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