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Legislation #: 061111 Introduction Date: 10/12/2006
Type: Ordinance Effective Date: none
Sponsor: None
Title: Providing for an interfund loan of $7,500,000.00 from the Unencumbered Cash Balance of the Capital Improvements Sales Tax Fund to the Fire Station 35 Construction account to complete construction of Fire Station 35; providing for reimbursement to the Capital Improvements Sales Tax Fund from revenue in the Fire Sales Tax Fund before June 1, 2007; providing for payment of four percent interest; and recognizing an emergency.

Legislation History
DateMinutesDescription
10/10/2006 Filed by the Clerk's office
10/12/2006 Referred to Operations Committee
10/18/2006 Advance and Do Pass, Debate
10/19/2006 Passed

View Attachments
FileTypeSizeDescription
061111.pdf Authenticated 80K Authenticated
FS 35 Fiscal Note.xls Fiscal Note 32K Fiscal Note
FS 35 APPROP.xls Budget Transfer 322K APPROP Form
FS 35 Fact Sheet.xls Fact Sheet 63K Fact Sheet

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ORDINANCE NO. 061111

 

Providing for an interfund loan of $7,500,000.00 from the Unencumbered Cash Balance of the Capital Improvements Sales Tax Fund to the Fire Station 35 Construction account to complete construction of Fire Station 35; providing for reimbursement to the Capital Improvements Sales Tax Fund from revenue in the Fire Sales Tax Fund before June 1, 200 7; providing for payment of four percent interest; and recognizing an emergency.

 

WHEREAS, Charter Section 806(a)(2)/(3), provides for interfund borrowing for a specified term and at a reasonable rate of interest; and

 

WHEREAS, sufficient funds are not now available in the Fire Sales Tax Fund to provide for timely completion of Fire Station 35, but funds are available in the Unencumbered Cash Balance of the Capital Improvements Sales Tax Fund; and

 

WHEREAS, the City seeks to complete construction of Fire Station 35 without further delay; and

 

WHEREAS, the Fire Sales Tax Fund will have funds sufficient to repay the interfund loan with reasonable interest before June 1, 2007; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That $7,500,000.00 is appropriated from the Unencumbered Cash Balance of the Capital Improvements Sales Tax Fund to the following account in the Capital Improvements Sales Tax Fund:

 

07-3090-902300-X Transfer to the Fire Sales Tax Fund $7,500,000.00

 

Section 2. That revenue in the amount of $7,500,000.00 is estimated in the following account of the Fire Sales Tax Fund:

 

07-2300-120000-503090 Transfer from the Capital Improvements

Sales Tax Fund $7,500,000.00

 

Section 3. That $7,500,000.00 is appropriated from the Unappropriated Fund Balance of the Fire Sales Tax Fund to the following account in the Fire Sales Tax Fund:

 

07-2300-898827-B Fire Station 35 Construction $7,500,000.00

 

Section 4. That the City shall repay to the Capital Improvements Sales Tax Fund $7,500,000.00 plus reasonable interest of four percent from revenue in the Fire Sales Tax Fund before June 1, 200 7.

 

Section 5. That this ordinance is recognized as an emergency measure within the provisions of Section 503 of the City Charter in that it provides for interfund borrowing, 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.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

William Geary

Assistant City Attorney