File #: 220036    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 1/6/2022 In control: Finance, Governance and Public Safety Committee
On agenda: 1/19/2022 Final action: 1/20/2022
Title: Authorizing the Director of Finance to accept the proposal of PNC Equipment Finance, LLC 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 $8,300,000.00; authorizing the execution of any and all documents and agreements necessary for the financing; estimating and appropriating revenues in the amount of $8,300,000.00 in Fund No. 3230, the Equipment Lease Capital Acquisition Fund; designating requisitioning authority and authorizing the Director of Finance to close project accounts; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.
Attachments: 1. Fact Sheet, 2. Fiscal Note, 3. Accounting Forms, 4. Authenticated Ordinance 220036
ORDINANCE NO. 220036

title
Authorizing the Director of Finance to accept the proposal of PNC Equipment Finance, LLC 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 $8,300,000.00; authorizing the execution of any and all documents and agreements necessary for the financing; estimating and appropriating revenues in the amount of $8,300,000.00 in Fund No. 3230, the Equipment Lease Capital Acquisition Fund; designating requisitioning authority and authorizing the Director of Finance to close project accounts; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.
body
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, a/k/a PNC Equipment Finance, LLC ("PNC") pursuant to Ordinance No. 150394, for financing the acquisition of new fleet vehicles and equipment for the Fire Department of the City to properly perform its fire service duties, at an estimated purchase price of $36,675,538.00 and a not-to-exceed purchase price of $37,000,000.00 (the "2015 Project"), the purchase of which fleet vehicles and related equipment constituting the 2015 Project was carried out over a period of time pursuant to one or more lease-purchase agreements and related schedules and documents (each, a "2015 Projec...

Click here for full text