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Legislation #: 150392 Introduction Date: 5/21/2015
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corp (“BAPCC”) to finance the acquisition and installation of an Adaptive Control System (“Project”); estimating revenue and appropriating $1,505,000.00 in the 3230 Fund; authorizing the execution of any and all documents and agreements necessary for the financing; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon its completion; approving Lease Counsel in connection with the transaction; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.

Legislation History
DateMinutesDescription
5/20/2015 Filed by the Clerk's office
5/21/2015 Referred to Finance, Governance & Ethics Committee
5/27/2015 Advance and Do Pass, Debate
5/28/2015 Passed

View Attachments
FileTypeSizeDescription
150392.pdf Authenticated 176K Authenticated
Admin and Approp Form.pdf Other 127K Admin and Approp
Fiscal Note.pdf Fiscal Note 15K Fiscal Note
Lease 2016 -adaptive control fact sheet.pdf Fact Sheet 72K Fact Sheet

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ORDINANCE NO. 150392

 

Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corp (“BAPCC”) to finance the acquisition and installation of an Adaptive Control System (“Project”); estimating revenue and appropriating $1,505,000.00 in the 3230 Fund; authorizing the execution of any and all documents and agreements necessary for the financing; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon its completion; approving Lease Counsel in connection with the transaction; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.

 

WHEREAS, this Project will allow signal coordination for the street car route that will adapt to the demands of the street car and vehicular traffic allowing for a complete transportation network along the street car path; and

WHEREAS, the cost of acquisition and implementation of the Project is expected to be financed under the Master Lease Purchase Agreement (“Lease”) with BAPCC by one (1) draw upon the Lease; and

WHEREAS, the payment of scheduled debt service payments on the draw made under the Lease will be made by annual appropriation of monies from the City’s General Municipal Revenues over a successive eight (8) year period; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is authorized to accept the proposal of BAPCC for the financing of the Project through one (1) draw upon the Lease in an approximate principal amount not to exceed $1,505,000.00.

Section 2. That the Director of Finance is authorized to execute, deliver and file in the name of the City, the Lease and any and all documents and agreements necessary to complete such financing.

Section 3. That the revenue in the following account of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, is hereby estimated in the following amount:

AL-3230-120000-583000 Lease Proceeds $1,505,000.00

Section 4. That the sum of $1,505,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, to the following accounts:

AL-3230-898044-B-89004747 Adaptive Control System $1,500,000.00

AL-3230-129620-B Cost of Issuance 5,000.00

TOTAL $1,505,000.00

 

Section 5. That the Director of Public Works is hereby designated as requisitioning authority for Account No. AL-3230-898044 and the Director of Finance is hereby designated as requisitioning authority for Account No. AL-3230-129620.

Section 6. That the Director of Finance is hereby authorized to close project accounts upon project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

Section 7. That the City approves Kutak Rock LLP to serve as Lease Counsel for the City in connection with the financings of the Project.

Section 8. That the City hereby declares its official intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this ordinance with respect to the Project with the proceeds of the lease expected to be drawn from the Lease. The maximum principal of lease proceeds amount for the Project expected to be financed under the Lease is $1,505,000.00. This constitutes a declaration of official intent under Treasury Regulation Section 1.150-2.

Section 9. That this ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

_______________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

________________________________

Sarah Baxter

Assistant City Attorney