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Legislation #: 020044 Introduction Date: 1/10/2002
Type: Ordinance Effective Date: 2/3/2002
Sponsor: None
Title: Authorizing the execution and delivery of a Loan Agreement with the Missouri Department of Natural Resources, in connection with loan financing for the purpose of providing matching funds for grants from the State of Missouri to finance a portion of the costs of a stormwater project of the City of Kansas City, Missouri, appropriating $105,600.00 from the Stormwater Fund to pay for debt service payment for fiscal year 2002, designating requisitioning authority, and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
1/10/2002

Prepare to Introduce

1/10/2002

Referred Finance and Audit Committee

1/16/2002

Do Pass

1/17/2002

Assigned to Third Read Calendar

1/24/2002

Passed


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ORDINANCE NO. 020044

 

Authorizing the execution and delivery of a Loan Agreement with the Missouri Department of Natural Resources, in connection with loan financing for the purpose of providing matching funds for grants from the State of Missouri to finance a portion of the costs of a stormwater project of the City of Kansas City, Missouri, appropriating $105,600.00 from the Stormwater Fund to pay for debt service payment for fiscal year 2002, designating requisitioning authority, and authorizing certain other actions pursuant thereto.

 

WHEREAS, the City of Kansas City, Missouri (the "City") has undertaken a project for the planning, acquisition, construction, improvement, repair, rehabilitation or extension of the City's stormwater sewers, including connected and related appurtenances and facilities and extensions, improvements, additions and enlargements made or acquired by the City (the "Stormwater Management Facilities") (the "Project"), and has applied for grant funding from the State of Missouri (the "State") to finance a portion of the costs of the Project; and

 

WHEREAS, the City wishes to obtain loan financing from the Missouri Department of Natural Resources ("MDNR"), acting on behalf of the State, to provide matching funds for such grants; and

 

WHEREAS, in the calendar year ending December 31, 2000, the City obtained grant financing of $1,275,000.00 and loan financing of $1,275,000.00 to provide matching funds for the grant; and

 

WHEREAS, the City intends to continue to seek grant and matching loan financing for the Project on an ongoing basis as the Project proceeds and costs accrue; and

 

WHEREAS, the grant financing being sought by the City for the calendar year ending December 31, 2001 is $1,288,626.00 and the 2001 loan financing to provide matching funds being sought by the City is $2,197,356.00; and

 

WHEREAS, the grant financing being sought by the City for the calendar year ending December 31, 2002 is $1,265,841.00 and the 2002 loan financing to provide matching funds being sought by the City is $3,665,644.00; and

 

WHEREAS, the 2001 and 2002 grant and loan financings are being combined into one financing proposal to be funded in 2002; and

 

WHEREAS, the City has selected the firms of McDowell, Rice, Smith & Gaar, a Professional Corporation, and the Hardwick Law Firm, LLC to act as co-loan counsel in connection with the obtaining of any matching fund loans to finance the Project; and

 

WHEREAS, it is the desire and intent of the Council to authorize the execution and delivery of a Loan Agreement with MDNR acting on behalf of the State to provide for the loan financing; NOW, THEREFORE,

 


BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council does hereby authorize and approve the execution and delivery of the Loan Agreement with MDNR acting on behalf of the State in connection with the Project.

 

Section 2. That the sum of $105,600.00 is hereby appropriated from the Unappropriated Fund Balance of the Stormwater Fund to the following account of the Stormwater Fund:

 

02-861-080-9600-G Debt Service $ 105,600.00

 

Section 3. That the Director of Water Services is hereby designated as the requisitioning authority for Account No. 02-861-080-9600-G.

 

Section 4. That the Council does hereby authorize and approve the execution and delivery of the Escrow Trust Agreement with the Paying Agent/Escrow Agent selected by the Director of Finance in connection with the Project.

 

Section 5. That the Council does hereby authorize the selection of the firms of McDowell, Rice, Smith & Gaar, a Professional Corporation, and the Hardwick Law Firm, LLC to act as co-loan counsel in connection with the obtaining of any matching fund loans to finance the Project.

 

__________________________________________________________________

 

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

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney