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Legislation #: 120013 Introduction Date: 1/5/2012
Type: Ordinance Effective Date: 2/5/2012
Sponsor: None
Title: Providing for an increase in the percentage of interest earnings which may be used for upkeep and maintenance of the Liberty Memorial and Memorial Museum from 45% to 90%.

Legislation History
DateMinutesDescription
1/3/2012 Filed by the Clerk's office
1/11/2012 Referred to Finance, Governance & Ethics Committee
1/18/2012 Do Pass
1/19/2012 Add to Consent Docket
1/26/2012 Passed

View Attachments
FileTypeSizeDescription
120013.pdf Authenticated 1232K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120013 Website Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120013
Liberty Memorial Endowment Interest - Fiscal_Note.xlsx Fiscal Note 14K Liberty Memorial Endowment - Fiscal Note
Liberty Memorial Endowment Interest - Fact Sheet.xlsx Fact Sheet 26K Liberty Memorial Endowment - Fact Sheet

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ORDINANCE NO. 120013

 

Providing for an increase in the percentage of interest earnings which may be used for upkeep and maintenance of the Liberty Memorial and Memorial Museum from 45% to 90%.

 

WHEREAS, the citizens of Kansas City approved a one-half cent sales tax on

August 4, 1998, for the purpose of funding the restoration of the Liberty Memorial and to establish an endowment for future maintenance of the Memorial and Memorial Museum; and

 

WHEREAS, the City Council adopted Committee Substitute for Ordinance No. 001246 establishing the policy for investment and expenditure of funds in the Liberty Memorial Endowment; and

 

WHEREAS, Committee Substitute for Ordinance No. 001246 established a set of financial policies governing the use of the Liberty Memorial Endowment; and

 

WHEREAS, those governing financial policies were subsequently amended by Ordinance No. 030363 allowing up to 45% of the interest earnings to be used for maintenance and upkeep of the facility; and

 

WHEREAS, by Second Committee Substitute for Ordinance No. 090677 the 45% limitation was increased to 90% for FY 2009-10 and 2010-11; and

 

WHEREAS, the Board of Parks and Recreation Commissioners, the Board of the Liberty Memorial Association, and the City Council agree that the use of the endowment earnings should return to 90% until later changed, NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Committee Substitute for Ordinance No. 001246 as amended by Committee Substitute for Ordinance No. 030363 is further amended by repealing Section 4 and enacting in lieu thereof a new Section 4 to read as follows:

Section 4. The investment income shall be available for expenditure under the procedure of this ordinance for capital maintenance costs and for routine maintenance and upkeep costs. Until otherwise provided by the City Council up to ninety (90) percent of the interest earned from the endowment may be used for the routine maintenance and upkeep costs of the Liberty Memorial and Museum. If at any time, part or


all of the maintenance endowment or its income is needed for capital maintenance, any such funds shall become available and used to cover capital maintenance costs.

 

________________________________________

Approved as to form and legality:

 

 

____________________________

William Geary

Assistant City Attorney