No preview available
HomeMy WebLinkAboutOrdinance 4505 ORDINANCE NO. 4505 AN ORDINANCE TO AMEND ORDINANCE NO. 4478 TO ADD AUTHORITY TO USE THE MASTER EQUIPMENT LEASE/ PURCHASE AGREEMENT TO FINANCE THE COST OF ACQUIRING ALL EQUIPMENT AND OTHER PROPERTY LEGALLY OBTAINABLE PURSUANT TO AMENDMENT 78 WHEREAS, it will be financially advantageous to the City to use the Master Equipment Lease/ Purchase Agreement dated as of June 25, 2003, with the Banc of America Leasing and Capital LLC to finance the cost of acquiring not only the fire apparatus (already authorized), but all types of equipment and property legally obtainable pursuant to Amendment 78. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1 . That the City Council of the City of Fayetteville, Arkansas hereby amends Ordinance 4478 by adding Section 8 as follows: "Section 8. The City's authority to use the Master Equipment Lease/ Purchase Agreement with Banc of America Leasing and Capital, LLC extends to all equipment and property legally obtainable pursuant to the terms of Amendment 78 (and is not restricted to fire apparatus) ." PASSED and APPROVED this the 19th day of August, 2003. f AYETrF APPROVED: 40 d x 1 i� . , DAN COODY, Mayor • .d;4YL�s�� - By: I Sondra Smith, City Clerk 1 a 0 NAME OF FILE: Ordinance No, 4505 CROSS REFERENCE: Item # Date Document 1 08/06/03 Staff Review Form w/attachments draft ordinance memo to Mayor/City Council/Earnest copy of Ord. No. 4478 copy of ordinance 2 08/27/03 memo to Peggy Vice 3 09/13/03 Affidavit of Publication NOTES: STAFAVIEW FORM - FINANCIAL OBLIGATIO �- x AGENDA REQUEST CON:'PACT REVIEW GRANT REVIEW For the F'aynt t evi I In City Counci l Meet ! ng of : August 19th , 2003 FROM : Peggy Vice Purchasing Division Internal Services Name Division Department ACTION REQUIRED : Approval of an ordinance to amend Ordinance No . 4478 to add authority to use the master equipment lease/purchase agreement to finance the cost of acquiring all equipment and other property legally obtainable pursuant to Amendment 78 . COST TO CITY : No cost at this time $ - Cost of this request Category/ Project Budget Program Cat-egory / Project Name S - Account Number Funds Used to Date Program / Project Category Name Project Number Remaining Balance Fund Name BUDGET REVIEW : Budgeted Ttem Rudget Adjustment Attached Budget Manager Date CONTRACT/GRANT/LEASE REVIEW : Accounting Manager Date internal Auditor Date f Cit.y Attorney Date Purchasing Manager Date ST F COMMENDATION : __p 6 i - c7 3 Received in Mayor ' s Office Division Head Date Date Cross Reference : Department Director Date Previous O^d/Resfl :AA- U�� 4472 Frnance s Internal Services Dir . G Date Orig . Contract Date : Orig . Contract Number : Chief Ar inistr rive Off ' cr Date iK�I New Item : Yes No Mayor Date Waff Revi. ew Form - Page 2 • Description Amendment 78 Lease fox Copiers Meeting Date August 19th , 2003 Comments : Reterence Comments : Budget Manaqur Accountinq Manayez City Attorney Purchasing Manager ADA Coordi nit or Internal Auditor Grant :, Coorliin,rtor ORDINANCE NO, AN ORDINANCE TO AMEND ORDINANCE NO. 4478 '110 ADD AUTHORITY TO USE THE MASTER EQUIPMENT LEASE/ PURCHASE AGREEMENT TO FINANCE THE COST OF ACQUIRING ALL EQUIPMENT AND OTHER PROPERTY LEGALLY OBTAINABLE PURSUANT TO AMENDMENT 78 WHEREAS, it will be financially advantageous to the City to use the Master Equipment Lease/Purchase Agreement with the Banc of America Leasing and Capital LLC to finance the cost of acquiring not only the fire apparatus (already authorized), but all types of equipment and property legally obtainable pursuant to Amendment 78. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1 . That the City Council of the City of Fayetteville, Arkansas hereby amends Ordinance 4478 by adding Section 8 as follows: "Section 8. The City's authority to use the Master Equipment Lease/ Purchase Agreement with Banc of America Leasing and Capital, LLC extends to all equipment and property legally obtainable pursuant to the terms of Amendment 78 (and is not restricted to fire apparatus). " PASSED and APPROVED this the 19th day of August, 2003. APPROVED: By' �� DAN Y, Mayor ATTEST: By : Sondra Smith, City Clerk • 1: 40 THE CITY OF FAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE TO: Fayetteville City Council TI IROUGH : Dan Coody, Mayor Hugh Earnest, Chief Administrative Officer Steve Davis, Finance & Internal Services Directo FROM : Peggy Vice, Purchasing Manger DATE : August 1 , 2003 SUBJECT: Amendment 78 Leasing Services- Banc of America Stall" requests City Council amend Ordinance 94478 (copy attached) to allow the lease/purchasc of various equipment as required for City operations. These purchases are allowed under Amendment 78 and could save the City a substantial amount of money on interest costs. Banc of America Leasing & Capital, LLC requires a $ 100,000 minimum on each transaction. Several copiers including the main copiers in City Administration, Planning and several outlying departments are due to be replaced. "they were originally leased for 36 months. The 36 month ]case has expired . We are currently leasing them on a month to month basis until new copiers can he evaluated and tested. We have estimated the lease/purchasc amount to be a maximum of $2511,000. The goal is to lease/purchase copiers that have technology that will: • Allow staff to scan documents to files and upload them to the website. • Allow staff to print directly from their computer to the copier without having to scan the document in. • Allow staff to scan directly to email for easily sending large documents not on the computer. • Allow stafl' to scan a drall agenda to their computer for editing and numbering before final printing. • Save money on supplies by staff having the ability to print directly to the copier. This should greatly reduce purchase of small printer cartridges. • Save staff time at the copier manually copying agendas and other large documents. ORDINANCE NO. 4478 AN ORDINANCE AUTHORIZING THE EXECUTION AMS OF M*E� A MASTER EQUIPMENT LEASE/PURCHASE AGREEMENT HAVING A NOMINAL PRINCIPAL AMOUNT NOT TO EXCEED $5,000,000.00 FOR THE PURPOSE OF FINANCING THE COST OF ACQUIRING CERTAIN FIRE FIGHTING APPARATUS; AND PRESCRIBING OTHER MATTERS RELATING THERETO WHEREAS, the City Council of the City of Fayetteville, Arkansas has determined that there is a great need for a mechanism to finance the costs of acquisition of certain fire fighting apparatus to benefit the residents of the City; and WHEREAS, the City is authorized and empowered under the provisions of the Constitution and laws of the State of Arkansas, including particularly Amendment 78 to the Constitution of the State of Arkansas and the Local Government Short-Term Financing Obligations Act of 2001 , codified as Arkansas Code Annotated (2001 Supp.) Sections 14-78- 101 et seq. as from time to time amended, to enter into certain short-term lease/purchase arrangements to finance the costs of various capital improvements, which lease obligations shall constitute general obligations of the City under Amendment 78 and the Act; and WHEREAS, the City has made arrangements for the entry into a Master Equipment Lease/Purchase Agreement with Banc of America Leasing & Capital, LLC, a Delaware limited liability, in substantially the form presented to and before this meeting; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS THAT: Section 1 . Under the authority of the Constitution and laws of the State of Arkansas, the Mayor is hereby authorized and directed to execute the Lease/Purchase Agreement, and the City Clerk is hereby authorized and directed to execute the Lease/Purchase Agreement and to affix the seal of the City thereto, and the Mayor and the City Clerk are hereby authorized and directed to cause the Lease/Purchase Agreement to be executed by Banc of America Leasing & Capital, LLC. The Lease/Purchase Agreement is hereby approved in substantially the form submitted to this meeting. The Mayor is hereby authorized to confer with with Banc of America Leasing & Capital, LLC and Kutak Rock LLP, Bond Counsel, in order to complete the Lease/Purchase Agreement in substantially the form submitted to this meeting, with such changes as shall be approved by such persons executing the Lease/Purchase Agreement, their execution to constitute conclusive evidence of such approval. Section 2. The nominal principal amount of the Lease/Purchase Agreement may not exceed $5,000,000.00 in the aggregate, the term of the Lease/Purchase Agreement shall expire no later than five years from the date of adoption of this ordinance, and the effective interest rate relating to the City's obligations under the Lease/Purchase Agreement shall not exceed the maximum rate prescribed by Arkansas law, including Amendment 78 and the Act. Section 3. It is affirmed that, pursuant to Amendment 78 and the Act, the payment obligations of the City under the Lease/Purchase Agreement shall constitute general obligations of the City, and the total annual payments owed by the City under the Lease/Purchase Agreement in each of the City's fiscal years shall be charged against and paid from the general revenues of the City for such fiscal years. Section 4. As required by Amendment 78 and .the Act, the City hereby finds and determines that: (a) Each of the components to be financed under the Lease/Purchase Agreement has an average useful life in excess of one year; and (b) The aggregate nominal principal amount of all obligations of the City under Amendment 78 and the Act, including the Lease/Purchase Agreement, will at no time exceed five percent (5%) of the assessed value of the taxable real and personal property located within the City, as determined by the last tax assessment completed prior to the date hereof. Section 5. The Mayor and City Clerk, for and on behalf of the City, are hereby authorized and directed to do any and all things necessary to effect the execution and delivery of the Lease/Purchase Agreement, and to perform all of the obligations of the City under and pursuant thereto. The Mayor and the City Clerk are further authorized and directed, for and on behalf of the City, to execute all papers, documents, certificates and other instruments that may be required for the carrying out of such authority or to evidence the exercise thereof. Section 6. The provisions of this Ordinance are hereby declared to be severable, and if any section, phrase or provision shall for any reason be declared to be illegal or invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions of this Ordinance. Section 7. All ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. PASSED and APPROVED this the 15`" day of April, 2003. tE / /C APPROVED: By: D COODY, ayor ATTR �`A,. By: Son ra Smith, City Clerk 2 ORDINANCE NO, AN ORDINANCE TO AMEND ORDINANCE NO. 4478 TO ADD AUTI IORITY TO USE THE MASTER EQUIPMENT LEASE/ PURCHASE AGREEMENT TO FINANCE THE COST OF ACQUIRING ALL EQUIPMENT AND OTHER PROPERTY LEGALLY OBTAINABLE PURSUANT TO AMENDMENT 78 WHEREAS, it will be financially advantageous to the City to use the Master Equipment Lease/ Purchase Agreement dated as of June 25, 2003, with the Banc of America Leasing and Capital LLC to finance the cost of acquiring not only the fire apparatus (already authorized), but all types of equipment and property legally obtainable pursuant to Amendment 78. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1 . That the City Council of the City of Fayetteville, Arkansas hereby amends Ordinance 4478 by adding Section 8 as follows: "Section 8. The City's authority to use the Master Equipment Lease/ Purchase Agreement with Banc of America Leasing and Capital, LLC extends to all equipment and property legally obtainable pursuant to the terms of Amendment 78 (and is not restricted to fire apparatus)." PASSED and APPROVED this the 19th day of August, 2003. APPROVED: By: 1NaG DAN COODY, Mayor Al "I 'F51': By : Sondra Smith, City Clerk THE CITY OF FAYETTEVILLE. ARKANSAS DEPARTMENTAL CORRESPONDENCE TO : Peggy Vice Purchasing Division FROM : Sondra Smith City Clerk DA'Z'E : 08/27/03 SUBJECT: Ordinance to amend Ordinance No. 4478 For purchase of Copier Machines Attached is a copy of the Ordinance 4505 to amend Ordinance 4478 . The original will be microfilmed and filed with the City Clerk . Thanks ! Sondra Smith City Clerk cc : Nancy Smith, Internal Auditor NORTHV#ST ARKANSAS 4DITION AAawas JU momt IV (f)RzeW RECEIVED SEP 19 2003 CITY OF Fm y ETF Ev iLLE AFFIDAVIT OF PUBLICATION CITY CLERK'S OFFICE I , y do solemnly swear that I am Leg I Clerk of the Arkansas Democrat-Gazette/Northwest Arkansas Times newspaper, -printed and published in Lowell , Arkansas, and that from my' own personal knowledge and reference to the files of said publication , that advertisement of: was inserted in the regular editions on ** Publication Charge : $ Subscribed and sworn to before me this 17 } � day of SeP �ewi Ger 2003. Notary Public ORDINANCE NO. °°°° AN ORDINANCE TO AMEND OR 'CE NO. 4478 TO ADD . �` AUTHORITY TO,yUSE THE MASTER EQUIPMENT My Commission Expires: 07)AVi)0 LEASEIRING ALL EQUIPMENT TOFINANCE Ul llt THE COST n ' ' ACQUIRING ALL EQUIPMENT AND OTHEP PROPERTY LEGALLY OBTAINABLE PURSUANT TO AMENDMENT ]. City of Fayetteville WNEpBAS, it vnll be finarwialN aWentageous to Ne Clly to use the Master Equlpmen, Lease/Pumhase 1[ Agreement tlated as of June 25, 2003, with the Bene of America Leasing erb Capital LLC to finance the ** Please do not a from Affidavit. cost of acquiring not only the fire apperetus (alteady authorizedi. but all Nees of equipment and property pay efelN obtainable pursuant to Amendm t 78. An Invoice will be sent. NOW, THEREFORE, BE R ORDAINED BY THE CRY COUNCIL OF TNS CITY OF FAYETTEVILLEt ARKANSAS: Section 1 . That the City Cour6 of the City of FayetteNNe. Arkansas hereby amends Ordinance 4478 by adding Secllen 8 as follq : 'Section B. TheCEquipment Leasa/puchase em - Leasing Otte altY Official Seal eecapital, t l�sbe a�t to me tatTOS Of Atme�nomenent 78 (and Is not SEAN-MICHAEL ARGO msttkted to fire apparatus).' Notary Public-Arkansas WASHINGTON COUNTY FASBSD and AFFROvED tNs Ina 1 M day of August. 2003. My Commission Expires 07-25-2013 APPROVED` By: DAN GOODY, Nryor ATTEST: BY slefil Smith, CNF Clerk 212 NORTH EAST AVENUE P.O. BOX 1607 • FAYETTEVILLE, ARKANSAS 72702 9 (501 ) 442-1700