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Last Published: 11/13/2008 11:14:58 AM
KANSAS CITY COUNCIL RECORD
 
Upon Roll Call the following members were present:
Present:4 - DEB HERMANN, JAN MARCASON, SHARON SANDERS BROOKS, BETH GOTTSTEIN
Excused:1 - RUSS JOHNSON
 

081013
(Sub.)
Authorizing the Director of Finance to execute a contract with Bank of America for banking services.


FINANCE AND AUDIT COMMITTEE recommends "DO PASS AS A COMMITTEE SUBSTITUTE"
Tammy McQueen, Finance Department, testified before the committee on this ordinance. This ordinance would allow the department to outsource work to the bank. Randy Landes, City Treasurer, testified on this item also.
Ayes: 4 - Hermann, Marcason, Sanders Brooks, Gottstein
Nays: 0

081014
(Sub.)
Authorizing the Director of Finance to execute a contract with Commerce Bank for banking services.


FINANCE AND AUDIT COMMITTEE recommends "DO PASS AS A COMMITTEE SUBSTITUTE"
Tammy McQueen, Finance Department, testified that this ordinance would allow the City to enter an agreement with Commerce Bank. This agreement would provide for regular banking services, along with lockbox operations for various departments and the city's payroll account. Randy Landes, City Treasurer, also testified.
Ayes: 4 - Hermann, Marcason, Sanders Brooks, Gottstein
Nays: 0

081030
Approving the termination of a swap agreement relating to certain bonds previously issued by The Industrial Development Authority of the City of Kansas City, Missouri and the entering into of one or more substitute and replacement swap agreements by such Issuer relating to certain bonds previously issued by such Issuer; approving and authorizing certain documents and actions relating to the swap agreement relating to such bonds.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS, DEBATE"
Randy Landes, City Treasurer, talked about the financial situation the City was finding itself in with regards to one of their bondholders. Lehman Brothers had filed for bankruptcy and at the present time the City is not sure where it stands on the financial end of things. It is possible that the city would have to pay $2 million dollars to the original bondholder. This ordinance would allow the City the authority to enter into an agreement with a different bondholding company.
Ayes: 4 - Hermann, Marcason, Sanders Brooks, Gottstein
Nays: 0

080314
(Sub.)
Authorizing a cooperative agreement for public improvements with HD Lee Building, LLC, in the amount of $500,000.00.


FINANCE AND AUDIT COMMITTEE recommends "HOLD ON AGENDA (10/22/2008)"
This item was held one week.

081028
(Sub.)
Estimating revenue in the amount of $500,000.00 in the 2008 Special Obligation Bond Fund and appropriating it; authorizing the Director of City Development to enter into a cooperative agreement with the Land Clearance for Redevelopment Authority in the total amount of $3,900,000.00 for property acquisition and relocation to further the redevelopment of the Columbus Park Urban Renewal Area; and appropriating the Supplemental Leased Property Budget.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS AS A COMMITTEE SUBSTITUTE, DEBATE"
Shawn Hughes, City Planning, explained that this ordinance allowed the city to enter into an agreement with Land Clearance for Redevelopment (LCRA) for continued redevelopment services in the Columbus Park area. The funding would be from previously approved bonds and money from casino revenues. Joe Egan, LCRA, was on hand to answer questions.
Ayes: 4 - Hermann, Marcason, Sanders Brooks, Gottstein
Nays: 0
 
 Staff from the City Auditor's Office will present the "Performance Audit: Governance Assessment 2008." Gary White, City Auditor, gave a report on the state of governance for boards and commissions who receive funding from the City. He gave an overview of the purpose for the audit, what the outcomes of the audit were and what recommendations had been made by his department. (Handouts regarding the audit are on file in the Office of the City Clerk.) Councilwoman Brooks talked about getting the Internal Auditor to come and speak on the training he had provided for board and commission members that needed instruction on how to submit their financial information to the city in order to be in compliance with state statutes. There may be general discussion(s) on current Finance and Audit Committee issues. The Finance and Audit Committee may hold a Closed Session pursuant to Sections 610.021 (1), (2), (3), or (12) RSMo to discuss legal matters, real estate, personnel or sealed proposals.