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Legislation #: 050699 Introduction Date: 6/9/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to proceed with the development of financing to acquire solid waste trucks in an approximate principal amount not to exceed $1,500,000.00, under a Master Lease Purchase Agreement with a municipal leasing institution; estimating and appropriating revenues in the amount of $1,500,000.00 in the Equipment Lease Capital Acquisition Fund; designating requisitioning authority; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing an emergency.

Legislation History
DateMinutesDescription
6/6/2005 Filed by the Clerk's office
6/9/2005 Referred to Operations Committee
6/15/2005 Advance and Do Pass as a Committee Substitute, Debate
6/16/2005 Passed as Substituted

View Attachments
FileTypeSizeDescription
050699.pdf Authenticated 99K Authenticated
truck lease fact sheet.xls Fact Sheet 34K Fact Sheet
Trash Trucks Fiscal Note.xls Fiscal Note 31K Fiscal Note

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 050699

 

Authorizing the Director of Finance to proceed with the development of financing to acquire solid waste trucks in an approximate principal amount not to exceed $1,500,000.00, under a Master Lease Purchase Agreement with a municipal leasing institution; estimating and appropriating revenues in the amount of $1,500,000.00 in the Equipment Lease Capital Acquisition Fund; designating requisitioning authority; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing an emergency.

 

WHEREAS, the Public Works Department requires the acquisition of solid waste trucks for the efficient execution of the responsibilities of the Public Works Department; and

 

WHEREAS, it is essential that the City have the ability to acquire the Equipment in a timely manner in order to improve the efficiency and effectiveness of City services and

 

WHEREAS, the purchase of such Equipment can be financed by a tax-exempt master lease purchase agreement; the payment of which will be from the General Fund and be made by appropriations in the Public Works Department budgets over a 7-year period; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Finance is authorized to proceed with the development of a financing plan for the purchase of the Equipment through a draw upon the Master Lease Purchase Agreement in the approximate amount of $1,500,000 with a leasing company, selected through a request for proposal process, subject to the approval by City Council.

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

AL-3230-120000-830000

Reimbursement from Bank or Lease Co.

$1,500,000.00

Section 3. That the sum of $1,500,000.00 is hereby appropriated from the Unappropriated Fund Balance the Equipment Lease Capital Acquisition Fund to the following account of the Equipment Lease Capital Acquisition Fund:

AL-3230-891911-E

Solid Waste Trucks

$1,500,000.00

Section 4. That the Director of the Department of Public Works is hereby designated as requisitioning authority for Account No. AL-3230-891911-E. 

Section 5. 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 6. 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. The maximum principal amount expected to be financed under the lease purchase is $1,500,000.00.

Section 7. That this ordinance is recognized as an emergency measure within the provisions of Section 15, Article II of the Charter of Kansas City, and shall take effect in accordance with Section 15.

____________________________________________

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.

 

___________________________________

Wanda Gunter

Acting Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney