ORDINANCE NO. 051408
Authorizing the Director of
Finance to accept the proposal of Koch Financial Corporation to finance the
acquisition of water laboratory equipment to be used by the Water Services
Department, in an approximate principal amount not to exceed $210,000.00; executing
any and all documents and agreements necessary for the financing under a Master
Lease Purchase Agreement; estimating and appropriating $210,000.00 in lease
proceeds; authorizing the Director of Finance to close project accounts upon
project completion; designating requisitioning authority; and recognizing an
emergency.
WHEREAS Resolution No. 050211 authorized the Director of
Finance to proceed with the development of financing to acquire the water
laboratory equipment (Equipment); and
WHEREAS, the Water Services Department has determined that
the acquisition of analytical laboratory equipment is necessary to maintain the
technological and certification requirements for the provision of safe drinking
water; and
WHEREAS, Ordinance No. 051192 authorized the Director of
Finance to accept the proposal of Koch Financial Corporation (Koch); and
WHEREAS, the Water Services Department expects to be
reimbursed for the cost of purchase of such Equipment by a draw upon a Master
Lease Purchase Agreement with Koch, the payment for debt service payments will
be made by annual appropriations of the Surplus Account of the Water Fund
subordinate to senior lien revenue bonds, over a five-year (5) period;
respectively, 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 acquisition of Equipment through
a draw upon the Master Lease Purchase Agreement in an approximate principal
amount not to exceed $210,000.00.
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 No.
3230, the Equipment Lease Capital Acquisition Fund, is hereby estimated in the
following amount:
AL-3230-120000-830000 Reimbursement
from Bank or Lease Co. $210,000.00
Section 4. That the sum of $210,000.00 is hereby
appropriated from the Unappropriated Fund Balance of Fund No. 3230, the
Equipment Lease Capital Acquisition Fund, to the following account:
AL-3230-129998-908010 Transfer
to the Water Fund $210,000.00
Section 5. That the revenue in the following account of
Fund No. 8010, the Water Fund, is hereby estimated in the following amount:
06-8010-800000-503230 Tfr
from Eq. Lease Cap Acq. Fund $210,000.00
Section
6. That the Director of the Finance Department is hereby designated as
requisitioning authority for Account No. AL-3230-129998-908010.
Section 7. 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 8. That the ordinance is recognized as an
emergency measure within the provision of Section 15, Article II of the Charter
of Kansas City, and shall take effect in accordance with Section 15.
______________________________________________
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.
___________________________
Debra
R. Hinsvark
Director
of Finance
Approved as to form and legality:
____________________________
Heather
A. Brown
Assistant City Attorney