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
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:
to General Fund $127,997.48
Section 2. That revenue is estimated in the
following account of the General Fund:
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
Davidson Fund (No. 3260), lapse any remaining appropriations after loan has
been repaid, and transfer any remaining cash balances to the General Fund (No.
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.
as to form and legality:
Assistant City Attorney