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Legislation #: 180204 Introduction Date: 3/22/2018
Type: Ordinance Effective Date: 3/30/2018
Sponsor: None
Title: Estimating net revenues of $50,046,009.20 and appropriating the same in Fund 3518, the General Obligation Series 2018A Bond Fund; designating requisitioning authority; authorizing the Director of Finance to close project accounts; and recognizing this ordinance as having an accelerated effective date.

Legislation History
DateMinutesDescription
3/21/2018 Filed by the Clerk's office
3/22/2018 Referred to Finance and Governance Committee
3/28/2018 Advance and Do Pass, Debate
3/29/2018 Passed

View Attachments
FileTypeSizeDescription
180204 ordinance.pdf Other 94K Authenticated
180204 Fact Sheet.pdf Fact Sheet 455K Fact Sheet
180204 Ordinance.pdf Other 67K Ordinance
180204 Accounting pages.pdf Other 1022K Document
180204 Fiscal Note.pdf Fiscal Note 119K Fiscal Note

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ORDINANCE NO. 180204

 

Estimating net revenues of $50,046,009.20 and appropriating the same in Fund 3518, the General Obligation Series 2018A Bond Fund; designating requisitioning authority; authorizing the Director of Finance to close project accounts; and recognizing this ordinance as having an accelerated effective date.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That revenue of $2,982,000.00 is hereby reduced in Fund 3518, the General Obligation Series 2018A Bond Fund, in the following account:

 

AL-3518-120000-590000 Bond Proceeds $ 2,982,000.00

Section 2. That the revenue in the following accounts of Fund 3518, the General Obligation Series 2018 Bond Fund, is hereby estimated in the following amounts:

 

AL-3518-120000-590040 Proceeds Bond Sale – Refunding $42,065,000.00

AL-3518-120000-485100 Premium on Sale of Bonds 3,934,634.40

AL-3518-120000-485190 Premium on Refunding Bonds Sold 7,028,374.80

TOTAL $53,028,009.20

 

Section 3. That the sum of $50,046,009.20 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3518, the General Obligation Series 2018A Bond Fund, to the following accounts:

 

AL-3518-898012-B-89008573 North Oak Trafficway $ 490,000.00

AL-3518-129620-B Cost of Issuance 312,298.76

AL-3518-129686-B Arbitrage Rebate Calculation 10,000.00

AL-3518-129631-B Underwriters’ Discount 347,907.59

AL-3518-129632-B Discount on Sale of Bonds 127,385.75

AL-3518-129671-G Defeasance of Series GO 2007A 12,100,893.94

AL-3518-129671-G Defeasance of Series GO 2008A 36,657,523.16

TOTAL $50,046,009.20

Section 4. That the Director of Public Works is hereby designated as requisitioning authority for Account No. AL-3518-898012 and the Director of Finance is hereby designated as requisitioning authority for Account Nos. AL-3518-129620, AL-3518-129686, AL-3518-129631, AL-3518-129632, and AL-3518-129671.

 

Section 5. The Director of Finance is hereby authorized to close project accounts, open encumbrances, and retainage related to the accounts in Section 3, and return the unspent portion to the Fund Balance from which it came upon the earliest of (i) the Project’s completion; (ii) final maturity of financing; or (iii) five years after issuance.

Section 6. That this ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

______________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

______________________________

Katherine Chandler

Assistant City Attorney