ORDINANCE NO. 100359
Authorizing the Director of
Finance to negotiate and execute an irrevocable standby letter of credit in the
amount of $659,000.00 with Bank of America for the benefit of United States
Fire Insurance Company and to execute any and all documents related thereto;
appropriating $10,000.00 for this purpose; and recognizing an emergency.
WHEREAS, the collateral required by the workers’ compensation
insurance carrier for the Metropolitan Ambulance Services Trust is secured with
an irrevocable letter of credit and the City must provide a substitute letter
of credit; NOW, THEREFORE,
BE IT ORDAINED BY
THE COUNCIL OF KANSAS CITY:
Section 1. That
the Director of Finance is authorized to negotiate and execute an irrevocable
standby letter of credit in the amount of $659,000.00 with Bank of America for
the benefit of United States Fire Insurance Company and to execute any and all
documents related thereto, and authorizing the Director of Finance to expend $10,000.00
in connection with the letter of credit..
Section 2. That the
sum of $10,000.00 is hereby appropriated from the Unappropriated Fund Balance
of the Workers Compensation Claims Fund to the following account in the Workers
Compensation Claims Fund:
10-1012-232403-B Emergency
Medical Training $10,000.00
Section 3. That this
ordinance is recognized as an emergency measure within the provisions of
Section 503 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:
___________________________________
Alan Holtkamp
Assistant City
Attorney