ORDINANCE
NO. 190927
Estimating and appropriating $2,427,058.00 in the Series
2020B Special Obligation Bond Fund; authorizing the Director of Public Works to
enter into a construction contract in the amount of $2,197,325.00 with Gunter
Construction for the Walnut Street from 3rd Street to 5th Street project;
authorizing the Director of Finance to close project accounts upon completion;
declaring the City’s intent to reimburse itself from bond proceeds and
recognizing this ordinance as having an accelerated effective date.
WHEREAS, the City renovated the City
Market property in 1989 as a retail commercial property, and in so doing,
closed Walnut Street to traffic between Third and Fifth Streets, restricting
circulation within and without the property; and
WHEREAS, the City desires to reopen
and improve Walnut Street, to increase two-way access and parking for weekday
shoppers, restore circulation and connectivity for the River Market
neighborhood, eliminate current traffic problems, give greater exposure to the
Market’s tenants on the east side, and provide a better space for Market
events; and
WHEREAS,
improvements to Walnut Street will also increase the economic viability of the
City Market as a retail development operated by the City; and
WHEREAS, the payment of scheduled debt service payments on
the 2020B Special Obligation Bonds will be made by annual appropriation of
monies from the City’s General Municipal Revenues over a successive five (5)
year period; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS
CITY:
Section 1. That the revenue in the following account of the
Special Obligation Series 2020B Bond Fund is hereby estimated in the following
amount:
AL-3440-120000-590000 Bond Proceeds $2,427,058.00
Section 2. That the sum of $2,427,058.00 is hereby
appropriated from the Unappropriated Fund Balance of the Special Obligation
Series 2020B Bond Fund to the following account:
AL-3440-898047-B-89008710 Walnut
St- 3rd to 5th St $2,417,058.00
AL-3440-129620-B Costs
of Issuance 10,000.00
TOTAL $2,427,058.00
Section 3. That the Director of Public Works is designated
as requisitioning authority for Account No. AL-3440-898047-B-89008710 and that the Director of Finance is hereby designated as
requisitioning authority for Account No. AL-3440-129620.
Section 4. That the Director of Public Works is hereby
authorized to execute a construction contract with Gunter Construction for
$2,197,325.00 for the construction project on Walnut Street from 3rd Street to
5th Street, from funds hereby appropriated to the following account:
AL-3440-898047-B-89008710 Walnut St- 3rd to 5th
St $2,197,325.00
A copy of the contract is on file in the office of the
Director of Public Works.
Section 5. That
the Director of Finance is hereby authorized to close project accounts,
encumbrances and retainage related to the accounts in Section 2, and return the
unspent portion to the fund balance from which it came upon the earliest of:
(i) Project’s completion; (ii) final maturity of financing, or (iii) five years
after issuance.
Section 6. That the City anticipates issuing its
special obligation bonds to finance the Project and hereby declares its
official intent to reimburse itself for certain expenditures made within sixty
(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 $2,427,058.00. This constitutes a declaration of official intent
under Treasury Regulation Section 1.150-2.
Section 7. That this ordinance, relating to the design,
repair, maintenance or construction of a public improvement and appropriating
money, is recognized as an ordinance with an accelerated effective date as
provided by Section 503(a)(3) of the City Charter and shall take effect in
accordance with Section 503, City Charter.
_____________________________________________
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.
___________________________________
Tammy
L. Queen
Director
of Finance
Approved
as to form and legality:
___________________________________
Katherine
Chandler
Assistant
City Attorney