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Legislation #: 940098 Introduction Date: 1/27/1994
Type: Ordinance Effective Date: 2/3/1994
Sponsor: None
Title: Authorizing a Municipal Lease Purchase Agreement with IBM Credit Corporation for Lease Purchase Financing to finish the third floor of the new Public Safety Communications Facility; estimating revenue of $725,000.00 in the Equipment Lease Capital Acquisition Fund and appropriating said sum; and recognizing an emergency.

Legislation History
DateMinutesDescription
1/28/1994

Referred Finance Committee

2/2/1994

Advance and Do Pass

2/3/1994

Passed


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ORDINANCE NO. 940098

 

Authorizing a Municipal Lease Purchase Agreement with IBM Credit Corporation for Lease Purchase Financing to finish the third floor of the new Public Safety Communications Facility; estimating revenue of $725,000.00 in the Equipment Lease Capital Acquisition Fund and appropriating said sum; and recognizing an emergency.

 

WHEREAS, the Finance Department desires to enter into a lease purchase agreement with IBM Credit Corporation to finish the third floor of the new Public Safety Communications Facility; and

 

WHEREAS, IBM Credit Corporation will agree to fund up to $725,000.00 until January 31, 1994; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is hereby authorized to execute on behalf of Kansas City a Lease Purchase Agreement with the IBM Credit Corporation, for a period of five years, to finish the third floor of the new Public Safety Communications Facility to be occupied by the Information Systems Division, at a total principal cost of $725,000.00, in substantial form as that on file with the Director of Finance.

 

Section 2. That the revenue in the following account of the Equipment Lease Capital Acquisition Fund is hereby estimated in the following amount:

 

323-012-8300 Reimbursement from Bank/Leasing Company $725,000.00

 

Section 3. That the sum of $725,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Equipment Lease Capital Acquisition Fund to the following account:

 

323-012-9714E Communications Facility-Information $725,000.00 Systems

 

Section 4. That this ordinance, making an appropriation for the current expense of the City government, is recognized as an emergency measure within the provisions of Section 15, Article II of the Charter of Kansas City, and shall take effect immediately upon passage.

 

________________________________________________________

 

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.

 

 

 

____________________________________

Director of Finance

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney