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Legislation #: 141052 Introduction Date: 12/11/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the amendment of bond documents relating to the Special Obligation Bond Anticipation Bonds (Streetcar System Expansion Project), Series 2014D previously issued by the City to provide for the financing of additional projects, including the Garrison Project in the amount of $2,233,000.00, the Bartle Hall Project in the amount of $1,950,000.00 and the 20th Street Streetscape Project in the amount of $800,000.00; approving and authorizing certain documents and actions relating to the amendment of bond documents; reducing $5,239,193.32 of appropriations in Fund 3432, the 2014D Special Obligation Bond Anticipation Fund, and reappropriating the same in the 2014D Special Obligation Bond Anticipation Fund; estimating revenues in the amount of $221,193.32 in Fund 3090, the Capital Improvements Fund, and appropriating the same; authorizing the Director of Finance to borrow $2,500,000.00 from the Water Revenue Fund in accordance with a Memorandum of Understanding and repaying the borrowing with future appropriations in Fund No. 3090, the Capital Improvement Fund; appropriating $2,500,000.00 from unappropriated fund balance in Fund 8010, the Water Revenue Fund; estimating revenue in the amount of $2,500,000.00 in Fund 3090, the Capital Improvements Fund and appropriating the same; authorizing re-appropriation of unexpended and unencumbered balances in Fiscal Year 2015-2016; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; and recognizing an accelerated effective date.

Legislation History
DateMinutesDescription
12/11/2014 Filed by the Clerk's office
12/11/2014 Referred to Finance, Governance & Ethics Committee
12/17/2014 Hold Off Agenda
1/21/2015 Advance and Do Pass as a Committee Substitute, Debate
1/22/2015 Councilmember Sharp (Second by Ford) Move to Amend
1/22/2015 Passed as Substituted and Amended

View Attachments
FileTypeSizeDescription
141052.pdf Authenticated 451K Authenticated
141052 Compared.pdf Compared Version 202K As Amended Compared Version
admin form-appropriations (Final use this).pdf Other 23K Admin form-appropriation (final-use this form)
admin form-revenue (final-use this version).pdf Other 11K Admin form-revenue (final-use this version)
final fact sheet 1-19-15.pdf Fact Sheet 105K Fact Sheet Final (use this) version
141052 Fiscal Notes.pdf Fiscal Note 17K 141052 Fiscal Note
141052 Administrative wksht.pdf Other 23K 141052 Admin Form
141052 Fact Sheet.pdf Fact Sheet 118K 141052 Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 141052, AS AMENDED

 

Authorizing the amendment of bond documents relating to the Special Obligation Bond Anticipation Bonds (Streetcar System Expansion Project), Series 2014D previously issued by the City to provide for the financing of additional projects, including the Garrison Project in the amount of $2,233,000.00, the Bartle Hall Project in the amount of $1,950,000.00 and the 20th Street Streetscape Project in the amount of $800,000.00; approving and authorizing certain documents and actions relating to the amendment of bond documents; reducing $5,239,193.32 of appropriations in Fund 3432, the 2014D Special Obligation Bond Anticipation Fund, and reappropriating the same in the 2014D Special Obligation Bond Anticipation Fund; estimating revenues in the amount of $221,193.32 in Fund 3090, the Capital Improvements Fund, and appropriating the same; authorizing the Director of Finance to borrow $2,500,000.00 from the Water Revenue Fund in accordance with a Memorandum of Understanding and repaying the borrowing with future appropriations in Fund No. 3090, the Capital Improvement Fund; appropriating $2,500,000.00 from unappropriated fund balance in Fund 8010, the Water Revenue Fund; estimating revenue in the amount of $2,500,000.00 in Fund 3090, the Capital Improvements Fund and appropriating the same; authorizing re-appropriation of unexpended and unencumbered balances in Fiscal Year 2015-2016; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; and recognizing an accelerated effective date.

WHEREAS, the City of Kansas City, Missouri (the “City”) is authorized under its charter to issue its notes, bonds or other obligations in evidence thereof; and

WHEREAS, the City previously issued its Special Obligation Bond Anticipation Bonds (Streetcar System Expansion Project), Series 2014D (the “Bonds”) pursuant to the Bond Issuance and Purchase Agreement dated as of June 1, 2014 (the “Bond Issuance Agreement”) by and between the City and PNC Bank, National Association, as Purchaser; and

WHEREAS, the issuance of the Bonds and the execution and delivery of the Bond Issuance Agreement was authorized by Ordinance No. 140371, passed by the City on May 15, 2014, which provided that proceeds of the Bonds were to be used to pay the costs of preliminary work related to the expansion of the City’s streetcar system; and

WHEREAS, the City wishes to provide for additional uses to be made of proceeds of the Bonds, including the herein-described Garrison Project, Bartle Hall Project and 20th Street Streetscape Project, and any additional City project that hereinafter may be approved in accordance with the Bond Issuance Agreement, as amended (a “General City Project”); and

WHEREAS, Garrison Community Center offers programs that improve the quality of life, health, and wellness of the community, the need for a community safe room and additional gym space at the Garrison Community Center was recognized by FEMA, the Parks and Recreation Department was awarded a FEMA Grant with a federal share of $998,616.33 to construct a Tornado Safe Room/Gym Addition to the Garrison Community Center and $2,233,000.00 in additional funding is needed as FEMA Grant match funding and to construct the Garrison Community Center Tornado Safe Room/Gym Addition (the “Garrison Project”); and

WHEREAS, the Department of Convention and Entertainment Facilities has determined that the roof at the Bartle Hall Exhibit Hall needs to be replaced because it is twenty-two (22) years old, has exceeded it expected life cycle and has leaks that continue to reoccur and cannot be repaired, so that replacement is the only option, at an estimated cost of $1,950,000.00 (the “Bartle Hall Project”); and

WHEREAS, the Public Works Department is working to implement the 20th Street Streetscape Plan and has determined that the implementation of the project will require major reconstruction of portions of the street, including new sidewalks, signals, street reconstruction, streetlights and trees along an approximately 1,800 foot section along 20th Street from Southwest Boulevard to McGee, in order to achieve the community’s vision for 20th Street, and the City wishes to provide for funding of a portion of the estimated costs thereof in the amount of $800,000.00 with Bond proceeds (the “20th Street Streetscape Project”); and

WHEREAS, the federal government has undertaken the development of a flood protection project known as the Blue River Channel Modification Project (“Blue River Flood Control Project”) located in Kansas City, Missouri, the City approved Ordinance 50734 on August 30, 1979, authorizing a Local Cooperation Agreement (LCA) with the U. S. Department of the Army – Corps of Engineers to provide channel modifications for the Blue River between the Missouri River and 63rd Street, under which the City has undertaken certain obligations to maintain and operate the works after completion in accordance with regulations prescribed by the Secretary of the Army, including providing access paths, at an estimated cost of $2,500,000.00; and

WHEREAS, the City wishes to finance the Blue River Flood Control Project with a loan from the Water Revenue Fund which is to be repaid on May 1, 2015 from future appropriations in the Capital Improvements Fund; and

WHEREAS, in order to accomplish the foregoing, it is necessary and desirable that the City approve the transactions described in this Ordinance and the execution and delivery of the financing documents and certain other matters in connection with the transaction, as herein provided; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. Authorization of Amendment of Bond Issuance Agreement. That the City hereby approves the amendment of the Bond Issuance Agreement to authorize expenditure of the proceeds of the Bonds to finance additional projects, including the Garrison Project, Bartle Hall Project and 20th Street Streetscape Project, and any General City Project that hereinafter may be approved.

Section 2. Execution of Documents. That the Director of Finance is hereby authorized and directed to execute the First Amendment to Bond Issuance and Purchase Agreement, the First Supplemental Tax Compliance Certificate, and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance, for and on behalf of and as the act and deed of the City. The City Clerk, or a deputy City Clerk, of the City is hereby authorized and directed to attest to and affix the seal of the City to the City Documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance.

Section 3. That the appropriation in the following account of the 2014D Special Obligation Bond Anticipation Fund is hereby reduced by the following amount:

AL-3432-898044-B-89022002 Streetcar System Expansion Project $5,238,167.04

AL-3432-129620-B Legal Fees 1,026.28

TOTAL $5,239,193.32

Section 4. That the sum of $5,018,000.00 is hereby appropriated from the Unappropriated Fund Balance of the 2014D Special Obligation Bond Anticipation Fund to the following accounts:

AL-3432-708409-B-70145501 Garrison Community Centers $2,233,000.00

AL-3432-898401-B-64010009 20th Street Streetscape 800,000.00

AL-3432-638024-B-BAROOF15 Bartle Hall Roof Replacement 1,950,000.00

AL-3432-129620-B Legal Fees 35,000.00

TOTAL $5,018,000.00

Section 5. That the sum of $221,193.32 is hereby appropriated from the Unappropriated Fund Balance of the 2014D Special Obligation Bond Anticipation Fund to the following account:

 

AL-3432-129998-903090 Transfer to Capital Improvements

Fund $ 221,193.32

 

Section 6. That the revenue in the following account of the Capital Improvements Fund is hereby estimated in the following amount:

 

15-3090-120000-503432 Transfer from 2014D Special

Obligation Bond Anticipation

Fund $ 221,193.32

 

Section 7. That the sum of $221,193.32 is hereby appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account:

15-3090-899610-G Streetcar Debt Service $ 221,193.32

Section 8. That the Director of Finance is hereby authorized to borrow the principal sum of $2,500,000.00 from the Water Revenue Fund at an interest rate of .9459 %, to be repaid on May 1, 2015 from future appropriations in the Capital Improvements Fund. These funds will be appropriated for the Blue River Flood Control Project. The Director of Finance and the Director of Water Services are hereby authorized to execute a Memorandum of Understanding (“MOU”) setting forth the terms of the loan. A copy of the MOU is on file with the City Clerk.

Section 9. That the sum of $2,500,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Water Revenue Fund to the following account:

 

15-8010-129998-903090 Transfer to Capital Improvements

Fund $2,500,000.00

 

Section 10. That the revenue in the following account of the Capital Improvements Fund is hereby estimated in the following amount:

15-3090-120000-508010 Transfer from Water Revenue Fund $2,500,000.00

Section 11. That the sum of $2,500,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account:

15-3090-808057-B-89002232 Blue River Flood Control $2,500,000.00

Section 12. That the unencumbered and unexpended appropriation balances of the account described in Section 11 of this Ordinance be re-appropriated to the same accounts in Fiscal Year 2015-16.

Section 13. That the Director of Finance is hereby designated as the requisitioning authority for Account Nos. AL-3432-129620, 15-3090-899610, AL-3432-129998 and 15-8010-129998-903090, the Director of Convention and Entertainment is hereby designated as the requisitioning authority for Account No. AL-3432-638024, the Director of Parks and Recreation is hereby designated as the requisitioning authority for Account No. AL-3432-708409-B, the Director of Public Works is hereby designated as the requisitioning authority for Account No. AL-3432-898401-B, the Director of Water Services is hereby designated as the requisitioning authority for Account No. 15-3090-808057-B.

Section 14. That the Director of Finance is hereby authorized to close project accounts upon applicable project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

Section 15. That this ordinance, which appropriates money, is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter, and shall take effect in accordance with that section.

Section 16. That the officials of the City are further authorized and directed to execute such documents, instruments and certificates and to take such further actions on behalf of the City as shall be necessary or desirable to effect the terms and provisions of this Ordinance.

____________________________________________

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