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Legislation #: 970826 Introduction Date: 6/5/1997
Type: Resolution Effective Date: 6/12/1997
Sponsor: COUNCILMEMBER GLOVER
Title: Providing authorization to proceed with the development of financing fire apparatus through a lease purchase agreement in the approximate principal amount of $10,000,000.00.

Legislation History
DateMinutesDescription
6/5/1997

Prepare to Introduce

6/5/1997

Referred Finance & Administration Committee

6/11/1997

Immediate Adoption

6/12/1997

Adopted


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RESOLUTION NO. 970826

 

Providing authorization to proceed with the development of financing fire apparatus through a lease purchase agreement in the approximate principal amount of $10,000,000.00.

 

WHEREAS, the Fire Department requires the use of capital equipment for the efficient execution of its responsibilities; and

 

WHEREAS, it is essential to acquire the equipment as soon as possible in order to improve efficiency, effectiveness and control; and

 

WHEREAS, the City maintains a Master Lease Purchase Agreement with G.E. Capital Public Finance, Inc., that was executed in 1995 and is renewable annually for four years; and

 

WHEREAS, the fire apparatus will be financed by a draw upon this lease purchase agreement, the payment of which will be made by annual appropriation in the departmental budget over an eight 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 fire apparatus through a draw upon the Master Lease Purchase Agreement with G.E. Capital Public Finance, Inc. in the approximate principal amount of $10,000,000.00.

 

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