Golf Cart Lease Agree - HarrisCITY OF DUBUQUE, IOWA
MEMORANDUM
March 13, 2001
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Golf Cart Lease Agreement
Leisure Services Manager Gil Spence recommends approval of the lease agreement with
Yamaha Motor Corporation, U.S.A. for forty golf carts for the Bunker Hill Golf Course.
I concur with the recommendation and respectfully request Mayor and City Council approval.
MCVM/jh
Attachment
CC:
Barry Lindahl, Corporation Counsel
Gil D. Spence, Leisure Services Manager
CITY OF DUBUQUE, IOWA
MEMORANDUM
TO: Michael C. Van Milligen, City Manager
FROM: Gil D. Spence, Leisure Services Manager~
SUBJECT: Golf Cart Lease Agreement
March 6, 2001
INTRODUCTION
The purpose of this memorandum is to request that the City Council approve the lease
agreement for golf carts for the Bunker Hill Golf Course.
DISCUSSION
With the City taking over the operation of golf carts at the Bunker Hill Golf Course,
proposals were accepted for leasing forty new carts for a five-year period. A summary of
the two proposals is as follows:
Harris Golf Cars
· $575 per cart x 40 carts = $23,000 per year x 5 years =
v' one year $50 per cart rebate
FIVE YEAR TOTAL COST
Wilwert's Golf Cars. Inc.
· $594 per cart x 40 carts = $23,760 per year x 5 years =
FIVE YEAR TOTAL COST
$115,000
- 2.000
$113,000
The Harris proposal also includes a visit by Johnny Orr and Hayden Fry for the grand
opening of the renovated snack bar.
RECOMMENDATION
I recommend that the proposal from Hards Golf Cars be accepted and the lease
agreement with Yamaha Motor Corporation, U.S.A. be approved.
ACTION STEP
The action requested is that the City Council approve entering into a lease agreement with
Yamaha Motor Corporation, U.S.A. for forty golf carts for the Bunker Hill Golf Course.
GDS:et
attachment
$118.800
$118,800
MASTER LEASE AGREEMENT
MASTER LEASE AGREEMENT dated March 7~ 2001, be~veen YAaMAHA MOTOR
CORPORATION, U.S.A., having its principal place of business at 6555 Kataila Avenue, Cypress, California 90630
("Lessor"), and CITY OF DUBUQUE , having its principal office at 50 w. 13TM St., Dubuque~ IA 52001 ("Lessee").
Lessor and Lessee hereby agree as follows:
1. Lease of Equipment. Lessor leases to Lessee the equipment described on each attached
Equipment Schedule (the "Equipmenf'), on the terms and conditions of this Lease, the applicable Equipment Schedule, and
each rider attached hereto.
· 2. Term. The term of this lease for the Equipment described on a particular Equipment Schedule
shall commence on the date set forth on such Equipment Schedule and shall continue for the number of months indicated on
such Equipment Schedule.
3. Rent. Lessee shall pay Lessor rent for the Equipment ("Rent") in the amounts and at the times
set forth on the applicable Equipment Schedule. The amount of the Rent has been determined by amortizing the purchase
price of the applicable Equipment (using the prices quoted in the Request for Proposal identified on the applicable
Equipment Schedule ("RFP"), together with an interest factor at the rate specified in the applicable Equipment Schedule.
Whenever any payment hereunder is not made when due, Lessee shall pay interest on such amount from the due date thereof
to the date of such payment at the lower of Lessor's then prevailing rate for late payments specified in Lessor's invoice to
Lessee for such payment or the maximum allowable rate of interest permitXed by the law of the state where the Equipment is
located.
4. Selection, Delivery, and Acceptance. Lessee shall select the Equipment and take delivery
thereof diractty from Lessor or an authorized dealer of Lessor (the "Dealer"). All costs of delivery are the sole responsibility
of Lessee. Lessor shall not be liable for any loss or damage resulting from the delay or failure to have any Equipment
available for delivery. Lessee shall inspect the Equipment to determine that the Equipment is as ordered and has been
equippe~l and prepared in accordance with the RFP and any prior instructions given in writing by Lessee to Lessor or Dealer.
Lessee shall accept the Equipment if it meets the criteria set forth in ~he preceding sentence and shall execute and delivery to
Lessor or Dealer a Certificate of Acceptance, in form and substance satisfactory to Lessor, with respect to each shipment of
Equipment. For all purposes of this Lease, acceptance is conclusively established by Lessee's execution and deliver of a
Certificate of Acceptance provided by Lessor. Lessee authorizes Lessor to insert in each Equipment Schedule the ~eriat
numbers and other identifying date of the Equipment.
5. Location. and Inspection. Lessee shall not move the Equipment from the locations specified in
the applicable Equipment Schedule without Lessor's prior written consent. Lessor and its representatives shall have the right
from time to time during business hours to enter upon the premises where the Equipment is located to inspect the Equipment
and Lessee's records to confirm Lessee's compliance with this Lease.
6. Care, Use. and Maintenance. Lessee shall, at its expense, at all times during the term of this
Lease, keep the Equipment clean, serviced, and maintained in good operating order, repair, condition, and appearance in
accordance with Lessor's manuals and other instructions received from Lessor. Lessee will not use or operate the
Equipment, or permit the Equipment to be used or operated, in violation of any law, ordinance or governmental regulations.
The Equipment will be used and operated only as gulf cars. Lessee shall safely sture'the Equipment when not in use and
properly secure it at uight and such other times when the golf course on which the Equipment is used is closed to play, and
Lessee shall be solely responsible for such storage and safekeeping. If the Equipment is electrical, Lessee shall provide
sufficient and adequate eleca'ical charging outlets and water facilities for the batteries which are a part of the Equipment.
7. Insurance. Effective upon delivery of the Equipment to Lessee and until the Equipment is
returned to Lessor as provided herein, Lessee relieves Lessor of responsibility for all risk of physical damage to or loss or
destruction of all the Equipment, howsoever caused. During the continuance of this Master Lease, Lessee shall at its own
expense, cause to be can-ied and maintained with respect to each item of Equipment designated in each Equipment Schedule
public liability insurance in an amount of not less then $1,000,000, and casualty insurance, in each case in amounts and
against risk customarily insured against Lessee in similar equipment and, in amounts and against risk acceptable to Lessor.
All policies with respect to such insurance shall name Lessor as additional insured and as loss payee, ~ad shall provide for at
least thirty (30) days' prior written notice by the underwriter or insurance company to Lessor in the event of cancellation or
expiration of any such policies. Lessee shall, upon request of Lessor, furnish appropriate evidence of such insurance to
Lessor. Lessee shall bear the entire risk of loss, theft, destruction or damage to the Equipment from any cause whatsoever
and shall not be retieved of the obligation to pay the total of the monthly payments or any other obligation hereunder because
of any such occurrence. In the event of damage to any item of Equipment leased hereunder, Lessee, at its sole expense, shall
immediately place the same in good repair and operating condition. In no event shall Lessor be liable for any loss of profit,
damage, loss, defect or failure of any item of Equipment or the time which may be required to recover, repair, service, or
replace the item of Equipment.
8. Stom,oe. Lessee shall store the Equipment in such a manner as to prevent theft or damage from
weather and vandalism.
9. Title. Title to the Equipment shall at all times remain with the Lessor. Lessee acquires only the
interests of Lessee expressly described in this Lease, the applicable Equipment Schedule, and the ridem attached hereto.
Lessee shall not remove, move, or cover over in any manner any serial number on the Equipment. Lessee shall keep all
Equipment free frgm any marking or labeling which might be interpreted as a claim of ownership thereof by Lessee or any
party other than Lessor or anyone so claiming through Lessor.
10. Warranties. The Equipment is warranted only in accordance with the manufacturer's warranty.
EXCEPT AS EXPRESSLY PROVIDED IN THE MANUFACTURER'S WARRANTY, LESSOR DISCLAIMS ANY
OTHER WARRANTY, EXPRESSED OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF
MEI~CHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INTERFERENCE.
I 1. Altemtious and Attachments. Lessee may, with Lessor's pr/or written consent, make such
cosmetic modifications to the Equipment as Lessee may deem desirable in the conduct of its business; provided, however,
that such alterations shall not diminish the value or utility of the Equipment, or cause the loss of any warranty thereon or any
certification necessary for the maintenance thereof; and provided, fm'ther, that such modification shall be removable without
causing damage to the Equipment. Upon return of the Equipment to Lessor, Lessee shall, if Lessor so elects, remove such
modifications which have been made and shall restore the Equipment to its original condition, normal wear and tear and
depreciation excepted.
12. Taxes. Lessee shall cooperate with Lessor in all reasonable respects necessary in order for
Lessor to qualify for any exemption or exclusion from personal property tax on the equipment or sales or use tax on the
leasing of the Equipment to Lessee hereunder. In the event that any such tax becomes payable by Lessor during the term of
this Lease, Lessee shall pay to Lessor as additional rent, promptly on receipt of Lassor's invoice therefor, an amount equal to
such tax. Lessee shatl collect and remit any and all sales, use, ~nd other taxes payable in any state, county, or city in respect
of the rental or other use of the Equipment by Lessee.
.13. _ Indemnity: Notice of Claim. Lessee shall be liable for, and hereby indemnifies Lessor and holds
Lessor harmless from and against, any and all claims, costs, expenses, damages, losses, and liabilities (including, with
limitation, attorneys' fees and disbursements) arising in any way from the goss negligence or misconduct of Lessee or
Lessee's agents and independent contractors, or their respective employees, and shall give Lessor prompt written notice in
connection with any claim arising out of the possession, leasing, renting, operation, control, use, storage, or disposition of
the Equipment and shall cooperate in all reasonable respects at Lassee's expense in investigating, defending, and resolving
such claim.
14. Retain of Ertuipment. Upon the termination of an Equipment Schedule for any reason, unless
Lessee is thereupon purchasing the Equipment from Lessor, Lessee shall make the Equipment available for inspection and
pick up by Lessor or Dealer at Lessee's location at which the Equipment was used hereunder. The Equipment shall be
retained to Lessor at the termination of this Lease in the same operating order, repair, condition, and appearance as when
received by Lessee, less normal depreciation and wear and tear (which shall not include damaged or missing tires or wheels).
15. Defaults: The occurrence of any one or more of the following events shall constitute an "Event
of Defaulf' under this Lease:
(a) default by Lessee in the payment of any installment of rent or other charge payable by
Lessee under any Equipment Schedule as and when the same becomes due and payable; or
Co) default by Lessee in t~e performance of any other material term, covenant or condition of
this Lease, any Equipment Schedule, or any rider hereto, or the inaccuracy in any mater/al respect of any representation or
warranty made by the Lessee in this Lease or in any document or certificate furnished to the Lessor in connection herewith,
which default or inaccuracy shall continue for a period of 30 days after notice; or
(c) A petition under the Bankruptcy Code or under any other insolvency law providing for
the reliefofdabtors shall be filed by or against Lessee; or
2
(d) The voluntary or involuntary making of any assigmnent of a substantial portion of its
assets by ~,essee for the benefit of creditors shall occur; a receiver or trustee for Lessee or for Lessee's assets shall be
appointed; any formal or informal proceeding for dissolution, liquidation, settlement of claims against or winding up of the
affairs of Lessee shall be commenced; or
(e) Lessee shall default under any other lease or agreement between Lessee and Lessor or
any of its assignees hereunder; or
(f) Lessee shall suffer a material adverse change in' its financial condition from the date'
hereof, and as a result thereof Lessor deems itself or any of the Equipment to he insecure.
16. Remedies. Upon the occurrence of an Event of Default, Lessor, at its option, may pursue any
one or more of the following remedies, in such order or manner as Lessor determines, each such remedy being cumulative
and not exclusive of any other remedy provided herein or under applicable law:
(a) terminate all or any portion of the Equipment Schedules to this Lease;
(b) with or without terminating this Lease, take possession of the Equipment, with or without
judicial process, Lessee hereby granting Lessor the right and license to enter upon Lessee's premises where the Equipment is
located for such purpose;
(c) proceed by appropriate court action, either at law or in equity, to enforce performance by
Lessee of the applicable covenants and terms of this Lease, or to recover from Lessee any and all damages or expenses,
including reasonable attorneys' fees, which Lessor shall have sustained by reason of Lessee's default in any covenant or
covenants of this Lease, or on account of Lessor's enforcement of its remedies th6rannder.
(d) sell the Equipment or enter into a new lease of the Equipment. No delay by Lessor in
pursuing any remedy shall be treated as a waiver of or limitation on such remedy or any other remedy.
17. Assienment. Neither Lessee nor Lessor shall transfer, assign, or sublease (except for rentals to
players as contemplated hereunder in the ordinary course of business), or create, incur, assume, or permit to exist any
security interest, lien, or other encumb.rance on, the Equipment, this Lease, oi' any interest of Lessee therein.
18. Lessee's Representations and Warranties. Lessee represents and warrants to Lessor that: (a)
Lessee has the authority under applicable law to enter into and perform this Lease and each Equipment Schedule and rider
hereto; (b) Lessee has taken all necessary action to authorize its execution, delivery, and performance of this Lease and each
Equipment Schedule and rider hereto; (c) the Lease and each Equipment Schedule and rider hereto have been duly executed
and delivered by an authorized signatory of Lessee and constitute Lessee's legal, valid, and binding obligations, enforceable
in accordance with their terms; (d) adequate funds have been budgeted and appropriated to enable Lessee to make all
payman~ required under each Equipment Schedule to this Lease during the first twelve months of the term hereof; and (e)
interest paid on indebtedness of Lessee held by Lessor would be excluded from Lessor's income for U.S. federal income tax
purposes.
19. .Non-A~propriation of Fund~ Notwithstanding anything contained in this Lease to the contrary, in
the event no funds or insufficient funds are budgeted and appropriated for Rent due under the Lease with respect to a
Equipment Schedule in any fiscal period after the period in which the term of the lease with respect to such Equipment
Schedule commences, Lessee will immediately notify Lessor in writing of such occurrence and the Lessee's obligations
under the Lease shall terminate on 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 Rent for which funds shall have been budgeted and
appropriated or are otherwise available and (ii) Lessee's other obligations and liabilities under the Lease relating to the
period, 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 on the date of such termination in
the manner set forth in the Lease and Lessor will have all legal and equitable rights and remedies to take possession of the
Equipment. Notwithstanding the foregoing, Lessee a~ees (i) that it will not cancel the Lease and the Lease shall not
terminate under the provisiens 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 fi. mctionally similar equipment or
to services performing functions similar to the functions of the Equipman~. This section is not intended to permit Lessee to
terminate the 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 the Lease terminates pursuant to this section, Lessee
3
0~/22x02 11:18 LEISURE SERU DEPT a 563 589 ~890 N0.257 ~01
0104 738
20. B~g E~ S~ ~d ~ ~ ~ ~d ~ ~ui~ ~le ~d ~d~
All ~ ~d ~s a~ ~in~d ~ ~i~ ~c or ~ ~ d~ ~ti~ ~ ~
~ m~ m ~ or L~ee, ~ ~e ~e m~ ~, ~ ~e ~ foe ~ ~ s~ f~ ~ ~ ~ ~ ~ ~
or Hd~ ~ s~l f~ ~y ~n be pmh~i~ Or uef~ie b ~y j~o~ ny ~ ~Es~ ~ u
j~ ~ ~e~ m ~e ~nt ofsuO ~b~fion or ~iliW ~ ~;~g ~e
24. ~, ~ ~ ~ ~ E~ipm~t ~e ~d ~ h~ m~ ~ ~ ~
~s of L~. Any ~a by L~s~ ~ ~ or ~ f~ my ~h ~ ~t
~ ~ L~or ~d ~ wi~ ~ to ~ ~j~ m~ ~ ~d ~ ~ ~
No ~0~ or m~ of ~ ~ or ~y E~ipm~ ~c~e ~ dd~ h~ ~1 ~ ~vc ~l~s k h
I~ V~TrN~$$ w7~0£, L~sor and L~sce h~v¢ c-au..~d h%ie Lceec ~o be executed on ~ da~ £n~ ~ove
s/ Michael Van Milligen, Citiy Manager
/s/ Jim Robinson
YAMAHA MOTOR CORPORATION,
2
Title- Senior Vice president
CERTIFICATE OF ACCEPTANCE
This certificate is executed pursuant to Equipment Schedule No.
dated MaEch 07, 2001
(the "Lessor") and
41738
tO the Master Lease Agreement dated
_Ma_rc_h_07, 200_1 between Ya_m_aha M_ot_o~r. Corpo_ration_~ U.S.~A~
CITY OF DUBUQUE ....... (the "Lessee").
The Lessee hereby certifies that the Equipment set forth below, as also described in the above
Equipment Schedule, has been delivered and accepted by the Lessee on the Commencement Date
shown below.
EQUIPMENT SERIAL
QUANTITY TYPE/MODEL NUMBER
40 G16AW GOLF CARS
See
Attachment
ADDITIONAL CONDITIONS/SPECIAL TERMS:
NEW/USED
NEW
LOCATION
BUNKER HILL GOLF COURSE
BUNKER HILL ROAD
DUBUQUE, IA 52001
Please return this certificate as your acknowledgment of the above Commencement Date and acceptability of
the Equipment.
By:
Name:
Title:
CITY OF DUBUQUE
as Lessee
l'D~-i"s-i~g-astName~ret)a~ ~dmss(es)
LESSEE: CITY OF DUBUQUE
50 WEST 13 STREET
DUBUQUE, IA 52001
UNIFORM COMMERCIAL CODE - FINANCING STATEMENT. FORM UCC-1 ~E~ mc~
This
FINANCING
STATEMENT
ia
firing office~ for filing pursuant to the Uniform Commercial Code: 13. Metudty date (if any):
presented
to
2..~¢~and address(es) LE_S SOR: For Fi]ing Officer (Date, Time, Number,
yA~r_A~ MOTOR COP..POi;~A_TION, U. S .A and Filing Office)
Tax ID/Social Secudty No.
4. This fi,%~,,ulr~ .-~[a[u.~ent covers the following types (or items) of property:
40 G16AW NEW YAMAHA GOLF CARS ,- ;
,6.555 KATELLA AVENUE
CYPRESS7 CA 90630------
Tax ID/Social Socud[y No, 9-5-3069495
(RE,~ ..~41738 )
Please see Attachment A for serial numbers.
Assignee(s) of Secured Party and
Address(es)
N
T~is statement is filed without the debtor's signature to perfect a security interest in colisteraL (check [] if so) J Filed with:
~-~ already subject to a security interest in another jedsdiction when it was brought into this state. I STATE
~] which is proceeds of the original ~olla~er al described above in which a security interest was perfected:
Check [Xi if covered: [~Sroce~ds of Col~teral are also covered. [] Products of Collateral are also co.red. No. of additienal Sheets presented:
CITY OF DUBUQUE
By:
Signature{s) of Debtor(s)
(1) Filing Officer Copy - Alphabetical
YAMAHA MOTOR CORPORATION, U.S.A.
By:
Signatere(s) of Sectored Farty(ies)
STANDARD FORM - FORM UCC-1.
- SALES TAX EXEMPTION CERTIFICATE (see reverse side for instructions)
This document is to be completed by a purchaser whenever claiming exemption from sales/use tax.
Address
City
State t Zip Code
General Nature of Business
Purchaser is doing business as a:
[] Retailer (sales tax permit #
[] Wholesaler [] Farmer
[] Manufacturer [] Lessor
[] Private Nonprofit Educational Institution
[] Governmental Agency (including public schools)
[] Qualifying Residential Care Facility
[] Non-Profit Museum
[] Other
Seller Name
Address
City I State t ZipCode ,.
Purchaser is claiming exemption for the follo~ving reason:
[] Resale [] Leasing
[] Processing
[] Qualifying Farm Machinery/Equ, ipment
[] Qualifying Industrial Machinery/Equipment
[] Qualifying Replacement Parts
[] Qualifying Computer
[] Other
Description of Purchase (attach additional information if necessary)
Under penalty of perjury. I swear that the information on this form is true and correct.
Signature of Purchaser Title
YAMAHA MOTOR CORPORATION, U.S.A.
YAMAHA LEASING
6555 Katetla Avenue, Cypress, CA 90630
(800) 551-2994, Fax (714) 761-7363
E-MAIL: Sandy_Evans@Yamaha-Motor. corn
NAME OF INSURANCE AGENT:
ADDRESS:
March 07, 2001
Please Reference our Quote#
41738
PHONE:
FAX:
RE: BUNKER_HI_L_L. GOLF COURSE
(Customer) Account #
Gentlemen:
The Customer has leased or will be leasing equipment from Yamaha.
The Customer is required to provide Yamaha with the following insurance coverage:
"All Risk" Property Insurance covering the property owned by or in which Yamaha has a security interest, in an
amount not less than the full replacement cost of the property, with Yamaha named as LOSS PAYEE.
Public Liability Insurance naming Yamaha as an ADDITIONAL INSUREB with the proceeds to be payable first
on the Behalf of Yamaha to the extent of its liability, if any. The amount of the Public Liability Insurance shall
not be less than $1,000,000.00 combined single limit.
Each policy shall provide that: (i) Yamaha will be given not less than thirty (30) days prior written notice of cancellation
or non-renewal, (ii) it is primary insurance and any other insurance covering Yamaha shall be secondary or excess of the
policy and (iii) in no event shall the policy be invalidated as against Yamaha or its assigns for any violation of any term
of the policy or the Customer's application therefore.
A Certificate evidencing such coverage should be mailed to Yamaha at the following address.
Yamaha Motor Corporation, U.S.A.
Attn: Leasing Department
6555 Katella Ave
Cypress, CA 90630
Your Prompt attention will be appreciated.
Equipment Covered:
40 G16AW GOLF CARS
Equipment Location:
BUNKER HILL ROAD
OUB_UQUE, IA 52001
Very Truly Yours,
CITY OF DUBUQUE
(Name of Debtor/Lessee)
By:
(Signature of Authorized Officer)
Title:
Initialed
Yield: 6.825%
A~ORTIZATION SCHEDULE FOR ~4rINIC!P2LSITY
LESSEE: CITY OF DUBUQUE
PLESANT VIEW CODIq~I~Y CLUE
EQUIPmenT SCHEDULE #M41 738
Paym~t Due ' ~t~t
Number Date Charge Principle Balance
0 0.00 0.00 138794.38
0 Apr-OI 641.72 0.00 139436.10
0 May-OI 644.69 0.00 140080.79
I Jun-OI 647.67 7019.13 133061.66
2 Jul-O1 615.22 7051.58 126010.08
3 Aug-O1 582.61 7084.19 118925.90
4 Sep-OI 545.86 0.00 119475.76
5 Oct-O1 552.40 0.00 120028,16
6 Nov-O1 554.96 0.00 120583.12
7 Dec-Ot 597.52 0.00 121140.64
8 Jan-02 560.10 0.00 121700.74
9 Feb-02 562.69 0.00 122263.43
10 Mar-02 965.29 0.00 122828.72
1I Apr-02 567.91 _0.00 123396.63
12 May-02 570.53 0.00 123967.16
13 Ju~-02 573.17 7093.63 116873.52
14 Jul-02 540.37 7126.43 109747,10
15 Aug-02 507.42 7159.38 102587.72
16 Sep-02 474.32 0.00 103062.04
17 0ct-02 476.51 0.00 103538.55
18 Nov-02 478.72 0.00 104017.27
19 Dec-02 480.93 0.00 104498.20
20 Jan-03 483.15 0.00 104981.35
21 Feb-03 485.39 0.00 105466.74
22 Mar-03 487.63 0.00 105954.37
23 Apr-03 489.89 0.00 106444.25
24 May-03 492.15 0.00 106936.40
25 Jun-03 494.43 7172.37 99764.03
26 Jul-03 461.26 7205.54 92558.49
27 Aug-03 427.95 7238.85 85315.64
28 Sep-03 394.48 0~00 89714.12
29 0ct-03 396.30 0.00 86110.43
30 Nov-03 398.14 0.00 86508.56
31 Dec-03 399.98 0.00 86908.54
32 Jan-04 401.83 0.00 87310.37
33 Feb-04 403.68 0.00 87714.05
34 ~far-04 405.55 0.00 88119.60
35 Apr-04 407.43 0.00 88527.03
36 May-04 409.31 0.00 88936.34
37 Jan-04 411.20 7255.60 81680.74
38 Jul-04 377.66 7289.14 74391.59
39 Aug-04 343.95 7322.85 67068.75
40 Sep-04 310.10 0.00 67378.84
41 0ct-04 311.53 0.00 67690.37
42 Nov-04 312.97 0.00 68003.34
43 Dec-04 314.42 0.00 68317.76
44 Jan-05 315.87 O. O0 68633. E3
45 Feb-05 317.33 0.00 68950.96
46 Mar-05 318.80 0.00 69269.76
47 Apr-05 320.27 0.00 69590.03
48 May-05 321.75 0.00 69911.79
49 Jun-05 323.24 7343.56 62568.23
50 Jul-OS 289.29 7377.51 55190.71
51 Au~-05 255.18 7411.62 4777~.09
EXHIBIT A
EQUIPMENT SCHEDULE #41738
Dated March 7, 2001
This Schedule covers the following property ("Equipment"):
40 G 16AW Yamaha Golf Cars
Location of Equipment:
Bunker Hill Golf Course
Bunker Hill Road
Dubuque, IA 52001
3. The Lease Term for the Equipment described herein shall commence on April 1, 2001 and shall consist of 53
months from the first day of the month following said date.
4. Rental payments on the Equipment shall be in the following amounts payable on the following schedule:
15 monthly payments in the amount of $7,666.80 (applicable taxes to be billed). Starting June I, 2001 and
ending August 1, 2005. Due the 1't of the month as follows:
Ju~-Ol $7666.60 Jun-02 $7666.80 Jun-03 $7666.60 Ju~-04 $7666.80 Jun-os $7666.80
Jul-O1 $7666.80 Jui-02 $7666.80 Jul-03 $7666.80 Jul-04 $7666.80 Jul-05 $7666.80
Aug-O1 $7666.60 Aug-02 $7666.80 Aug-03 $7666.80 Aug-04 $7666.80 Aug-05 $7666.80
5. Interest Factor: 6.825%
6. This Equipment Schedule i ' ' '
s entered into pursuant to Lessor s accepted bid under RFP
7. Other Terms:
Lessee agrees to reimburse Lessor, who shall pay any assessed properS' taxes due on the equipment leased
pursuant to Section 12 of the Master Lease Agreement.
Notwithstanding any other provision of the Master Lease on this Equipment Schedule, Lessor!s interests in the
Equipment may not be sold, assigned, discounted, factored or otherwise disposed of by Lessor. Lessor shall retain its
interest in the Equipment as specified herein, without exception and under all circumstances.
This Equipment Schedule is issued pursuant to the Master Lease dated, March 7, 2001 (the "Lease"). All of
the terms and conditions, representations and warranties of the Lease are hereby incorporated herein and made a part
hereof as if they were expressly set forth in this Equipment Schedule and this Equipment Schedule constitutes a
separate lease with respect to the Equipment described herein.
LESSEE: City of Dubuque
By:
Name:
Title:
LESSOR: YAMAHA MOTOR CORPORATION, U.S.A.
By:
Title: