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Legislation #: 080358 Introduction Date: 4/10/2008
Type: Ordinance Effective Date: 5/4/2008
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Koch Financial 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 $406,762.00; estimating and appropriating $406,762.00 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
4/9/2008 Filed by the Clerk's office
4/10/2008 Referred to Finance and Audit Committee
4/16/2008 Do Pass
4/17/2008 Assigned to Third Read Calendar
4/24/2008 Passed

View Attachments
FileTypeSizeDescription
080358.pdf Authenticated 104K Authenticated
KIVAApprop _ Admin golf equipment e_a v1.xls Other 334K KIVA Appropriation
fiscal notes for fact sheet-KIVA equipment ver 1.xls Fiscal Note 58K KIVA Upgrade Fiscal Note
KIVA Fact Sheet 4-7-08.xls Fact Sheet 142K KIVA Upgrade Fact Sheet

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ORDINANCE NO. 080358

 

Authorizing the Director of Finance to accept the proposal of Koch Financial 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 $406,762.00; estimating and appropriating $406,762.00 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 upgrade the revenue-generating KIVA permitting and inspection system; and

WHEREAS, the cost of acquisition and implementation of the computer hardware and software equipment (Project) is expected to be financed under the Lease with Koch Financial Corporation (Koch), by one draw upon the Master Equipment Lease/Purchase Agreement (the Lease); and

WHEREAS, rental payments under the Lease are payable from an appropriation of City Planning and Development Permit Revenues backed by General Municipal Revenue appropriations; and

 WHEREAS, the payment of scheduled rental payments on the draw made under the Lease will be made by annual appropriations from the Citys General Fund 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 Koch for financing the Project through one draw upon the Lease in an approximate principal amount not to exceed $406,762.00.

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

 AL-3230-120000-583000 Reimbursement from Bank or Lease Co. $406,762.00

Section 4. That the sum of $406,762.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, to the following account:

AL-3230-187020-E KIVA Upgrade $406,762.00

Section 5. That the Chief Information Officer/Director of Information Technology is hereby designated as requisitioning authority for Account No. AL-3230-187020. 

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 60 days prior to or on and after the date of this ordinance with respect to the purchase of Equipment with the proceeds of lease expected to be issued by the City. The maximum principal amount expected to be financed under this lease is $406,762.00. 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.

  

___________________________________

Wanda J. Gunter

Acting Director of Finance/CFO

 

Approved as to form and legality:

  

 

___________________________________

Heather A. Brown

Assistant City Attorney