ORDINANCE NO. 961599

 

Establishing the MDFB Midtown 1996 Bond Fund; estimating and appropriating bond proceeds in the amount of $17,900,000.00 in the MDFB Midtown 1996 Bond Fund; establishing the Super TIF Midtown Fund; estimating revenue in the Super TIF Midtown Fund in the amount of $350,000.00 and appropriating same; appropriating a total of $134,792.00 from the Unappropriated Fund Balance of the General, Public Mass Transportation, Convention and Tourism, Capital Improvements and Sales Tax Debt Funds to and estimating revenue in the Super TIF Midtown Fund; designating requisitioning authority; authorizing the Director of Finance to close project accounts upon completion; authorizing and directing the Director of Finance to restore the Reserve Fund as TIF and City Project Revenues become available; and recognizing an emergency.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Fund No. 328, MDFB Midtown 1996 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 the MDFB Midtown 1996 Bond Fund is hereby estimated in the following amount:

 

97-328-012-9000 Proceeds from Sale of Bonds $17,400,000.00 97-328-012-9012 Proceeds from Sale of Bonds-Reserve 500,000.00 $17,900,000.00

 

Section 3. That the sum of $17,900,000.00 is hereby appropriated from the Unappropriated Fund Balance of the MDFB Midtown 1996 Bond Fund to the following accounts:

 

97-328-012-9400B Transfer to Super TIF Midtown Fund $ 500,000.00 97-328-012-9620B Bond Issue Expense 626,500.00 97-328-012-9631B Discount on Sale of Bonds 89,500.00 97-328-064-6211T Midtown Marketplace 16,684,000.00 $17,900,000.00

 

Section 4. That the Fund No. 518, Super TIF Midtown Fund, is hereby established in the records of the City of Kansas City, Missouri.

 

Section 5. That the revenue in the following account of the Super TIF Midtown Fund is hereby estimated in the following amount:

 

97-518-012-9249 Transfer from MDFB Midtown 1996 Bond Fund $ 350,000.00

 

Section 6. That the sum of $350,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Super TIF Midtown Fund to the following account:

 

97-518-012-9600G Debt Service $ 350,000.00

 

Section 7. That the sum of $12,381.00 is hereby appropriated from the Unappropriated Fund Balance of the General Fund to the following accounts:

 

97-100-012-9053B Transfer Super TIFs-Earnings Tax $ 7,676.00 97-100-012-9055B Transfer Super TIFs-Electric Utility 1,568.00 97-100-012-9056B Transfer Super TIFs-Natural Gas 1,568.00 97-100-012-9057B Transfer Super TIFs-Telephone 1,569.00 $ 12,381.00

 

Section 8. That the sum of $36,719.00 is hereby appropriated from the Unappropriated Fund Balance of the Public Mass Transportation Fund to the following accounts:

 

97-208-012-9063B Transfer Super TIFs-Sales Tax $ 36,719.00

 

Section 9. That the sum of $6,300.00 is hereby appropriated from the Unappropriated Fund Balance of the Convention and Tourism Fund to the following accounts:

 

97-236-012-9059B Transfer Super TIFs-Restaurant Tax $ 6,300.00

 

Section 10. That the sum of $39,696.00 is hereby appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account:

 

97-309-012-9063B Transfer Super TIFs-Sales Tax $ 39,696.00

 

Section 11. That the sum of $39,696.00 is hereby appropriated from the Unappropriated Fund Balance of the Sales Tax Debt Fund to the following account:

 

97-509-012-9063B Transfer Super TIFs-Sales Tax $ 39,696.00

 

Section 12. That the revenue in the following accounts of the Super TIF Midtown Fund is hereby estimated in the following amounts:

 

97-518-012-9200 Transfer from General Fund $ 12,381.00 97-518-012-9202 Transfer from Capital Improvements 39,696.00 97-518-012-9205 Transfer from Public Mass Transportation 36,719.00 97-518-012-9212 Transfer from Sales Tax Debt 39,696.00 97-518-012-9242 Transfer from Convention & Tourism 6,300.00 $ 134,792.00

 

Section 13. That the Director of Finance is hereby designated requisitioning authority for Account Nos. 97-328-012-9400B, 97-328-012-9620B, 97-328-012-9631B, and 97-518-012-9600G and the Director of City Planning and Development is hereby designated requisitioning authority for Account No. 97-328-064-6211T.

 

Section 14. That the Director of Finance is hereby authorized to close project accounts upon project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

 

Section 15. That a reserve fund (the "Reserve Fund") be established to secure the payment of debt service on the Missouri Development Finance Board Variable Rate Demand Infrastructure Facilities Revenue Bonds (the "Bonds") and that the Director of Finance is hereby authorized and directed to use the Reserve Fund for the payment of debt service on the Bonds as needed and that the Director of Finance is hereby authorized and directed to restore the Reserve Fund as TIF and City Project Revenues become available.

 

Section 16. That this ordinance, making an appropriation for the current expense of the City government, is recognized as an emergency measure within the provisions of Section 15, Article II of the Charter of Kansas City, and shall take effect immediately upon passage.

 

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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.

 

 

____________________________

Director of Finance

 

Approved as to form and legality:

 

 

_____________________________

Assistant City Attorney