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Legislation #: 021431 Introduction Date: 11/26/2002
Type: Ordinance Effective Date: 12/15/2002
Sponsor: None
Title: Declaring the City´s intent to reimburse itself in the 309 Fund for capital improvement expenditures up to a maximum of $12,000,000.00 with bond proceeds; reducing an appropriation in the amount of $600,000.00 in the Capital Improvement Fund; appropriating it to the N. Congress/Barry Road to M-152 account of the Capital Improvement Fund; authorizing the Director of Public Works to expend $600,000.00 for the project; and recognizing an emergency.

Legislation History
DateMinutesDescription
11/26/2002

Prepare to Introduce

11/26/2002

Referred Finance and Audit Committee

12/4/2002

Advance and Do Pass as a Committee Substitute

12/5/2002

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 021431

 

Declaring the City's intent to reimburse itself in the 309 Fund for capital improvement expenditures up to a maximum of $12,000,000.00 with bond proceeds; reducing an appropriation in the amount of $600,000.00 in the Capital Improvement Fund; appropriating it to the N. Congress/Barry Road to M-152 account of the Capital Improvement Fund; authorizing the Director of Public Works to expend $600,000.00 for the project; and recognizing an emergency.

 

WHEREAS, the City of Kansas City, Missouri (the "City") is a political subdivision organized and existing under the Constitution and the laws of the State of Missouri; and

WHEREAS, the City may have incurred obligations for certain expenditures within the last 60 days and expects to incur certain expenditures on and after the date hereof (the "Expenditures") which have been or will be paid from the 309 Fund, an account maintained by the City for the purpose of funding capital improvement projects, which expenditures will be used to for design engineering and administration costs for N. Congress, for Barry Road to M-152 Highway (the "Project"); and

WHEREAS, the City has determined that the funds to pay for these Expenditures with respect to the Project is or will be available for a temporary period and it is necessary to reimburse the City for these Expenditures from the proceeds of certain general obligation bonds expected to be issued by the City in fiscal year 2004 (the "Bonds"); and

WHEREAS, as of the date hereof, there are no funds from sources other than the proceeds of the Bonds that are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside by the City pursuant to its budget or financial policy with respect to these Expenditures; and

WHEREAS, the Council authorized the Director of Public Works to enter into an Intergovernmental Agreement with the I-29/Barry Road/M-152 Highway/North Congress Transportation Development District with Ordinance No. 020803, passed July 2, 2002, relating to the design and construction of N.W. Prairie View Road, the design and construction of N. 86th Street, and the design of N. Congress Avenue and the half diamond interchange at Missouri 152 and N. Congress Avenue; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City declares the intent to reimburse itself for certain 309 Fund Expenditures made within 60 days prior to or on and after the date hereof with respect to the Project with proceeds from the Bonds to be issued for the Project up to a maximum of $12,000,000.00.

Section 2. That this Ordinance shall constitute a declaration of official intent under Treasury Regulation Section 1.150-2.


Section 3. That the Expenditures for which the City will reimburse itself in the 309 Fund pursuant to this Ordinance are "original expenditures" as defined in Treasury Regulation Section 1.150-2(c), which qualify under Treasury Regulation Section 1.150-02(d)(3).

Section 4. That the passage of this Ordinance is consistent with the budgetary and financial circumstances of the City.

Section 5. That the appropriation in the following account of the Capital Improvement Fund is hereby reduced in the following amount:

03-309-089-7221-T North Gower/64th to 68th $600,000.00

 

Section 6. That the sum of $600,000.00 is appropriated from the Unappropriated Fund Balance of the Capital Improvement Fund to the following account in the Capital Improvement Fund:

03-309-089-7254-T N. Congress/Barry Road to M-152 $600,000.00

Section 7. That the Director of Public Works s is hereby authorized to expend the sum of $600,000.00 from funds heretofore appropriated to Account No. 03-309-089-7254-T as and for consideration in the aforesaid agreement.

Section 8. That this ordinance is recognized as an emergency measure within the provisions of Article II, Section 15 of the Charter of Kansas City and shall take effect in accordance with said section.

_____________________________________________

 

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