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Legislation #: 100257 Introduction Date: 3/25/2010
Type: Ordinance Effective Date: 4/18/2010
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 $2,451,756.00; estimating and appropriating $2,451,756.00 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
3/24/2010 Filed by the Clerk's office
3/25/2010 Referred to Finance and Audit Committee
3/31/2010 Do Pass
4/1/2010 Assigned to Third Read Calendar
4/8/2010 Passed

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100257.pdf Authenticated 106K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100257 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100257
100257.doc Docket Memo 35K docket memo
fiscal_notes_for_fact_sheet-Lotus_equipment_ver_1(1)(1).xls Fiscal Note 79K Fiscal Note
Lotust Notes Interest Rate Calculator-Fuel.xls 3-10-10.xls v2.xls Other 26K Estimated Interest Rate Calculation
Lotus Approp___Admin__e_a__v1(1).xls Other 53K Appropriation & Admin Form
Lotus Notes Fact Sheet 3-12-10.xls Fact Sheet 189K fact Sheet

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ORDINANCE NO. 100257

 

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 $2,451,756.00; estimating and appropriating $2,451,756.00 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 (“Project”) to migrate from IBM Lotus Notes Applications to Microsoft; and

WHEREAS, the cost of acquisition 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 will be made by annual appropriations from the City’s General Fund over a successive five-year (5) period with debt service payments not to exceed $560,000.00 annually; 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 $2,451,756.00.

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. $2,451,756.00

Section 4. That the sum of $2,451,756.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, to the following account:

AL-3230-181210-E System and Application Management $2,451,756.00

Section 5. That the Chief Information Officer/Director of Information Technology is hereby designated as requisitioning authority for Account Number AL-3230-181210. 

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 $2,451,756.00. 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