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Legislation #: 100359 Introduction Date: 4/22/2010
Type: Ordinance Effective Date: 5/1/2010
Sponsor: COUNCILMEMBER SHARP
Title: 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.

Legislation History
DateMinutesDescription
4/22/2010 Filed by the Clerk's office
4/22/2010 Councilmember Sharp Move to Advance
4/22/2010 Passed

View Attachments
FileTypeSizeDescription
100359.pdf Authenticated 63K AUTHENTICATED
fact sheet.doc Advertise Notice 42K fact sheet

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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