ORDINANCE NO. 060691
Establishing the Wastewater
Series 2006A Revenue Project Fund; estimating revenues in the amount of
$26,355,000.00 in the Wastewater Series 2006A Revenue Project Fund and
appropriating the same; designating requisitioning authority; authorizing the
Director of Finance to close project accounts upon project completion; and 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 wastewater revenue bonds
(the Voted Authority) for the purpose of paying the cost of extending and
improving the sewerage system of the City; and
WHEREAS,
Committee Substitute for Resolution No. 051180 authorized the development of a
financial plan and initial financing for various improvements to the Citys
sanitary sewer system through the issuance of tax-exempt wastewater revenue
bonds by the City using the Voted Authority; and
WHEREAS, it is
necessary to appropriate $26,355,000.00 to meet the immediate capital
expenditure needs of the Water Services Department in advance of the issuance
of wastewater revenue bonds; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the Fund No. 8182, Wastewater Series 2006A 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. 8182, the Wastewater Series
2006A Revenue Project Fund is hereby estimated in the following amount:
AL-8182-120000-590000 Proceeds
from Sale of Bonds $26,355,000.00
Section 3. That
the sum of $26,355,000.00 is hereby appropriated from the Unappropriated Fund
Balance of Fund Number 8182, the Wastewater Series 2006A Revenue Project Fund
to the following account:
AL-8182-807790-B Sewers $26,355,000.00
Section 4. That the
Director of the Water Services Department is hereby designated as the
requisitioning authority for Account Number AL-8182-807790-B.
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 60 days prior to or on and after the date of this
ordinance with respect to improvements made from or properly chargeable to the
Sewer System Revenue Fund for capital improvements to the Citys sanitary
sewerage system (the Project) in an amount of bonds not to exceed
$26,355,000.00 and expected to be issued for the Project. This constitutes a
declaration of official intent under Treasury Regulation 1-150-2.
Section 7. This
ordinance is declared to be an emergency measure within the provisions of
Section 15, Article II of the Charter and shall take effect immediately upon
its passage.
_____________________________________________
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:
___________________________________
Heather
A. Brown
Assistant City Attorney