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Legislation #: 140219 Introduction Date: 3/20/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corporation (“BAPCC”) for financing the acquisition of fire fleet vehicles and equipment (the “Project”) under a Master Equipment Lease/Purchase Agreement (“Lease”) in an approximate principal amount not to exceed $1,647,359.00; estimating and appropriating $1,647,359.00 in lease proceeds; authorizing the execution of any and all documents and agreements necessary for the financing; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon project completion; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

Legislation History
DateMinutesDescription
3/17/2014 Filed by the Clerk's office
3/20/2014 Referred to Finance, Governance & Ethics Committee
3/26/2014 Advance and Do Pass, Debate
3/27/2014 Passed

View Attachments
FileTypeSizeDescription
140219.pdf Authenticated 181K Authenticated
140219 Fiscal Note.pdf Fiscal Note 168K Fiscal Note
140219 Fact Sheet.pdf Fact Sheet 231K Fact Sheet
Fire Fleet Fiscal Note Approp(1) v012414.pdf Other 22K Revnue and Appropriation Accounting Form
Fire Fleet and Equipment List pdf.pdf Other 224K Fire Fleet and Equipment List

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ORDINANCE NO. 140219

 

Authorizing the Director of Finance to accept the proposal of Banc of America Public Capital Corporation (“BAPCC”) for financing the acquisition of fire fleet vehicles and equipment (the “Project”) under a Master Equipment Lease/Purchase Agreement (“Lease”) in an approximate principal amount not to exceed $1,647,359.00; estimating and appropriating $1,647,359.00 in lease proceeds; authorizing the execution of any and all documents and agreements necessary for the financing; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon project completion; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

WHEREAS, the cab and chassis of ten Fire Department ambulances need to be replaced because they have exceeded their lifecycles; and

WHEREAS, eight Fire Department fleet vehicles need to be replaced because of their age and high mileage; and

WHEREAS, two Fire Department on-call service repair vehicles need to be replaced because they were totaled in motor vehicle accidents; and

WHEREAS, thirty-one sets of fire service protective clothing need to be replaced because they are no longer suitable for use due to age and wear; and

WHEREAS, patient cot extensions, that allow cots to be used to their full capacity when bariatric patients are transported by Fire Department ambulances, and new battery charging systems for such cots need to be purchased; and

WHEREAS, the Fire Department needs to acquire new fleet vehicles and equipment to properly perform its fire service and emergency medical service duties; and

WHEREAS, the Fire Department will procure and accept the fire fleet vehicles and equipment; and

WHEREAS, the cost of acquisition and implementation of the Project is expected to be financed under the Lease with BAPCC by one draw upon the Lease; and

 WHEREAS, the payment of scheduled debt service payments on the draw made under the Lease is estimated to be paid from the Fire Sales Tax over a successive seven-year (7) period; 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 $1,647,359.00.

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. $1,647,359.00

Section 4. That the sum of $1,647,359.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, to the following account:

 AL-3230-237701-B-23FLTEQ15 Fire Fleet Vehicles $1,647,359.00

Section 5. That the Chief of the Fire Department is hereby designated as requisitioning authority for Account No. AL-3230-237701-B.

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 Project with the proceeds of lease expected to be drawn from the Lease. The maximum principal of lease proceeds amount expected to be financed under the Lease is $1,647,359.00. This constitutes a declaration of official intent under Treasury Regulation Section 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:

  

___________________________________

Sarah Baxter

Assistant City Attorney