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Legislation #: 121026 Introduction Date: 12/6/2012
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER JOHNSON
Title: Establishing the Series 2013A Special Obligation Bond Fund; estimating revenues in the amount of $30,000,000.00 in Fund 3428, the Series 2013A Special Obligation Bond Fund and appropriating the same for the Downtown Streetcar Transit System (“Project”); designating requisitioning authority; authorizing the Director of Finance to close project accounts upon completion; declaring the official intent to get reimbursed from bonds proceeds; and recognizing an emergency.

Legislation History
DateMinutesDescription
12/6/2012 Filed by the Clerk's office
12/6/2012 Referred to Finance, Governance & Ethics Committee
12/12/2012 Advance and Do Pass as a Committee Substitute, Debate
12/13/2012 Passed as Substituted

View Attachments
FileTypeSizeDescription
121026.pdf Authenticated 138K Authenticated
Downtown Streetcar Sources and Uses of Funds December 2012.xlsx Other 13K Downtown Streetcar Sources and Uses
Fact Sheet Ordinance 121026.xlsx Fact Sheet 20K Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 121026

 

Establishing the Series 2013A Special Obligation Bond Fund; estimating revenues in the amount of $30,000,000.00 in Fund 3428, the Series 2013A Special Obligation Bond Fund and appropriating the same for the Downtown Streetcar Transit System (“Project”); designating requisitioning authority; authorizing the Director of Finance to close project accounts upon completion; declaring the official intent to get reimbursed from bonds proceeds; and recognizing an emergency.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Fund No. 3428, the Series 2013A Special Obligation Bond Fund, is hereby established in the records of the City of Kansas City, Missouri.

 

Section 2. That the revenue in the following account of Fund 3428, the Series 2013A Special Obligation Bond Fund, is hereby estimated in the following amount:

 

AL-3428-120000-590000 Proceeds from the Sale of Bonds $30,000,000.00

 

Section 3. That the sum of $30,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3428, Series 2013A Special Obligation Bond Fund to the following account:

 

AL-3428-898044-B-89022000 Downtown Streetcar Transit

System $30,000,000.00

Section 4. That the Director of the Public Works Department is hereby designated as requisitioning authority for Account AL-3428-898044.

 

Section 5. That the Director of Finance is hereby authorized to close project account upon project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

 

Section 6. That the City hereby declares its official intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this ordinance with respect to the Project with the proceeds of bonds expected to be issued by the City. The maximum principal amount of bonds expected to be issued for the Project is not to exceed $85,000,000.00. This constitutes a declaration of official intent under Treasury Regulation Section 1.150-2.

Section 7. That this ordinance, relating to the appropriation of money, is recognized as an emergency measure within the provisions of Section 503(a)(3)(C) of the City Charter 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:

 

 

______________________________

Nelson Munoz

Assistant City Attorney