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File #: 220035    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 1/6/2022 In control: Transportation, Infrastructure and Operations Committee
On agenda: 1/19/2022 Final action: 1/20/2022
Title: Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp. ("BAPCC") to finance the acquisition of 800 Single Parking Meters, 120 Pay Stations, and Software/Equipment for the Public Works Department ("Project"); estimating revenue and appropriating $2,355,000.00 in fund 3230, the Equipment Lease Capital Acquisition 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; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.
Attachments: 1. 220035 Accounting Forms, 2. 220035 Fiscal Note-Parking Meters, 3. Ord 220035 -Parking Meters Presentation, 4. 220035 Fact Sheet, 5. PW Presentation Ord. 220035 & 220052, 6. Authenticated Ordinance 220035


ORDINANCE NO. 220035

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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 800 Single Parking Meters, 120 Pay Stations, and Software/Equipment for the Public Works Department ("Project"); estimating revenue and appropriating $2,355,000.00 in fund 3230, the Equipment Lease Capital Acquisition 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; and declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures.
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WHEREAS, the Public Works Department has determined that the replacement of the City's current fleet of meters is of high priority; and

WHEREAS, the Public Works Department plans on replacing 800 single parking meters and 120 pay stations in its current fleet and also software/equipment upgrades will be included with the new fleet; and

WHEREAS, the City desires to finance the purchase of 800 single parking meters and 120 pay stations along with software/equipment upgrades to replace the current meter fleet; 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 revenues from the parking garages in the Public Works Parking Fund 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 ...

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