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AG 2010 10 18
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AG 2010 10 18
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Last modified
11/15/2011 8:59:39 AM
Creation date
11/27/2017 11:23:37 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/14/2010
Board
Board of Commissioners
Meeting Type
Regular
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The Library Corpo Proposal f Springfield Free P ublic Library <br />Leasing <br />The Library Corporation is proud to provide a lease purchase program to help you get the library <br />automation solution that you need Right Now! <br />The Library Corporation in cooperation with Government Leasing Company has developed a <br />program just for you. It is called Municipal Leasing. <br />Municipal Lease Purchase Financing for government agencies takes advantage of Internal <br />Revenue Service rules declaring interest income derived from lease purchase financing to be <br />exempt from Federal, and sometimes State, income tax. Because of this tax exemption, interest <br />rates are significantly lower than commercial finance rates. <br />The library will own the equipment at the end of the term with a $1.00 Buyout; there is no residual <br />such as Future Market Value or 10 %. <br />In most jurisdictions, the authority of a library administrator to enter into debt or obligation of future <br />funds is severely limited. For this reason, the Municipal Lease Purchase program includes a Non - <br />Appropriation clause which specifies that the lease may be terminated in the event funds are not <br />available in subsequent fiscal years. This allows funds to be used from the operating budget to <br />purchase equipment through a lease purchase finance program without having to go through the <br />lengthy and costly process of issuing bonds and getting voter approval. <br />Government Leasing Company provides governmental financing exclusively. As a specialist, GLC <br />provides documents to satisfy the IRS rules and any other State requirements. The whole process <br />of receiving a Lease Rate quote, issuing documents and signature requirements on the Lease <br />Purchase Agreement can happen in less than One Week! <br />Why Lease Purchase? <br />• Low Interest Rates: libraries qualify for interest rates as much as 30 to 40 percent lower <br />than commercial financing. <br />• Municipal lease purchase is an ownership plan - -not a rental. After completing the payment <br />schedule, you will own the equipment. <br />• Municipal leases have no balloon or residual payment at completion. <br />• Municipal leases include a non - appropriation clause which means you are only obligating <br />funds for the current fiscal year. <br />• If funds become available, you may buy out at any time after the completion of the 1 st fiscal <br />year. A detailed amortization schedule is provided for every transaction. <br />• Lease terms are flexible to meet your budgetary needs. Choose length of contract, <br />payment interval, and advance or arrears payment as necessary. <br />• Finance equipment as low as $5,000. Avoid the lengthy and costly process of issuing <br />bonds or waiting for grants for equipment that is needed. <br />• Annual support costs can be included in the lease, if desired. <br />The process to begin a Lease Purchase Program is FAST and SIMPLE! The Library Corporation is <br />ready to make this transaction as quick and easy as possible for you. <br />TLC Proprietary/Confidential <br />April 1, 2010 Page 12 <br />Attachment number 3 <br />F -12 Page 253 <br />
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