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Legislation #: 071128 Introduction Date: 10/18/2007
Type: Ordinance Effective Date: 11/29/2007
Sponsor: None
Title: Authorizing the Director of Finance to execute a direct loan agreement and promissory note with the Missouri Transportation Finance Commission and the Missouri Highways and Transportation Commission in the amount of $10,000,000.00; stating the intent of the Council regarding the provision of funds to repay this obligation; directing the City Manager to report to Public Improvements Advisory Committee on the use of Isle of Capri lease revenues; estimating revenue and appropriating $2,000,000.00 in loan proceeds in FY 08; designating requisitioning authority; authorizing the City to reimburse itself for certain expenditures; authorizing the Director of Finance to close project accounts upon completion; and recognizing an emergency.

Legislation History
DateMinutesDescription
10/18/2007 Filed by the Clerk's office
10/18/2007 Referred to Finance and Audit Committee
10/24/2007 Hold On Agenda (10/31/2007)
10/31/2007 Hold On Agenda (11/7/2007)
11/7/2007 Hold On Agenda (11/19/2007)
11/19/2007 Hold On Agenda (11/28/2007)
11/28/2007 Advance and Do Pass Third Committee Substitute, Debate
11/29/2007 Passed As Third Substitute

View Attachments
FileTypeSizeDescription
071128.pdf Authenticated 107K Authenticated
Paseo Bridge Interchange Proforma.xls Other 20K Proforma
Final 2007 MTFC Loan E_A.xls Other 334K Loan E & A
Final 2007 MTFC Loan Fact Sheet.xls Fact Sheet 41K Fact Sheet
Final 2007 MTFC Loan Fiscal Note.xls Fiscal Note 28K fiscal note

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THIRD COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 071128

 

Authorizing the Director of Finance to execute a direct loan agreement and promissory note with the Missouri Transportation Finance Commission and the Missouri Highways and Transportation Commission in the amount of $10,000,000.00; stating the intent of the Council regarding the provision of funds to repay this obligation; directing the City Manager to report to Public Improvements Advisory Committee on the use of Isle of Capri lease revenues; estimating revenue and appropriating $2,000,000.00 in loan proceeds in FY 08; designating requisitioning authority; authorizing the City to reimburse itself for certain expenditures; authorizing the Director of Finance to close project accounts upon completion; and recognizing an emergency.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is authorized to execute a direct loan agreement with the Missouri Transportation Finance Commission and the Missouri Highways and Transportation Commission to provide for a loan to the City in the total amount of $10,000,000.00 for the construction of a single point urban interchange in conjunction with the kcICON project.

 

Section 2. That the Director of Finance is authorized to execute a promissory note to provide for repayment of the loan with principal and interest in an approximate amount of $11,966,167.00 over a ten year period.

 

Section 3. That the City Council hereby states its intent to allocate all new revenues generated from a Commercial Improvement District or Transportation Development District overlay over the current Isle of Capri casino site, and all land rent revenues generated above $3 million per year that is received from the current Isle of Capri casino operation towards project debt service and therefore reduce the funds needed from the Capital Improvement Sales Tax to fully repay this loan.

 

Section 4. That the Council hereby directs the City Manager to provide the Public Improvements Advisory Committee with an annual report listing the uses of the Citys portion of lease revenues from the Isle of Capri Casino.

 

Section 5. That the revenue in the following account of the Capital Improvements Fund is hereby estimated in the following amount:

 

08-3090-890001-590201 Proceeds from MTFC Loan $2,000,000.00

 

Section 6. That the sum of $2,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account in the Capital Improvements Fund:

 

08-3090-898017-F Paseo Bridge Interchange $2,000,000.00

 

Section 7. That the Director of Public Works is hereby designated as requisitioning authority for Account Number 08-3090-898017.

 

Section 8. That the City declares its intent to reimburse itself for certain expenditures made with respect to the kcICON Project with the proceeds of the MTFC Loan. The maximum principal amount of loan proceeds expected to be obtained for the kcICON Project is not to exceed $10,000,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

Section 9. That the Director of Finance is hereby authorized to close project accounts upon project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

 

Section 10. That this ordinance is recognized as an emergency ordinance under the Section 503 of the Charter and takes effect immediately upon passage in accordance with that 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.

 

 

_______________________

Wanda J. Gunter

Acting Director of Finance

 

Approved as to form and legality:

 

 

_______________________

Heather A. Brown

Assistant City Attorney