals 24,828.24 5,826.15 19,002.09 10 01 /01 /2000 4,138.04 665.83 3,472.21 144,215.70 11 02/01/2000 4,138.04 650.17 3,487.87 140,727.83 12 03/01/2000 4,138.04 634.45 3,503.59 137,224.24 13 04/01/2000 4,138.04 618.65 3,519.39 133,704.85 14 05/01 /2000 4,138.04 602.79 3,535.25 130,169.60 15 06/01/2000 4,138.04 586.85 3,551.19 126,618.41 16 07/01/2000 4,138.04 570.84 3,567.20 123,051.21 17 08/01/2000 - 4,138.04 554.76 3,583.28 119,467.93 18 09/01 /2000 4,138.04 538.60 3,599.44 115, 868.49 19 10/01/2000 4,138.04 522.37 3,615.67 112,252.82 20 11 /01 /2000 4,138.04 506.07 3,631.97 108,620.85 21 12/01/2000 4,138.04 489.70 3,648.34 104,972.51 2000 Totals 49,656.48 6,941.08 42,715.40 22 01 /01 /2001 4,138.04 473.25 3,664.79 101, 307.72 23 02/01 /2001 4,138.04 456.73 3,681.31 97,626.41 24 03/01/2001 4,138.04 440.13 3,697.91 93,928.50 25 04/01/2001 4,138.04 423.46 3,714.58 90,213.92 26 05/01/2001 4,138.04 406.71 3,731.33 86,482.59 03/10/1999 Page 2 Schedule B - Owasso Public Golf Authority, Owasso, OK Date Payment Interest Principal Balance 27 06/01 /2001 4,138.04 389.89 3,748.15 28 07/01 /2001 4,138.04 372.99 3,765.05 29 08/01 /2001 4,138.04 356.02 3,782.02 30 09/01 /2001 4,138.04 338.97 3,799.07 31 10/01 /2001 4,138.04 321.84 3,816.20 32 11 /01 /2001 4,138.04 304.64 3,833.40 33 12/01 /2001 4,138.04 287.36 3,850.68 2001 Totals 49,656.48 4,571.99 45,084.49 34 01 /01 /2002 35 02/01 /2002 36 03/01 /2002 37 04/01 /2002 38 05/01 /2002 39 06/01 /2002 40 07/01 /2002 41 08/01 /2002 42 09/01 /2002 43 10/01 /2002 44 11 /01 /2002 45 12/01 /2002 2002 Totals 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 4,138.04 49,656.48 270.00 252.56 235.04 217.44 199.77 182.01 164.18 146.26 128.27 110.19 92.03 73.79 2,071.54 3,868.04 3,885.48 3,903.00 3,920.60 3,938.27 3,956.03 3,973.86 3,991.78 4,009.77 4,027.85 4,046.01 4,064.25 47,584.94 46 01 /01 /2003 4,138.04 55.47 4,082.57 47 02/01 /2003 4,138.04 37.06 4,100.98 48 03101 /2003 4,138.04 18.51 4,119.53 2003 Totals 12,414.12 111.04 12,303.08 Grand Totals 186,211.80 19,521.80 166,690.00 82,734.44 78,969.39 75,187.37 71,388.30 67,572.10 63,738.70 59,888.02 56,019.98 52,134.50 48,231.50 44,310.90 40,372.63 36,416.60 32,442.74 28,450.96 24,441.19 20,413.34 16,367.33 12,303.08 8,220.51 4,119.53 0.00 SCHEDULE C DELIVERY AND ACCEPTANCE CERTIFICATE Pursuant to that certain Equipment Lease -Purchase Agreement dated as of x ("Lease"), the undersigned Lessee hereby acknowledges receipt of the equipment, as more fully described in Schedule A to the Lease ("Equipment") is installed and in good working condition and Lessee hereby accepts the Equipment after full inspection thereof as satisfactory for all purposes under the Lease executed by Lessee and Lessor as of the date set forth below: Seventy-three (73) 1999 Club Car DS Electric Golf Cars Complete with all Attachments and Accessories Two (2) 1999 Club Car Carryall I Electric Vehicles Complete with all Attachments and Accessories (Please note Serial Number next to unit) LESSEE: Owasso Public Golf Authority, OK TITLE: ^ DATE ACCEPTED: INCUMBENCY CERTIFICATE I do hereby certify that I am the duly elected or appointed and acting Secretary/Clerk of Owasso Public Golf Authority ("Lessee"), a body corporate and politic duly organized and existing under the laws of the State of Oklahoma that I have custody o the records of Lessee, and that, as of the date hereof, the individuals named below are the duly elected or appointed officers of Lessee holding the offices set forth opposite their respective names. I further certify that (i) the signatures set forth opposite their respective names and titles are their true and authentic signatures, and (ii) such officers have the authori on behalf of Lessee to enter into that certain Equipment Lease Agreement dated or to be dated , between Lessee and Associates Commercial Corporation. NAME TITLE SIGNATURE I, the undersigned, duly qualified and acting k (Secretary, Board Chairman or other authorized Governing Body Member of Lessee) do hereby certify the above: LESSEE: WITNESSED BY: TITLE: Owasso Public Golf Authority, OK (Authorized Governing Body Member or Lessee other than the individuals) whose signature is listed above) Form 8038-G (Rev. May 1995) Department of the Treasury Internal Revenue Service ortina Information Return for Tax -Exempt Governmental Obligations > Under Internal Revenue Code section 149(e) OMB No. 1545- > See separate instructions. 0720 (Note: Use Form 8038-GC if the issue price is under $100,000.) If Amended Return, check here > 1 Issuer's name 2 Issuer's employer identification number Owasso Public Golf Authority 1 73-6069613 3 Number and street (or P.O. box if mail is not delivered to street address) Room/suite 4 Report number 207 S. Cedar Street G19 - 5 City, town, or post office, state, and ZIP code 6 Date of issue Owasso, OK 74055 7 Name of Issue 8 CUSIP Number Type of Issue (check applicable box(es) and enter the issue price) 9 ❑ Education (attach schedule —see instructions) . . . . . . . . . . . . . . . . 9 $ 10 ❑ Health and hospital (attach schedule —see instructions) . . . . . . . . . . . . . 10 11 ❑ Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 ❑ Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 ❑ Environment (including sewage bonds) . . . . . . . . . . . . . . . . . . 13 14 ❑ Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 ❑ Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 ❑ Other. Describe (see instructions) > 16 166,690.00 17 If obligations are tax or other revenue anticipation bonds, check box > ❑ 18 If obligations are in the form of a lease or installment sale, check box > Part III 9 • • • MUFF1151jiglIIIIIIIII �® Issue price Stated dredemption price at maturity average maturity 19 Final maturity. 20 Entire issue. !M Uses of Proceeds of Bona Issue (incluaing unaerwnters• aiscount) 21 Proceeds used for accrued interest . . . . . . . . . . . . . 21 22 Issue price of entire issue (enter amount from line 20, column (c)) . . . . . . . . 22 $166,690.00 23 Proceeds used for bond issuance costs (including underwriters' discount) . 23 24 Proceeds used for credit enhancement . . . . . . . . . . . 24 25 Proceeds allocated to reasonably required reserve or replacement fund . 25 26 Proceeds used to currently refund prior issues . . . . . . . . . 26 27 Proceeds used to advance refund prior issues . . . . . . . . . 27 28 Total (add lines 23 through 27) . . . . . . . . . . . . . . . . . . . 28 29 Nonrefunding proceeds of the issue (subtract line 28 from line 22 and enter amount . . . . 29 $166,690.00 LiULLYM Description of Refunded Bonds (complete this part only for refunding bonds) 30 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . . . years 31 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . . . 32 Enter the last date on which the refunded bonds will be called . . . . . . . . . . . . 33 Enter the date(s) the refunded bonds were issued > Miscellaneous 34 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . . P@a/' 35 Enter the amount of the bonds designated by the issuer under section 265(bx3)(B)(i)(lll) (small issuer 36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (see instructions) b Enter the final maturity date of the guaranteed investment contract. 37 Pooled financings: a Proceeds of this issue that are to be used to make bans to other governmental units 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 > 38 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . 39 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. Please Sign Y, Hem I Signature of issuer's authorized representative Date Type or print name and title For Paperwork Reduction Act Notice, see page 1 of the instructions. Form 8038-G (Rev. 5-95) ....... ._ , ,,...,....... ....._..._... _..... __ Regintrd. Inc. 514 PIERCE ST. P.O. BOX 216 INSTRUCTIONS ANOKA, MN. 65303 (612) 421.1713 1. PLEASE TYPE this form. Fold only along perforation for mailing. 2. Remove Secured Party and Debtor copies and send other 3 copies with Interleaved carbon paper to the U.C.C. Filing Officer. Enclose filing fee. 3. If the space provided for any item(s) on the form Is Inadequate the Item(s) should be continued on additional sheets, preferably 5" x 8" or 8" x 10". Only one copy of such additional sheets need be presented to the filing officer with a set of three copies of Form UCC•1. Long schedules of collateral, Indentures, etc., may be on any size paper that Is convenient for the secured party. 4. If collateral is crops or goods which are or are to become fixtures, describe the real estate and give name of record owner. 5. when a copy of the security agreement Is used as a financing statement. It Is requested that it be accompanied by a completed but unsigned set of these forms, without extra fee. 6. At the time of original filing, filing officer will return third copy as an acknowledgment. At a later time. secured party may date and sign Termination Legend and use third copy as a Termination Statement. )wasso Public Golf Authority XR ^.07 S. Cedar St. )wasso, OK 74055 Associates Commercial Corp. 8001 Ridgepoint Drive Irving, TX 75063-3117 1. Debtor(s) (Last Name First) and address(es) 1 2. Secured Party(les) and address(es) 3. This financing statement covers the following types (or Items) of property. Seventy-three (73) 1999 Club Car DS Electric Golf Cars w/ all attachmentsand accessories Liao (2) 1999 Club Car Carryall I Electric Vehicles w/ all attachments and accessories For Filing Officer (Date, Time, Number, and Filing Office) net of Secured Party and Address Proceeds and Products of Collateral are also covered. File with: THE COUNTY CLERK County, State of Oklahoma, under Uniform Commercial Code effective January 1, 1963. S.8.36 Owasso Public Golf Authori By: Signature(s) of Debtor(s) /j fSo fCj By: Signature(s) of Secured Party(les) or Assignee (1) FILING OFFICER COPY —ALPHABETICAL (Form UCC-1 Approved by State Examiner a Inspector) STANDARD FORM — UNIFORM COMMERCIAL CODE VALUE PRICE: MUNICIPALITY: CONTACT: EQUIPMENT DESCRIPTION: INSURANCE FACT SHEET PHONE: Pursuant to Section 13 of the Equipment Lease -Purchase Agreement dated as of , Lessee is obligated to provide insurance coverage naming Associates Leasing, Inc. as Loss Payee and Additional Insured. Please complete this form and return it with your documentation package and contact your insurance agent to forward a Certificate of Insurance showing coverage. If you are self insured, please note as such below. PARENT INSURANCE COMPANY: ADDRESS: CITY: STATE: ZIP: PHONE: UNDERWRITER/AGENT COMPANY: ADDRESS: CITY: STATE: ZIP: CONTACT: PHONE: POLICY NO: EXPIRATION DATE: PUBLIC LIABILITY AMOUNT: DEDUCTIBLE: PHYSICAL DAMAGE AMOUNTS: COMPREHENSIVE: DEDUCTIBLE: PHYSICAL DAMAGE AMOUNTS: COLLISION: DEDUCTIBLE: OTHER COVERAGE: AMOUNTS: DEDUCTIBLE: OTHER COVERAGE: AMOUNTS: DEDUCTIBLE: INDICATE IF SELF -INSURED, OR IF POLICY IS CONTINUOUS: SELF -INSURED: YES NO LIABILITY: PHYSICAL DAMAGE: OTHER: ALL: CONTINUOUS UNTIL END OF LEASE/PURCHASE AGREEMENT: YES: NO: FACT SHEET PLEASE RETURN THIS SHEET WITH THE FINANCIAL STATEMENTS LEGAL NAME OF ENTITY: DEPARTMENT USING EQUIPMENT: FEDERAL ID NUMBER: NAME OF COUNTY: STREET ADDRESS: Please give complete physical street address. Do not give address with P.O. Box as express delivery will not deliver to it. BILLING ADDRESS: Please indicate any special billing instructions that are required to avoid late payments and subsequent late charges. ACCOUNT PAYABLE: CONTACT TELEPHONE #: SIGNATURES: Please print or type names exactly as the person will be signing the Document. Signatures are not required here. AUTHORIZED OFFICIAL: Name: Title: ATTORNEY SIGNING OPINION OF COUNSEL: Name: MAJOR REVENUE SOURCE: BANK REFERENCE: TELEPHONE #: CONTACT NAME: TELEPHONE #: ESSENTIAL USE LETTER (Sample) (Please complete on your letterhead) Associates Commercial Corporation 8001 Ridgepoint Drive Irving, TX 75063-3117 Gentlemen: RE: Equipment Lease -Purchase Proposal am furnishing the following information to facilitate the credit review process for the proposed Equipment Lease -Purchase transaction. A detailed explanation of the use and application of the equipment is as follows: The equipment is essential to the organization for the following reasons: This equipment replaces previous equipment: No Yes If yes, the previous equipment was originally purchased in 19 Other equipment being used for the same purpose consists of: The useful life of the equipment in the operation of the department is: The future plans for the equipment are: The program/department has been in operation for years. The source of funds for the payments due under the Equipment Lease -Purchase Agreement for the current fiscal year is the fund(s). The fund(s) generates its revenue from: Sincerely, Lessee: Title: K Date: MEMORANDUM TO: FROM: SUBJECT: BACKGROUND: THE HONORABLE CHAIR AND TRUSTEES OWASSO PUBLIC GOLF AUTHORITY WARREN LEHR DIRECTOR OF GOLF GOLF CART PURCHASE January 22, 1999 In July of 1993, the OPGA awarded a bid to Justice Golf Car Co. for the purchase of 60 electric Club Car golf carts and 3 utility vehicles. In January of 1997, the OPGA authorized the purchase of 12 additional `93 Club Car golf carts to match the fleet. Due to increased levels of play and large tournaments, these 12 carts had previously been leased seasonally. The long-range plan was to run these carts until July of 1999 (6 Years) and trade them in at the time of a new cart purchase. This schedule was moved forward slightly to coincide with the new clubhouse opening in April and to avoid taking delivery of new carts during the middle of the season. Bids were solicited in December for this purchase/trade and opened on January 12.- Bids were received from each of the three leading golf cart dealers, Club Car, EZ-GO, and Yamaha. A summary of the bids and trade allowances follow: Vendor No. Tyne of Equipment Cost Per Unit Total Cost A. Club Car 72 1999 Power Drive 48 volt $3,474.00 $250,128.00 electric golf carts 1 Carryall I Driving Range Vehicle $--" 5,554.00 1 Carryall I Food & Beverage Vehicle $ 5,554.00 1 Power Drive 48 volt Marshal Cart $ 3,854.00 TOTAL BID FOR PURCHASE OF EQUIPMENT $265,090.00 LESS ALLOWANCE FOR TRADE - IN -$ 98,400.00 NET TOTAL BID $166,690.00 B. EZ-GO 72 1999 TXT 36 volt $3,487.00 $251,064.00 electric golf carts 1 Workhorse Driving Range Vehicle $ 4,950.00 1 Refresher Food & Beverage Vehicle $ 5,200.00 1 Gasoline TXT Marshal Cart $ 3,487.00 TOTAL BID FOR PURCHASE OF EQUIPMENT $264,701.00 LESS ALLOWANCE FOR TRADE - IN -$ 94,350.00 NET TOTAL BID $170,351.00 C. YAMAHA 72 1999 G19E 48 volt $3,110.00 $223,920.00 (with regenerative controls) electric golf carts 1 Yamahauler Driving Range Vehicle NC 1 Yamahauler Food & Beverage Vehicle NC 1 Gasoline Marshal Cart NC TOTAL BID FOR PURCHASE OF EQUIPMENT $223,920.00 LESS ALLOWANCE FOR TRADE - IN -$52,685.00 NET TOTAL BID $171,235.00 D. YAMAHA 72 1999 G16E 36 volt $2,910.00 $209,520.00 electric golf carts 1 Yamahauler Driving Range Vehicle NC 1 Yamahauler Food & Beverage Vehicle NC 1 Gasoline Marshal Cart NC TOTAL BID FOR PURCHASE OF EQUIPMENT $209,520.00 LESS ALLOWANCE FOR TRADE - IN-$52,685.00 NET TOTAL BID $156,835.00 Yamaha submitted bids for 36 volt and 48 volt models due to the fact that the specifications allowed for the bid of either type. This option was available because EZ-GO does not manufacture a 48 volt cart at this time. Though the 48 volt cart is preferred and now standard in the industry, staff did not consider it prudent to "spec EZ-GO out" of the bid. FUNDING: The golf course 10 Year Capital Outlay Plan provides for $188,000 to purchase/trade golf carts as part of the FY 99-00 budget. Bid specifications requested that payments begin in July 1999, but carts be delivered by April 10, 1999. All three bidders complied with this request. RECOMMENDATION: The staff recommends that the OPGA accept the bid proposal for the purchase of 72 electric golf carts and three electric utility vehicles, which includes a trade-in allowance from Justice Golf Car Company (Club Car) of Oklahoma City, OK, at a net total cost of $166,690.00. ATTACHMENTS: 1. Specifications 2. Bid Proposals