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HomeMy Public PortalAbout12844 ORDINANCE NO. 12844 AN ORDINANCE appropriating Seventy-One Thousand Dollars ($71,000) from the General Fund of the District for closing costs associated with the lease purchase of the implementation of the Oracle Enterprise Business Suite and authorizing the Executive Director and Secretary-Treasurer on behalf of The Metropolitan St. Louis Sewer District to enter into a Lease/Purchase Agreement with Banc of America Public Capital Corp, Bank of American, N.A. for the financing of the foresaid Oracle Enterprise Business Suite. WHEREAS, the Metropolitan St. Louis Sewer District (the “District”) desires to obtain funds to pay the costs of acquiring and installing a new electronic financial system known as the Oracle Enterprise Business Suite (the “Equipment”); and WHEREAS, in order to facilitate the foregoing and to pay the cost thereof, it is necessary and desirable for the District to enter into an annually renewable Master Equipment Lease/Purchase Agreement (the “Lease”) with Banc of America Public Capital Corp, Bank of America, N.A. or a designee thereof, as lessor (the “Lessor”), pursuant to which the District, as lessee, will lease the Equipment from the Lessor, on a year-to-year basis with an option to purchase Lessor’s interest in the Equipment, a form of which is attached hereto. WHEREAS, The Director of Finance has certified that there is an unencumbered balance in the above named fund sufficient to pay the obligation authorized herein. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, AS FOLLOWS: Section One. The District hereby appropriates an amount not to exceed Seventy- one Thousand Dollars ($71,000) from the proceeds of the Lease to pay the costs of delivering the Lease. Section Two. The Lease is hereby approved in substantially the form submitted to and reviewed by the Board of Trustees on the date hereof, with such changes therein as are approved by the General Counsel of the District. The obligation of the District to pay Rental Payments (as defined in the Lease) under the Lease is subject to annual appropriation and will constitute a current expense of the District and will not in any way be construed to be an indebtedness or liability of the District in contravention of any applicable constitutional, charter or statutory limitation or requirement concerning the creation of indebtedness or liability by the District, nor will anything contained in the Lease constitute a pledge of the general tax revenues, funds or moneys of the District, and all provisions of the Lease will be construed so as to give effect to such intent. The Executive Director and Secretary Treasurer of the District are hereby authorized and directed to execute and deliver the Lease on behalf of and as the act and deed of the District. The Secretary-Treasurer of the District is hereby authorized to affix the District’s seal to the Lease and attest said seal. Section Three. The District will, and the officials and agents of the District are hereby authorized and directed to, take such actions, expend such funds and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance and to carry out, comply with and perform the duties of the District with respect to the Lease, the other documents authorized or approved hereby and the Equipment. Section Four. This Ordinance shall be governed by and construed and enforced in accordance with the laws of the State of Missouri and the District’s Charter (Plan), as amended, approved by the voters for its government (the “Charter”). Section Five. This Ordinance being an appropriation ordinance, upon its enactment shall take effect immediately. The foregoing Ordinance was adopted April 9, 2009.