FOR ORDINANCE NO. 050798
Substitute for Ordinance No. 001246 by repealing Section 3 and enacting in its
place a new section 3 to authorize the expenditure of endowment funds;
appropriating funds from the Liberty Memorial Endowment Fund; establishing
requisitioning authority; declaring the intent to reimburse itself for
expenditures made for the project.
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, expansion
of the Liberty Memorial Museum and to establish an endowment for future
maintenance of the Memorial and Memorial Museum; and
the City Council adopted Committee Substitute for Ordinance No. 001246
establishing the policy for investment and expenditure of monies in the Liberty
Memorial Endowment; and
the Committee Substitute for Ordinance No. 030363 amended the policy for
investment and expenditure of monies in the Liberty Memorial Endowment by
allowing up to 45% of the interest earned to be used for routine maintenance
and upkeep of the Liberty Memorial and Museum; and
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
the first issuance of $10 million in general obligation bonds to start the
renovation of the Liberty Memorial Museum Expansion was sold in the fall of
it is the intent of the City Council to issue the remaining $10 million in
bonds for the Liberty Museum expansion in an upcoming bond sale; and
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;
the City of Kansas City is desirous of constructing the Liberty Memorial Museum
as promised to the voters and in a fiscally responsible manner; NOW THEREFORE
ORDAINED BY THE COUNCIL OF KANSAS CITY:
1. That Committee Substitute for Ordinance 001246 is hereby amended by
repealing Section 3 and enacting in lieu thereof a new Section 3 to read as
Section 3. The
principal in the fund, derived from the sales tax, shall never be spent for any
purpose but shall only be invested to generate income, provided, however, that an amount not to exceed $10 million of the principal in
the fund derived from the sales tax may be spent for the purpose of expanding
the Liberty Memorial Museum. The amount used for this purpose will be
reimbursed with the proceeds of general obligation bonds to be issued by the
City pursuant to the authorization in Ordinance No. 040078.
2. That all other sections set forth in Committee Substitute for Ordinance No.
001246 shall remain in full force and effect.
3. That the sum of $5 million 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 $5,000,000.00
4. That the Board of Parks and Recreation Commissioners is hereby designated as
requisitioning authority for Account No. AL-6510-707426.
Section 5. That the City expects to incur capital
expenditures on and after the date of adoption of this ordinance (the
Expenditures), and intends to reimburse itself for such Expenditures solely
from the 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 the Internal Revenue Code of 1986, as
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.
Director of Finance
as to form and legality:
Assistant City Attorney