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Legislation #: 030497 Introduction Date: 4/17/2003
Type: Resolution Effective Date: 5/11/2003
Sponsor: None
Title: Authorizing the Director of Finance to proceed with the development of a financing under the City 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.

Legislation History
DateMinutesDescription
5/1/2003

Waive Charter Requirements City Council

4/24/2003

Waive Charter Requirements City Council

4/16/2003

Prepare to Introduce

4/17/2003

Referred Finance Committee

4/23/2003

Be Adopted

4/24/2003

Assigned to Third Read Calendar

5/1/2003

Adopted


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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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