ORDINANCE NO. 090594

 

Reducing surplus appropriations, transferring funds, appropriating and re-estimating a total of $1,265,900 in the various streetlight funds and authorizing the closure of the 1997B, 2000A and 2002A Streetlight Bond Funds.

 

WHEREAS, the City has completed all work related to the improvements associated with the $110 million upgrade of lights in the old KCP&L system; and

 

WHEREAS, any funds remaining can only be used to support debt service costs associated with the streetlight upgrade project; and

 

WHEREAS, revenues from the two casinos in Kansas City support all of the debt service on the streetlight bonds, and

 

WHEREAS, declining revenues from gaming operations have resulted in a deficit in the now closed Infrastructure and Maintenance (Gaming) Fund; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the appropriation in the following accounts of the Streetlight G.O. Bond Series 1997B Fund (No. 3350) are reduced in the following amount:

AL-3350-129620-B Bond Issue Expense $6,000.32

Section 2. That the sum of $707,158.52 is appropriated from the Unappropriated Fund Balance of the Streetlight G.O. Bond Series 1997B Fund (No. 3350) to the following account of the Streetlight G.O. Bond Series 1997B Fund (No. 3350):

AL-3350-129998-X-905030 Transfer to Streetlight Debt Fund $707,158.52

Section 3. That appropriations in the following accounts of the Streetlight G.O. Bond Series 2000A Fund (No. 3360) are hereby reduced by the following amounts: 

AL-3360-129620-B Bond Issue Expense $ 4,499.86

AL-3360-897700-B Streetlight Contingency 63,914.02

Total: $68,413.88

Section 4. That appropriations in the following accounts of the Streetlight G.O. Bond Series 2002A Fund (No. 3370) are hereby reduced by the following amounts: 

AL-3370-129631-B Discount on Sale of Bonds $ 0.25

AL-3370-129620-B Bond Issue Expense 23,311.84

AL-3370-897000-B Streetlight Contingency 351,753.14

Total: $375,065.23

Section 5. That the sum of $611,276.74 is appropriated from the Unappropriated Fund Balance of the Streetlight G.O. Bond Series 2002A Fund (No. 3370) to the following accounts of the Streetlight G.O. Bond Series 2002A Fund (No. 3370):

 

AL-3370-129998-X-905030 Transfer to Streetlight Debt Fund $558,754.62

AL-3370-129998-X-903360 Trfr to 2000A Streetlight Bond 52,522.12

Total: $611,276.74

 

Section 6. That revenue is re-estimated in the following account of the Streetlight G.O. Bond Series 2000A Fund (No. 3360):

AL-3360-120000-503370 Trfr from Streetlight 2002A Fund $52,522.12

 

Section 7. That revenue is re-estimated in the following accounts and in the following amounts of the Streetlight Debt Fund (No. 5030):

10-5030-120000-503350 Trfr from Streetlight 1997B Fund $707,158.52

10-5030-120000-503370 Trfr from Streetlight 2002A Fund $558,754.62

Total: $1,265,913.14

 

Section 8. That the Director of Finance is authorized to close the Streetlight G.O. Bond Series 1997B Fund (No. 3350), the Streetlight G.O. Bond Series 2000A Fund (No. 3360), and the Streetlight G.O. Bond Series 2002A Fund (No. 3370) and transfer any remaining cash balances to the Streetlight Debt Fund (No. 5030).

 

Section 9. That the appropriation in the following account of the General Fund (No. 1000) is reduced in the following amount:

 

10-1000-129998-X-905030 Transfer to Streetlight Debt Fund $1,265,000.00

 

Section 10. That the appropriation in the following account on the General Fund (No. 1000) is increased by the following amount:

 

10-1000-129998-X-902090 Transfer to I&M (Gaming) Fund $1,265,000.00

 

Section 11. That revenue is estimated in the following account of the Infrastructure and Maintenance (Gaming) Fund (No. 2090):

 

10-2090-120000-501000 Transfer from General Fund $1,265,000.00

 

Section 12. That revenue in the following account of the Streetlight Debt Fund (No. 5030) is reduced by the following amount:

 

10-5030-12000-501000 Transfer from General Fund $1,265,000.00

 

__________________________________________________

 

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