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Legislation #: 950354 Introduction Date: 3/30/1995
Type: Ordinance Effective Date: 4/20/1995
Sponsor: None
Title: Authorizing the Director of Finance to execute any and all documents and agreements necessary for the financing of various capital equipment under a Master Lease Purchase Agreement in the sum of approximately $3,088,739.00; estimating revenue and appropriating same in various funds and accounts as specifically set forth in the body of the ordinance; designating requisitioning authorities as set forth in the body of the ordinance; and recognizing an emergency.

Legislation History
DateMinutesDescription
3/30/1995

Prepare to Introduce

3/30/1995

Referred Finance Committee

4/5/1995

Hold On Agenda

4/12/1995

Do Pass

4/13/1995

Assigned to Third Read Calendar

4/20/1995

Passed


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ORDINANCE NO. 950354

 

Authorizing the Director of Finance to execute any and all documents and agreements necessary for the financing of various capital equipment under a Master Lease Purchase Agreement in the sum of approximately $3,088,739.00; estimating revenue and appropriating same in various funds and accounts as specifically set forth in the body of the ordinance; designating requisitioning authorities as set forth in the body of the ordinance; and recognizing an emergency.

 

WHEREAS, the Finance Department has accepted competitive proposals for the necessary financing and has determined the proposal of GE Capital Public Finance, Inc., to be the lowest and best proposal; 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 GE Capital Public Finance, Inc., for financing capital equipment through a lease purchase agreement and the Director of Finance is authorized to execute, in the name of the City, any and all documents and agreements necessary to complete such financing.

 

Section 2. That the revenue in the following account of the Equipment Lease Working Capital Fund is hereby estimated in the following amount:

 

95-323-012-8300 Reimbursement from Bank or Lease Co. $3,088,739.00

 

Section 3. That the sum of $3,088,739.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Working Capital Fund:

 

95-323-023-9702-E Fire Apparatus Lease Purchase 95 $1,422,200.00 95-323-012-9702-E GIS - Lease Purch 95 684,632.00 95-323-070-9702-E Eq Ls-Vehicles 981,907.00 TOTAL $3,088,739.00

 

Section 4. That the Director of Finance is hereby designated as the requisitioning authority for Account No. 95-323-012-9702-E, the Director of Fire is hereby designated as the requisitioning authority for Account No. 95-323-023-9702-E and the Director of Parks and Recreation is hereby designated as the requisitioning authority for Account No. 95-323-070-9702-E.

 

Section 5. That this ordinance, making an appropriation for the current expense of the City, is recognized as an emergency measure within the provisions of Section 15, Article II of the Charter of Kansas City, and shall take effect immediately upon passage.

 

_____________________________________________

 

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.

 

 

___________________________________

Director of Finance

 

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney