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Legislation #: 940064 Introduction Date: 1/20/1994
Type: Resolution Effective Date: 2/3/1994
Sponsor: COUNCILMEMBER ROBINSON
Title: Declaring the official intent of the City to reimburse itself for certain expenditures made for the Housing Project on Hospital Hill pursuant to United States Treasury Regulation 1.150-2.

Legislation History
DateMinutesDescription
1/20/1994

Prepare to Introduce

1/20/1994

Referred Finance Committee

1/26/1994

Be Adopted

1/27/1994

Assigned to Third Read Calendar

2/3/1994

Adopted


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RESOLUTION NO. 940064

 

Declaring the official intent of the City to reimburse itself for certain expenditures made for the Housing Project on Hospital Hill pursuant to United States Treasury Regulation 1.150-2.

 

WHEREAS, the City of Kansas City, Missouri (the "City") is a political subdivision organized and existing under the Constitution and the laws of the State of Missouri; and

 

WHEREAS, the City may have incurred certain expenditures within the last 60 days and expects to incur certain expenditures on and after the date hereof (the "Expenditures") which have been or will be paid from the 310 Fund, an account maintained by the City for the purpose of financing the relocation of the Todd Hall Health Facility; which Expenditures will be used to pay certain land acquisition, relocation and site preparation costs for the Housing Project (the "Project"); and

 

WHEREAS, the City has determined that the funds to be used to pay these Expenditures with respect to the Project are or will be available for a temporary period and it is necessary to reimburse the City for these Expenditures from the proceeds of certain revenue bonds expected to be issued by Kansas City Municipal Assistance Corporation in 1994 (the "Bonds"); and

 

WHEREAS, as of the date hereof, there are no funds from sources other than the proceeds of the Bonds that are, or are reasonably expected to be, reserved, allocated on a long term basis, or otherwise set aside by the City pursuant to its budget or financial policy with respect to these Expenditures; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City declares the intent of the City to reimburse itself for certain Expenditures made within 60 days prior to or on and after the date hereof with respect to the Project with proceeds of the Bonds. The maximum amount of proceeds expected from the Bonds to be issued for the Project is $2,200,000.00.

 

Section 2. That this resolution shall constitute a declaration of official intent under Treasury Regulation Section 1.150-2.

 

Section 3. That the Expenditures for which the City will reimburse itself pursuant to this Resolution are "original expenditures," as defined in Treasury Regulation Section 1.150- 2(c), which qualify under Treasury Regulation Section 1.150- 2(d)(3).

 

Section 4. That the adoption of this resolution is consistent with the budgetary and financial circumstances of the City.

 

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