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Legislation #: 130584 Introduction Date: 7/25/2013
Type: Ordinance Effective Date: none
Sponsor: None
Title: Estimating and appropriating $300,000.00 in the Maintenance Reserve Fund; moving appropriated funds in the Maintenance Reserve Fund to the correct account; and designating requisitioning authority.

Legislation History
DateMinutesDescription
7/25/2013 Filed by the Clerk's office
7/25/2013 Referred to Neighborhoods, Housing & Healthy Communities
7/31/2013 Advance and Do Pass, Debate
8/1/2013 Passed

View Attachments
FileTypeSizeDescription
130584.pdf Authenticated 150K Authenticated
MORE Fact Sheet 13-0584 - Rvsed.doc Fact Sheet 115K Fact Sheet
130584 Approp Admin.pdf Other 11K Admin
130584 Fiscal Note.pdf Fiscal Note 15K Fiscal Note
130584 Fact Sheet.pdf Fact Sheet 388K Fact Sheet
MORE.pdf Other 178K Other

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ORDINANCE NO. 130584

 

Estimating and appropriating $300,000.00 in the Maintenance Reserve Fund; moving appropriated funds in the Maintenance Reserve Fund to the correct account; and designating requisitioning authority.

 

WHEREAS, the Kansas City Missouri Rehabilitation Maintenance Corporation was established as a general non-profit corporation with the State of Missouri in 1975 with the specific purpose to contract with owners of residential property in Kansas City, Missouri to perform maintenance on such property after rehabilitation to preserve the benefit of such rehabilitation for the community as a whole; and

 

WHEREAS, the name of the corporation was changed to Kansas City Maintenance Reserve Corporation (MRC) in 1977; and

 

WHEREAS, the MRC Board of Directors has approved $250,000.00 of its Maintenance Reserve Fund be used in an Escrow Fund to participate with the Missouri Housing Development Commission (MHDC) on the Missouri Reinvesting in Neighborhoods (MORE) Loan Program and $50,000.00 to be used for administrative expenses of the MRC; and

 

WHEREAS, the Maintenance Reserve Fund is held in a City account; and

 

WHEREAS, the Escrow Fund will leverage approximately $5 million dollars of private mortgage financing for low and moderate income homebuyers by encouraging lenders’ participation in private mortgage offerings to homebuyers of residential property in Kansas City, Missouri developed by not for profit organizations; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That revenue is estimated in the following account of the Maintenance Reserve Fund:

 

Al-6930-570000-481000 Contr from Maintenance Reserve Corp. $300,000.00

Section 2. That the sum of $300,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Maintenance Reserve Fund to the following accounts in the Maintenance Reserve Fund:

AL-6930-572127-A Maintenance Reserve Program $ 50,000.00

AL-6930-572127-B Maintenance Reserve Program 250,000.00

TOTAL $300,000.00

 

Section 3. That the appropriation in the following account of the Maintenance Reserve Fund is hereby reduced by the following amount:

 

AL-6930-102999-B Maintenance Reserve $ 62,464.36

 

Section 4. That the sum of $62,464.36 is hereby appropriated from the Unappropriated Fund Balance of the Maintenance Reserve Fund into the following account of the Maintenance Reserve Fund:

 

AL-6930-572127-B Maintenance Reserve Program $ 62,464.36

 

Section 5. That the Director of Neighborhoods and Housing Services Department is designated as the requisitioning authority for AL-6930-572127.

 

_____________________________________________

 

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.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Nicole Rowlette

Assistant City Attorney