ORDINANCE NO. 240916
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Sponsor: Director of Finance Department
Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp ("BAPCC") to finance the acquisition of Citywide Fleet Replacement Vehicles 2025 ("Project"); authorizing the execution of any and all documents and agreements necessary for the financing; estimating revenue and appropriating $13,006,500.00 in Fund 3230 the Equipment Lease Capital Acquisition Fund; authorizing the Director of Finance to close project accounts upon completion; approving lease counsel in connection with the transaction; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the City is currently operating a significant portfolio of over lifecycle equipment, and this equipment by virtue of age and breakage incur significant expense and downtime; and
WHEREAS, this same equipment, by virtue of its age is less efficient and environmentally friendly than the proposed replacements would be; and
WHEREAS, the City has made a commitment towards carbon neutrality and owes its constituent residents the best air-quality we can reasonably provide; and
WHEREAS, the cost of acquisition and implementation of the Project is expected to be financed under the Master Lease Purchase Agreement ("Lease") with BAPCC by one (1) draw upon the Lease; and
WHEREAS, the payment of scheduled debt service payments on the draw made under the Lease will be made by annual appropriation of monies from the City's General Municipal Revenues over a successive seven (7) year period; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Director of Finance is authorized to accept the proposal of BAPCC for the financing of the Project through one (1) draw upon the Lease in an approximate prin...
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