Title
AN ORDINANCE APPROVING THE TERMS FOR THE INTERFUND LOANS FOR THE FUNDING OF THE PURCHASE OF A HANGAR, FIXTURES AND PERMANENT IMPROVEMENTS FROM TRANSPORTATION SALES TAX REVENUES, APPROVING AMENDMENT NO. 11 TO THE BUDGET FOR THE FISCAL YEAR ENDING JUNE 30, 2017, AS ADOPTED BY ORDINANCE NO. 7894, AND AUTHORIZING THE CITY MANAGER TO TAKE SUCH ACTIONS AS ARE NECESSARY TO IMPLEMENT THE INTERFUND LOANS TERMS APPROVED HEREIN SUBJECT TO ANNUAL APPROPRIATIONS. (F&BC 5/8/17)
Body
Issue/Request:
AN ORDINANCE APPROVING THE TERMS FOR THE INTERFUND LOANS FOR THE FUNDING OF THE PURCHASE OF A HANGAR, FIXTURES AND PERMANENT IMPROVEMENTS FROM TRANSPORTATION SALES TAX REVENUES, APPROVING AMENDMENT NO. 11 TO THE BUDGET FOR THE FISCAL YEAR ENDING JUNE 30, 2017, AS ADOPTED BY ORDINANCE NO. 7894, AND AUTHORIZING THE CITY MANAGER TO TAKE SUCH ACTIONS AS ARE NECESSARY TO IMPLEMENT THE INTERFUND LOANS TERMS APPROVED HEREIN SUBJECT TO ANNUAL APPROPRIATIONS.
Key Issues:
The City recently purchased Hangar 1 at the Lee's Summit Municipal Airport at a cost of $1,503,081. The initial purchase was made using the City's Reserve Fund until appropriate financing could be identified. This ordinance is a follow up item to establish a financing plan for the cost of the hangar and has two key elements;
1. The ordinance establishes an annual transfer of funds from fund F324 - Road & Bridge Improvement to F510 - Airport Fund to retire existing debt and finance the purchase of Hangar 1.
2. Authorizes a transfer of funds ($132,913) from the General Fund Reserve balance for the purchase of capital equipment associated with the operation of Hangar 1 to be repaid on July 1, 2024.
Attached to the ordinance is Exhibit A which outlines the funding amounts and intervals.
Proposed Council Motion:
FIRST MOTION: I move for second reading of AN ORDINANCE APPROVING THE TERMS FOR THE INTERFUND LOANS FOR THE FUNDING OF THE PURCHASE OF A HANGAR, FIXTURES AND PERMANENT IMPROVEMENTS FROM TRANSPORTATION...
Click here for full text