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File #: 220186    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 2/11/2022 In control: Council
On agenda: 3/3/2022 Final action: 3/3/2022
Title: Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp ("BAPCC") to finance the acquisition of solid waste bulky item pickup vehicles ("Project"); estimating revenue and appropriating $1,565,000.00 in the 3230 Fund; authorizing the execution of any and all documents and agreements necessary for the financing; 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.
Attachments: 1. Solid Waste Bulky Item Vehicles Approp Admin Form 021022.pdf, 2. Solid Waste Bulky Item Vehichles Fiscal Note 021422.pdf, 3. Solid Waste Bulky Item Expansion Fact Sheet 021022.pdf, 4. Authenticated Ordinance 220186
ORDINANCE NO. 220186

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Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp ("BAPCC") to finance the acquisition of solid waste bulky item pickup vehicles ("Project"); estimating revenue and appropriating $1,565,000.00 in the 3230 Fund; authorizing the execution of any and all documents and agreements necessary for the financing; 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 Council approved Ordinance No. 210959 directing the City Manager to pursue additional staff and equipment to expand the scope of the City provided bulky item pickup; 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 $1,565,000.00.

Section 2. That the Director of Finance is authorized to execute, deliver and file in the name of the City, the Lease and any and all documents and agreements necessary to complete such financing.

Section 3. That the revenue in the following account of Fund No. 3230, the Equipment Lease Capital Acquisition Fund, is hereby estimated in the following ...

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