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Legislation #: 120993 Introduction Date: 11/15/2012
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER CIRCO
Title: Reducing the Contingent Appropriation of the General Fund in the amount of $600,000.00 and appropriating that sum to Account 13-1000-552140-B HEDFC Administration to provide additional funding for expenses associated with the termination of the receivership in City of Kansas City, Missouri v. Housing and Economic Development Financial Corporation, Case No. 05-00368-CV-W-GAF.

Legislation History
DateMinutesDescription
11/15/2012 Filed by the Clerk's office
11/15/2012 Referred to Finance, Governance & Ethics Committee
11/19/2012 Hold On Agenda (12/5/2012)
12/12/2012 Hold Off Agenda
7/17/2013 Release
7/19/2013 Released

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ORDINANCE NO. 120993

Reducing the Contingent Appropriation of the General Fund in the amount of $600,000.00 and appropriating that sum to Account 13-1000-552140-B HEDFC Administration to provide additional funding for expenses associated with the termination of the receivership in City of Kansas City, Missouri v. Housing and Economic Development Financial Corporation, Case No. 05-00368-CV-W-GAF.

WHEREAS, the City filed the lawsuit styled City of Kansas City, Missouri v. Housing and Economic Development Financial Corporation, Case No. 05-00368-CV-W-GAF in the U.S. District Court for the Western District of Missouri, Western Division and asked the Court to place the defendant Housing and Economic Development Financial Corporation into a receivership and appoint a receiver; and

WHEREAS, the Court did place the Housing and Economic Development Financial Corporation into a receivership and appoint a receiver; and

  WHEREAS, pursuant to a current Court order, the receivership is to be terminated by no later than October 31, 2013; and 

WHEREAS, the receiver projects that the remaining costs and expenses of winding down the operations of, and dissolving, Housing and Economic Development Financial Corporation and complying with the Court’s other orders relating to termination of the receivership will exceed by $600,000.00 the Community Development Block Grant and HOME program income that will remain in the accounts of the Housing and Economic Development Financial Corporation after the City’s requests for HOME funds have been satisfied; and 

WHEREAS, there are no currently budgeted funds included in the FY 2012-13 budget to cover these costs; NOW, THEREFORE, 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY;

 Section 1. That the following account in the General Fund is reduced by the following amount:

13-1000-171990-B Contingent Appropriation $600,000.00

Section 2. That $600,000.00 is appropriated from the Unappropriated Fund Balance of the General Fund to the following account:

13-1000-552140-B HEDFC – Administration $600,000.00

Section 3. That the Director of Neighborhoods and Housing Services Department is hereby authorized to expend the sum of $600,000.00 from funds appropriated to Account No. 13-1000-5522140-B for the remaining costs and expenses of winding down the operations of, and dissolving, Housing and Economic Development Financial Corporation and complying with the Court’s orders relating to termination of the receivership.

 

_____________________________________________

 

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.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality: 

 

 

___________________________________

Galen P. Beaufort

Senior Associate City Attorney