ORDINANCE NO. 260085
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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 municipal golf course equipment ("Project"); authorizing the execution of any and all documents and agreements necessary for the financing; estimating revenue and appropriating $658,000.00 in the 3230 Fund; authorizing the Director of Finance to close project accounts; 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 Kansas City Parks Department owns and operates five municipal golf courses; and
WHEREAS, Kansas City Parks and Recreation owns a fleet of turf management equipment for the purpose of maintaining these five golf courses; and
WHEREAS, Ordinance No. 230999, passed on December 7, 2023, authorized the financing of $875,000.00 of turf management equipment for the Heart of America, Minor Park and Swope Memorial Golf Courses; and
WHEREAS, some of the existing turf management equipment for the Shoal Creek and Hodge Park Golf Courses has reached the end of its useful life and this ordinance will replace the most needed pieces of equipment that are in poor condition; and
WHEREAS, Ordinance No. 200273, passed on April 23, 2020, authorized the selection of Banc of America Public Capital Corp, as the Mater Lease Purchase Agreement (MLPA) vendor for a 5-year engagement. The MLPA sets forth terms, conditions and contract rates for short-term financings, secured by the assets being financed and the City's pledge of annually appropriating debt service under the schedule; and
WHEREAS, the cost of acquisition and installation of the Project is expected to be financed under the City's Master Lease Purchase Agreement ("Lease") with BAPCC by one (1) draw upon the Lease; and
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