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Legislation #: 130147 Introduction Date: 2/28/2013
Type: Ordinance Effective Date: 3/17/2013
Sponsor: None
Title: Authorizing the City Manager to reduce the revenue estimate in the Liberty Memorial Endowment Fund by $3,200,000.00 and require the Liberty Memorial Association to submit annual progress reports to the City relating to its national and regional fundraising and assist in replenishing the Liberty Memorial Endowment Fund.

Legislation History
DateMinutesDescription
2/21/2013 Filed by the Clerk's office
2/28/2013 Referred to Finance, Governance & Ethics Committee
3/6/2013 Advance and Do Pass, Debate
3/7/2013 Councilmember Marcason Move to Amend
3/7/2013 Passed as Amended

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ORDINANCE NO. 130147

 

Authorizing the City Manager to reduce the revenue estimate in the Liberty Memorial Endowment Fund by $3,200,000.00 and require the Liberty Memorial Association to submit annual progress reports to the City relating to its national and regional fundraising and assist in replenishing the Liberty Memorial Endowment Fund.

 

WHEREAS, by Committee Substitute for Ordinance No. 980413, As Amended, placed before the voters of Kansas City on August 4, 1998, a one-half cent sales tax to be used for the restoration of the Liberty Memorial and the establishment of an endowment to be used for the maintenance of the Liberty Memorial and the Memorial Museum; and

 

WHEREAS, this tax was approved by the voters and collected from April 1, 1999 through September 30, 2000; and

 

WHEREAS, by Committee Substitute for Ordinance No. 001246 the City Council established a policy for the investment of the endowment and for using the endowment for its intended purposes; and

 

WHEREAS, by Committee Substitute for Ordinance No. 030363 the City Council authorized the expenditure of up to 45% of the interest earned from the endowment for routine maintenance and upkeep costs; and

WHEREAS, by Second Committee Substitute for Ordinance No. 090677, the City Council modified the terms of Committee Substitute for Ordinance No. 030363 and authorized the expenditure of up to 90% of the interest earned from the endowment for routine maintenance and upkeep costs for fiscal years 2009 through 2011; and

 

WHEREAS, by Ordinance No. 120013, the City Council modified the terms of Second Committee Substitute for Ordinance No. 090677 and authorized the expenditure of up to 90% of the interest earned from the endowment for routine maintenance and upkeep costs for all future fiscal years beyond 2012; and

 

WHEREAS, the City Council modifies the terms of Ordinance No. 120013 and authorizes the expenditure of 45% of the interest earned from the endowment for routine maintenance and upkeep costs for fiscal years starting 2015 and ending 2019; and

WHEREAS, in 2004, 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 City issued $20 million in general obligation bonds for the construction of the Liberty Memorial Museum Expansion and the Expansion was completed in December 2006; and

WHEREAS, by Committee Substitute for Ordinance No. 060007, the City Council appropriated $8,800,000.00 from the Liberty Memorial Endowment Fund to the Liberty Memorial Project Account in order to advance construction funds prior to the issuance of the general obligation bonds and completion of all private fundraising efforts; and

 

WHEREAS, pursuant to Committee Substitute for Ordinance No. 050798, upon bond issuance, $5,000,000.00 of general obligation bond proceeds were used by the City to reimburse a portion of the $8,800,000.00 of the funds so advanced from the Liberty Memorial Endowment Fund leaving a balance due to the fund of $3,800,000.00; and

 

WHEREAS, the City estimated private contribution revenues to come from the Liberty Memorial Association sufficient to fully reimburse the Liberty Memorial Endowment Fund for the balance of $3,800,00.00 advanced for construction; and

 

WHEREAS, as of January 1, 2013, the Liberty Memorial Association has remitted $800,000.00 in private contributions to the Liberty Memorial Endowment Fund leaving a total of $3,000,000.00 yet to be remitted to the fund; and

 

WHEREAS, the Liberty Memorial Association has done its utmost to raise the necessary funds to keep up with the maintenance of an eighty-six year old building and states that it has been difficult to raise the additional private funds necessary to remit the remaining $3,000,000.00 to the Liberty Memorial Endowment Fund;

 

WHEREAS, Liberty Memorial Association desires that the City reduce the revenue estimated from private contributions by $3,200,000.00 and recognize the Liberty Memorial Endowment Fund as the source of funds for the remaining portion of the construction funding; and

 

WHEREAS, in return for the City reducing its revenue estimate by $3,200,00.00, the Liberty Memorial Association shall provide the City Council an annual update of its operating and capital plan including a progress report regarding its regional and national fundraising efforts and assist in replenishing the Liberty Memorial Endowment Fund; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the revenue in the following account of the Liberty Memorial Endowment Fund is hereby reduced in the following amount:

 

AL-6510-7000000-481860 Contributions to Liberty Memorial $3,200,000.00

 

Section 2. That the City Council formally recognizes the Liberty Memorial Endowment Fund as the source of funds for the remaining $3,000,000.00 of construction funding, which was originally projected to be raised from private contributions by the Liberty Memorial Association.

 

Section 3. That the Liberty Memorial Association shall provide an annual update to the City Council regarding operations, capital improvements, fundraising efforts and replenishment of the Liberty Memorial Endowment Fund reserve.

 

_____________________________________________

 

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:

 

 

___________________________________

Lana K. Torczon

Assistant City Attorney