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Legislation #: 190219 Introduction Date: 3/21/2019
Type: Ordinance Effective Date: 5/17/2019
Sponsor: None
Title: Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp (“BAPCC”) to finance the acquisition of Neighborhoods and Housing Services Department vehicles (“Project”); authorizing the execution of any and all documents and agreements necessary for the financing; estimating revenue and appropriating $6,944,500.00 in Fund 3230; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; approving Lease Counsel; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.

Legislation History
DateMinutesDescription
3/20/2019 Filed by the Clerk's office
3/27/2019 Hold On Agenda (4/10/2019)
4/10/2019 Hold On Agenda (4/17/2019)
4/17/2019 Hold On Agenda (4/24/2019)
4/24/2019 Hold On Agenda (5/8/2019)
3/21/2019 Referred to Finance, Governance & Neighborhoods Committee
5/8/2019 Hold On Agenda (5/15/2019)
5/15/2019 Advance and Do Pass as a Committee Substitute, Debate
5/16/2019 Passed as Substituted

View Attachments
FileTypeSizeDescription
190219.pdf Authenticated 99K Authenticated Ordinance
NHS Lease Ordinance Revised Fact Sheet.pdf Fact Sheet 125K Revised Fact Sheet
Fact Sheet 190219.pdf Advertise Notice 358K Fact Sheet
Fiscal Note- NHS 2019 190219.pdf Fiscal Note 219K Fiscal Note 190219
190219.pdf Advertise Notice 181K Accounting Forms

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 190219

 

Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp (“BAPCC”) to finance the acquisition of Neighborhoods and Housing Services Department vehicles (“Project”); authorizing the execution of any and all documents and agreements necessary for the financing; estimating revenue and appropriating $6,944,500.00 in Fund 3230; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; approving Lease Counsel; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.

 

WHEREAS, the City recognizes the need to provide quality basic services for our residents and certain areas of the City are underserved by our current Solid Waste outsourced services; and

 

WHEREAS, in an effort to better serve residents in areas currently underserved by outsourced services, the City recognizes the need to reassume solid waste pickup; and

 

WHEREAS, the City recognizes the need to expand Solid Waste inventory to effectively reassume solid waste pickup; and

 

WHEREAS, the cost of acquisition and implementation of the Project is expected to be financed under the Master Lease Purchase Agreement (“Lease”) with BAPCC by one (1) draw upon the Lease; and

 

WHEREAS, the payment of scheduled debt service payments on the draw made under the Lease will be made by annual appropriation of monies from the City’s General Municipal Revenues over a successive eight (8) year 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 the financing of the Project through one (1) draw upon the Lease in an approximate principal amount not to exceed $6,944,500.00.

 

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 the Equipment Lease Capital Acquisition Fund is hereby estimated in the following amount:

 

AL-3230-120000-583000 Lease Proceeds $6,944,500.00

Section 4. That the sum of $6,944,500.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Capital Acquisition Fund to the following accounts:

 

AL-3230-071990-E-07AF2019 Fleet Vehicles $6,938,500.00

AL-3230-129620-B Cost of Issuance 6,000.00 TOTAL $6,944,500.00


Section 5. That the Director of General Services is hereby designated as requisitioning authority for Account No. AL-3230-071990 and that the Director of Finance is hereby designated as requisitioning authority for Account No. AL-3230-129620.

 

Section 6. That the Director of Finance is hereby authorized to close project accounts, encumbrances and retainage related to the accounts in Section 4, and return the unspent portion to the fund balance from which it came upon the earliest of: (i) Project’s completion; (ii) final maturity of financing, or (iii) five years after issuance.

 

Section 7. That the City approves Kutak Rock LLP to serve as Lease Counsel for the City in connection with the financing of the Project.

 

Section 8. 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 Project with the proceeds of the lease expected to be drawn from the Lease. The maximum principal of amount of lease proceeds for the Project expected to be financed under the Lease is $6,944,500.00. This constitutes a declaration of official intent under Treasury Regulation Section 1.150-2.

 

Section 9. That this ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

_____________________________________________

 

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:

 

___________________________________

Katherine Chandler

Assistant City Attorney