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Legislation #: 010484 Introduction Date: 3/29/2001
Type: Resolution Effective Date: 4/12/2001
Sponsor: None
Title: Providing authorization to proceed with the development of financing for the purchase of golf course equipment under a master lease purchase agreement in the approximate principal amount of $115,000.00; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

Legislation History
DateMinutesDescription
3/29/2001

Prepare to Introduce

3/29/2001

Referred Finance and Audit Committee

4/4/2001

Be Adopted

4/5/2001

Assigned to Third Read Calendar

4/12/2001

Adopted


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RESOLUTION NO. 010484

 

Providing authorization to proceed with the development of financing for the purchase of golf course equipment under a master lease purchase agreement in the approximate principal amount of $115,000.00; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.

 

WHEREAS, the Parks and Recreation Department needs new golf course equipment in order to complete the grow-in of the new 9-hole golf course at Blue River Golf Academy; and

 

WHEREAS, it is essential to acquire this equipment in a timely manner in order to be available upon the opening of the new 9-hole golf course on June 2, 2001; and

 

WHEREAS, the purchase of such equipment will be financed by a draw upon this master lease purchase agreement; the payment of which will be made by annual appropriation in the Parks Special Services Fund 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 financing for the purchase of golf course equipment through a draw upon the Master Lease Purchase Agreement with Banc of America Leasing & Capital, LLC in the approximate principal amount of $115,000.00.

 

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 the lease purchase is $115,000.00.

 

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