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Legislation #: 921062 Introduction Date: 9/17/1992
Type: Resolution Effective Date: 10/1/1992
Sponsor: None
Title: Declaring the official intent of the City to reimburse itself for an amount not to exceed $275,000.00 in expenditures made for improvements to the Kansas City Zoological Gardens after adoption, pursuant to United States Treasury Regulation 1.103-18.

Legislation History
DateMinutesDescription
9/17/1992

Prepare to Introduce

9/17/1992

Referred Finance Committee

9/23/1992

Be Adopted

9/24/1992

Assigned to Third Read Calendar

10/1/1992

Passed


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RESOLUTION NO. 921062

 

Declaring the official intent of the City to reimburse itself for an amount not to exceed $275,000.00 in expenditures made for improvements to the Kansas City Zoological Gardens after adoption, pursuant to United States Treasury Regulation 1.103-18.

 

WHEREAS, the City of Kansas City, Missouri, (the "City") is a political subdivision organized and existing under the Constitution and the laws of the State of Missouri; and

 

WHEREAS, the City expects to incur expenditures on and after the date hereof (the "Expenditures") which will be paid from the 238 Fund, an account maintained by the City for the purpose of funding capital improvements at the Kansas City Zoological Gardens, which Expenditures will be used to pay the cost of certain construction costs for certain improvements to the Kansas City Zoological Gardens (the "Project"); and

 

WHEREAS, the City has determined that the funds to be used to pay Expenditures are or will be available for a temporary period and it is necessary to reimburse the City for Expenditures made on and after the date hereof with respect to the Project from the proceeds of general obligation bonds expected to be issued in October 1992 (the "Debt"); and

 

WHEREAS, as of the date hereof, there are no funds from sources other than the Debt that are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside by the City pursuant to its budget or financial policy with respect to the Expenditures; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City declares the intent of the City to reimburse itself for Expenditures made on and after the date hereof with respect to the Project with proceeds of Debt to be incurred by the City. The maximum principal amount of Debt expected to be issued for such reimbursement is $275,000.00.

 

Section 2. That this resolution shall constitute a declaration of official intent under Treasury Regulation Section 1.103-18.

 

Section 3. That the Expenditures are "capital expenditures," as defined in Treasury Regulation Section 1.150-1(h).

 

Section 4. That the adoption of this resolution is consistent with the budgetary and financial circumstances of the City.

 

Section 5. That this Resolution shall be filed within 30 days of its adoption in the publicly available official books and records of the City. This resolution shall be available for inspection at the office of the City Clerk during normal business hours of the City on every business day until the date of issuance of the Debt. ________________________________________________________