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Legislation #: 140453 Introduction Date: 6/26/2014
Type: Ordinance Effective Date: none
Sponsor: MAYOR JAMES, JR.
Title: Reducing expenditures and appropriating $35,000.00 from the Unappropriated Fund Balance of the Streetcar Fund; estimating revenue and appropriating funds in the amount of $35,000.00 in the General Fund for the purpose of contracting with Kutak Rock LLP for tax compliance services related to certain streetcar contracts; designating requisitioning authority; and recognizing an accelerated effective date.

Legislation History
DateMinutesDescription
6/4/2014 Filed by the Clerk's office
6/26/2014 Referred to Transportation & Infrastructure Committee
7/10/2014 Advance and Do Pass as a Committee Substitute, Consent
7/10/2014 Passed as Substituted

View Attachments
FileTypeSizeDescription
140453.pdf Authenticated 145K Authenticated
140453 Admin.pdf Other 17K Admin
140453 Fiscal Note.pdf Fiscal Note 16K Fiscal Note
140453 Fact Sheet.pdf Fact Sheet 193K Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 140453

 

Reducing expenditures and appropriating $35,000.00 from the Unappropriated Fund Balance of the Streetcar Fund; estimating revenue and appropriating funds in the amount of $35,000.00 in the General Fund for the purpose of contracting with Kutak Rock LLP for tax compliance services related to certain streetcar contracts; designating requisitioning authority; and recognizing an accelerated effective date.

WHEREAS, the City issued its tax-exempt Special Obligation Refunding Bonds (the “Series 2014A Bonds”) to finance the Downtown Streetcar System; and

WHEREAS, the Amended and Restated Streetcar Agreement between the City, Kansas City Downtown Streetcar Transportation Development District and the Kansas City Streetcar Authority, Inc. requires that certain contracts proposed to be entered into by the Authority be reviewed and approved by City’s bond counsel, and be modified as required by City’s bond counsel, prior to execution by Authority for the purpose of maintaining the exclusion from gross income of, for federal income tax purposes, the interest on the Series 2014A Bonds; and

WHEREAS, a contract with Kutak Rock LLP has been authorized for these tax compliance services; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the sum of $35,000.00 is reduced from the following account in the Streetcar Fund:

15-2085-121450-B Treasury $35,000.00

Section 2. That the sum of $35,000.00 is appropriated from the Unappropriated Fund Balance of the Streetcar Fund to the following account in the Streetcar Fund:

15-2085-129998-X Transfer to General Fund $35,000.00

Section 3. That revenue is estimated in the following account of the General Fund:

15-1000-120000-502085 Transfer from Streetcar Fund $35,000.00

Section 4. That the sum of $35,000.00 is appropriated from the Unappropriated Fund Balance of the General Fund to the following account in the General Fund:

15-1000-131506-B Outside Attorney Consulting $35,000.00

Section 5. That the City Attorney is designated as requisitioning authority for Account No. 15-1000-131506.

Section 6. This ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect in accordance with Section 503, City Charter.

___________________________________________

 

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.

 

 

______________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

_______________________________

Brian T. Rabineau

Assistant City Attorney