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Legislation #: 210046 Introduction Date: 1/14/2021
Type: Ordinance Effective Date: none
Sponsor: None
Title: Renaming Fund No. 3441 the Taxable Special Obligation Series 2021B Bond Fund; estimating and appropriating $1,248,026.00 in the Taxable Special Obligation Series 2021B Bond Fund to fund an irrigation system at the Hodge Park and Shoal Creek Golf Courses (“Project”); designating requisitioning authority; and authorizing the Director of Finance to close project accounts upon completion.

Legislation History
DateMinutesDescription
1/13/2021 Filed by the Clerk's office
1/14/2021 Referred to Finance, Governance and Public Safety Committee
1/27/2021 Do Pass
1/28/2021 Assigned to Third Read Calendar
2/4/2021 Passed

View Attachments
FileTypeSizeDescription
210046.pdf Authenticated 79K Authenticated Ordinance
Fiscal Note Golf Bond Ordinance 210046.pdf Fiscal Note 191K Fiscal Note
Fact Sheet Golf Bond Ordinance 210046.pdf Fact Sheet 152K Fact Sheet
ACCOUNTING FORMS Golf Irrigation Ordinance 210046.pdf Other 54K Admin Approp

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ORDINANCE NO. 210046

 

Renaming Fund No. 3441 the Taxable Special Obligation Series 2021B Bond Fund; estimating and appropriating $1,248,026.00 in the Taxable Special Obligation Series 2021B Bond Fund to fund an irrigation system at the Hodge Park and Shoal Creek Golf Courses (“Project”); designating requisitioning authority; and authorizing the Director of Finance to close project accounts upon completion.

 

WHEREAS, Shoal Creek Golf Course currently uses City water to irrigate costing between $210,000.00 and $260,000.00 annually; and

WHEREAS, Hodge Park Golf Course is currently irrigated out of a 15-acre lake located on Hodge Park Golf Course; and

 

WHEREAS, this 15-acre lake has adequate capacity to supply water to irrigate both golf courses; and

 

WHEREAS, Shoal Creek Golf Course will also be irrigated out of this 15-acre lake after the completion of the project; and

 

WHEREAS, the cost of the project will be funded with the issuance of taxable special obligation bonds in Spring 2021 and the payment of scheduled debt service payments on the bonds will be made by annual appropriation of monies from general municipal revenues over a successive ten (10) year period with the primary source of repayment expected to be golf course and parks sales tax revenues; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Fund No. 3441 is hereby renamed the Taxable Special Obligation Series 2021B Bond Fund in the records of the City of Kansas City, Missouri.

 

Section 2. That the revenue in the following account of the Taxable Special Obligation Series 2021B Bond Fund is hereby estimated in the following amount:

 

AL-3441-120000-590000 Bond Proceeds $1,248,026.00

Section 3. That the sum of $1,248,026.00 is hereby appropriated from the Unappropriated Fund Balance of the Special Obligation Taxable Series 2021B Bond Fund to the following account:

 

AL-3441-707700-B-70205050 Golf Course Irrigation System $1,228,026.00

AL-3441-129620-B Cost of Issuance 20,000.00

TOTAL $1,248,026.00


 

Section 4. That the Director of Parks and Recreation is designated as requisitioning authority for Account No. AL-3441-707700 and that the Director of Finance is hereby designated as requisitioning authority for Account No. AL-3441-129620.

 

Section 5. That the Director of Finance is hereby authorized to close project accounts, encumbrances and retainage related to the accounts in Section 3, and return the unspent portion to the fund balance from which it came upon the earliest of: (i) Project’s completion; (ii) final maturity of financing, or (iii) five years after issuance.

 

_____________________________________________

 

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.

 

 

___________________________________

Tammy L. Queen

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Katherine Chandler

Assistant City Attorney