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Legislation #: 160290 Introduction Date: 4/14/2016
Type: Ordinance Effective Date: 4/22/2016
Sponsor: None
Title: Renaming Fund No. 3433 from Series 2016A Tax-Exempt Bonds Fund to the Series 2016 Tax-Exempt Bonds Fund; reducing appropriations and transferring $9,757.74 from the 2008B KCMO Special Obligation Fund and $969,683.00 from the 2008A KCMO Special Obligation Fund to the Series 2016 Tax-Exempt Bonds Fund; reducing additional appropriations from the 2008A KCMO Special Obligation Fund by $115,801.84; estimating revenues in the amount of $245,173,916.04 and appropriating $266,573,916.04 in the Series 2016 Tax-Exempt Bonds Fund; estimating revenues in the amount of $21,670,000.00 and appropriating $270,000.00 in the Special Obligation Taxable Series 2016B; reducing estimations in the amount of $21,400,000.00 in the Special Obligation Taxable Series 2016B and reducing appropriations in the amount of $21,400,000.00 in the Series 2016 Tax-Exempt Bonds Fund; transferring $12.93 from the 2008 KCMO Special Obligation Bond Fund to the TIF Special Allocation Debt Fund; transferring $846,032.00 from the Capital Improvements Fund to the 2008A KCMO Special Obligation Bond Fund; designating requisitioning authority; authorizing the Director of Finance to close project accounts; and recognizing this ordinance as having an accelerated effective date.

Legislation History
DateMinutesDescription
4/14/2016 Filed by the Clerk's office
4/14/2016 Referred to Finance and Governance Committee
4/20/2016 Advance and Do Pass, Debate
4/21/2016 Passed

View Attachments
FileTypeSizeDescription
160290.pdf Authenticated 212K Authenticated
160290 Approp and Admin.pdf Other 441K 160290 Accounting Forms
160290 Fact Sheet.pdf Fact Sheet 122K 160290 Fact Sheet

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ORDINANCE NO. 160290

 

Renaming Fund No. 3433 from Series 2016A Tax-Exempt Bonds Fund to the Series 2016 Tax-Exempt Bonds Fund; reducing appropriations and transferring $9,757.74 from the 2008B KCMO Special Obligation Fund and $969,683.00 from the 2008A KCMO Special Obligation Fund to the Series 2016 Tax-Exempt Bonds Fund; reducing additional appropriations from the 2008A KCMO Special Obligation Fund by $115,801.84; estimating revenues in the amount of $245,173,916.04 and appropriating $266,573,916.04 in the Series 2016 Tax-Exempt Bonds Fund; estimating revenues in the amount of $21,670,000.00 and appropriating $270,000.00 in the Special Obligation Taxable Series 2016B; reducing estimations in the amount of $21,400,000.00 in the Special Obligation Taxable Series 2016B and reducing appropriations in the amount of $21,400,000.00 in the Series 2016 Tax-Exempt Bonds Fund; transferring $12.93 from the 2008 KCMO Special Obligation Bond Fund to the TIF Special Allocation Debt Fund; transferring $846,032.00 from the Capital Improvements Fund to the 2008A KCMO Special Obligation Bond Fund; designating requisitioning authority; authorizing the Director of Finance to close project accounts; and recognizing this ordinance as having an accelerated effective date.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the name of the 2016A Tax-Exempt Bond Fund is hereby changed to the Series 2016 Tax-Exempt Bonds Fund.

 

Section 2. That the appropriation in the following account of the 2008B KCMO Special Obligation Fund is hereby reduced by the following amount:

 

AL-3455-129686-B Rebate Costs $ 9,757.74

 

Section 3. That the sum of $9,757.74 is hereby appropriated from the Unappropriated Fund Balance of the 2008B KCMO Special Obligation Fund to the following account:

 

AL-3455-129998-903433 Transfer to Series 2016 Tax-

Exempt Bond Fund $ 9,757.74

 

Section 4. That the appropriations in the following accounts of the 2008A KCMO Special Obligation Bond Fund are hereby reduced by the following amounts:

 

AL-3330-129671-B Defeasance $ .08

AL-3330-129631-B Underwriters’ Discount .50

AL-3330-878025-C Buildings-CD5 2.41

AL-3330-878025-B Buildings-CD5 6.79

AL-3330-878025-A Buildings-CD5 26.62

AL-3330-647000-B Grand Avenue Development 2,172.53

AL-3330-129686-B Rebate Cost 12,856.00

AL-3330-878025-B Buildings-CD5 25,720.40

AL-3330-078025-B Buildings-CD5 32,041.51

AL-3330-078025-B Buildings-CD5 42,975.00

TOTAL $ 115,801.84

 

Section 5. That the sum of $969,695.93 is hereby appropriated from the Unappropriated Fund Balance of the 2008A KCMO Special Obligation Fund to the following accounts:

 

AL-3330-129998-903433 Transfer to Series 2016 Tax-

Exempt Bonds Fund $ 969,683.00

AL-3330-129998-905150 Transfer to TIF Special Allocation

Debt Fund 12.93

TOTAL $ 969,695.93

 

Section 6. That the revenue in the following accounts of the Series 2016 Tax-Exempt Bonds Fund is hereby estimated in the following amounts:

 

AL-3433-120000-590000 Proceeds from Sale of Bonds $203,220,171.00

AL-3433-120000-485100 Premium on Bonds 40,974,304.30

AL-3433-120000-503455 Transfer from KCMO Special

Obligation Bond Fund Series

2008B Fund 9,757.74

AL-3433-120000-503330 Transfer from KCMO Special

Obligation Bond Fund Series

2008A Fund 969,683.00

TOTAL $245,173,916.04

 

Section 7. That the sum of $266,573,916.04 is hereby appropriated from the Unappropriated Fund Balance of the Series 2016 Tax-Exempt Bond Fund to the following accounts:

 

AL-3433-129620-B Cost of Issuance $ 810,127.95

AL-3433-129686-B Arbitrage Rebate Calculation 47,849.73

AL-3433-129632-B Discount on Sale of Bonds 425,584.65

AL-3433-129631-B Underwriters’ Discount 1,233,239.80

AL-3433-129671-B Defeasance of Series 2008A 18,308,006.85

AL-3433-129671-B Defeasance of Series KCMAC

2006A 15,930,827.08

AL-3433-129671-B Defeasance of Series 2008B 29,098,101.88

AL-3433-129671-B Defeasance of Series 2008C 200,720,178.10

TOTAL $266,573,916.04

 


Section 8. That the appropriation in the following account of the Series 2016 Tax-Exempt Bond Fund is hereby reduced by the following amount:

 

AL-3433-129998-903434 Transfer to Fund 3434, the Special

Obligation Taxable Series 2016B

Bond Fund $ 21,400,000.00

 

Section 9. That the revenue in the following account of Fund 3434, the Special Obligation Taxable Series 2016B Bond Fund, is hereby estimated in the following amount:

 

AL-3434-120000-590000 Proceeds from Sale of Bonds $ 21,670,000.00

 

Section 10. That the revenue in the following account of Fund 3434, the Special Obligation Taxable Series 2016B Bond Fund, is hereby reduced by the following amount:

 

AL-3434-120000-503433 Transfer from Series 2016A, 2016C,

2016D and 2016E Tax-Exempt

Bond Fund $ 21,400,000.00

Section 11. That the sum of $270,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3434, Special Obligation Taxable Series 2016B Bond Fund to the following accounts:

 

AL-3434-129620-B Cost of Issuance-2016B $ 153,127.46

AL-3434-129631-B Underwriters’ Discount 116,872.54

TOTAL $ 270,000.00

 

Section 12. That the revenue in the following account of Fund 5150, the TIF Special Allocation Debt Fund, is hereby estimated in the following amount:

 

16-5150-120000-503330 Transfer from KCMO Special

Obligation Bond Fund Series

2008A Fund $ 12.93

 

Section 13. That the sum of $846,032.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3090, the Capital Improvements Fund to the following account:

 

16-3090-129998-903330 Transfer to Fund 2008A KCMO

Special Obligation Bond Fund $ 846,032.00

 


 

Section 14. That the revenue in the following account of Fund No. 3330, the 2008A KCMO Special Obligation Bond Fund, is hereby estimated in the following amount:

 

AL-3330-120000-503090 Transfer from the Capital

Improvements Fund $ 846,032.00

Section 15. That the Director of Finance is hereby designated as requisitioning authority for Account Nos. AL-3455-129998-903433, AL-3330-129998-903433, AL-3330-129998-905150, AL-3433-129620, AL-3433-129686, AL-3433-129632, AL-3433-129631, AL-3433-129671, AL-3434-129620, AL-3434-129631 and 16-3090-129998-903330.

 

Section 16. 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 Unappropriated Fund Balance from which it came.

Section 17. That this ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect 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.

 

 

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

Sarah Baxter

Assistant City Attorney