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Legislation #: 090677 Introduction Date: 8/6/2009
Type: Ordinance Effective Date: 9/13/2009
Sponsor: None
Title: Reestablishing the financial policies governing the use of the Liberty Memorial Endowment principal and earned investment income; and providing for an increase in the percentage of interest earnings which may be used for upkeep and maintenance from 45% to 90% for FY 2009-11 only.

Legislation History
DateMinutesDescription
8/5/2009 Filed by the Clerk's office
8/6/2009 Referred to Finance and Audit Committee
8/12/2009 Hold On Agenda (8/26/2009)
8/26/2009 Do Pass as a Second Committee Substitute
8/27/2009 Add to Consent Docket
9/3/2009 Passed As Second Substitute

View Attachments
FileTypeSizeDescription
090677.pdf Authenticated 112K AUTHENTICTED
Liberty Memorial Endowment-Fact_Sheet(1)(1).XLS Fact Sheet 48K Fact Sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090677 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090677
Liberty Memorial Endowment-Fact_Sheet(1).XLS Fact Sheet 51K Liberty Memorial Endowment policies - fact sheet
Liberty Memorial Endowment_Fiscal_Note_2009.xls Fiscal Note 41K Liberty Memorial Endowment policies - fiscal note

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SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 090677

 

Reestablishing the financial policies governing the use of the Liberty Memorial Endowment principal and earned investment income; and providing for an increase in the percentage of interest earnings which may be used for upkeep and maintenance from 45% to 90% for FY 2009-11 only.

WHEREAS, the citizens of Kansas City approved a one-half cent sales tax on August 4, 1998, for the purpose of funding the restoration of the Liberty Memorial and to establish an endowment for future maintenance of the Memorial and Memorial Museum; and

WHEREAS, the City Council adopted Committee Substitute for Ordinance No. 001246 establishing the policy for investment and expenditure of monies in the Liberty Memorial Endowment; and

WHEREAS, the Board of Parks and Recreation Commissioners adopted Resolution No. 25773 requesting the City Council to set aside a portion of the interest funds produced in excess of approximately eighteen (18) million dollars in a separate account established for the maintenance and upkeep costs of the Liberty Memorial and Museum; and

WHEREAS, the City Council with Committee Substitute for Ordinance No. 001246 as approved on October 5, 2000, established a set of financial policies governing the use of the Liberty Memorial Endowment, and

WHEREAS, those governing financial policies were subsequently amended by Ordinance No. 030363 allowing up to 45% of the interest earnings to be used for maintenance and upkeep of the facility; and

WHEREAS, Ordinance No. 050798 authorized the use of up to $10 million in endowment proceeds to construct the expanded Liberty Memorial Museum as long as the resources were paid back; and

WHEREAS, after completion of the Liberty Memorial expansion project and in light of the demands to meet the FY 2009-10 budget needs of the City, it is now time to reestablish the governing financial policies regarding the use of the Liberty Memorial Endowment now and into the future; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The funds which were approved by the voters to be set aside for the maintenance of the Liberty Memorial and Museum from the Liberty Memorial sales tax shall be placed in a separate segregated City fund established to hold the funds. 


Section 2. The investment of the funds shall be as determined by the Citys Investment Committee in accord with the Citys Investment Policy outlined in Chapter 2, Article XIV, Section 2-1950 of the Code of Ordinances, as approved by Ordinance No. 090129.

Section 3. For FY 2009-11 only, up to ninety (90) percent of the annual interest earned from the endowment may be used for the routine maintenance and upkeep costs of the Liberty Memorial and Museum. In subsequent fiscal years up to forty-five (45) percent of the annual interest earned may be used for routine maintenance and upkeep costs at Liberty Memorial and Museum unless otherwise authorized by the Council. If at any time, part or all of the maintenance endowment or its income is needed for capital maintenance, any such funds shall become available and used to cover capital maintenance costs.

Section 4. Expenditures from the investment income generated from the Liberty Memorial Endowment shall be used only for the benefit of the Liberty Memorial and Museum.

Section 5. Expenditures from the available principal of the fund shall only be made after the Board of Parks and Recreation has determined there is a need for expenditure, and the Park Board shall introduce an ordinance describing the need for utilization of such fund for approval by the City Council and Mayor.

________________________________________

 

Approved as to form and legality:

 

 

______________________________

William Geary

Assistant City Attorney