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Legislation #: 060506 Introduction Date: 5/4/2006
Type: Ordinance Effective Date: none
Sponsor: None
Title: Renaming Fund No. 3425, the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Revenue Bond Fund, establishing Fund No. 3426, the KCMAC Series 2006B-KCMAC 1996B Refunding Revenue Bond Fund; estimating revenues in the amount of $148,663,387 and $18,516,241 in the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Fund and, KCMAC Series 2006B-KCMAC 1996B Refunding Fund, respectively; and appropriating the same; estimating FY 2007 debt service in Fund Nos. 5370, 2160 and 1000 respectively, designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion, and recognizing an emergency.

Legislation History
DateMinutesDescription
5/3/2006 Filed by the Clerk's office
5/4/2006 Referred to Finance and Audit Committee
5/10/2006 Hold On Agenda (5/17/2006)
5/17/2006 Advance and Do Pass as a Committee Substitute, Debate
5/18/2006 Passed as Substituted

View Attachments
FileTypeSizeDescription
060506.pdf Authenticated 422K Authenticated
E_AFactsh_2006A _ B ver2.xls Fact Sheet 55K Fact sheet
Approp _ Admin KCMAC e_a v2.xls Other 649K Approp and Admin form
fiscal notes-KCMAC e_a ordinance v1.xls Fiscal Note 42K fiscal note

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 060506

Renaming Fund No. 3425, the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Revenue Bond Fund, establishing Fund No. 3426, the KCMAC Series 2006B-KCMAC 1996B Refunding Revenue Bond Fund; estimating revenues in the amount of $148,663,387 and $18,516,241 in the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Fund and, KCMAC Series 2006B-KCMAC 1996B Refunding Fund, respectively; and appropriating the same; estimating FY 2007 debt service in Fund Nos. 5370, 2160 and 1000 respectively, designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion, and recognizing an emergency.

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Fund No. 3425, be renamed the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Revenue Bond Fund in the records of the City of Kansas City, Missouri.

Section 2. That the revenue in the following accounts of the Fund No. 3950 the KCMAC Bartle Refunding Bond Fund, Series 1996A Fund is hereby estimated in the following amounts:

 

AL-3950-120000-460100 Interest on Investments-Trustee $ 417.00

Section 3. That the sum of $13,277,708.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3950, the KCMAC Bartle Refunding Bond Fund, Series 1996A Fund to the following account:

AL-3950-129611-B Debt Service Reserve $ 13,277,708.00

Section 4. That the appropriation in the following account of Fund No. 3950, the KCMAC Bartle Refunding Bond Fund, Series 1996A Fund is hereby reduced by the following amount:

AL-3950-129611-B Debt Service Reserve $ 13,277,708.00

Section 5. That the sum of $13,277,708.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3950 of the KCMAC Bartle Refunding Bond Fund, Series 1996A to the following accounts:

AL-3950-129998-903425 Transfer to Fund No. 3425 $ 13,277,708.00


Section 6. That the revenue in the following accounts of the Fund No. 3425 the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Fund is hereby estimated in the following amounts:

AL-3425-120000-590000 Proceeds from Sale of Bonds $127,950,000.00

AL-3425-120000-485100 Premium on Bonds Sold 7,435,679.00

AL-3425-120000-503950 Transfer from Fund No. 3950 13,277,708.00

TOTAL $148,663,387.00

Section 7. That the sum of $148,663,387.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3425, the KCMAC Series 2006A-KCMAC 1996A Refunding, Expansion, Music Hall and Auditorium Garage Improvements Fund to the following accounts:

AL-3425-129620-B Bond Issue Expense $ 1,046,636.00

AL-3425-129631-B Underwriter Discount 382,850.00

AL-3425-129632-B Original Issue Discount 1 81,124.00

AL-3425-898022-B Auditorium Parking Garage 2,691,000.00

AL-3425-898022-B Music Hall Renovations 11,412,040.00

AL-3425-129998-X Transfer to Fund No. 1000 234,960.00

AL-3425-897240-B Bartle Hall Renovations 9,040,135.00

AL-3425-129671-B Defeasance of Series KCMAC

Series 1996A 123,669,642.00

AL-3425-129686-B Arbitrage Rebate Calculation 5,000.00

TOTAL $148,663,387.00

Section 8. That the sum of $1,173,287.00 is hereby appropriated from the additional Unappropriated Fund Balance of Fund No. 5370, the Convention and Sports Complex Fund to the following accounts:

07-5370-129610-G Debt Service $ 1,173,287.00

Section 9. That the sum of $155,968.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 2160, the Parking Garage Fund to the following account:

07-2160-899755-G Debt Service $ 155,968.00

Section 10. That the revenue in the following account of Fund No. 1000, the General Fund is hereby estimated in the following amount:

07-1000-120000-X Transfer from KCMAC Series 2006A Fund $ 234,960.00

 


Section 11. That the sum of $234,960.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 1000 of the General Fund to the following accounts:

07-1000-898017-B Citywide Buildings $ 234,960.00

Section 12. That the Director of Finance is hereby authorized to transfer the existing encumbrances in an amount not to exceed $253,720.00 in Account Nos. 06-1000-898017-B for the Music Hall Improvements Project to Account No. AL-3425-898022-B-89A00281.

Section 13. That the Director of Finance is hereby authorized to transfer the existing encumbrances in an amount not to exceed $2,800,000.00 in Account Nos. AL-3421-898022-B for the Auditorium-Plaza Garage Improvements Project to Account No. AL-3425-898022-B-89000291.

Section 14. That the appropriation in the following account of Fund No. 3421, the KCMAC 06A Auditorium Plaza Garage Fund, is hereby reduced by the following amount:

AL-3421-898022-B Buildings CD2 $ 2,800,000.00

Section 15. That the Fund No. 3426, the KCMAC Series 2006B-KCMAC 1996B Refunding Revenue Bond Fund is hereby established in the records of the City of Kansas City, Missouri.

Section 16. That the revenue in the following accounts of Fund No. 3426 the KCMAC Series 2006B- KCMAC 1996B Refunding Revenue Fund is hereby estimated in the following amounts:

AL-3426-120000-590000 Proceeds from Sale of Bonds $ 18,465,000.00

AL-3426-120000-485100 Premium on Bonds Sold 51,241.00

TOTAL $ 18,516,241.00

Section 17. That the sum of $18,516,241.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3426, the KCMAC Series 2006B-KCMAC 1996B Refunding Revenue Fund to the following accounts:

AL-3426-129620-B Bond Issue Expense $ 160,967.00

AL-3426-129631-B Underwriter Discount 54,526.00

AL-3426-129632-B Original Issue Discount 72,466.00

AL-3426-129671-B Defeasance of Series KCMAC

Series 1996B 18,228,282.00

TOTAL $ 18,516,241.00

Section 18. That the appropriation in the following account of Fund No. 1000, the General Fund is hereby reduced by the following amount:

07-1000-129608-G Debt Service KCMAC Series-Kemper $ 113,287.00

Section 19. That the Director of Finance is hereby designated as requisitioning authority for Account Nos. AL-3950-129611-B, AL-3950-129998-903425, AL-3425-129620-B, AL-3425-129631-B, AL-3425-129632-B, AL-3425-129998-901000, AL-3425-129671-B, AL-3425-129686-B, 07-5370-129610-G, AL-3426-129620-B, AL-3426-129631-B, AL-3426-129632-B, AL-3426-129671-B, that Director of Public Works is hereby designated requisitioning authority for Account Nos. AL-3425-898022-B, AL-3425-897240-B, 07-2160-899755-G, 07-1000-898017-B.

Section 20. 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 21. That the First Amendment to Seventh Supplemental Indenture (the "First Amendment") is hereby approved in substantially the form on file in the office of the Director of Finance and the Director of Finance is authorized to execute and deliver the First Amendment with such changes therein and additions thereto as the Director of Finance deems necessary or appropriate.

Section 22. That the ordinance is recognized as an emergency measure within the provisions of Section 15, Article II of the Charter of Kansas City, 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.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney