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Legislation #: 001560 Introduction Date: 11/21/2000
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the execution and delivery of a Loan Agreement with the Missouri Department of Natural Resources in connection with loan financing for the purpose of providing matching funds for grants from the State of Missouri to finance a portion of the costs of a stormwater project of the City of Kansas City, Missouri; appropriating $188,600.00 from the Stormwater Fund; designating requisitioning authority; authorizing certain other actions pursuant thereto; and declaring an emergency.

Legislation History
DateMinutesDescription
11/21/2000

Prepare to Introduce

11/21/2000

Referred Finance and Audit Committee

11/29/2000

Advance and Do Pass

11/30/2000

Passed


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ORDINANCE NO. 001560

 

Authorizing the execution and delivery of a Loan Agreement with the Missouri Department of Natural Resources in connection with loan financing for the purpose of providing matching funds for grants from the State of Missouri to finance a portion of the costs of a stormwater project of the City of Kansas City, Missouri; appropriating $188,600.00 from the Stormwater Fund; designating requisitioning authority; authorizing certain other actions pursuant thereto; and declaring an emergency.

 

WHEREAS, the City of Kansas City, Missouri (the City) has undertaken a project for the planning, acquisition, construction, improvement, repair, rehabilitation or extension of the Citys stormwater sewers, including connected and related appurtenances and facilities and extensions, improvements, additions and enlargements made or acquired by the City (the Stormwater Management Facilities) (the Project), and has applied for grant funding from the State of Missouri (the State) to finance a portion of the costs of the Project; and

 

WHEREAS, the City wishes to obtain loan financing from the Missouri Department of Natural Resources (MDNR), acting on behalf of the State, to provide matching funds for such grants; and

 

WHEREAS, the City intends to seek grant and matching loan financing for the Project on an ongoing basis as the Project proceeds and costs accrue; and

 

WHEREAS, the initial grant financing being sought by the City is $1,275,000.00 and the initial loan financing to provide matching funds being sought by the City is $1,275,000.00; and

 

WHEREAS, it is the desire and intent of the Council to authorize the execution and delivery of a Loan Agreement with MDNR acting on behalf of the State to provide for the initial loan financing, and it is necessary that the Council, by ordinance, immediately authorize such execution and delivery in order that the initial loan financing transaction may be consummated in accordance with the Loan Agreement, and by reason of such conditions, it is for the immediate preservation of the public property that this Ordinance take effect as an emergency measure; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council does hereby authorize and approve the execution and delivery of the Loan Agreement with MDNR acting on behalf of the State in connection with the Project.

 

Section 2. That the appropriation in the following account of the Stormwater Fund is hereby reduced by the following amount:

 

01-861-080-7760-T Stormwater Construction $188,600.00

 


Section 3. That the sum of $188,600.00 is hereby appropriated from the Unappropriated Fund Balance of the Stormwater Fund to the following accounts of the Stormwater Fund:

 

01-861-012-9620-B Cost of Issuance $ 28,100.00

01-861-080-9600-G Debt Service 33,000.00

01-861-080-9611-B Debt Service Reserve 127,500.00

Total $188,600.00

 

Section 4. That the Director of Finance is hereby designated as the requisitioning authority for Account No: 01-861-012-9620-B and the Director of Water Services is hereby designated as requisitioning authority for Account Nos: 01-861-080-9600-G and 01-861-080-9611-B.

 

Section 5. That the Council does hereby authorize and approve the execution and delivery of the Escrow Trust Agreement with the Paying Agent/Escrow Agent selected by the Director of Finance in connection with the Project, and any other certificates and documents necessary to close the loan.

 

Section 6. This Ordinance is declared to be an emergency measure within the provisions of Section 15, Article III of the Charter 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.

 

 

____________________________________

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Assistant City Attorney