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PBCC <br /> Pitney Bowes Credit Corporation <br /> <br />July 09, 1999 <br /> <br />Mr. Roderick R. Coloma CPA <br />Executive Director <br />City Treasurer <br />City of Santa Aha <br />20 Civic Center Plaza (M17) <br />PO Box 1988 <br />Santa )ma, CA 92702 <br /> <br />Dear Rod: <br /> <br />Pitney Bowes Credit Corporation ("PBCC") is pleased to submit the following proposal for a lease <br />transaction with City of Santa Ana (hereinafter referred to as "Lessee"). <br /> <br />Lessor: <br /> <br />Pitney Bowes Credit Corporation and/or its assigns. <br /> <br />Lessee: <br /> <br />City of Santa Ana <br /> <br />Equipment: <br /> <br />Computer and Tele-Commurdcations Project <br /> <br />Equipment Cost: <br /> <br />$2,738,670 <br /> <br />Delivery and Acceptance: Prior to August 6, 1999 <br /> <br />Term: Five Years <br /> <br />Interest Rate: <br /> <br />4.76% This rate will be fixed thru August 6, 1999. However to the <br />extent the five year treasury decreases below its current rate of <br />5.67%, the interest rate will be decreased by 50% of the treasury <br />movement. The interest rate will not be increased if the five year <br />treasury increases prior to the opening of escrow. <br /> <br />Payment Interval: <br /> <br />Semi-Annual in Arrears <br /> <br />Purchase Option: <br /> <br />One Dollar <br /> <br />In addition to the items set forth above, this letter is predicated on the general characteristics, <br />assumptions and conditions set forth below: <br /> <br />Type of Lease: <br /> <br />The lease will be a triple net lease, whereby the Lessee would be <br />responsible for all expenses related directly or indirectly to the <br />transaction, including, but not limited to, maintenance, taxes (other <br />than taxes imposed on the net income of the Lessor), insurance <br />coverage, etc. The Lessee would be responsible for certain <br />indenmifications including, but not limited to, indemnifications <br />against all hazards, liabilities, damages and risks of loss. <br /> <br />3020 Old Ranch Parkway Suite 410 Seal Beach CA90740-2751 562-799-0933 Fax 562-493-7244 <br /> <br /> <br />