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Legislation #: 070087 Introduction Date: 1/25/2007
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Koch Financial Corporation for the acquisition of prevention fleet vehicles under a Master Equipment Lease/Purchase Agreement in an approximate principal amount not to exceed $384,258.00; estimating and appropriating $384,258.00 in lease proceeds; authorizing the execution of any and all documents and agreements necessary for the financing; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; authorizing the Director of Finance to close project accounts upon project completion; and designating requisitioning authorities.

Legislation History
DateMinutesDescription
1/23/2007 Filed by the Clerk's office
1/25/2007 Referred to Finance and Audit Committee
1/31/2007 Advance and Do Pass, Debate
2/1/2007 Passed

View Attachments
FileTypeSizeDescription
070087.pdf Authenticated 100K Authenticated
Fire Fleet II Approp v1 12-26-06.xls Other 648K Fire Fleet II Admin & Approp
Fire Fleet II ordinance fact sheet v3 1-16-07.xls Fact Sheet 44K Fire Prevention Vehicles Fact Sheet
fiscal notes for fact sheet-Fire Fleet II v1 1-04-07.xls Fiscal Note 44K Fire Prevention Vehicles Fiscal Note

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ORDINANCE NO. 070087

 

Authorizing the Director of Finance to accept the proposal of Koch Financial Corporation for the acquisition of prevention fleet vehicles under a Master Equipment Lease/Purchase Agreement in an approximate principal amount not to exceed $384,258.00; estimating and appropriating $384,258.00 in lease proceeds; authorizing the execution of any and all documents and agreements necessary for the financing; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; authorizing the Director of Finance to close project accounts upon project completion; and designating requisitioning authorities.

 

 WHEREAS, the Fire Department requires the acquisition of prevention fleet vehicles to conduct fire inspections and investigations (the Project); and

 

WHEREAS, the cost of acquisition and implementation of the Project is expected to be financed under the Lease with Koch Financial Corporation (Koch), by one draw upon the Master Equipment Lease/Purchase Agreement (the Lease); and

 

WHEREAS, the payment of scheduled rental payments on the draw made under the Lease will be made by annual appropriations from the Fund No. 2300, the Fire Sales Tax Fund, over a successive four-year (4) 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 Koch for financing the Project through one (1) draw upon the Lease in an approximate principal amount not to exceed $384,258.00.

 

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 Reimbursement from Bank or Lease Co. $384,258.00

 

Section 4. That the sum of $384,258.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, to the following account:

 

AL-3230-239792- E Fire Apparatus Equipment $384,258.00

 

Section 5. That the Director of the Fire Department is hereby designated as requisitioning authority for Account No. AL-3230-239792. 

 

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

 

Section 7. That the City hereby declares its official intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this ordinance with respect to the purchase of the Project with the proceeds of lease purchase expected to be drawn from the Master/Lease Purchase Agreement. The maximum principal amount expected to be financed under this lease purchase is $384,258.00. This constitutes a declaration of official intent under Treasury Regulation 1.150-2.

 

____________________________________________

 

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.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance/CFO

 

Approved as to form and legality:

 

 

  ___________________________________

Heather A. Brown

Assistant City Attorney