RESOLUTION NO. 031055

Authorizing the Director of Finance to proceed with the development of financing under the Citys Master Lease Purchase Agreement with Banc of America Leasing & Capital, LLC in an approximate principal amount of $959,000.00 to acquire equipment for Neighborhood and Community Services, Fire and Municipal Court Departments; and thereby declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

WHEREAS, it is more cost effective to manage a portion of its tow operations internally within the Tow Services Division of the Neighborhood and Community Services Department; to administer on-going equipment replacement program within the Fire Department and to upgrade cashiering operations for Municipal Court Department through the purchase of a new computerized cashiering system; and

WHEREAS, the equipment to be acquired consists of two flatbed tow vehicles ($115,000.00) to be used by the Neighborhood and Community Services Department; one fire apparatus ($695,000.00) to be used by the Fire Department; and a cashiering system to be used by the Municipal Court Department ($149,000.00); and

WHEREAS, the purchase of such 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 Neighborhood and Community Services, Fire and Municipal Court Departments budgets over a three-year (3), ten-year (10) and five-year (5) periods; respectively; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Finance is authorized to proceed with the development of financing for the purchase of equipment through a draw upon the Master Lease Purchase Agreement with Banc of America Leasing & Capital, LLC in an approximate principal amount of $959,000.00 and to execute, deliver and file in the name of the City, any and all documents and agreements necessary to complete such financing.

Section 2. 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 resolution with respect to the tow vehicles, fire apparatus and cashiering system 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 this lease purchase is $959,000.00.

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