COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 060007
Estimating revenue in the amount
of $4,000,000.00 in the Liberty Memorial Endowment Fund; appropriating $8,800,000.00
from the Liberty Memorial Endowment Fund; and declaring the City's intent to
reimburse itself for expenditures made for the project.
WHEREAS, a
majority of the citizens of Kansas City authorized the sale of $20 million in
general obligation bonds for the purpose of expanding the Liberty Memorial
Museum; and
WHEREAS, the
first issuance of $10 million in general obligation bonds to start the
renovation for the Liberty Memorial Museum Expansion was sold in the fall of
2004; and
WHEREAS, it is
the intent of the City Council to issue the remaining $10 million in bonds for
Liberty Museum Expansion in an upcoming bond sale; and
WHEREAS,
Committee Substitute for Ordinance No. 050798 authorized the use of the
endowment fund to provide temporary construction financing of the Liberty
Memorial Museum in an amount not to exceed $10 million; and
WHEREAS, the
projected timeframes for the next sale of general obligation bonds may not
coincide perfectly with the needs to efficiently and effectively construct the
Liberty Memorial Museum Expansion; and
WHEREAS, the
City of Kansas City is desirous of constructing the Liberty Memorial Museum promised to the voters and in a fiscally responsible manner; NOW, THEREFORE
BE IT ORDAINED
BY THE CITY COUNCIL OF KANSAS CITY:
Section 1. That the
revenue in the following account of the Liberty Memorial Endowment Fund is
estimated in the following amount:
AL-6510-700000-481860 Contributions
to Liberty Memorial $4,000,000.00
Section 2. That
the sum of $8,800,000.00 is hereby appropriated from the Unappropriated Fund
Balance of the Liberty Memorial Endowment Fund to the following account of the
Liberty Memorial Endowment Fund:
AL-6510-707426-B Liberty
Memorial Project $8,800,000.00
Section 3. That
the City expects to incur capital expenditures on and after the date of
adoption this ordinance (the Expenditures), and intends to reimburse itself
for such Expenditures solely from proceeds of the Bonds. The funds to be
advanced to pay Expenditures are or will be available only for a temporary
period and it is necessary to reimburse the City for such Expenditures made on
and after the date hereof. The maximum principal amount of Bonds expected to
be issued is $10,000,000.00. This ordinance constitutes a declaration of
official intent under Treasury Regulation Section 1.150-2 issued under Internal
Revenue Code of 1986, as amended.
_____________________________________________
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.
___________________________________
Debra
R. Hinsvark
Director
of Finance
Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant City Attorney