ORDINANCE NO. 230660
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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 passenger vehicles ("Project"); authorizing the execution of any and all documents and agreements necessary for the Project; estimating revenue and appropriating $2,252,250.00 in Fund 3230, the Equipment Lease Capital Acquisition Fund; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; approving lease counsel in connection with the transaction; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.
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WHEREAS, the City's fleet has vehicles that are on average currently at 177% of design lifecycle, or on average 14-years old on an expected 8-year lifecycle, and therefore targeted for replacement; and
WHEREAS, these vehicles are prone to unscheduled downtime and expenditures, resulting in additional incurred downtime and resultant loss of use, compromising delivery of basic City services; 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 eight (8) 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 principal amount not to exceed $2,252,250.00.
Section 2. That the Director of Finance is authorized to execute, deliver and file in the name ...
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