KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 090626 Introduction Date: 7/23/2009
Type: Ordinance Effective Date: none
Sponsor: None
Title: Appropriating $516,713.48 to various accounts in the MDFB Loan-Harley Davidson Fund (No. 3260); estimating $127,997.48 in revenue in the General Fund; designating requisitioning authority; and authorizing the Director of Finance to close the MDFB Loan-Harley Davidson Fund.

Legislation History
DateMinutesDescription
7/20/2009 Filed by the Clerk's office
7/23/2009 Referred to Finance and Audit Committee
7/29/2009 Do Pass
7/30/2009 Add to Consent Docket
8/6/2009 Passed

View Attachments
FileTypeSizeDescription
090626.pdf Authenticated 74K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090626 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090626
Harley Fact Sheet.XLS Fact Sheet 51K Fact sheet
Harley Fiscal Note.xls Fiscal Note 32K Fiscal Note

Printer Friendly Version

ORDINANCE NO. 090626

 

Appropriating $516,713.48 to various accounts in the MDFB Loan-Harley Davidson Fund (No. 3260); estimating $127,997.48 in revenue in the General Fund; designating requisitioning authority; and authorizing the Director of Finance to close the MDFB Loan-Harley Davidson Fund.

 

WHEREAS, in 1996 the City borrowed $1,522,500.00 from the Missouri Development Finance Board (MDFB) to facilitate the construction of the Harley Davidson plant in Kansas City North; and

 

WHEREAS, these proceeds were deposited in a special fund of the City with repayment from earnings taxes and property taxes generated from the new facility; and

 

WHEREAS, a total of $516,713.48 has accumulated in this fund due to project savings and earned interest earnings; and

 

WHEREAS, as of June 1, 2009 the principal total of $382,500.00 remains unpaid on this loan balance; and

 

WHEREAS, the City is desirous of paying off this outstanding loan of $388,716.00 (principal and interest) by September 1, 2009, using these available one-time resources; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That $516,713.48 is appropriated from the Unappropriated Fund Balance of the MDFB Loan-Harley Davidson Fund (No. 3260) to the following account in the MDFB Loan-Harley Davidson Fund:

AL-3260-129679-G Loan Repayment $388,716.00

AL-3260-129998-X Transfer to General Fund $127,997.48

TOTAL $516,713.48

 

Section 2. That revenue is estimated in the following account of the General Fund:

 

10-1000-120000-503260 Transfer from MDFB-Harley $127,997.48

 

Section 3. That the Director of Finance is designated as requisitioning authority for Account No. 10-3260-129679.


Section 4.
That the Director of Finance is authorized to close the MDFB Loan

Harley Davidson Fund (No. 3260), lapse any remaining appropriations after loan has been repaid, and transfer any remaining cash balances to the General Fund (No. 1000).

 

__________________________________________

 

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.

 

 

___________________________________

Jeffrey A. Yates

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney