KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 200273 Introduction Date: 4/9/2020
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corp (“BAPCC”) to provide funds for the acquisition, installation and construction of various real property, capital equipment and other personal property; to approve Lease Counsel; and to execute any and all documents and agreements necessary for the transactions under one or more master lease purchase agreements.

Legislation History
DateMinutesDescription
4/8/2020 Filed by the Clerk's office
4/9/2020 Referred to Finance, Governance and Public Safety Committee
4/15/2020 Do Pass
4/16/2020 Assigned to Third Read Calendar
4/23/2020 Passed

View Attachments
FileTypeSizeDescription
Authenticated Ordinance 200273.pdf Authenticated 114K Authenticated Ordinance 200273
Form of General Revenues Escrow Agreement - Bank of America 2020 Master Lease Agreement.pdf Other 137K General Revenues Escrow Agreement - Bank of America 2020 MLPA
Master Lease Purchase Agreement with BOA, 2020 - General Municipal Revenue Source (KCMO).pdf Other 210K MLPA General Municipal Revenue Source (KCMO) with BOA, 2020
200273 Fact Sheet for MLPA Ordinance.pdf Other 74K Fact Sheet

Printer Friendly Version

ORDINANCE NO. 200273

 

Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corp (“BAPCC”) to provide funds for the acquisition, installation and construction of various real property, capital equipment and other personal property; to approve Lease Counsel; and to execute any and all documents and agreements necessary for the transactions under one or more master lease purchase agreements.

 

WHEREAS, the City requires the use of real property, capital equipment and other personal property, including without limitation software (collectively, “Leased Property”), for the efficient execution of the responsibilities of various departments; and

 

WHEREAS, it is essential that the City have the ability to acquire, install and construct the Leased Property in a timely manner in order to improve the efficiency, effectiveness and control of the City; and

 

WHEREAS, the City sent out its Request for Proposal RFP No. EV2752 soliciting proposals to provide master lease purchase agreements, and the City selected BAPCC as the best proposal; and

 

WHEREAS, funds to pay for the acquisition, installation and construction of the Leased Property can be provided by one or more master lease purchase agreements, the payment of which will be made by appropriations in the various departmental budgets over two to ten year periods; and

 

WHEREAS, the master lease purchase agreements will allow the City to finance the capital property needs of various departments in a timely manner; 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 that BAPCC or a designee thereof provide financing under a Master Lease/Purchase Agreement structure for the purpose of paying the costs of the acquisition, installation and construction of various Leased Property, pursuant to one or more Master Lease/Purchase Agreements in substantially the form of the Master Equipment Lease/Purchase Agreement referenced under (a) below made available for inspection by the Council at the time this ordinance is passed, with such changes therein as shall be approved by the Director of Finance, including but not limited to such changes approved by the Director of Finance as may be appropriate to modify the form of Master Equipment Lease/Purchase Agreement referenced under (a) below to provide for use by the water system, sanitary system or aviation system as referenced under (b) through (d) below and to purchase Leased Property consisting of real property:


 

(a)                Master Equipment Lease/Purchase Agreement (General Fund Lease), the proceeds of which will be used to purchase Leased Property consisting of personal property, and if applicable real property, for general City uses, other than for use by the water system, sanitary sewer system or aviation system.

(b)               Master Equipment Lease/Purchase Agreement (Water Fund Lease), the proceeds of which will be used to purchase Leased Property consisting of personal property, and if applicable real property, for use by the water department, and will be payable only from net revenues of the City's water system.

(c)                Master Equipment Lease/Purchase Agreement (Sanitary Sewer Fund Lease), the proceeds of which will be used to purchase Leased Property consisting of personal property, and if applicable real property, for use by the sewer department, and will be payable only from net revenues of the City's sanitary sewer system.

(d)               Master Equipment Lease/Purchase Agreement (Aviation Fund Lease), the proceeds of which will be used to purchase Leased Property consisting of personal property, and if applicable real property, for use by the aviation department, and will be payable only from net revenues of the City's aviation system.

Section 2. That the term for BAPCC to be engaged to provide financing to the City under any master lease purchase agreement and any lease schedule of property thereunder for the financing of specified Leased Property, shall have an initial term beginning as of May 1, 2020 to April 30, 2021 and the City shall have an option to renew such term for five additional one-year terms. Any lease schedule of property financed under a master lease purchase agreement during any such term shall remain in force and effect in accordance with its terms.

 

Section 3. That the Director of Finance is authorized to execute, deliver and file in the name of the City, the master lease purchase agreements and any and all documents and agreements necessary to complete such transactions, including, without limitation and when appropriate, escrow trust agreements, lease schedules of property and certificates related to the master lease purchase agreements.

 

Section 4. That the City will, and the officials and agents of the City are hereby authorized and directed to, take such actions, expend such funds and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance and to carry out, comply with and perform the duties of the City with respect to the master lease purchase agreements and the other documents authorized or approved hereby and the Leased Property.

 


Section 5. That the City approves Kutak Rock LLP to serve as Lease Counsel for the City in connection with the master lease purchase agreements and financings of Leased Property thereunder.

 

____________________________________________

Approved as to form and legality:

 

___________________________________

Katherine Chandler

Assistant City Attorney