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:
_____________________________
Assistant
City Attorney