Ord. No. 13-05-1835ORDINANCE NO.13-05-1835
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF SOUTH MIAMI,FLORIDA,AUTHORIZING THE CITY MANAGER TO
ENTER INTO A FINANCE AGREEMENT WITH FIRST NATIONAL BANK OF
SOUTH MIAMI FOR THE PURCHASE OF EIGHT FORD CROWN VICTORIA
POLICE PURSUIT VEHICLES PREVIOUSLY APPROVED BY RESOLUTION
#177-04-22956 DATED
EFFECTIVE DATE.
,STNOVEMBERV'2004,PROVIDING FOR AN
WHEREAS,onNovember 1st theCityCommissionapprovedresolutionnumber 177-04-
22956forthepurchaseandfinancingofnewpolicevehiclesthroughanexistingcontractwiththe
FloridaLeague of Cities/Bank of America,and
WHEREAS,itwaslaterdeemedtobeprudenttoemploy competitive biddingprocedures;
threequoteswereobtainedandFirstNationalBankofSouthMiamiwasdeterminedtoofferacost
savingstotheCityinits Financing proposalcomparedtotheotherbidders.
NOW,THEREFORE,BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI,FLORIDA,THAT:
Section1:TheCityManagerisherebyauthorizedtoexecutealoanagreement(perattached
bid)withFirstNationalBankofSouthMiamiforthetermoftheloanasapprovedbyresolution
number 177-04-22956 onNovember 1st 2004,asalsoreflectedintheproposedexpendituresinthe
approved budgetfor 2004-2005,funds tocome from Account #01-1910-521 -4450 (Lease-Purchase
Police Vehicles)witha current balance of $44,794.24.
Section 2:This ordinance shallbe effective immediately uponthe adoption hereof.
PASSED AND ADOPTED this [9_J_day of UlyivL 2005.
ATTEST:APPROVED:
Ou^
CITY CLERK
1st Reading 4/04/05
2nd Reading-4/19/05
READ AND APPROVED AS TO FORM:
COMMISSION VOTE:
Mayor Russell:
Vice Mayor Palmer:
Commissioner Wiscombe:
Commissioner Birts-Cooper:
Commissioner Sherar:
5-0
Yea
Yea
Yea
Yea
Yea
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM
South Miami
uiiirHH
2001
To:Honorable Mayor,ViceMayor
andCity Commission
From:Maria V.Davis
City Manager
Date:April 19,2005
&Subject:Agenda Item #
Comm.Mtg.April 19,2005
Changing Lender for
Purchase of Police Vehicles
ORDINANCE:
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,AUTHORIZING THE CITY
MANAGER TO ENTER INTO A FINANCE AGREEMENT WITH FIRST
NATIONAL BANK OF SOUTH MIAMI FOR THE PURCHASE OF EIGHT
FORD CROWN VICTORIA POLICE PURSUIT VEHICLES PREVIOUSLY
APPROVED BY RESOLUTION #177-04-22956 DATED NOVEMBER 1st
2004,PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND AND ANALYSIS
On November 1,2004,the City Commission approved resolution number 177-04-22956 for the
purchase of eight police vehicles.The approved resolution stated that financing would be
provided through the Florida League of Cities contract with Bank of America in annual advance
payments of $50,016.00 for the term of the loan.After this resolution passed,but before signing
a contract,two additional quotes were received from two different financial institutions:
•Ford Motor Credit under municipal Lease-Purchase program provided a quote reflecting
fiveannualadvance payments inthe amount of $43,254.98 per year.
•FirstNationalBankofSouth Miami,alocalbank,providedaquotereflectingadown
payment in the amount of $43,000.00 and four advance annual payments in the amount of
$42,630.78 per year.
First National Bank of South Miami's quote reflects a first-year saving of $7,016.00 and annual
savings for the remaining four years of $7,385.22 each,or a total of $36,556.38 for the term of
the loan compared to Bank of America's quote.For this reason,we are requesting that the
reference ordinance be passed,amending resolution #177-04-22956 to reflect the lender name
change from Bank of America to First National Bank of South Miami.
Funds for this expenditure are reflected on the approved 2004/2005 budget account number 01-
1910-521-4450.Current balance on this account is $44,794.24
RECOMMENDATION:
ItisrecommendedthattheCityCommissionapprovethisordinance.
RESOLUTION NO.177-04-22956
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF SOUTH MIAMI,FLORIDA,AUTHORIZING THE CITY MANAGER TO
PURCHASE EIGHT FORD CROWN VICTORIA POLICE PURSUIT
VEHICLES AS APPROVED IN THE 2004-2005 BUDGET,FOR A TOTAL
AMOUNT NOT TO EXCEED $250,080.00,WITH THE FIRST YEAR'S
INSTALLMENT OF FIVE (5)ANNUAL PAYMENTS NOT TO EXCEED
$50,016.00 TO BE CHARGED TO ACCOUNT NUMBER 1910-521-4450
(PURCHASE/LEASE-POLICE VEHICLES);PROVIDING FOR EFFECTIVE
DATE
WHEREAS,theannualprogram ofreplacing policefleet vehicles hasbeensuspendedforthe
lastfour(4)years;and
WHEREAS,thishasresultedinthe current policefleetincluding 1996 and 1997 vehicles
which,duetotheirageand mileage,renderthemunsuitableand unsafe aspursuit vehicles andin
need ofreplacement;and
WHEREAS,inordertomaintainafleet of serviceable vehiclesfor the policedepartment,the
purchase of eightnewvehiclesis requested as approved inthe 2004-2005 budget;and
WHEREAS,financingis available through the Florida League of Cities,Bank of America;
and
WHEREAS,Duval FordistheawardedbidderunderFlorida Sheriffs Association Bid #01-
07-0913expiringonSeptember 30,2005,for Ford CrownVictoriapolicepursuit vehicles.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI,FLORIDA,THAT:
Section 1.The City Managerbe,andherebyis,authorizedto execute apurchase
agreement withDuval Ford forthe acquisition ofeight Ford CrownVictoriaPolice Pursuit Vehicles
as approved inthe2004-2005budget;the disbursement tobe charged toaccountnumber 1910-521-
4450 (Lease/Purchase-Police Vehicles)witha current balance of $240,650.00.
Section2.TheMayorandCityCommissionauthorizethe City Manager toexecute
financingthrough the Florida League of Cities,Bank of America for the term oftheloan.
Section 3.That all future payments be budgeted for the duration ofthe loan.
Section4.Thatthisresolutionbeeffectiveimmediatelyupontheadoptionhereof.
PASSED AND ADOPTED this /day of ^/T^t^JLt^^,2004.
1
ATTEST:
CITY CLERK
READ OVEDASTOFORM
CTT^AftORNEY
Resolution approving police vehicle purchase FY2004-05
APPROVED:
^tj£_
yor
Commission Vote:4_o
Mayor Russell:out of room
ViceMayorPalmer:Yea
Commissioner Wiscombe:Yea
Commissioner Birts-Cooper:Yea
CommissionerSherar:Yea
TO:
FROM:
DATE:
SUBJECT:
City of South Miami
Police Department
INTER-OFFTCE MEMORANDUM
Ms.M^DaJis^mty Manager
Orlando Martinezid^tjastro
Noveinber5,2004
Police Vehicles Purchase
The 2004/2005 budget includes $50,016.00 for this year's installment payment for
thepurchaseoftheeight (8)Ford Crown Victoria police cars.
On November 1,2004,the City Commission approved the purchase from Duval
Ford,the awarded bidderundertheFlorida Sheriff's Association.Thecostforthe
eight (8)vehicles will be$197,000.
We were under the impression that we would obtain 5-year financing through the
Florida League of Cities and have based our budget request on that assumption.
Although 5-year (or longer)financing is available for other mnnicipal vehicles and
equipment,the Bank used by Fla.League of Cities will only provide 4-year loans for
police cars.As the loan payments of $53,261.48 exceed the amount budgeted,this
arrangement is not feasible.
Upon receiving this information,we obtained a loan quote from FordMotorCredit
(FMQ under their Municipal Lease-Purchase Program.They would provide a 5-
year,annual paymentsduein advance,loan,at 4.8%that wouldresultin5
payments,beginning this year,of $43,254.98.The total payments would be
$216,274.90.
We then contacted loan representatives from First National Bank of South Miami
They are offering an arrangement which requires a $43,000 down payment due at
the inception of the loan.The remaining balance of $154,000,plus document stamp
fees of$539,(total:$154,539)would be financed by FNBSM for four (4)years at 4%
interest with the first annual installment payment of $42,630.78 due in November,
2005.Thetotal payments ($43,000 +4x $42,630.78)would be $213,523.12.
We inquired of EMC whether they could provide financing similar to that being
offered by FNBSM.They provided a revised quote that calls for the first payment of
five being $43,000 and the remaining four payments being $43,326.48.The total of
payments would be ($43,000 plus 4X $43,326.48)$216,305^2.
Itis recommended thatwe use the financing from First National Bankof South
Miarai This isa total savings of $2£7530 versus Ford Motor Credit's lowest
proposal.By using this option,there will bea $7,016.00 savings in this current
yearns budget Tnose projected savings can be used to pay a three-year-old past due
invoice that I was just informed of from Law Enforcement Supply,our vehicle
equipment installation vendor inthe amount of $5£00.andthe remainder should be
transferred intothe vehicle maintenance account to cover anticipated increased
repairs tothe aging fleet untfl the new cars arrive in Spring,2005.
First ,National
Bank
of
Integrity for Generations
November 4,2004
City of South Miami
OrlandoMartinezdeCastro
Chief ofPolice
6130Sunset Drive
SouthMiami,Fl.33143
DearChiefMartinez de Castro:
Weaxepleasedto advise you that First National bank of^South Miami has approved
request for aterm loan subject to the following terms and conditions:
Cityof South Miami.
Purchase eight Ford Crown Victoria Police Sedans.
The loan amount shall be $154,539.00,
Four years.The yearly principal and interest payments shall be
$42,630-78.The payments will be due in November of 20 )5,
2006,2007&2008.
The interest rate shall be fixed at 4%for the life ofthe loan.
The collateral shall be eight 2005 Ford Crown Victoria Polic s
Sedans.
Borrower:
Purpose:
Loan Amount:
Term:
Interest Rate:
Collateral:
Loan Fee:None.
Prepayment Penalty:None.
The breakdown ofthe funding is as follow:
Purchase Price:$197,000
Down Payment:S.43,000
Amount Financed:$154,539
Please note $539 of the amount financed is for state documentary taxes.
your
5750 Sunset Drive,South Miami,FL 33143 A 305.667.5511 A www.fn5sm.Qom
t-a nenea
2059 Northlalce Parkway
4th FloorNorth
Tucker,GA 300S4
770-270-8525
770-270-8565 Fax
November2nd,2004
City ofSouth Miami
To Whom ItMay Concern:
Lessee:
Amount
Financed:
Lease Term:
Equipment
Bescription:
Interest Rate:
CityofSouthMiami,FL
$197,000 (soft costs cannot exceed 20%)
Forty-seven months (maximum term will be based on final equipment list)
Eight(8)NewPoliceCars
332%or 107%of the 4-year Treasury.This rate will be held for 30 days from theabovedate.Thereafter,me Mterest Rate will be recalculated at the percent of theTyearTreasuryquotedundertheFloridaLeagueofCitiesMasterLease/Purchase Program ft*
the month in which funding occurs,and the rate will be fixed at the time of funding.AsofNovember2nd,2004,the 4-year Treasury was 3.32%.&
Annual/arrears S 53,261.48 (first due in Sept 2005)
Annual/arrears $213,045.92
Periodic P&I:
Total P&L-
Servicing
Fee:Aservicing fee of 10 basis points ($468)will be charged to Lessee for processing this
transaction as part of the Florida League of Cities Master Lease Program with Lessor!
M^^t^^*-m COBmm -"'"a**«*"********»of
l?Z^f ^•*PrOCeSd **m,transaction,please submit the application provided,along with thespecifiedfinancialinformationrequested.We look forward to the opporSy to provide finidngfoTou.
Ifyou have any questions,please give me a call at (770)270-8525.
Verytrulyyours,
BANC OF AMERICA LEASING &CAPITAL,LLC
By:BethC.Morgan
Title:AssistantVicePresident
IKK
Page:1
iJovd,
Ford Motor Credit Company m.*«*.*«,
P.O.Box 1739
Dearborn,Michigan 48121-1739
November 4,2004
Lt Dan Salerno
South Miami PoliceDept
Re:Ford Municipal Finance Program -Quotation for City of South Miami,FL -Bid #38612
w^tjsjsst **"are appiirawe •*«-••—**-«™
Thisfinance proposalappliesto:
QuantitV Description prf
8 2005 Ford Crown Victoria Police Sedans $-j 97^00 00
Total Amount Number of Dawm^Funded Payments Payment ^minq A.P.R.S*7SSSS
$197,350.00 5 Annual in Advance 4.80%'0.219179 $43,254.98
*To o^adatePayment Amrnu^muM^T^A^md Funded by the Payment Factor
The Ford Municipal lease-purchase finance plan requires no security deposit,has no prepayment oenaltv no mil*™*penalty,or hidden fees.The program is non-recourse to the dealer,the same as a SS^t^^M^ZmunicipalcustomerAtinception,the new equipment title/registration indicates the municipal as SereOw2 ^designates Ford Motor Credit Company.P.O.Box 1739.Dearborn.Ml 48121-1739,as"hS LteSSS MtJ^end totmunicipalitybuystheequipmentforSIThemunicipality,as Owner of record is eligible for FortI SjJSSSSip^'Concessions or other discounts,to reduce product cost Governmental Pnce
Please note:Ford Credit's financing issubject to:
l)Setiewan4'approval of the Municipality's two nrnstrecentauStedfinrntcMiOatement^ifreiiues^2)Mutually acceptable documentation.^v^^tea
Sample forms and documentation are available upon request
ff you need additional information,please contact me at 1-*00-241-4199,and press 1.Ihank you for your interest in Ford municipal
Sincerely,„jC*M *
-Ann F.Creviston
•MarketingCoordinator
Z^^WSf^k'.-'!-.->J^V^J^^AVV''.^^^
wu'"acrevis
Page:1
Ford Motor Credit Company
TheAmerican Road
P.O.Box 1739
.Dearborn,Michigan 48121-1739
November5,2004
Major MikeMills
South Miami Police Dept.
Re:Ford Municipal Finance Program -Quotation forCity of South Miami.FL -Bid m,
This finance proposal applies to-
Quantity
Total Amount
Funded
$197,350.00
S197,350.00
Number of
Payments
1
4
Description
2005 Ford Crown Victoria Police Sedans
Payment Timing
Annualin Advance
Annualin Advance
A.P.R.
4.80%
4.80%
Payment
Factor
0.280703
Price
S197,000.00
Payment
Amount
$43,000.00
$43,326.48
mun.cpalitv buys the eguiDjagnf fnVjri The municfoaliPv^S!f 121"1J¥as First ^"holder.At term end'theCo^iiions or other discounts,to rife productoof ^^°f re°0rd"'S e,i9lb,e for For*Govir^fpHcf
Please note:Ford Credit'sjuzancuzg issubject to:
1)Review and'approval ofdie Miudap
2)Mutually acceptable documentation.
Sample forms and documentation are available upon request
If you need additional information,pjease contact me at 1-800-241-4199 and nre«1 Tl ifmancmS-199'2nd Press L ThBak y™^your interest in Ford municipal
Sincerely,
Ann F.Creviston
Marketing Coordinator
£TX MOV 9 IZ:«4MD 4UUH
Rate:
Lease
Payment
Number
1
2
3
4
5
TOTALS
4.80%
Lease
Payment
Date
'^'•!r».ft^:W'^!^^>;te.^>l^s.^^^wjk^!J.!^-i^y^»!
Lease Number:
Lessee:South Miami
Lease Interest Principal Concluding
Payment Portion Portion Payment
$43,000.00 $0.00 $43,000.00 $154,350.00
43,326.48 7,408.80 35,917.68 118,432.32
43,326.48 5,684.75 37,641.73 80,790.59
43,326.48 3,877.95 39,448.53 41,342.06
43,326.48 1,984.42 41,342.06 1.00
216,305.92 18,955.92 197,350.00
m
ft!
HI
lii
•—••-Ail
(17,$-%.
til
fc'i
Hi
ST*
Odte?
«-?*<><?•
'3,699^^5
'gfri»*S '^2,s-7S^3c
Amortization Schedule
11-04-2004
Remaining ijnterest
Event Date Amount interest Balance Pool
Fixed Rate 11-04-2004 4.000 o.oo 0.00 0.00
Disbursement 11-04-2004 197700.00 o.oo 197700.00 o.oo
Payment 11-04-2005 44479.90 8017.83 161237.93 o.oo
payment .11-04-2006 44479.90 6539-09 123297.12 0.00
Payment 11-04-2007 44479,90 5000.38 83817.60 0.00
Payment 11-04-2008 44479.90 3408.58 42746.28
——1
0.00
payment 11-04-2009 44479.90 1733.60 -0.02 1 0.00
Page -1
Umw.'si.'
30A I SUNDAY.APRIL 10,2005 FLA
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Tuesday,'April 12,•
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Wednesdays April 13'
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WORLD
NOTICE IS HEREBY given that theCity Commission oftheCity ofSouth Miami,Florida will
conduct Public Hearings atits special City Commission meeting scheduled for Tuesday,
April 19,2005 beginning at 7:30 p.m.,in the City Commission Chambers,6130 Sunset
Drive,toconsiderthe following ordinancesonsecondreading:
(AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF \
SOUTH MIAMI,R0RIDA,AUTHORIZING THE CITY MANAGER TO ENTER \\
INTO A FINANCE AGREEMENT WITH FIRST NATIONAL BANK OF SOUTH 1
MIAMI FORTHE PURCHASE OF BGHT FORD CROWN VICTORIA POLICE
PURSUIT VEHICLES PREVIOUSLY APPROVED BY RESOLUTION #177-04-V
22956 DATED NOVEMBER 1ST 2004,PROVIDING FOR AN EFFECTIVE J
DATE '
AN ORDINANCE OF THE MAYOR ANDCITY COMMISSION OF THE CITY
OF SOUTH MIAMI,FLORIDA AMENDING THE CITY OF SOUTH MIAMI
PENSION PLAN,PROVIDING FOR AN INCENTIVE FOR RETIREMENT FOR
CERTAIN POUCE OFFICER EMPLOYEES OFTHECITYOF SOUTH MIAMI
TO INCLUDE A RULE OF SEVENTY (70),WITHIN A SPECIFIED PERIOD OF
TIME;PROVIDING FOR SEVERABILITY;PROVIDING FOR CODIFICATION;
ANDPROVIDINGFORAN EFFECTIVE DATE.
Above items canbe inspected inthe City Clerk's Office.Monday -Friday during regular
office hours.
ALL interested partiesare invited toattendand will beheard.
Maria M.Menendez
CityClerk
Pursuant to Florida Statutes 286.0105.the City hereby advises thepublic thatifa person
decides toappeal any decision made by this Board,Agency or Commission with respect
to any matter considered atits meeting or hearing,he orshe will need a record of the
proceedings,and that for such purpose,affected person may need to ensure thata
verbatim record ofthe proceedings is made which record includes the testimony and
evidence upon which theappealistobebased.
THE HERALD
we can move rorward to ZZ
implementing the 'road JJJ
map,'"one diplomat said on ™
condition of anonymity.••
Sharon's spokesman,Assaf ^
Shariv,said:"We are not ££
expecting any pressure."3
IsraeliForeignMinister Sil-JJJ
van Shalom suggested Satur-**
day that Israel would continue •*••
with construction in Maaleh
Adumim.When asked about
the project,he told Israel
Radio that expansion of settle
ments "never needs to be done
with drums and cymbals,"but
he indicated the government
had no intention of reversing
its plans.
SETTLEMENT ISSUE
The Palestinians called on *•
Bush not to let uponthe set--V
tlement issue.'•£>
Tuesday's talks are J£
expected to focus on issues £J
the two leaders agree on.
Sharon has said he will not m
begin talks on a final peace n
deal until Palestinian leader j£5
Mahmoud Abbas cracks down SS
on militant groups and dis-JJ
arms them.Abbas refuses to «
do so and has instead tried to «*
co-opt them.