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M1 <br />N, <br />I <br />Mr. . Mike Bordeaux <br />New Hope VFD, Inc. <br />4700 NC66 <br />Chapel Hill, NC 27514 <br />August 9, 1990 <br />Re: Lease /Purchase of Two Emergency One Model Pro XLT Pumper /Tankers <br />Dear Mr. Bordeaux: <br />4 <br />Emergency One, Inc. is pleased to provide the New Hope volunteer Fire <br />Department with financing assistance for its purchase of two new E -One <br />pumper /tankers. <br />Federal Signal Leasing, like Emergency One, Inc., is a wholly -owned <br />subsidiary of Federal Signal Corporation and was established in 1983 to <br />handle all of the administrative aspects of our financing programs. <br />Volunteer departments, in order to qualify for tax - exempt financing, must <br />meet certain conditions under the federal tax code, including the requirement <br />for a public hearing. A summary of our interpretation of these "Public <br />Hearing Requirements" is enclosed to assist you. <br />Exhibit B -1 of our contract requires the signature of an authorized party to <br />verify that the above requirements have, in fact, been met. Please review it <br />promptly (perhaps with your attorney) to determine if immediate action is <br />needed on your part. <br />Enclosed is our standard lease /purchase agreement. The document has been <br />marked with red "x "s where signatures of authorized personnel are required. <br />These include: <br />1. Municipal Lease & option Agreement (Carbonized Form, <br />Pages 1 -3). Please sign and date in the lower right -hand <br />corner of the form. <br />2. Acceptance Certificate (Carbonized Form, Page 4). See <br />instructions on next page. <br />3. Insurance Coveraae Reauirements and Essential pselSource <br />of Funds Letter (Carbonized Form, Page 5). This form <br />should be completed with requested information, signed <br />and dated. <br />4. Pa nt Schedule (Attachment). Please sign acknowledge- <br />ment and acceptance of payment terms. <br />5. Exhibit "B -1" (Attachment) is your certification to us <br />that your department qualifies within the meaning of <br />Section 150(e) of the Internal Revenue Code. Please <br />review and sign where indicated. <br />6. IRS Form 8038 -G (Attachment). Please complete with <br />required information and sign where indicated. <br />(Contd.) <br />REGENCY TOWERS, 1416 W. 22nd STREET • OAK BROOK, ILLINOIS 60521 • PHONE (708) 954-2000 • FAX (708) 854 -2030 <br />