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HomeMy WebLinkAbout2007-05-22; Public Financing Authority; 27; Lease of Golf carts and other equipment1 CARLSBAD PUBLIC FINANCING AUTHORITY-AGENDA BILL AB# 27 MTG. 05/22/07 DEPT. FIN APPROVE MUNICIPAL LEASE OF GOLF CARTS AND ADDITIONAL rmf\t ttnnJta^tT' rf\n TLJ^ /^n/^£*i*i m/^t* A TcQUIPMEN I FOR THE CHOSSINGS AT CARLSBAD GOLF COURSE DEPT. HEAD c^y^ CITY ATTY. Lti CITYMGR. /(J^. RECOMMENDED ACTION: It is recommended the Board of Directors of the Carlsbad Public Financing Authority (CPFA) adopt Resolution No. §5 approving the municipal lease of golf carts using the current Municipal Lease Agreement with Textron Financial Corporation as well as the lease- purchase of additional golf course maintenance equipment. ITEM EXPLANATION: On April 17, 2007, the Carlsbad Public Financing Authority adopted Resolution No. 32 approving the acquisition of a fleet of golf carts from EzGo Incorporated and staff agreed to return with a financing recommendation. The amount of the purchase before taxes is $348,497.80. It is customary in the golf course industry to lease golf carts given the useful life of the carts as well as the cost. A Municipal Lease Agreement, authorized by the Internal Revenue Code, is a financing mechanism whereby the lease interest income to the lending institution is tax exempt allowing the lending institution to offer a more favorable rate. On April 3, 2007, the CPFA entered into an agreement with Textron Financial Corporation for the lease-purchase of $761,514.24 of golf course maintenance equipment. Textron is offering the same lease interest rate (4.9%) for the golf carts as they did for the golf course maintenance equipment. Given these competitive terms, it is recommended that the CPFA authorize the addition of the golf carts to the current Municipal Lease Agreement with Textron Financial. As previously mentioned, on April 3, 2007, the Carlsbad Public Financing Authority Board approved the lease-purchase of $761,514.24 worth of maintenance equipment for the golf course. Since that time, the golf course has identified $94,357.21 of additional needed maintenance equipment. As the grounds are nearing completion, it is more clear what equipment is required for maintenance of the golf course. The list of additional equipment is attached and will be purchased from the same vendor as the first group of equipment, Golf Ventures West Incorporated. It is recommended that the CPFA approve the addition of the $94,357.21 worth of equipment to the current lease-purchase agreement with Textron Financial. DEPARTMENT CONTACT: Lisa Irvine 760-602-2430 lirvin@ci.carlsbad.ca.us FOR CITY CLERKS USE ONL Y. COUNCIL ACTION:APPROVED DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D Page 2 FISCAL IMPACT: The lease of the golf carts will result in a monthly lease payment of $6,592.13 and the lease- purchase of the additional maintenance equipment will result in a monthly lease payment of approximately $1,770. The golf cart lease expense and the additional maintenance equipment lease expense will be funded from the golf course operating budget. There is a balloon payment at the end of the 48 month golf cart lease, however, the Authority will return the golf carts at that time and begin another lease with new carts so there is no plan to make the balloon payment. ENVIRONMENTAL IMPACT: The Planning Director has determined the municipal lease of the golf carts and the maintenance equipment for The Crossing at Carlsbad Golf Course is a General Rule Exemption under Section 15061 (b) (3) of the Guidelines of the California Environmental Quality Act since it can be seen with certainty that the activity will have no significant effect on the environment. EXHIBITS: 1) Current Municipal Lease Agreement with Textron Financial Corporation. 2) Resolution No. 35 approving the addition of the golf carts and the additional maintenance equipment to the current Municipal Lease Agreement with Textron Financial Corporation. 3) Golf Cart Schedules to be added to the Municipal Lease Agreement. 4) Additional Golf Course Maintenance Equipment List. Exhibit 1 MUNICIPAL AGREEMENT This MUNICIPAL AGREEMENT dated as of 3/21/07. (the "Agreement") between TEXTRON FINANCIAL CORPORATION, as Lessor, and Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad Municipal Water District, ("Lessee"). 1. Equipment. Lessee will lease certain "Equipment" identified in each "Schedule" executed by Lessor and Lessee pursuant to this Agreement, all on the terms and conditions set forth in the related Schedule. Each Schedule (including the terms and conditions of this Agreement incorporated therein by reference), the related Exhibits and any Addendum describing this Agreement will constitute a separate and independent lease of the Equipment. 2. Rental. Lessee agrees to pay "Rental Payments," consisting of principal and interest, as described in a Schedule. Lessee represents and warrants that its primary business official currently intends to do all things lawfully within its power to obtain and maintain funds from which Rental Payments and other amounts due under each Schedule may be paid. Except as expressly provided in this Agreement, Lessee's obligation to pay Rental Payments will be absolute and unconditional in all events without abatement, deduction or set-off of any kind. Lessee's obligation to pay Rental Payments and other amounts payable under each Schedule constitutes a current obligation payable exclusively from legally available funds and will not be construed to be indebtedness under any applicable constitutional or statutory limitation or requirement. 3. Term; Lessee's Acceptance. The term of this Agreement begins as of the date hereof and will continue so long as any amount remains unpaid under a Schedule. The term of each Schedule begins as of, and interest will accrue from, the date of the applicable Schedule, contingent upon Lessee executing a Certificate of Acceptance for the Equipment identified in the applicable Schedule, and will continue for the number of months stated therein, unless an "Event of Nonappropriation" has occurred with respect to the Schedule, or Lessor has terminated the Schedule pursuant to Paragraph 17. An "Event of Nonappropriation" means a non-renewal of the term of a Schedule by Lessee, determined by the failure or refusal of the governing body of Lessee to appropriate monies sufficient to pay Rental Payments and other amounts payable under the Schedule for Lessee's next succeeding fiscal period. Lessee will notify Lessor immediately of the occurrence of an Event of Nonappropriation under any Schedule. Lessee will select the type, quantity and vendor of each item of Equipment designated in a Schedule. Upon Lessor's request after Lessee's receipt and installation of all Equipment identified in a Schedule, Lessee will deliver to Lessor a Certificate of Acceptance. Regardless of whether Lessee has furnished a Certificate of Acceptance with respect to the Equipment identified in a Schedule, by making a Rental Payment after its receipt of the Equipment under a Schedule, Lessee will be deemed to have accepted the Equipment on the date that the Rental Payment is made for purposes of the Schedule. Municipal Agreement (Carlsbad).doc 4. End of Lease. If the Lessee is granted the option under each Schedule to purchase Lessor's interest in all, but not less than all, of the Equipment on any Rental Payment date for which a Purchase Option Amount is identified on the Schedule, then not later than 30 days prior to the proposed purchase date, Lessee will provide Lessor a written notice exercising the option and designating the applicable Schedule and the applicable Rental Payment date and Purchase Option Amount. Otherwise Lessee's final payment will be identified on the applicable schedule. 5. Late Payments. Whenever any Rental Payment or other amount payable to Lessor by Lessee under a Schedule is not paid within ten (10) days after the due date, Lessee agrees to pay Lessor a late charge of $25.00 or 10% on the delinquent amount, or the maximum amount permitted under applicable law, whichever is less. 6. Disclaimer of Warranties. LESSOR HAS NOT MADE AND DOES NOT MAKE ANY WARRANTY, REPRESENTATION OR COVENANT REGARDING THE EQUIPMENT, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, DESIGN OR CONDITION, QUALITY OR CAPACITY, WORKMANSHIP, COMPLIANCE WITH ANY LAW, RULE, SPECIFICATION OR CONTRACT PERTAINING THERETO, , PATENT INFRINGEMENT OR LATENT DEFECTS OR ANY OTHER MATTER. NOTHING HEREIN WILL MODIFY LESSEE'S RIGHTS AGAINST THE VENDOR OF ANY EQUIPMENT. Lessor will have no obligation to install, test, adjust, service or maintain any Equipment. Lessee will look solely to the manufacturer, seller and/or supplier for any and all claims related to the Equipment. 7. Location of Equipment. The Equipment will be delivered to and located at the premises identified in each Schedule and will not be removed or relocated without the prior written consent of Lessor. Lessee will pay all charges and other expenses incurred in connection with the shipment and delivery of the Equipment to the location. Lessor has the right to inspect and examine the Equipment during normal business hours. 8. Title and Security Interest. During the term of each Schedule, title to the Equipment will be vested in Lessee, subject to the rights of Lessor under the Schedule. If Lessor terminates a Schedule pursuant to Paragraph 17 of this Agreement or an Event of Nonappropriation occurs with respect to the Schedule, title to the Equipment identified in the Schedule will immediately vest in Lessor free and clear of any right, title or interest of Lessee. Lessee, at its expense, will protect and defend Lessee's title to the Equipment and Lessor's rights and interests therein and will keep the Equipment free and clear from any and all claims, liens, encumbrances and legal processes of Lessee's creditors and other persons. To secure the performance of all of Lessee's obligations under each Schedule, Lessee grants to Lessor a security interest in the Equipment, and on all attachments, repairs, replacements and modifications thereto and on any proceeds therefrom. 9. Lessee Representations and Warranties. Lessee represents and warrants that: (a) Lessee is a state or a political subdivision within the meaning of Section 103(c) of the Internal Revenue Code of 1986, as amended (the "Code"); (b) Lessee has the power and authority under Municipal Agreement (Carlsbad).doc applicable law to enter into the transactions contemplated by this Agreement and each Schedule and has been duly authorized to execute and deliver this Agreement and each Schedule and to carry out its obligations under each Schedule; (c) all requirements have been met and procedures have occurred in order to ensure the enforceability of this Agreement and each Schedule, and Lessee has complied with the public bidding requirements, if any, as may be applicable to the transactions contemplated by this Agreement and each Schedule; (d) the use and operation of the Equipment is essential to Lessee's proper, efficient and economic governmental operation; (e) upon Lessor's request, Lessee will deliver to Lessor Lessee's financial statements; (f) Lessor is acting only as a financing source with respect to the Equipment; and (g) Lessee intends that each Schedule not constitute a "true" lease for federal income tax purposes. 10. Maintenance and Use. During the term of each Schedule, Lessee will, at its expense, make any and all repairs and replacements required to maintain the Equipment in good condition, reasonable wear and tear excepted, and will use and maintain the Equipment in a careful manner in conformity with all applicable laws, ordinances, regulations, requirements and rules and in conformity with any insurance policy. Lessee's obligation to maintain the Equipment does not confer the authority to incur mechanic's or supplier's liens with respect thereto. Lessee will look solely and directly to the applicable vendor (and not the Lessor) for all matters relating to maintenance services for any item of Equipment. In no event will the vendor be deemed to be an agent of Lessor for purposes of the related Schedule. 11. Loss or Damage. All risk of loss, damage, theft or destruction to each item of Equipment will be borne by Lessee. No loss, damage, theft or destruction of the Equipment will impair the Lessee's obligations under any Schedule, all of which will continue in fbll force and effect. 12. Insurance. Lessee is self-insured and will during the term of each Schedule keep the Equipment insured against theft, fire, collision and the other risks as may be customary for each item of Equipment and maintain comprehensive public liability through its self insurance program. Losses, if any, will be payable to Lessor as "loss payee," and all the liability insurance will include Lessor as an "additional insured." Lessee will maintain during the term of each Schedule an actuarially sound self-insurance program and will provide evidence thereof in form and substance satisfactory to Lessor. Lessor agrees that Lessee has a $25,000 retention for property insurance and a $500,000 retention for liability insurance. 13. Indemnity. To the extent authorized by law and subject to funds legally available for the purpose, Lessee agrees to indemnify, Lessor and its agents, employees, officers, or directors, against any and all liabilities, obligations, losses, damages, injuries, claims, demands, penalties, actions, costs and expenses (excluding attorney's fees), of whatsoever kind and nature, arising out of the use, condition, operation, ownership, selection, delivery, storage, leasing or return of any item of Equipment, regardless of where, how and by whom. Lessee is not Lessor's agent and nothing contained in any Schedule will authorize Lessee or any other person to operate any item of Equipment so as to incur or impose any liability or obligation for or on behalf of Lessor. Municipal Agreement (Carlsbad).doc 14. Taxes. Unless Lessee has provided Lessor with evidence necessary to sustain an exemption therefrom, Lessee will timely pay all assessments, license fees, taxes (including sales, use, excise, personal property, ad valorem, stamp, documentary and other taxes) and all other governmental charges, fees, fines or penalties whatsoever, now or hereafter imposed by any governmental body or agency on or relating to the Equipment, or the use, registration, rental, shipment, transportation, delivery, ownership or operation of the Equipment and on or relating to each Schedule. 15. Assignment. Lessee will not sell, assign, or sublease, any Equipment or enter into any contract or agreement with respect to the use and operation of any of the Equipment by any person other than Lessee, without Lessor's prior written consent. Lessor may assign, transfer or otherwise convey all or any part of its interest in any Schedule, including Lessor's right to receive the Rental Payments under any Schedule all without Lessee's consent. The assignment, transfer or conveyance will not be effective until Lessee has been given a written notice of assignment that discloses the name and address of each the assignee, which notice Lessee agrees to acknowledge at the time of such assignment. Following receipt of the notice from Lessor, Lessee will keep a complete and accurate record of all assignments of each Schedule in compliance with Section 149 of the Code. 16. Default. Each of the following constitutes an "Event of Default" under a Schedule: (a) Lessee fails to pay in full any Rental Payment within ten (10) days of its due date; (b) Lessee fails to comply with any other agreement or covenant of Lessee under any Schedule (c) Lessee institutes any proceedings under any bankruptcy, insolvency, reorganization or similar law or a receiver or similar officer is appointed for Lessee or any of its property; (d) any warranty, representation or statement made in writing by or on behalf of Lessee in connection with any Schedule is found to be incorrect or misleading in any material respect on the date made; or (e) actual or attempted sale, lease or encumbrance of any of the Equipment or the making of any levy, seizure or attachment thereof or thereon. 17. Remedies. Immediately upon the occurrence of an Event of Default under a Schedule or immediately after the last day of the fiscal period during which an Event of Nonappropriation occurs, Lessor may terminate the affected Schedule or Lessee's rights thereunder and in such event repossess the Equipment under the Schedule, which Lessee hereby agrees to surrender promptly to Lessor. If Lessor is entitled to repossess the Equipment under a Schedule, Lessee will permit Lessor or its agents to enter the premises where the Equipment is located. In the event of any the repossession, Lessee will execute and deliver all documents required to transfer title to and possession of the Equipment under the affected Schedule to Lessor, free and clear of all liens and security interests. Upon repossession, if any Equipment is damaged or otherwise made less suitable for the purposes for which it was manufactured than when delivered to Lessee (reasonable wear and tear excepted), Lessee agrees, at its option, to: (a) repair and restore the Equipment to the same condition in which it was received by Lessee (reasonable wear and tear excepted) and, at its expense, promptly return the Equipment to Lessor to a location specified by Lessor or (b) pay to Lessor the actual costs of the repair, restoration and return. In the event that Lessor sells or otherwise liquidates the Equipment as provided in a Schedule and realizes net proceeds (after payment of costs) in excess of total Rental Payments that would have been paid during the scheduled term of the affected Schedule Municipal Agreement (Cailsbad).doc 4 u? plus any other amounts then due under the Schedule, Lessor will pay the excess amounts to Lessee. If Lessor terminates a Schedule as described in this Paragraph 17 or an Event of Nonappropriation occurs under a Schedule and Lessee continues to use the Equipment or if Lessee otherwise refuses to pay Rental Payments due during a fiscal period for which Lessee's governing body has appropriated sufficient legally available funds to pay the Rental Payments, Lessor will be entitled to bring the action at law or in equity to recover damages attributable to the holdover period for the Equipment that Lessee continues to use or to the remainder of the fiscal period for which the appropriations have been made. Lessor will also be entitled to exercise any or all remedies available to a secured party under the applicable Uniform Commercial Code and all other rights and remedies that Lessor may have at law or in equity. No right or remedy conferred upon or reserved to Lessor as provided in each Schedule is exclusive of any right or remedy in any Schedule or at law or in equity or otherwise provided or permitted. No waiver of or delay or omission in the exercise of any right or remedy as provided in each Schedule or otherwise available to Lessor will impair, affect or be construed as a waiver of its rights thereafter to exercise the same. 18. Tax Covenants; Tax Indemnity. Lessee agrees that it will comply with all provisions and regulations applicable to excluding the interest component of Rental Payments under each Schedule from gross income for federal income tax purposes. Unless Lessor's actions or omissions create a taxable event, if the interest component of Rental Payments under any Schedule becomes included in gross income of the Lessor for federal income tax purposes, Lessee agrees to pay (from legally available funds) promptly after any the determination of taxability and on each Rental Payment date thereafter to Lessor an additional amount determined by Lessor to compensate the Lessor for the loss of the excludability (including, without limitation, compensation relating to interest expense, penalties or additions to tax), which determination will be conclusive (absent manifest error). 19. Lessor Advances. If Lessee fails to perform any of its obligations under a Schedule, Lessor may, at its option, perform any act or make any payment that Lessor deems necessary for the maintenance and preservation of the Equipment and Lessor's interest therein. All expenses (except attorneys'fees) incurred by Lessor in performing the acts and all the payments made by Lessor together with late charges as provided in each Schedule will be payable by Lessee to Lessor on demand. The performance of any act or payment by Lessor as aforesaid will not be deemed a waiver or release of any obligation or default on the part of Lessee. 20. Notices. All notices or other communications under any Schedule will be deemed to have been given or made when delivered (including by facsimile transmission) or five days after being mailed by certified mail, postage prepaid, addressed to Lessor or Lessee at the addresses listed below or the other addresses as either of the parties hereto may designate in writing. 21. Miscellaneous. This Agreement and each Schedule will be governed by and construed in accordance with the laws of the State under whose laws Lessee exists or is organized. If any provision of this Agreement or any Schedule is or becomes invalid, illegal or unenforceable, Municipal Agreement (Carlsbad).doc the invalidity, illegality or unenforceability will not affect the other provisions of this Agreement or any the Schedule, which will be valid and enforceable to the fullest extent permitted by law. The provisions of this Agreement and each Schedule will be binding upon, and will inure to the benefit of, the respective assignees and successors of Lessor and Lessee. The indemnities and obligations of Lessee provided for in each Schedule will continue in full force and effect notwithstanding the expiration or termination of the term of this Agreement or any applicable Schedule. This Agreement, each Addendum, each Schedule and the Exhibits attached thereto constitute the entire agreement between Lessor and Lessee with respect to the Equipment therein described and no term or provision hereof or thereof may be waived or amended except by written agreement signed by Lessor and Lessee. Lessor and Lessee have each caused this Municipal Agreement to be duly executed and delivered as of the date first above written. Lessee: Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad Municipal Water District [ADDRESS] 1200 Carlsbad Village Dr. Carlsbad, CA 92008 By: Name: Title: ft Lessor: TEXTRON FINANCIAL CORPORATION Claude A. Lewis Chairman [ADDRESS] By: Name: Title: V Aloharetta. GA 30022 ? 1 0 THIS AGREEMENT IS ONE OF ORIGINALS AND IS NOT SUBJECT TO SALE OR ASSIGNMENT WITHOUT THE PRIOR CONSENT OF TEXTRON FINANCIAL CORPORATION Municipal Agreement (Carlsbad).doc Exhibit 2 1 RESOLUTION NO. 35 2 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CARLSBAD PUBLIC FINANCING AUTHORITY 3 APPROVING THE LEASE OF GOLF CARTS AND 4 AUTHORIZING THE LEASE-PURCHASE OF ADDITIONAL GOLF COURSE MAINTENANCE EQUIPMENT USING THE 5 CURRENT MUNICIPAL LEASE AGREEMENT WITH TEXTRON FINANCIAL CORPORATION. 6 7 WHEREAS, the Carlsbad Public Financing Authority, hereafter the "Authority", 8 has previously entered into a contract with Kemper Sports Management Incorporated o for the operation and maintenance of the Carlsbad City Golf Course Project, The 10 Crossings at Carlsbad Golf Course, hereafter referred to as the "Project"; 11 WHEREAS, the Authority on April 17, 2007 approved the purchase of a fleet of 12 golf carts from EzGo Incorporated; 14 WHEREAS, the Authority desires to lease the golf cart equipment via the current 15 Municipal Lease Agreement; 16 WHEREAS, Kemper Sports Management Incorporated has requested 17 $94,357.21 of additional golf course maintenance equipment which the Authority 18 desires to lease-purchase; and 19 WHEREAS, the Authority has previously entered into a Municipal Lease 20 Agreement with Textron Financial Corporation for the lease-purchase of golf course 21 maintenance equipment. 22 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the 23 Carlsbad Public Financing Authority of the City of Carlsbad, California, as follows: £*\ 25 1. That the above recitations are true and correct. 26 2. That the Board authorizes the addition of the fleet of golf carts be added to 27 the Municipal Lease Agreement with Textron Financial Corporation and the Chairman of 98 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Exhibit 2 the Board of Directors of the Authority is authorized to execute said additional financing schedules on behalf of the Authority. 3. That the Board authorizes the lease-purchase of $94,357.21 of additional golf course maintenance equipment and the Chairman of the Board of Directors of the Authority is authorized to execute said additional financing schedules on behalf of the Authority. PASSED, APPROVED AND ADOPTED at a Special Meeting of the Board of Directors of the Carlsbad Public Financing Authority on the 22— day of May. 2007, by the following vote: AYES: Board Members Lewis, Kulchin, Hall, Nygaard NOES: None ABSENT: Board Member Packard , Chairman of the Board ATTEST: LORRAINE M. WOOD, Secretai (SEAL) X^'FINA!,'''', /$$*»$&.— **. -JOT ^ • ™»-• - CO', ul '•&••.-8 • -H - |0 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1021001, DATED >?-£>)-00 TO THE MUNICIPAL AGREEMENT, DATED 03-21-2007 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Southern California QUANTITY: 80 DESCRIPTION OF EQUIPMENT: E-Z-GO TXT-PDS Top, Sand/Seed Bottles, Ball/Club Washer, T-125 Batteries, Ice Chest SERIAL NUMBER (IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: 5800 Hidden Valley Rd., Carlsbas CA 92008, 3. The Rental Payments will be made for the Equipment as follows: PRINCIPAL INTEREST DATE DUE COMPONENT COMPONENT See attached Addendum A TOTAL RENTAL PAYMENT DUE PURCHASE OPTION AMOUNT* 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City o£Caj^$bad and the Carlsbad Municipal TEXTRON FINANCIAL CORPORATION Chariman By: Name: Title: Documentation Manager Brent Wiili Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Dale: 02/05 3110022167- 1021001 ll TEXTRON FINANCIAL INSURANCE LETTER TO: Customer Carlsbad Public Financing Authority, a Joint Powers Authority formed Name: between the City of Carlsbad and the Carlsbad Municipal Water District Insurance Co. Ins. Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the "Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $293,565.20. Under the terms of Section 6 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATI MA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 3110022167-1021001 Please fax the initial certificate to: Textron Financial Corporation at 706-560-6021 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000, Warwick, Rl 02886, attn: HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter (Muni)-US Last Revision 5/06 3110022167-1021001 OPINION OF COUNSEL , have examined the Municipal Agreement dated 03-21- 2007. J/hderstand that schedules will be added to the Municipal Agreement from time to time and that the terms of the Municipal Agreement will be or have been incorporated by reference into the schedules (collectively, the "Schedule(s)"). The governing body of Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad Municipal Water District (the "Lessee") has followed the proper procedures to authorize on behalf of Lessee the execution and delivery of such Municipal Agreement and Schedule(s). Based upon the foregoing examination and upon an examination of the other documents and matters of law as 1 have deemed necessary or appropriate, I am of the opinion that: (1) Lessee is a duly organized and legally existing as a political subdivision, municipal corporation or similar public entity under the Constitution and laws of the State of California with full power and authority to enter into the Municipal Agreement and the Schedule(s) thereto; (2) the Municipal Agreement has been duly authorized, executed and delivered by Lessee, and the Municipal Agreement constitutes a legal, valid and binding obligation of Lessee, enforceable against Lessee in accordance with its respective terms, subject to any applicable bankruptcy, insolvency, moratorium or other laws or equitable principles affecting the enforcement of creditors' rights generally. Respectfully submitted, brney for the Lessee ALFIE3357B Last Revision 03/06 3110022167-1021001 \2> 803&-G Information Return for Tax-Exeunt Governmental Obligations ^ Ubtter lnt**nai ftarmu? Co*e -»«-a«i« 1«(«| l» S«« separate Insttwajom. Caution; <i" ttn? is.*.:*;- («;(« * under Udd.SC^. us* f CMS! to • -™ arlsbad Public Financing Authority If ftpneffitad ReUim, e i 2 Issuer'* ompteyw : »KS s**e<i (or P.O. :s»x S mail * ne< cjcftrerei '.« 1200 Carlsbad Village Dr. S City. loan, a; poet dct state. w*J ZIP «o*e Carlsbad, CA 92008 T fei!tie rf feSWS 956004793 ;: 4 Sep&t. fuwntej I 1_ ,:; * Dsrts : * CUSIP mwrt&er tfeaaw and 1i8e B* ifce* «* fegal « Bt& may cat to *iwt<? *<wtsK«,!im **S*H$L?5^ *?*?Lt?1? !***?* fiL**) s^5*5*a*2l2L*^*?!a^1 '**»»•&*?_.. - ,_„..„ ""},,:. ~ ~"11 12 D HeaM» and hasptt*! ,,./..,.,. jJSLi — 13 D iran&ponauen .,....., LiLJ_ 1* D Pt**ft stately. , LMi 1S D l-jw _ _ 'is D Bousing .._,,.:. , IJULL 17 O ^TfiSflfei . , , , , t J_13_s.. 18 IS Offxw 0*scsra» >• Njunicipaiity _ __ 18 19 If otil(tj^sit.inf. *P* 1.AM4 Of RANs, iAe<*si fxrii I* I* t«4<^«i'i'S1« «e "iA?«^ t hr> k \jc- if oMksaSiwis Bwa in l)w f««nr> of si ITJIM w *t<vMI»»f^t s*i* I^M^ A lx»> .^ziTZZIZIZ teitiijcite* of isiiire na*j«i!(e«ite' iiwwjitfa. fturo fart* ??. t;oli«w= rts«5 . . . . . L?lJ 293,615.20* •».* 5 02* {^iicvist.!*. «s*«l fc;< iH'aKi jssuanoes costs $ric!ut3nt) »id*wirtii«fs' tSscxitna .. ].,4S*,J 25 Pl'OftMMlS ilSM Id -SIBtilS wS»m»lWt»lC ... L?§,i „„.,....[ -fi : ?)2fi MitiKfctiKti»!ilb:tc.'!(i<;K;l litwft&tyi$isiy I'eifjtW'dfl w*ejiv«^ ffiijtioaflstss. lund ..!...«!• s ...." 27 J^cxSSeclS u*<Kl S<> OJlfeWj KStuVtCI (»»>sl i&«l;!<ftSi 28 Pre£««HJS. iti^nl !<> iK&fti'Kife fe*(*wJ jpriai' wstieA 1 2* 29 itonn fetw ?3 arsJ aoty anioijtit twrei. . . I 30 ; 293,615.20 or Rotantted Boodii. (Comatoto thk oar I onfa for nrfundinfl «.« ifi^ texste "o fc* tut* S* a»fs»aii! ctl b (;itfH( tr»? Mai i 37 f*-aote*1 StMrtsafti|!'i; * ftiXis^fe of ?te iSSuft EsS 4Me Jo fife lf>*d (<S fswds* 'iOiti"* 1C- Dtfista (pw&tW'i&ilAl mips. b If t)iit> w'j«>.t «• 3 ksSM tSKte Iron; thrs j*ocjf«<.is t>t Sfswhm IB* -isKtunpl W5WC. chci^ t««x 1^ C J W*J wwoi (tw *smie trf i 38 !l thus sMiuet has !te 39 II tf*e ift*i.«ir titis a*cWKl En e unrfer S«:;««i«2 ?S5ib){3»i:i;*Xll|! fcmaS MS*jftf -i«:i,€^aiKa!l) a-*;* l»x irt te« erf artatf itsje feiw.« anecfc box ..... , f s'i'.y ii^: Sign iHere i For Paperwork Reduction Act Notk«. $«w p«g# 2 of th* Instructions,8038-G IRS Form 8038-G reparedby. Textron essee: Carlsbad Public Financing Authority- Addendum A iterestRate: 4.0000% (Monthly) Info Analysis Payment Amortization Report 4/25/2007 11:48:14 AM File Name: INFOA.IAD 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 6/15/07 7/15/07 8/15/07 9/15/07 10/15/07 11/15/07 12/15/07 2007 1/15/08 2/15/08 3/16/08 4/15/08 5/15/08 6/15/08 7/15/08 8/15/08 9/15/08 10/15/08 11/15/08 12/15/08 2008 1/15/09 2/15/09 3/15/09 4/15/09 5/15/09 6/15/09 7/15/09 8/15/09 9/15/09 10/15/09 11/15/09 12/15/09 2009 1/15/10 2/15/10 3/15/10 Payment 0.00 4.953.00 4,953.00 4,953.00 4,953.00 4.953.00 4,953.00 29,718.01 4.953.00 4,953.00 4,953.00 4.953.00 4,953.00 4,953.00 4,953.00 4.953.00 4,953.00 4,953.00 4,953.00 4,953.00 59,436.01 4,953.00 4,953.00 4,953.00 4.953.00 4,953.00 4,953.00 4,953.00 4,953.00 4.953.00 4,953.00 4,953.00 4,953.00 59,436.01 4.953.00 4,953.00 4,953.00 Principal 0.00 3,752.01 3,767.33 3,782.71 3,798.16 3,813.67 3,82954 22,743.10 3,844.87 3,860.57 3,876.34 3,892.17 3,908.06 3,924.02 3.940.04 3,956.13 3,972.28 3,988.50 4,004.79 4.021.14 47,188.91 4,037.56 4,054.05 4,070.60 4,087.22 4,103.91 4,120.67 4,137.50 4,154.39 4,171.36 4,188.39 4.205.49 4,222.66 49,553.81 4,239.91 4,257.22 4,274.60 Interest 0.00 1,200.99 1,185.67 1,170.29 1.154.84 1,139.34 1,123.76 6.974.90 1,108.13 1,092.43 1.076.66 1,060.83 1,044.94 1,028.98 1,012.96 996.87 980.72 964 .SO 948.21 931.86 12,247.10 915,44 898.95 882.40 865.78 849.09 832.33 815.50 798.61 781.65 764.61 747.51 730.34 9,882.20 713.09 695.78 678.40 Principal Balance 294,121.20 290,369.19 286.601.87 282,819.16 279,021.00 275.207.34 271.378.10 267.533.22 263,672.65 259,796.31 255.904.15 251 ,996.09 248,072.07 244,132,03 240,175.90 236,203.62 232.215.12 228,210.33 224,169.19 220,151.62 216.097.58 212,026.97 207,939.75 203.835,83 199,715.16 195,577.67 191,423.27 187.251.92 183.063.53 178,858.04 174,635.37 170,396.47 166.138.25 161,863.64 Accrued Interest 0.00 1,200.99 1,185.67 1,170.29 1,154.84 1.139,34 1,123.76 6.974.90 1,108.13 1,092.43 1,076.66 1,060.83 1,044.94 1,028.98 1,012.96 996.87 980.72 964.50 948.21 931.86 12.247.10 915.44 898.95 882.40 865.78 849.09 832.33 815.50 798.61 781.65 764.61 747.51 730.34 9,882.20 713.09 695.76 678.40 Accrued Int Bat 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 Net Balance 294.121.20 290,369.19 286,601.87 282,819.16 279,021.00 275,207.34 271,378.10 267,533.22 263.672.65 259,796.31 255,904.15 251,996.09 248,072.07 244,132.03 240,175.90 236,203.62 232.215.12 228,21033 224,189.19 220,151.62 216,097.58 212,026.97 207,939.75 203,835.63 199,715.16 195,577.67 191,423.27 187,251.92 183,063.53 178,858.04 174,635.37 170,395.47 166,138.25 T61. 863.64 Version 7.4b Pagel -epared by: Textron jssee: Carlsbad Public Financing Authority- Addendum A terestRate: 4.9000% (Monthly) Info Analysis Payment Amortization Report 4/25/2007 11:48:14 AM File Name: INFOA.IAO •er 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Date 4/15/10 5/15/10 6/15/10 7/15/10 8/15/10 9/15/10 10/15/10 11/15/10 12/15/10 2010 1/15/11 2/15/11 3/15/11 4/15/11 5/15/11 6/15/11 7/15/11 2011 Totals: Payment 4,953.00 4,953.00 4,953.00 4,953.00 4,953.00 4,953.00 4,953.00 4,953.00 4.953.00 59,436.01 4,953.00 4,953.00 4,953.00 4,953.00 4,953.00 4.953.00 96,000.00 125,718.01 333,744.05 Principal 4.292.06 4.309.58 4.327.18 4.344.85 4,362.59 4.380.41 4.398.29 4,416.25 4,434.29 52,037.23 4,452.39 4,470.57 4,488.83 4,507.16 4,525.56 4,544.04 95.609.59 122,598.14 294,121.20 Interest 660.94 643.42 625.82 608.15 590.41 572.60 554.71 536.75 518.72 7.398.78 500.61 482.43 464.17 445.84 427.44 408.96 390.41 3.119.66 39.622.85 Principal Balance 157571.59 153,262.00 148,934.82 144,589.97 140,227.38 135,846.87 131,448.68 127.032.43 122,598.14 118,145.75 113,675.18 109,186.35 104,679.20 100,153.63 95,609.59 0.00 Accrued Interest 660.94 643.42 625.82 608.15 590.41 572.60 554.71 536.75 518.72 7,398.78 500.61 482.43 464.17 445.64 427.44 408.96 390.41 3,119.86 39,622.85 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 157,571.59 153,262.00 148,934.82 144.589.97 140,227.38 135,846.97 131,448.68 127.032.43 122,598.14 118,145.75 113,675.18 109,186.35 104,679.20 100,153.63 95.609.59 0.00 /ersion 7.4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1021002, DATED ff- 3 i-O°) TOTHE MUNICIPAL AGREEMENT, DATED 03-21-2007 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Southern California QUANTITY: 1 DESCRIPTION OF EQUIPMENT: E-Z-GO MPT 1200-G Head Lights, Fuel Guage, Hour Meter, Hitch Receiver, Brush Guard Front Bumper SERIAL NUMBER (IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: 5800 Hidden Valley Rd., Carlsbas CA 92008, 3. The Rental Payments will be made for the Equipment as follows: PRINCIPAL INTEREST DATE DUE COMPONENT COMPONENT See attached Addendum A TOTAL RENTAL PAYMENT DUE PURCHASE OPTION AMOUNT* 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad.. Municipal TEXTRON FINANCIAL CORPORATION Title: Chariman Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Dale: 02/05 3U0022167- 1021002 n TEXTRON FINANCIAL INSURANCE LETTER TO: Customer Carlsbad Public Financing Authority, a Joint Powers Authority formed Name: between the City of Carlsbad and the Carlsbad Municipal Water District Insurance Co. Ins. Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the "Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $6,742.91. Under the terms of Section 6 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Pates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 3110022167-1021002 Please fax the initial certificate to: Textron Financial Corporation at 706-796-4572 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000, Warwick, RI 02886, attn: HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Utter (Muni)-US Last Revision 5/06 3110022167-1021002 •spared by: Textron jssee: Cartsbad Public Financing Authority- Addendum A terestRate: 4.9000% (Monthly) Info Analysis Payment Amortization Report 4/25/2007 12:04:14 PM File Name: INFOA.1AD »er 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 26 29 30 31 32 33 Date 6/15/07 7/15/07 8/15/07 9/15/07 10/15/07 11/15/07 12/15/07 2007 1/15/08 2/15/08 3/15/08 4/15/08 5/15/08 6/15/08 7/15/08 8/15/08 9/15/08 10/15/08 11/15/08 12/15/08 2008 1/15/09 2/15/09 3/15/09 4/15/09 6/15/09 6/15/09 7/15/09 8/15/09 9/15/09 10/15/09 11/15/09 12/15/09 2009 1/15/10 2/15/10 3/15/10 Payment 0.00 129.69 129.69 129.69 129.69 129.69 129.69 778.16 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 1.556.31 129.69 12969 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 1.556.31 129.69 129.69 129.69 Principal 0.00 102.14 102.55 102.97 103.39 103.82 104.24 619.11 104.66 105.09 105.52 105.95 106.38 106.82 107.26 107.69 108.13 108.57 109.02 109.46 1,284.57 109.91 110.36 110.81 111.26 111.72 112.17 112.63 113.09 113.55 114.02 114.48 114.95 1,348.95 115.42 115.89 116.36 Interest 0.00 27.56 27.14 26.72 26.30 25.88 25.45 159.05 25.03 24.60 24.17 23.74 23.31 22.87 22.44 22.00 21.56 21.12 20.67 20.23 271 .74 19.78 19.33 18.88 18.43 17.98 17.52 17.06 16.60 16.14 15.68 15.21 14.74 207.36 14.27 13.80 13.33 Principal Balance 6,748.38 6.646.24 6.543.69 6,440.72 6.337.32 6,233.51 6,129.27 6,024.60 5,919.51 5,813.99 5,708.04 5,601.65 5,494.83 5,387.58 5,279.88 5.171.75 5,063.18 4.954.16 4.844.70 4.734.79 4.624.43 4.513.62 4,402.35 4,290.64 4,178.47 4.065.83 3.952.74 3,839.19 3.725.18 3.610.69 3.495.74 3,380.33 3,264.44 3,148.07 Accrued Interest 0.00 27.56 27.14 26.72 26.30 25.88 25.45 159.05 25.03 24.60 24.17 23.74 23.31 22.87 22.44 22.00 21.56 21.12 20.67 20.23 271.74 19.78 19.33 18.88 18.43 17.98 17.52 17.06 16.60 16.14 15.68 15.21 14.74 207.36 14.27 13.80 1333 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 6,748.38 6,646.24 6,543.69 6,440.72 6,337.32 6,233.51 6,129.27 6.024.60 5,919.51 5,813.99 5,708.04 5,601.65 5.494.83 6,387.58 5,279.88 5,171.75 5,063.18 4,954.16 4,844.70 4,734.79 4,624.43 4,513.62 4,402.35 4,290.64 4.178.47 4,065.83 3,952.74 3,839.19 3.7525.18 3,610.69 3,495.74 3,380.33 3.264.44 3,148.07 Version 7.4b Pagel \<\ repared by: Textron sssee: Carlsbad Public Financing Authority- Addendum A terestRate: 4.9000% (Monthly) Inf o A na lys is Payment Amortization Report 4/25/2007 12:04:14PM File Name: INFO A. I AD »er 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Date 4/15/10 5/15/10 6/15/10 7/15/10 en 5/10 9/15/10 10/15/10 11/15/10 12/15/10 2010 1/15/11 2/15/11 3/15/11 4/15/11 5/15/11 6/15/11 7/15/11 2011 Payment 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 129.69 1 ,556.31 129.69 129.69 129.69 129.69 129.69 129.69 1.350.00 2.128.16 Principal 116.84 117.32 117.79 118.28 118.76 119.24 119.73 120.22 120.71 1.416.55 121.20 121.70 122.19 122.69 123.19 123.70 1.344,51 2,079.19 Interest 12.85 12.38 11.90 11.42 10.83 10.45 9.96 9.47 8.98 13S.76 8.49 8.00 7.50 7.00 6.50 6.00 5.49 48.97 Principal Balance 3.031.24 2,913.92 2,796.13 2.677.85 2,559.09 2,439.85 2,320.12 2,199.90 2,079.19 1,957.99 1,836.29 1,714.10 1,591.40 1,468.21 1,344.51 0.00 Accrued Interest 12.85 12.38 11.90 11.42 10.93 10.45 9.96 9.47 8.98 139.76 8.4S 8.00 7.50 7.00 6.50 6.00 5.49 48.97 Accrued IntB*) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 N«t Balance 3,031.24 2,913.92 2,796.13 2,677.85 2,559.09 2,439.85 2.320.12 2.199.90 2,079.19 1,957.99 1,836^9 1,714.10 1,591.40 1,468.21 1,344.51 0.00 Totals:7,575.25 6,748.38 826.87 826.87 Version 7,4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations, SCHEDULE No: 1021003, DATED 6^31'6") TO THE MUNICIPAL AGREEMENT, DATED 03-21-2007 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Southern California QUANTITY: 2 DESCRIPTION OF EQUIPMENT: E-Z-GO ST 4x4 Refresher Beverage Unit SERIAL NUMBER (IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: 5800 Hidden Valley Rd, Carlsbas CA 92008, 3. The Rental Payments will be made for the Equipment as follows: PRINCIPAL INTEREST DATE DUE COMPONENT COMPONENT See attached Addendum A TOTAL RENTAL PAYMENT DUE PURCHASE OPTION AMOUNT* 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad_ Municipaj/VVJate^Dis TEXTRON FINANCIAL CORPORATION By: Nam Title: Chariman By: Name: Title: Brent Willing Documentation'Tvlanager Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date: 02/05 3110022167-1021003 9\ TEXTRON FINANCIAL INSURANCE LETTER TO: Customer Name: Insurance Co. Phone# Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad Municipal Water District Ins. Contact To whom it may concern: You have entered into a Master Loan and Security Agreement (the "Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $31,695.12. Under the terms of Section 6 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 3110022167-1021003 Please fax the initial certificate to: Textron Financial Corporation at 706-796-4572 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Matick Rd., Suite 1000, Warwick, Rl 02886, attn: HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter (Muni)-US Last Revision 5/06 3110022167-1021003 39- reparedby: Textron assee: Carlsbad Public Financing Authority- Addendum A ilerest Rate: 4.9000% (Monthly) InfoAnalysIs Payment Amortization Report 4/251200? 12:10:09 PM File Name: INFOA.IAD 3er 0 1 2 3 4 5 6 7 e 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Date 6/1 5/07 7/15/07 8/1 5/07 9/15/07 10/15/07 11/1 5/07 12/15/07 2007 1/15/08 2/15/08 3/15/08 4/15/08 5/15/08 6/15/08 7/15/08 8/15/08 9/15/08 10/15/08 11/15/08 12/15/08 2008 1/15/09 2/15/09 3/15/09 4/15/09 5/15/09 6/15/09 7/15/09 8/15/09 9/15/09 10/15/09 11/16/09 12/15/09 2009 1/15/10 2/15/10 3/15/10 Payment 0.00 646.07 646.07 646.07 64607 646.07 646.07 3,876.40 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 7.752.80 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 7,752.80 646.07 646.07 646.07 Principal 0.00 516.57 516.68 520-80 522.93 525.06 527.21 3,131.25 529.36 531.52 533.69 535.87 538.06 540.25 542.46 544.68 546.90 549.13 561.38 553.63 6,496.92 555.89 558.16 560.44 562.72 565.02 567,33 569.65 571.97 574.31 576.65 579.01 681.37 6.822.52 583.75 586.13 588.52 Interest 0.00 129.49 127.39 125.27 123.14 121.01 118.86 745.16 116.71 114.55 112.38 110.20 108.01 105.81 103.61 101.39 99.17 96.93 94.69 92.44 1,255.88 90.16 87.91 85.63 83.34 81.04 78.74 76.42 74.09 71.76 69.41 67.06 64.69 930.29 62.32 59.94 57.54 Principal Balance 31,712.98 31,196.41 30.677.73 30,156.93 29,634.00 29,106.94 28.581.73 28.052.37 27,520.86 26,987.16 26,451.30 25,913.24 25,372.98 24,830.52 24,285.85 23,738.95 23.189.81 22,638.44 22,084.81 21,528.92 20,970.77 20,410.33 19,847.61 19,282.58 18,715.25 18,145.61 17.573.64 16,999.33 16,422.67 15.843.67 15,262.29 14,678.55 14,092.42 13,503.90 Accrued Interest 0.00 129.49 127.39 125.27 123.14 121.01 118.86 745.16 116.71 114.55 112.38 110.20 108.01 105.61 103.61 101.39 99.17 66.93 94.69 92.44 1,255.88 90.18 87.91 85.63 83.34 81 04 78.74 76.42 74.09 71.76 69.41 67.06 64.69 930.29 62.32 59.94 57.54 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 31,712.98 31,196.41 30,677.73 30,156.93 29,634.00 29,108.94 28.581.73 28,052.37 27,520.«6 26.987.16 26,451.30 25,913.24 25,372.98 24,830.52 24,285.85 23,738.95 23,189.81 22.638.44 22.084.81 21,628.92 20,970.77 20,410.33 19.847.61 19,282.58 18.715.25 18,145,61 17.573.64 16,999.33 16,422.67 15,843.67 15.262.29 14.676.55 14,092.42 13,503.90 Version 7.4t>Pagel reparedby: Textron jssee: Carlsbad Public Financing Authority- Addendum A iterestRate: 4.9000% (Monthly) Info Analysis Payment Amortization Report 4/25/2007 12:10:09 PM File Name: INFOA.IAO »er 34 35 36 37 38 39 40 41 •42 43 44 45 46 47 46 49 Date 4/15/10 5/15/10 6/15/10 7/15/10 8/15/10 9/15/10 10/15/10 11/15/10 12/15/10 2010 1/15/11 2/1S/11 3/16/11 4/15/11 5/15/11 6/15/11 7/15/11 2011 Totals: Payment 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 646.07 7,752.80 646.07 646.07 646.07 646.07 646.07 646.07 4.400.00 8,276.40 35,411.22 Principal 590.93 593.34 595.76 598.19 600.64 603.09 605.55 608.03 610.51 7,164.43 613.00 615.50 618.02 620.54 623.07 625.62 4,382.11 8,097.86 31,712.98 Interest 55.14 52.73 50.31 47.87 45.43 42.98 40.51 38.04 35.56 588.37 33.07 30.56 28.05 25.53 22.99 20.45 17.69 178.54 3,698.24 Principal Balance 12,912.97 12,319.63 11,723.87 11.125.67 10,525.04 9,921.95 9,316.40 8,708.37 8,097.66 7,484.86 6.869.36 6.251.34 5.630.80 5,007.73 4,382.11 0.00 Accrued Interest 55.14 52.73 50.31 47.87 45.43 42.98 40.51 36.04 35.56 588.37 33.07 30.56 28.05 25.63 22.99 20.46 17.89 178.54 3.698.24 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 Net Balance 12.912.97 12,319.63 11,723.87 11,125.67 10,525.04 9,921.95 9,316.40 8,708.37 8,097.86 7,484.86 6,869.36 6.251.34 5,630.80 5.007.73 4,382.11 0.00 »/ersion 7.4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1021005, DATED TO THE MUNICIPAL AGREEMENT, DATED 03-21-2007 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Southern California QUANTITY: 2 DESCRIPTION OF EQUIPMENT: E-Z-GO SHUTTLE 6 GAS Top, Light Package SERIAL NUMBER (IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: 5800 Hidden Valley Rd., Carlsbas CA 92008, 3. The Rental Payments will be made for the Equipment as follows: PRINCIPAL INTEREST DATE DUE COMPONENT COMPONENT See attached Addendum A TOTAL RENTAL PAYMENT DUE PURCHASE OPTION AMOUNT* 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City Chariman TEXTRON FINANCIAL CORPORATION Name: Brent Willir Title: Documentation Manager Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date: 02/05 3110022167-1021005 TEXTRON FINANCIAL TO: Customer Name: insurance Co. Phone# INSURANCE LETTER Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Carlsbad and the Carlsbad Municipal Water District Ins. Contact To whom it may concern: You have entered into a Master Loan and Security Agreement (the "Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $17,218.02. Under the terms of Section 6 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 3110022167-1021005 Please fax the initial certificate to: Textron Financial Corporation at 706-796*4572 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd.. Suite 1000, Warwick, Rl 02886, attn: HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Utter (Muni) - US Last Revision 5/06 3110022167-1021005 reparedby: Textron essee: Carlsbad Public Financing Authority- Addendum A iterestRate: 4.9000% (Monthly) Info Ana lysis Payment Amortization Report 4/25/2007 12:07:21 PM File Name: INFOA.IAD Per 0 1 2 3 4 5 6 r 8 9 10 11 12 13 14 IS 16 17 16 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Date 6/15/07 7/15/07 8/15/07 9/15/07 10/15/07 11/15/07 12/15/07 2007 1/15/08 2/15/08 3/15/08 4/1 5/08 5/15/08 6/15/08 7/15/08 8/15/08 9/15/08 10/15/08 11/15/08 12/15/08 2008 1/15/09 2/1 5K» 3/15/09 4/15/09 5/15/09 6/15/09 7/15/09 8/15/09 9/15/09 10/15/09 11/15/09 12/15/09 2009 1/15/10 2/15/10 3/15/10 Payment 0.00 343.29 343.29 343.29 343.29 343.29 343.29 2,059.74 343.29 343,29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 4,119.48 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 4,119.48 343.29 343.29 343.29 Principal 0.00 272.94 274.05 275.17 276.29 277.42 278.56 1,654.43 279.69 280.84 281.98 283.13 284.29 285-45 286.62 287.79 288.96 290.14 291.33 292.52 3.432.73 293.71 294.91 296.11 297.32 298.54 299.76 300.98 302.21 303.44 304.68 305.93 307.18 3,604.76 308.43 309.69 310.95 Interest 0.00 70.35 69.24 68.12 67.00 65.87 64.73 405.31 63.60 62.45 61.31 60.16 59.00 57.84 56.67 55.50 54.33 53.15 51.96 60.77 686.75 49.58 48.38 47.18 45.97 44.75 43.53 42.31 41.08 39.85 38.61 37.36 36.11 514.72 34.86 33.60 32.34 Principal Balance 17,229.22 16,956.28 16,682.23 16,407.06 16.130.77 15,853.34 15,574.79 16,295.09 15.014.26 14,732.28 14,449.14 14,164.85 13,879.40 13,692.79 13.305.00 13,016.04 12.725.90 12.434.57 12,142.06 11.848.35 11,553.44 11,257.33 10,960.00 10,661.47 10.361.71 10,060.73 9,758.52 9,455.08 9.150.40 8,844.47 8,537.30 8528.87 7,919.18 7,608.22 Accrued Interest 0.00 70.35 69.24 68.12 67.00 65.87 64.73 405.31 63.60 62.45 61.31 60.16 59.00 57.84 56.67 55.50 54.33 53.15 51.96 50.77 686.75 49.58 48.38 47.18 45.97 44.75 43.53 42.31 41.08 39.85 38.61 37.36 36.11 514.72 34.86 33.60 32.34 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 17.229.22 16,956.28 16,682.23 16,407.06 16.130.77 15,853.34 15,574.79 15.295.09 15,014.26 14,732.28 14,449.14 14,164.85 13.879.40 13,592.79 13,305.00 13.016.04 12,725.90 12.434.57 12,142,06 11,848.35 11,553,44 11.257.33 10.960.00 10,661.47 10.361.71 10,060.73 9,758.52 9,455.08 9.150.40 8,844.47 8,537.30 8.228.87 7.919.18 7.608.22 Version 7.4b Page 1 reparedby: Textron sssee: Carlsbad Public Financing Authority- Addendum A iterestRate. 4.9000% (Monthly) InfoAnalysis Payment Amortization Report 4/25/2007 12:07:21 PM File Name: INFOA.IAD >er 14 35 36 37 38 39 40 41 42 43 44 45 4fi 47 48 49 Date 4/15/10 5/15/10 6/15/10 7/15/10 8/15/10 9/15/10 10/15/10 11/15/10 12/15/10 2010 1/15/11 2/15/11 3/15/11 4/15/11 5/15/11 6/15/11 7/15/11 2011 Totals: Payment 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 343.29 4,119.48 343.29 343.29 343.29 343.29 343.29 343.29 2.800.00 4,859.74 19.277.92 Principal 312.22 313.50 314.78 316.06 317.35 318.65 319.95 321.26 322.67 3,785.42 323.89 325.21 326.64 327.87 329.21 330.65 2.788.61 4,751.88 17,229.22 Interest 31.07 29.79 28.51 27.23 25,94 24.64 23.34 22.03 20.72 334.06 19.40 18.08 16.75 16.42 14.08 12.74 11.39 107.86 2,048.70 Principal Balance 7,296.00 6,982.50 6,667.72 6,351.66 6,034.31 5.715.66 5.395.71 5,074.45 4,751.88 4,427.99 4,102.78 3,776.25 3.448.38 3.119.17 2,788.61 0.00 Accrued Interest 31.07 29.79 28.51 27.23 25.94 24.64 23.34 22.03 20.72 334.06 19.40 18.08 16.75 15.42 14.08 12.74 11.39 107.86 2,048.70 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 7.296.00 6.982.50 6,667.72 6,351.66 6,034.31 5,715.66 5.395.71 5.074.45 4,751.88 4,427.99 4,102.78 3,776.25 3,448.38 3,119.17 2,788.61 0.00 Version 7.4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1021006, DATED 5 '3 J'& 1 TO THE MUNICIPAL AGREEMENT, DATED 03-21-2007 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Southern California QUANTITY: 1 DESCRIPTION OF EQUIPMENT: E-Z-GO MPT 1200-G Head Lights, Fuel Guage, Hour Meter, Hitch Receiver, Brush Guard Front Bumper, Ball Cage SERIAL NUMBER (IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: 5800 Hidden Valley Rd., Carlsbas CA 92008, 3. The Rental Payments will be made for the Equipment as follows: PRINCIPAL INTEREST DATE DUE COMPONENT COMPONENT See attached Addendum A TOTAL RENTAL PAYMENT DUE PURCHASE OPTION AMOUNT* 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City of Qttlsbad and the Carlsbad Municipal Chariman TEXTRON FINANCIAL CORPORATION Name: Title: Brent Willing Documentation Manager Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date: 02/05 3110022167-1021006 TEXTRON FINANCIAL INSURANCE LETTER TO: Customer Carlsbad Public Financing Authority, a Joint Powers Authority formed Name: between the City of Carlsbad and the Carlsbad Municipal Water District Insurance Co. 'ns- Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the "Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $8,511.47. Under the terms of Section 6 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 3110022167-1021006 Please fax the initial certificate to: Textron Financial Corporation at 706-796-4572 Attn: HRH- GEFD AH renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000, Warwick, Rl 02886, attn: HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter (Muni) - US Last Revision 5/06 3110022167- 1021006 reparedby: Textron essee: Carlsbad Public Financing Authority- Addendum A iterestRate: 4.9000% (Monthly) info Analysis Payment Amortization Report 4/25/2007 12:01:47PM FBe Name: INFOA.IAD »er 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 26 29 30 31 32 33 Date 6/15/07 7/15/07 6/15/07 S/15/07 10/15/07 11/15/07 12/15/07 2007 1/15/08 2/15/OB 3/15/08 4/15/08 5/15/08 6/15/06 7/15/08 8/15/08 9/15/08 10/15/08 11/15/08 12/15/08 2008 1/15/09 2/15/09 3/15/09 4/15/09 5/15/09 6/15/09 7/15/09 8/15/09 9/15/09 10/15/09 11/15/09 12/15/09 2009 1/15/10 2/15/10 3/16/10 Payment 0.00 166.59 166.59 166.59 166.59 166.59 166.59 999.56 166.59 166.59 166.59 166.59 166.59 16659 166.59 166.59 166.59 166.59 166.59 166.59 1,999.11 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.69 1,999.11 166.59 166.59 166.59 Principal 0.00 131.81 132.35 132.89 133.43 133.98 134.53 798.99 135.07 135.63 136.18 136.74 137,29 137.86 138.42 138.98 139.55 140.12 140.69 141.27 1,657.80 141.84 142.42 143.00 143.59 144.1B 144.76 145.36 145.95 146.54 147.14 147.74 148.35 1,740.88 148.95 149.56 150.17 Interest 0.00 34.78 34.24 33.70 33.16 32.61 32.07 200.56 31.52 30.97 30.41 29.86 29.30 28.74 28.17 27.61 27.04 26.47 25.90 25.33 341.31 24.75 24.17 23.59 23.00 22.42 21.83 21.24 20.64 20.05 19.45 18.85 18.25 258.23 17.64 17.03 16.42 Principal Balance 8,517.64 8,385.83 8,253.48 8,120.59 7,987.15 7,853.17 7,718.65 7.583.57 7,447.95 7,311.77 7,175.03 7.037.74 6.899.88 6,761.46 6,622.48 6,482.93 6,342.81 6,202.11 6,060.85 5,919.00 5,776.58 5.633.57 5,489.99 5,345.81 5,201.05 5.055.69 4,909.74 4,763.20 4,616.06 4.468.31 4,319.96 4,171.01 4,021 .45 3,871.28 Accrued Interest 0.00 34.78 34.24 33.70 33.16 32.61 32.07 200.56 31.52 30.97 30.41 29.86 29.30 28.74 28.17 27.61 27.04 26.47 25.90 25.33 341.31 24.75 24.17 23.59 23.00 22.42 21.83 21.24 20.64 20.05 19.45 18.85 18.25 258.23 17.64 17.03 16.42 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Nat Balance 6.517.64 8,385.83 8,253.48 8,120.59 7,987.15 7,853.17 7.718.65 7,583.57 7,447.96 7.311.77 7,175.03 7,037.74 6,899.88 6,761.46 6,622.48 6,482.93 6.342.81 6,202.11 6.060.65 5.919.00 S.776.58 5,633.57 5,489.99 5,345.81 5,201.05 5,055.69 4,909.74 4,763.20 4.316.06 4,468.31 4,319.96 4,171.01 4.021.45 3,871.28 'erston7.4b Pagel reparedby: Textron essee: Carlsbad Public Financing Authority- Addendum A rterestRate: 4.9000% (Monthly) InfoA nalysis Payment Amortization Report 4/25/2007 12:01:47 PM Fite Name: INFOA.IAD 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 4/15/10 5/15/10 6/15/10 7/15/10 8/15/10 9/15/10 10/15/10 11/15/10 12/15/10 2010 1/15/11 2/15/11 3/15/11 4/15/11 5/15/11 6/15/11 7/15/11 2011 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.59 166.59 1,999.11 166.59 166.59 166.59 166.59 166.59 166.59 1,550.00 2,549.56 Principal 150.78 151.40 152.02 152.64 153.26 153.89 154.52 155.15 155.78 1,828.13 156.42 157.06 157.70 158.34 158.99 159.64 1.543.70 2,491.84 Interest 15.81 15.19 14.57 13.95 13.33 12.70 12.08 11.44 10.81 170.98 10.17 9.54 8.89 8,25 7.60 6.96 6.30 57.72 Principal Balance 3,720.49 3,569.09 3,417.07 3,264.43 3,111.17 2,957.28 2.802.77 2,647.62 2,491.84 2,335.42 2,178.36 2.020.66 1,862.32 1,703.33 1,543.70 0.00 Accrued Interest 15.81 15.19 14.57 13.95 13.33 12.70 12.08 11.44 10.81 170.98 10.17 9.54 8.89 8.25 7.60 6.96 6.30 57.72 Accrued IntBal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 3,720.49 3,569.09 3,417.07 3.264.43 3,111.17 2.957.28 2,802.77 2.647.62 2,491.84 2.335.42 2.178.36 2,020:66 1,862.32 1,703.33 1.543.70 0.00 Totals:9,546.45 8,517.64 1,028.81 Version 7.4b Page 2 TEXTRON FINANCIAL Lending help beyond expectations. SCHEDULE No: 1021007, DATED TO THE MUNICIPAL AGREEMENT, DATED 03-21-2007 1. DESCRIPTION OF THE EQUIPMENT: SUPPLIER: E-Z-Go Southern California QUANTITY: 3 DESCRIPTION OF EQUIPMENT: E-Z-GO MPT 800-G Top, Windshield, Head Lights, Fuel Guage, Hour Meter, Hitch Receiver Brush Guard Front Bumper SERIAL NUMBER (IF APPLICABLE): together with all accessories, attachments, substitutions and accessions. 2. EQUIPMENT LOCATION: 5800 Hidden Valley Rd., Carlsbas CA 92008, 3. The Rental Payments will be made for the Equipment as follows: PRINCIPAL INTEREST DATE DUE COMPONENT COMPONENT See attached Addendum A TOTAL RENTAL PAYMENT DUE PURCHASE OPTION AMOUNT* 4. The terms and provisions of the Municipal Agreement described above (other than to the extent that they relate solely to other Schedules or Equipment listed on other Schedules) are hereby incorporated into this Schedule by reference and made a part hereof. Carlsbad Public Financing Authority, a Joint Powers Authority formed between the City otC^Hfbad and Municir TEXTRON FINANCIAL CORPORATION Chariman By: __ Name: Brent Title: Documentation Manager Assumes all Rental Payments and additional payments due on and prior to that date have been paid. Schedule to Municipal Agreement Revision Date: 02/05 3110022167- 1021007 TEXTRON FINANCIAL INSURANCE LETTER TO: Customer Carlsbad Public Financing Authority, a Joint Powers Authority formed Name: between the City of Carlsbad and the Carlsbad Municipal Water District Insurance Co. __ ___ Ins. Contact Phone# To whom it may concern: You have entered into a Master Loan and Security Agreement (the "Agreement") with Textron Financial Corporation ("TFC") to finance the Equipment listed on the Schedule/Exhibit A to the Agreement and included with this documentation package. The value of the Equipment $18,680.85. Under the terms of Section 6 of the Agreement, you must provide insurance coverage for the Equipment. Proof of coverage in the form of a certificate of insurance with the applicable criteria as shown below, must be received by TFC upon your acceptance of the Equipment. If we have not received proof of adequate insurance, TFC will purchase insurance covering the Equipment for TFC's benefit only and at your expense. The monthly charge for this insurance will be added to your monthly invoice. Please forward a certificate of insurance to TFC upon receipt of this request. Please include therein the standard 30-day notice of cancellation or non-renewal clause. In no event shall the policy be invalidated as against TFC or its assigns for any violation of any term of the policy of the customer's application therefore. Special Form Property Including Theft Policy Number Effective and Expiration Dates Equipment description = ATIMA Notice of Cancellation Textron Financial as a Loss Payee Deductible $10,000 or Less TFC acct #: 3110022167-1021007 Please fax the initial certificate to: Textron Financial Corporation at 706-796-4572 Attn: HRH- GEFD All renewals and other correspondence needs to be sent to: Textron Financial Corporation, 275 West Natick Rd., Suite 1000, Warwick, Rl 02886, attn: HRH-GEFD. Thank you for your assistance in obtaining this coverage promptly. Do not hesitate to call us with any questions. Sincerely, Textron Financial Corporation Ins Letter (Muni)-US Last Revision 5/06 3110022167-1021007 "repared by: Textron Info Ana tys Is Payment Amortization Report essee: Carlsbad Public Financine Authority- Addendum A merest Rale: 4.9000% (Monthly) 4/25/2007 11:57:64 AM Rte Name: tNFOA.lAO Parr VI Q •) 2 3 4 s 6 7 6 & 10 •J1 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Date 6/15/07 7/15/07 8/15/07 9/15/07 10/15/07 11/15/07 12/15/07 2007 1/15/08 2/15/08 3/15/08 4/15/06 5/15/08 6/15/08 7/15/08 8/15/08 9/15/08 10/15/08 11/15/08 12/15/08 2008 1/15/09 2/15/09 3/15/09 4/15/09 5/15/09 6/15/09 7/15/09 8/15/09 9/15/09 10/15/09 11/15/09 12/15/09 2009 1/15/10 2/15/10 3/16/10 Payment 0.00 353.49 353.49 353.49 353.49 353.49 353.49 2,120.94 353.49 353.49 353,49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 4,241.89 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 4,241.89 353.49 353.49 353.49 Principal 0.00 277.15 278.28 279.41 280.55 281.70 282.85 1,679.94 284.01 285.16 286.33 287.50 288.67 289.85 291.03 292.22 293.42 294.61 295.82 297.03 3.485.65 298.24 299.46 300.68 301,91 303.14 304.38 305.62 306.87 308.12 309.38 310.64 311.91 3,660.34 313.18 314.46 315.75 Interest 0.00 76.35 75.21 74.08 72.94 71.79 70.64 441.00 69.49 68.33 67.16 65.99 64.82 63.64 62.46 61.27 60.07 58.88 67.67 56.47 756.23 55.25 54.03 52.81 51.58 60.35 49.11 47.87 46.62 45.37 44.11 42.85 41.58 581.55 40.31 39.03 37.74 Principal Balance 18.696.78 18,419.63 18,141.36 17,861.94 17,581.39 17,299.69 17,016.84 16,732.83 16,447.67 16,161.34 15,873.84 15,585.17 15,295.32 15.004,28 14,712.06 14.418.64 14,124.03 13,828.21 13.531.18 13,232.95 12.933.49 12,632.81 12,330.90 12,027.76 11,723.39 11,417.77 11,110.90 10.802.78 10,493.40 10.182.76 9,870.84 9,557.66 9,243.20 8,927.45 Accrued Interact 0.00 76.35 75.21 74.08 72.94 71.79 70.64 441.00 69.49 68.33 67.16 65.99 64.82 63.64 62.46 61,27 60.07 56.88 57.67 56.47 756.23 55.25 54,03 52.81 51.58 50.35 49.11 47.87 46.62 45.37 44.11 4285 41.58 581.55 40.31 39.03 37.74 Accrued Int Bat 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Nat Balance 18,696.78 18.419.63 18.141.36 17.861.94 17.581.39 17,299.69 17,016.84 16,732.83 16,447.67 16.161.34 15.873.84 15,585.17 15.295.32 15,004.28 14.712.06 14,418.64 14,124.03 13,828.21 13,531.18 13,232.95 12.933.49 12.632.81 12.330.90 12,027.76 11,723.39 11.417.77 11,110.90 10.802.78 10,493.40 10.182.76 •9,870.84 9,557.66 9,243.20 8,927.45 Version 7.4b Page 1 'repared by: Textron .esseei Carlsbad Public Financing Authority- Addendum A merest Rate: 4.9000% (Monthly) Inf oAnalysis Payment Amortization Report 412512007 11:57:54 AM Fite Name: INFOA.IAD Per 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Date 4/15/10 6/15/10 6/15/10 7/15/10 8/15/10 9/15/10 10/15/10 11rt5/10 12/15/10 2010 1/15/11 2/15/11 3/15/11 4/15/11 5/15/11 6/15/11 7/15/11 2011 Payment 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 353.49 4,241.89 353.49 353.49 353.49 353.49 353.49 353.49 4,050.00 6.170.94 Principal 317.04 318.33 319.63 320.94 322.25 323.56 324.88 326.21 327,54 3,843.78 328.88 330.22 331.57 332.93 334.28 335.65 4,033.53 6,027.06 Interest 36.45 35.16 33.86 32.55 31.24 29.93 28.61 27.28 25.95 398.11 24.61 23.27 21.92 20.57 19.21 17.84 16.47 143.88 Principal Balance 8,610.41 8,292.08 7,972.45 7,651.51 7,329.27 7,005.70 6,660.82 6,354.61 6.027.06 5.698.18 5.367.96 5,036.39 4,703.46 4.369.18 4,033.53 0.00 Accrued Interest 36.45 35.16 33.86 32.55 31.24 29.93 28.61 27.28 25.95 398.11 24.61 23.27 21.92 20.57 19.21 17.84 16.47 143.88 Accrued IrrtBal 0.00 0.00 0.00 0.00 0.00 0.00 • 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Balance 8,610.41 8,292.08 7,972.45 7,651.51 7,329.27 7,005.70 6,680.82 6,354.61 6,027.06 5,696.18 5,367.96 5.036.39 4,703.46 4,369.18 4,033.53 0.00 Totals:21.017.55 18.696.78 2,320.77 2.320.77 Version 7.4b Page 2 Exhibit 4 GolfVenturesWest A Medallion ttwpmy QUOTA TIOH 7410 TRADE STREET SAN DIEGO, CA. 92121 (858)689-8003 (619)341-2448 Mobile (858)689-8002 Fax THE CROSSINGS AT CARLSBAD EQUIPMENT FOR OVERSEEDING ATTN: DENNIS WESSELDINE MAY 8,2007 | QTY MODEL 1 68080 1 68096 1 4151879 1 300 1 7370005 1 7370865 1 7570480 1 7570720 1 7370470 2 68664 1 934302 1 970316 1 970226 5 67854 4 544283B 4 544269A 1 67139 1 67140 1 67141 DESCRIPTION JACOBSEN AR-5, FINE CUT ROTARY FOR ROUGHS KUBOTA 60 HP TURBO-CHARGED DIESEL, SERVO CONTROLLED PARALLEL SERIES 4-WHEEL DRIVE HYDROSTATIC TRACTION SYSTEM, 5-23" DECKS MULCHING OR REAR DISCHARGE, 2-POST ROPS LELY 10' SPRING TINE DETHATCHER, 77 TINES JACOBSEN 4300 ALL TERRAIN TRACTION UNIT 4X4, HIGH/LOW AXLE RATIO, 27HP GASOLINE ENG 72" HIGH CAPACITY ROTARY DECK DUAL TIRE KIT-BAR TIRE TREAD (8 WHEEL KIT) ROPS WITH SEAT BELTS REAR WEIGHT KIT (SET OF 3) QUICK ROLL GREENS ROLLERS-GPLE> BOBCAT 48" HYDRO MIDSIZE ROTARY.17HP 5 BUSHEL GRASS CATCHER MULCH KIT FOR 48" DECK 7" DIAMETER FLASH ATTACH LF3800-VERTICUTS RYAN MATAWAY, WALK BEHIND DETHATCHER FLAIL REEL FOR MATAWAY LEFT FRONT 26" VERTICAL MOWER FOR TR3 RIGHT FRONT 26" VERTICAL MOWER FOR TR3 CENTER 26" VERTICAL MOWER FOR TR3 PRICE $35,900.00 $ 2,900.00 $13,600.00 $ 2,990.00 $4,644.00 $ $ $ 1,301.50 $3,293.00 $235.00 $1,309.00 $1,309.00 $1,309.00 Equipment Sub Total 7.75% Sales Tax Grand Total PRICE EXT. | $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 35,900.00 - - - - 2,900.00 13,600.00 - - - - - 5,980.00 4,644.00 - - 6,507.50 13,172.00 940.00 - 1,309.00 1,309.00 1,309.00 - - 87,570.50 6,786.71 94,357.21 TERMS: MUNICIPAL LEASE DELIVERVAS SCHEDULED F.O.B: DESTINATION QUOTE VALID FOR 30 DAYS Rick Danielson General Manager-S.D. (619)341-2448 rdanielson@gvwest.com From: Lisa Irvine To: Lisa Hildabrand Date: Tue, May 22, 2007 4:42 PM Subject: AB #27 clarification Lisa, Attached is clarification about the golf cart lease and disposition of the carts at the end of the lease. Please let Jane or me know if you have any questions. Lisa CC: Jane Mobaldi; Lorraine Wood; Ron Ball May 22, 2007 TO: CITY MANAGER VIA: Assistant City Manager FROM: Finance Director AGENDA BILL #27 - Carlsbad Public Financing Authority - Golf Cart Lease and Maintenance Equipment Lease-Purchase for the Crossings at Carlsbad Golf Course Agenda Bill #27 - Golf Cart Lease and Maintenance Equipment Lease-Purchase for the Crossings at Carlsbad Golf Course is scheduled to be heard by the Carlsbad Public Financing Authority on May 22, 2007. In the fiscal impact statement, it mentions that the Authority does not plan to make the balloon payment at the end of the lease of the golf carts. To clarify a bit further, at the end of the lease term (48 months) the Authority will be obligated to make the balloon payment pursuant to the lease -purchase agreement unless there is no appropriation by the Authority for the final balloon payment and the carts are returned to the Lessor, or an arrangement is made to return the carts to EZGO, which has lined up another vendor to purchase the used carts for the amount of the balloon payment. The letter from the vendor regarding the disposition of the used carts is attached. Please contact me if you have any questions or need additional information regarding this matter. Tramk you, \ x udA^mfifiE: Finance Director Attachment: Letter from Mark, The Cart Guy, Inc. regarding purchase of used golf carts c: City Attorney City Clerk Assistant City Attorney 7604348367 City o( Carlsbad 04:18:10p.m. 05222007 213 1 FROM •: THE CfiRT GUY FHX NO. : 909 769 0899 May. 22 2007 04:06PM P2 Mark, The Cart Guy, Inc._ 1533 East 6th Street* Beaumont •California •92223*888-895-2278- Fax 951-769-0899^ May 22, 2007 Jan Mobaldi, City Attorney City of Carlsbad, California via Fax 760-434-8367 Dear Ms. Mobaldi; This letter is to inform you that The Cart Guy, and E-Z-GO golf Car dealer located in Beaumont, California Will purchase the (80) 2007 E-Z-GO TXT golf cars which will be used at the new Crossings at Carlsbad golf course. This purchase is scheduled to take place at the time the lease agreement between E-Z-GO and The City ol Carlsbad, CA matures in June, 201 1 . The purchase price is $ 1,200.00 per unit There are also (9) additional units Specialty units which will be purchased at a price of $ 16,950.00. Should you have any questions please let me know. Sincerely, Mark Hirons The Cart Guy