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Legislation #: 040955 Introduction Date: 8/26/2004
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Leasing _ Capital, LLC for financing the City-wide PC Lifecycle Program (Project) under a Master Lease Purchase Agreement and to execute any and all documents and agreements necessary to finance the Project; estimating and appropriating Lease proceeds in the amount of $1,000,000.00, continuing to limit the financing of the Project that will result in $1,500,000.00 in annual debt service payments; designating requisitioning authority; authorizing the Director of Finance to close project accounts upon project completion; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

Legislation History
DateMinutesDescription
8/26/2004

Introduce an Ordinance City Council

8/26/2004

Prepare to Introduce

8/26/2004

Referred Finance Committee

9/1/2004

Do Pass

9/2/2004

Assigned to Third Read Calendar

9/9/2004

Passed


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ORDINANCE NO. 040955

 

Authorizing the Director of Finance to accept the proposal of Banc of America Leasing & Capital, LLC for financing the City-wide PC Lifecycle Program (Project) under a Master Lease Purchase Agreement and to execute any and all documents and agreements necessary to finance the Project; estimating and appropriating Lease proceeds in the amount of $1,000,000.00, continuing to limit the financing of the Project that will result in $1,500,000.00 in annual debt service payments; designating requisitioning authority; authorizing the Director of Finance to close project accounts upon project completion; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is authorized to accept the proposal of Banc of America Leasing & Capital, LLC for financing the City-wide PC Lifecycle Program through a Lease Purchase Agreement and the Director of Finance is authorized to execute, deliver and file 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 Capital Acquisition Fund is hereby estimated in the following amount:

 

AL-3230-120000-483000 Reimbursement Bank or Leasing Co. $1,000,000.00

 

Section 3. That the sum of $1,000,000.00 is hereby appropriated form the Unappropriated Fund Balance of the Equipment Lease Capital Acquisition Fund to the following account in the Equipment Lease Capital Acquisition Fund:

 

AL-3230-183000-E PC LifeCycle Program $1,000,000.00

 

Section 4. That the intended use of the $1,000,000.00 appropriation is for the current fiscal year 2005.

 

Section 5 That the Department of Information Technology will continue implementing the PC LifeCycle Program to a limit of $1,000,000.00 in annual payments, insofar as funds are appropriated for this purpose.

 

Section 6. That the Director of Information Technology is hereby designated as requisitioning authority for Account No. AL-3230-183000.

 

Section 7. 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 8. That the City declares its 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 PC LifeCycle Program with the proceeds of the lease purchase expected to be drawn upon the Master Lease Purchase Agreement with Banc of America Leasing & Capital, LLC. The maximum principal amount expected to be financed under the lease purchase is $1,000,000.00.

 

_____________________________________________

 

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.

 

 

___________________________________

Wanda Gunter

Acting Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

William Geary

Assistant City Attorney