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SUNTRUST LEASTNG CORPORATZON <br />LEASE PURCHASE FI'NANCZNG PROPOSAL <br />PAGE 2 OF 3 <br /> <br />FUNDZNG: <br /> <br />SLC will disburse the funds into a Proceeds <br />Account for the benefit of the lessee at the State <br />of California's Local Agency Investment Fund. <br />The funds will be disbursed from the fund to <br />complete the energy management project <br />according the terms and conditions outlined in <br />the current lease agreement between the lessee <br />and lessor. <br /> <br />REZMBURSEMENT: <br /> <br />If Lessee intends to be reimbursed for any <br />equipment cost associated with this Agreement, <br />intent for reimbursement from the proceeds of <br />this Agreement must be evidenced, and must <br />qualify under the Treasury Regulation Section <br />1.150.2. <br /> <br />ZNSURANCE: <br /> <br />The Lessee shall furnish confirmation of all risk <br />physical damage insurance coverage for the full <br />cost of the proper~y plus one million <br />($1,000,000.00) dollars combined single limit <br />property damage and bodily injury insurance <br />covering the property. SLC shall be named as <br />loss payee and additional insured on such <br />coverage. <br /> <br />AUTHORt'ZED STGNORS: <br /> <br />The Lessee's governing board shall provide SLC <br />with its resolution or ordinance authorizing this <br />Agreement and shall designate the individual(s) <br />to execute all necessary documents used therein. <br /> <br />LEGAL OPINTON: <br /> <br />The Lessee's counsel shall furnish SLC with an <br />opinion covering this transaction and the <br />documents used herein. This opinion shall be in <br />a form and substance satisfactory to SLC. <br /> <br />LEGAL TZTLE: <br /> <br />Title to the equipment will be in the name of <br />Lessee. Lessor will be granted a security interest <br />or lien on all collateral being financed. <br /> <br />DOCUMENTATZON: <br /> <br />Lessor understands that Lessee desires to utilize <br />its own form of lease documentation. Lessor will <br />agree to utilize said documentation subject to <br />final review and approval of Lessor's legal counsel <br />and at the sole discretion of SunTrust Leasing <br />Corporation. Such approval will be sought upon <br />the award of the Lease to Lessor. The lessee will <br />be responsible for a $100.00 documentation fee. <br /> <br />RATE LOCK EXPZRATZON: <br /> <br />This proposal must be accepted, nendina City <br />Council aouroval by November 8, 2002. If <br />acceptance is received by this date, the quoted <br />Lease Rate of choice will remain fixed if funding <br />takes place by December 30, 2002. <br /> <br /> Resolution No. 2003-013 <br /> Page 5 of 6 <br /> <br /> <br />