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File #: 220561    Version: 1 Name:
Type: Ordinance Status: Referred
File created: 6/27/2022 In control: Finance, Governance and Public Safety Committee
On agenda: 7/13/2022 Final action:
Title: Authorizing the Director of Finance to accept the proposal of PNC Bank, National Association or an affiliate or other designee thereof for financing the acquisition of fire fleet vehicles and equipment under a lease-purchase agreement at an estimated cost of $9,120,000.00; authorizing the entering of lease-purchase agreements to refinance and extend the lease term of certain vehicles currently leased under an existing lease-purchase agreement in an estimated amount not to exceed $4,620,170.00; authorizing the execution of any and all documents and agreements necessary for the financing and refinancing; estimating and appropriating revenues in the amount of $13,740,170.00 in Fund No. 3230, the Equipment Lease Capital Acquisition Fund; designating requisitioning authority and authorizing the Director of Finance to close project accounts; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having...
Attachments: 1. Fact Sheet TMP 1990, 2. Fiscal Note TMP 1990, 3. Authenticated Ordinance 220561
ORDINANCE NO. 220561

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Authorizing the Director of Finance to accept the proposal of PNC Bank, National Association or an affiliate or other designee thereof for financing the acquisition of fire fleet vehicles and equipment under a lease-purchase agreement at an estimated cost of $9,120,000.00; authorizing the entering of lease-purchase agreements to refinance and extend the lease term of certain vehicles currently leased under an existing lease-purchase agreement in an estimated amount not to exceed $4,620,170.00; authorizing the execution of any and all documents and agreements necessary for the financing and refinancing; estimating and appropriating revenues in the amount of $13,740,170.00 in Fund No. 3230, the Equipment Lease Capital Acquisition Fund; designating requisitioning authority and authorizing the Director of Finance to close project accounts; 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 of Kansas City, Missouri (the "City") is a constitutional charter city, municipal corporation and political subdivision of the State of Missouri (the "State") and is duly organized and existing pursuant to the Constitution and laws of the State; and

WHEREAS, pursuant to applicable law, the governing body of the City ("Governing Body") is authorized to acquire, dispose of and encumber real and personal property, including, without limitation, rights and interest in property, leases and easements necessary to the functions or operations of the City; and

WHEREAS, the City previously accepted the proposal of Oshkosh Capital, previously also known as PNC Equipment Finance, LLC, and now known as PNC Bank, National Association ("PNC") pursuant to Ordinance No. 150394, for financing the acquisition of new fleet vehicles and equipment for the Fire Department of the City to prop...

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