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Legislation #: 100408 Introduction Date: 5/13/2010
Type: Ordinance Effective Date: 6/6/2010
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corporation for the acquisition of computer hardware and software equipment to be used by the Information Technology Department under a Master Equipment Lease/Purchase Agreement in an approximate principal amount not to exceed $3,128,485.00; estimating and appropriating $3,128,485.00 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
5/11/2010 Filed by the Clerk's office
5/13/2010 Referred to Finance and Audit Committee
5/19/2010 Do Pass
5/20/2010 Assigned to Third Read Calendar
5/27/2010 Passed

View Attachments
FileTypeSizeDescription
100408.pdf Authenticated 107K AUTHENTICATED
100408.doc Docket Memo 35K docket memo
Alert Interest Rate Calculator-revisedl.xls 5-6-10.xls v2.xls Other 26K Alert Interest Rate Calculator
Alert System Approp.xls Other 51K Appropriation & Admin Form
fiscal_notes_for Alert System.xls Fiscal Note 78K Fiscal Note
Alerr Fact Sheet 4-30-10.xls Fact Sheet 189K Alert System Fact Sheet

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ORDINANCE NO. 100408

 

Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corporation for the acquisition of computer hardware and software equipment to be used by the Information Technology Department under a Master Equipment Lease/Purchase Agreement in an approximate principal amount not to exceed $3,128,485.00; estimating and appropriating $3,128,485.00 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 Information Technology Department requires the acquisition of the computer hardware and software to implement a case management system into the Kansas City Missouri Municipal Courts; and

WHEREAS, the cost of acquisition of computer hardware and software equipment (“Project”) and implementation of the Project is expected to be financed under the Lease with Banc of America Public Capital Corporation (“BAPCC”) by one draw upon the Master Equipment Lease/Purchase Agreement (the “Lease”); and

 WHEREAS, the payment of scheduled debt service payments on the draw made under the Lease is estimated to be paid from a five-dollar ($5.00) Court Technology Fee over a successive five-year (5) 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 financing the Project through one (1) draw upon the Lease in an approximate principal amount not to exceed $3,128,485.00.

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. $3,128,485.00

Section 4. That the sum of $3,128,485.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, to the following account:

AL-3230-181330-E Court Management System $3,128,485.00

Section 5. That the Chief Information Officer/Director of Information Technology is hereby designated as requisitioning authority for Account Number AL-3230-181330. 

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 sixty (60) days prior to or on and after the date of this ordinance with respect to the purchase of Project with the proceeds of lease expected to be drawn from the Lease. The maximum principal amount expected to be financed under this lease is $3,128,485.00. 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.

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

  

 

__________________________________

Heather A. Brown

Assistant City Attorney