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Legislation #: 071278 Introduction Date: 11/20/2007
Type: Ordinance Effective Date: 12/9/2007
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Koch Financial Corporation for the acquisition of fleet equipment for various departments under a Master Equipment Lease/Purchase Agreement in an approximate principal amount not to exceed $17,265,000.00; estimating and appropriating $17,265,000.00 in lease proceeds; estimating and appropriating $365,000.00 in interest earnings from the 2006 Parks and Recreation Fleet Vehicle Lease/Purchase Agreement; authorizing the execution of any and all documents and agreements necessary for the financing; authorizing the Director of Finance to close project accounts upon project completion; and designating requisitioning authorities.

Legislation History
DateMinutesDescription
11/20/2007 Filed by the Clerk's office
11/20/2007 Referred to Finance and Audit Committee
11/28/2007 Advance and Do Pass, Debate
11/29/2007 Passed

View Attachments
FileTypeSizeDescription
071278.pdf Authenticated 100K Authenticated
Fact sheet v5b.xls Fact Sheet 52K RVSD Fact Sheet
2007 CAPITAL PURCHASES LISTING.xls Other 163K 2007 Capital Purchases Listing
Approp _ Admin City Fleet 2008 e_a v1.xls Other 649K Approp & Admin Form
City Fleet fiscal notes 10-30-07.xls Fiscal Note 58K Fiscal Note

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ORDINANCE NO. 071278

 

Authorizing the Director of Finance to accept the proposal of Koch Financial Corporation for the acquisition of fleet equipment for various departments under a Master Equipment Lease/Purchase Agreement in an approximate principal amount not to exceed $17,265,000.00; estimating and appropriating $17,265,000.00 in lease proceeds; estimating and appropriating $365,000.00 in interest earnings from the 2006 Parks and Recreation Fleet Vehicle Lease/Purchase Agreement; authorizing the execution of any and all documents and agreements necessary for the financing; authorizing the Director of Finance to close project accounts upon project completion; and designating requisitioning authorities.

WHEREAS, it is the City's intent to continue to upgrade its fleet of vehicles and equipment used by the various departments and bring it into compliance with acceptable life cycle standards; and

WHEREAS, the cost of acquisition and implementation of the Project is expected to be financed under the Master Equipment Lease/Purchase Agreement (the Lease) with Koch Financial Corporation (Koch), by several draws upon the Lease; and

WHEREAS, the scheduled debt service on the draws made under the Lease will be made by annual appropriations in the various departmental budgets as supported by the General Fund over a maximum period of seven (7) years; 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 fleet equipment (the Project) through draws upon the Lease in an approximate principal amount not to exceed $ 17,265,000.00.

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 the Equipment Lease Capital Acquisition Fund No. 3230 is hereby estimated in the following amount: 

AL-3230-120000-583000 Reimbursement from Bank or Lease Co. $17,265,000.00

Section 4. That the sum of $17,265,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Capital Acquisition Fund No. 3230 to increase the following account by the following amount:

AL-3230-071901-E Departmental Vehicle Upgrade $17,265,000.00

Section 5. That the revenue in the following account of the Equipment Lease Capital Acquisition Fund No. 3230 is hereby estimated in the following amount: 

AL-3230-120000-460100 Interest on Investments-Trustee $ 365,000.00

Section 6. That the sum of $365,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Capital Acquisition Fund No. 3230 to increase the following account by the following amount:

AL-3230-101900-E Fleet Management $ 365,000.00

Section 7. That the Director of General Services is hereby designated as requisitioning authority for Account Numbers AL-3230-071901 and AL-3230-101900.

Section 8. 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.

____________________________________________

  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

 

Approved as to form and legality:

  

 

___________________________________

Heather A. Brown

Assistant City Attorney