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Legislation #: 060007 Introduction Date: 1/5/2006
Type: Ordinance Effective Date: none
Sponsor: None
Title: Estimating revenue in the amount of $4,000,000.00 in the Liberty Memorial Endowment Fund; appropriating $8,800,000.00 from the Liberty Memorial Endowment Fund; and declaring the City's intent to reimburse itself for expenditures made for the project.

Legislation History
DateMinutesDescription
12/30/2005 Filed by the Clerk's office
1/5/2006 Referred to Finance Committee
1/18/2006 Advance and Do Pass as a Committee Substitute, Debate
1/19/2006 Passed as Substituted

View Attachments
FileTypeSizeDescription
060007.pdf Authenticated 92K Authenticated
Fact Sheet liberty mem.xls Fact Sheet 60K fact sheet
R-2006-00002.xml Authenticated 19K authenticated

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 060007

 

Estimating revenue in the amount of $4,000,000.00 in the Liberty Memorial Endowment Fund; appropriating $8,800,000.00 from the Liberty Memorial Endowment Fund; and declaring the City's intent to reimburse itself for expenditures made for the project.

 

WHEREAS, a majority of the citizens of Kansas City authorized the sale of $20 million in general obligation bonds for the purpose of expanding the Liberty Memorial Museum; and

 

WHEREAS, the first issuance of $10 million in general obligation bonds to start the renovation for the Liberty Memorial Museum Expansion was sold in the fall of 2004; and

 

WHEREAS, it is the intent of the City Council to issue the remaining $10 million in bonds for Liberty Museum Expansion in an upcoming bond sale; and

 

WHEREAS, Committee Substitute for Ordinance No. 050798 authorized the use of the endowment fund to provide temporary construction financing of the Liberty Memorial Museum in an amount not to exceed $10 million; and

 

WHEREAS, the projected timeframes for the next sale of general obligation bonds may not coincide perfectly with the needs to efficiently and effectively construct the Liberty Memorial Museum Expansion; and

 

WHEREAS, the City of Kansas City is desirous of constructing the Liberty Memorial Museum promised to the voters and in a fiscally responsible manner; NOW, THEREFORE

 

BE IT ORDAINED BY THE CITY COUNCIL OF KANSAS CITY:

 

Section 1. That the revenue in the following account of the Liberty Memorial Endowment Fund is estimated in the following amount:

 

AL-6510-700000-481860 Contributions to Liberty Memorial $4,000,000.00

 

Section 2. That the sum of $8,800,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Liberty Memorial Endowment Fund to the following account of the Liberty Memorial Endowment Fund:

 

AL-6510-707426-B Liberty Memorial Project $8,800,000.00


Section 3. That the City expects to incur capital expenditures on and after the date of adoption this ordinance (the Expenditures), and intends to reimburse itself for such Expenditures solely from proceeds of the Bonds. The funds to be advanced to pay Expenditures are or will be available only for a temporary period and it is necessary to reimburse the City for such Expenditures made on and after the date hereof. The maximum principal amount of Bonds expected to be issued is $10,000,000.00. This ordinance constitutes a declaration of official intent under Treasury Regulation Section 1.150-2 issued under Internal Revenue Code of 1986, as amended.

 

_____________________________________________

 

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.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney