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Legislation #: 090337 Introduction Date: 4/23/2009
Type: Ordinance Effective Date: 4/30/2009
Sponsor: None
Title: Accounting for the replacement of a swap agreement with Lehman Brothers Holding Inc. with a similar swap agreement with Barclays Capital; estimating $6,062,000.00 of revenue in Fund No. 5320, the Kansas City Downtown Redevelopment District Debt Fund, and appropriating the same; designating requisitioning authorities; and recognizing an emergency.

Legislation History
DateMinutesDescription
4/23/2009 Filed by the Clerk's office
4/23/2009 Referred to Finance and Audit Committee
4/29/2009 Advance and Do Pass, Debate
4/30/2009 Passed

View Attachments
FileTypeSizeDescription
090337.pdf Authenticated 64K passed copy
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090337 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090337
Approp Admin IDA e a v2.xls Advertise Notice 493K Approp and Admin form
fiscal notes-Lehman remarketing E A ordinance v1.xls Advertise Notice 59K Fiscal Note
Lehman_e a ordinance_fact_sheet_v2.xls Fact Sheet 53K Fact Sheet

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ORDINANCE NO. 090337

 

Accounting for the replacement of a swap agreement with Lehman Brothers Holding Inc. with a similar swap agreement with Barclays Capital; estimating $6,062,000.00 of revenue in Fund No. 5320, the Kansas City Downtown Redevelopment District Debt Fund, and appropriating the same; designating requisitioning authorities; and recognizing an emergency.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the revenue in the following account of Fund No. 5320, the Kansas City Downtown Redevelopment District Debt Fund, is hereby estimated in the following amount:

 

09-5320-120000-485320 Proceeds from Replacement Swap $6,062,000.00

Section 2. That the sum of $6,062,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 5320, the Kansas City Downtown Redevelopment District Debt Fund to the following accounts:

 

09-5320-129677-G Termination Payment and Expenses $5,972,695.00

09-5320-129677-G Interest Expense 89,305.00

TOTAL $6,062,000.00

 

Section 3. That the Director of Finance is hereby designated as requisitioning authority for Account No. 09-5320-129677.

 

Section 4. That this ordinance is recognized as an emergency measure within the provisions of Section 503(a)(3)(c) 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 expenditures are 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.

 

____________________________

Jeffrey A. Yates

Director of Finance

 

Approved as to form and legality:

 

 

____________________________

Heather A. Brown

Assistant City Attorney