ORDINANCE NO. 220211
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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 Municipal Golf Course Equipment ("Equipment); authorizing the execution of any and all documents and agreements necessary for the financing; estimating revenue and appropriating $404,000.00 in the 3230 Fund; designating requisitioning authorities; authorizing the Director of Finance to close project accounts; 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.
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WHEREAS, Kansas City owns and operates five municipal golf courses; and
WHEREAS, the Parks and Recreation Department maintains a fleet of turf management equipment for the purpose of maintaining these five golf courses; and
WHEREAS, some of the existing turf management equipment for the Shoal Creek and Hodge Park Golf Courses have reached the end of its useful life and this ordinance will fund the replacement of the most needed pieces of equipment that are in poor condition; and
WHEREAS, the cost of acquisition and implementation of the Equipment 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 four (4) 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 $404,000.00.
Section 2. That the Director of Finance is authorized to execute, deliver and file in the name of ...
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