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Legislation #: 970958 Introduction Date: 7/3/1997
Type: Ordinance Effective Date: 7/27/1997
Sponsor: None
Title: Authorizing the Director of Finance to enter into a $30,000.00 contract with Ernst _ Young to conduct arbitrage rebate calculations for the City.

Legislation History
DateMinutesDescription
7/3/1997

Prepare to Introduce

7/3/1997

Referred Finance & Administration Committee

7/9/1997

Do Pass

7/10/1997

Add to Consent Docket

7/17/1997

Passed


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ORDINANCE NO. 970958

 

Authorizing the Director of Finance to enter into a $30,000.00 contract with Ernst & Young to conduct arbitrage rebate calculations for the City.

 

WHEREAS, the Internal Revenue Code of 1986, requires that arbitrage rebate calculations be performed on bond issues of the City; and

 

WHEREAS, the execution of a contract providing for these calculations is necessary to complete the annual audit for the fiscal year ending April 30, 1997; and

 

WHEREAS, the firm of Ernst & Young was found to be qualified to perform arbitrage calculations for the City, and preparing all necessary IRS filings; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY;

 

Section 1. That the Director of Finance is authorized to enter into a contract, not to exceed $30,000.00, on behalf of the City, with Ernst & Young, Certified Public Accountants, to make the arbitrage rebate calculations for certain City bond issues and prepare the IRS filings, from funds previously appropriated in the following accounts:

 

98-100-012-9100-B Independent Audit $12,995.00 98-523-012-9602-G MDFB Health Facility 2,450.00 98-523-012-9605-G Debt Service KCMAC Series 92B 3,546.00 98-523-012-9606-G Debt Service KCMAC Series 94A&B 3,516.00 98-523-012-9713-G River Market PIEA Bonds 2,636.00 98-523-012-9722-G Lease Purchase 95A 4,857.00 TOTAL $30,000.00

 

A copy of said contract, in substantial form, is attached hereto and made a part hereof.

 

________________________________________________________

 

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.

 

 

___________________________________

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Assistant City Attorney