COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 030363

Amending Committee Substitute for Ordinance No. 001246, providing for the use of funds for maintenance and upkeep costs of the Liberty Memorial and Museum.

WHEREAS, the citizens of Kansas City approved a one-half cent sales tax on August 4, 1998, for the purpose of funding the restoration 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; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That Committee Substitute for Ordinance No. 001246 is hereby amended by repealing Section 4 and enacting in lieu thereof a new Section 4 to read as follows:

Section 4. The investment income shall be available for expenditure under the procedure of this ordinance for capital maintenance costs and for routine maintenance and upkeep costs. Up to forty-five (45) percent of the interest earned from the endowment may be used for the routine maintenance and upkeep costs of the Liberty Memorial and Museum. 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 2. That all other sections set forth in Committee Substitute for Ordinance No. 001246, shall remain in full force and effect.

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Approved as to form and legality:

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Assistant City Attorney