ORDINANCE NO. 080631
Establishing the Sewer Series
2008A Revenue Project Fund; estimating revenues in the amount of $14,980,000.00
in the Sewer Series 2008A Revenue Project Fund and appropriating the same;
designating requisitioning authority; authorizing the Director of Finance to
close project accounts upon project completion; declaring the Citys intent to
reimburse itself from bond proceeds; and recognizing an emergency.
WHEREAS, a
special election was held on August 2, 2005, at which a majority of the
qualified voters voted in favor of issuing $250,000,000.00 in sewer revenue
bonds for the purpose of paying the cost of extending and improving the sewer
system of the City; and
WHEREAS, it is
necessary to appropriate $14,980,000.00 to meet the immediate capital expenditure
needs of the Water Services Department in advance of the issuance of sewer
revenue bonds; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
Fund No. 8183, Sewer Series 2008A Revenue Project Fund, is hereby established
in the records of the City of Kansas City, Missouri.
Section 2. That
the revenue in the following account of Fund No. 8183, Sewer Series 2008A
Revenue Project Fund, is hereby estimated in the following amount:
AL-8183-120000-590000 Proceeds
from Sale of Bonds $14,980,000.00
Section 3. That
the sum of $14,980,000.00 is hereby appropriated from the Unappropriated Fund
Balance of Fund No. 8183, Sewer Series 2008A Revenue Project Fund to the
following account:
AL-8183-807726-B Construction
Division $14,980,000.00
Section 4. That
the Director of the Water Services Department is hereby designated as
requisitioning authority for Account No. AL-8183-807726.
Section 5. That
the Director of Finance is hereby authorized to close project accounts upon project
completion and return the unspent portion of the appropriation to the Fund
Balance from which it came.
Section 6. That
the City Council hereby declares its intent to reimburse itself for certain
expenditures made within sixty (60) days prior to or on or after the date of
this ordinance with respect to improvements made from or properly chargeable to
the Sewer Revenue Fund for capital improvements to the Citys sewer system (the
Project) in an amount of bonds not to exceed $14,980,000.00 and expected to
be issued for the Project. This constitutes a declaration of official intent
under Treasury Regulation 1-150-2.
Section 7. That
this ordinance is recognized as an emergency measure within the provisions of
Section 503 of the City Charter in that it appropriates money, and shall take
effect in accordance with that section.
_____________________________________________
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.
___________________________________
Wanda Gunter
Acting Director
of Finance
Approved as to
form and legality:
___________________________________
Cecilia OConnor
Abbott
Assistant City Attorney