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RESOLUTION NO. 030497
Authorizing
the Director of Finance to proceed with the development of a financing under
the Citys master lease purchase agreement with Banc of America Leasing &
Capital, LLC in an approximate principal amount of $150,000.00 for the
acquisition of golf course equipment to be used by the Parks and Recreation
Department for operation at Minor Park Golf Course and declaring the intent of
the City to reimburse itself from the lease purchase proceeds for certain
expenditures.
WHEREAS,
it is essential the Parks and Recreation Department acquire new equipment to
maintain Minor Park Golf Course in the highest standards; and
WHEREAS,
this equipment must be acquired in a timely manner to ensure its readiness for
the beginning of golf season on May 1, 2003; 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 Parks
and Recreation Departments Golf Services budget over a five-year period; 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 a financing for the purchase of golf course equipment to be used at Minor
Park Golf Course through a draw upon the Master Lease Purchase Agreement with
Banc of America Leasing & Capital, LLC in an approximate principal amount
of $150,000.00.
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 golf course 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 this lease purchase is $150,000.00.
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