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Legislation #: 030591 Introduction Date: 5/15/2003
Type: Ordinance Effective Date: 6/1/2003
Sponsor: None
Title: Authorizing the Director of Finance to accept the proposal of Banc of America Leasing _ Capital, LLC to finance the acquisition of golf course equipment to be used by the Parks and Recreation Department for operation at Minor Park Golf Course in the principal amount of $150,000.00 and to execute any and all documents and agreements necessary under the master lease purchase agreement; estimating and appropriating $150,000.00 in lease proceeds; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; designating requisitioning authority, and recognizing an emergency.

Legislation History
DateMinutesDescription
5/14/2003

Prepare to Introduce

5/15/2003

Referred Finance Committee

5/21/2003

Advance and Do Pass

5/22/2003

Passed


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ORDINANCE NO. 030591

 

Authorizing the Director of Finance to accept the proposal of Banc of America Leasing & Capital, LLC to finance the acquisition of golf course equipment to be used by the Parks and Recreation Department for operation at Minor Park Golf Course in the principal amount of $150,000.00 and to execute any and all documents and agreements necessary under the master lease purchase agreement; estimating and appropriating $150,000.00 in lease proceeds; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; designating requisitioning authority, and recognizing an emergency.

 

WHEREAS, it is essential the Parks and Recreation Department acquires new gold course equipment (Equipment) to operate and maintain Minor Park Golf Course in the highest standards; and

 

WHEREAS, this Equipment needs to be acquired in a timely manner in order to improve the efficiency and effectiveness of the operation of Minor Park Golf Course; and

 

WHEREAS, the purchase of such Equipment will be financed by a draw upon the Citys tax-exempt master lease purchase agreement with Banc of America Leasing & Capital, LLC; the payment of which will be made by annual appropriations in the Parks and Recreation Departments Golf Services budget over a five-year 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 Banc of America Leasing & Capital, LLC for the financing of the acquisition of Equipment to be used at Minor Park Golf Course through a draw upon the master lease purchase agreement in the principal amount of $150,000.00.

 

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 the Equipment Lease Capital Acquisition Fund is hereby estimated in the following amount:

 

04-323-012-8300 Reimbursement from Bank or Lease Co. $150,000.00

 

Section 4. That the sum of $150,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Capital Acquisition Fund to the following account in the Equipment Lease Capital Acquisition Fund:

 

04-323-070-9742-E Eq-Ls. Minor Park Golf Equip. $150,000.00

 

Section 5. That the appropriation in the following account of the Golf and Tennis Fund is hereby reduced by the following amount:

 

04-205-070-2630-B Golf Course Operation Minor Park $ 27,547.00

 

Section 6. That the sum of $27,547.00 is hereby appropriated from the Unappropriated Fund Balance of the Golf and Tennis Fund to the following account in the Golf and Tennis Fund:

 

04-205-012-9023-B Transfer to Lease Debt Service $ 27,547.00


Section 7. That the revenue in the following account of the Equipment Lease Debt Service Fund is hereby estimated in the following amount:

 

04-523-012-9246 Transfer from Golf and Tennis Fund $ 27,547.00

 

Section 8. That the sum of $27,547.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Debt Service Fund to the following account in the Equipment Lease Debt Service Fund:

 

04-523-012-9749-G Lease Purchase - Minor Park Golf Equip. $ 27,547.00

 

Section 9. That the Director of Parks and Recreation Department is hereby designated as requisitioning authority for Account No. 04-323-070-9742-E and that the Director of Finance is hereby designated as requisitioning authority for Account Nos. 04-205-012-9023-B and 04-523-012-9749-G.

 

Section 10. 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 11. 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 ordinance with respect to the Equipment 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 the lease purchase is $150,000.

Section 12. That this ordinance is recognized as an emergency measure within the provisions of Section 15, Article II of the Charter of the City of Kansas City, and takes effect in accordance with that Section.

 

______________________________________________________________

 

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditures are 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.

 

 

___________________________

Director of Finance

 

 

Approved as to form and legality:

 

 

_____________________________

Assistant City Attorney