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Legislation #: 010016 Introduction Date: 1/4/2001
Type: Ordinance Effective Date: 1/28/2001
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Leasing _ Capital, LLC for the financing of various capital equipment and to execute any and all documents and agreements necessary for the financing under a master lease purchase agreement.

Legislation History
DateMinutesDescription
1/4/2001

Prepare to Introduce

1/4/2001

Referred Finance and Audit Committee

1/10/2001

Do Pass

1/11/2001

Assigned to Third Read Calendar

1/18/2001

Passed


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ORDINANCE NO. 010016

 

Authorizing the Director of Finance to accept the proposal of Banc of America Leasing & Capital, LLC for the financing of various capital equipment and to execute any and all documents and agreements necessary for the financing under a master lease purchase agreement.

 

WHEREAS, the City requires the use of capital equipment for the efficient execution of the responsibilities of various departments; and

 

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

 

WHEREAS, the purchase of such equipment can be financed by a master lease purchase agreement, the payment of which will be made by appropriations in the various departmental budgets over five to ten year periods; and

 

WHEREAS, the master lease purchase agreement will allow the City to finance the capital equipment needs of various departments in a timely manner; NOW, THEREFORE,

 

BE I T 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 the financing of the acquisition of various capital equipment through a master lease purchase agreement for a period beginning February 1, 2001 to April 30, 2001 and four one-year renewal terms, thereafter.

 

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.

 

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Approved as to form and legality:

 

 

 

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Assistant City Attorney