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Legislation #: 050039 Introduction Date: 1/13/2005
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 acquisition of an emergency rescue pumper and accompanying equipment for the City of Kansas City, Missouri, in an aggregate principal amount of $375,717.00; executing any and all documents and agreements necessary for the financing under a Master Lease Purchase Agreement; estimating and appropriating lease proceeds in accounts as specifically set forth in the ordinance; appropriating debt service payments for fiscal year 2004-05; 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
1/11/2005 Filed by the Clerk's office
1/13/2005 Referred to Finance Committee
1/19/2005 Advance and Do Pass, Debate
1/20/2005 Passed

View Attachments
FileTypeSizeDescription
050039.pdf Authenticated 131K Authenticated
HAZMAT Ordinance Factsheet 01-04-05-Fire Revision.xls Fact Sheet 47K Fact sheet
Approp and Admin HAZMAT v2.xls Other 329K Approp and Admin form
fiscal notes for fact sheet-HAZMAT v2.xls Fiscal Note 38K fiscal note

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ORDINANCE NO. 050039

 

Authorizing the Director of Finance to accept the proposal of Banc of America Leasing & Capital, LLC for financing the acquisition of an emergency rescue pumper and accompanying equipment for the City of Kansas City, Missouri, in an aggregate principal amount of $375,717.00; executing any and all documents and agreements necessary for the financing under a Master Lease Purchase Agreement; estimating and appropriating lease proceeds in accounts as specifically set forth in the ordinance; appropriating debt service payments for fiscal year 2004-05; 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 City requires the acquisition of an emergency rescue pumper and accompanying equipment (the Vehicle and Equipment) for the purpose of emergency services for the City of Kansas City, Missouri; and

WHEREAS, it is essential that the Fire Department acquire the Vehicle and Equipment to maintain an outstanding level of fire protection on behalf of the residents of the City of Kansas City, Missouri; and

 

WHEREAS, the Vehicle and Equipment need to be acquired in a timely manner in order to continue fire suppression operations efficiently and effectively; and

 

WHEREAS, it was determined that the principal amount be financed by a tax-exempt lease purchase agreement; and

 

WHEREAS, the purchase of the equipment will be financed by a draw upon the Citys Master Lease Purchase Agreement with Banc of America Leasing & Capital, LLC; the payment of which will be made by annual appropriations in the Fire Department budget over a seven-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 Banc of America Leasing & Capital, LLC for financing the acquisition of the Vehicle and Equipment through a draw upon the Master Lease Purchase Agreement in the aggregate principal amount of $375,717.00.

 

Section 2. That the Director of Finance is authorized to execute, deliver and file in the name of the City, the Master Lease Purchase Agreement and any and all documents and agreements necessary to complete such financing.

 


Section 3. That the revenue in the following account of Fund Number 3230, the Equipment Lease Capital Acquisition Fund is hereby estimated in the following amount:

 

AL-3230-120000-830000 Reimbursement from Bank or Lease Co. $ 375,717.00

 

Section 4. That the sum of $375,717.00 is hereby appropriated from the Unappropriated Fund Balance of Fund Number 3230, the Equipment Lease Capital Acquisition Fund to the following account:

 

AL-3230-231901-E Equip Ls-Fire Apparatus and Equipment $375,717.00

Section 6. That the sum of $10,189.00 is hereby appropriated from the Unappropriated Fund Balance of Fund Number 2300, the Fire Sales Tax Fund, to the following account:

 

05-2300-129998-905230 Trsfer to Equipment Lease Debt Service $ 10,189.00

Fund

Section 7. That the revenue in the following account of Fund Number 5230, the Equipment Lease Debt Service Fund is hereby estimated in the following amount:

 

05-5230-120000-502300 Transfer from Fire Sales Tax Fund $ 10,189.00

Section 8. That the sum of $10,189.00 is hereby appropriated from the Unappropriated Fund Balance of Fund Number 5230, the Equipment Lease Debt Service Fund to the following account:

 

05-5230-129759-B Eq-Ls. Fire Apparatus $ 10,189.00

 

Section 9. That the Chief of the Fire Department is hereby designated as the requisitioning authority for Account No. 05-3230-231901-E and the Director of Finance is hereby designated as requisitioning authority for Account Nos. 05-2300-129998-905230 and 05-5230-129759.

 

Section 10. 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 11. 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 Vehicle and Equipment 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 $ 375,717. 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:

 

 

_____________________________

Heather A. Brown

Assistant City Attorney