IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE appropriating $915,000.00 from the fund balance of the 2013 Special Obligation Bond Debt Service Fund and authorizing the County Executive to provide notice to the bond trustee to call for early redemption of all outstanding 2010 B Special Obligation Bonds (MyARTS Project).
Intro
ORDINANCE NO. 4506, February 19, 2013
INTRODUCED BY Dan Tarwater, County Legislator
Body
WHEREAS, by Ordinance 4273, dated November 29, 2010, the Legislature did authorize the issuance, sale, and delivery of not to exceed $1,180,000.00 principal amount of tax exempt special obligation bonds (MyARTS Building Project) Series 2010 to finance the costs of capital improvements to the MyARTS building; and,
WHEREAS, the County's underwriter has advised that the County can save substantial interest costs by an early redemption of these bonds; and,
WHEREAS, the funds necessary for the early redemption of the 2010 B Special Obligation Bonds were appropriated in the 2013 Anti-Drug Sales Tax Fund; and,
WHEREAS, the Director of Finance and Purchasing projects that $915,000.00 will be necessary to redeem the bonds; and,
WHEREAS, an appropriation is necessary to place the bond funds in the proper account; now therefore,
BE IT ORDAINED by the County Legislature of Jackson County, Missouri, that the following appropriation be made from the undesignated fund balance of the 2013 Special Obligation Bond Debt Service Fund:
DEPARTMENT/DIVISION CHARACTER/DESCRIPTION FROM TO
Special Obligation Bond Debt Service Fund
Non-Departmental
073-9999 47070 - Operating Transfers in $915,000
073-2810 Undesignated Fund Balance $915,000
073-2810 Undesignated Fund Balance $915,000
Special Obligation Bond Debt Service Fund
2010 B Special Obligation
073-8061 56335 - Escrow of Refunded Debt $915,000
BE IT FURTHER ORDAINED by the County Legislature of Jackson County, Missouri, that the County Executive be and hereby provides notice to the bond trustee to call for early redemption of all outstanding 2010 B Special Obligation Bonds (MyARTS Project); and,
BE IT FURTHER ORDAINED that the Director of Finance and Purchasing be and hereby is authorized to make all payments related thereto; and,
BE IT FURTHER ORDAINED that all County officials be and hereby are authorized to execute any and all documents and take any other actions necessary to give effect to this Ordinance.
Enacted and Approved
Effective Date: This ordinance shall be effective immediately upon its signature by the County Executive.
APPROVED AS TO FORM:
______________________________ ________________________________
Chief Deputy County Counselor County Counselor
I hereby certify that the attached Ordinance, Ordinance No. 4506 introduced on February 19, 2013, was duly passed on February 25, 2013 by the Jackson County Legislature. The votes thereon were as follows:
Yeas _________8______ Nays ______0_______
Abstaining _____0______ Absent _____1_______
This Ordinance is hereby transmitted to the County Executive for his signature.
____________________ ________________________________
Date Mary Jo Spino, Clerk of Legislature
I hereby approve the attached Ordinance No. 4506.
____________________ ________________________________
Date Michael D. Sanders, County Executive
Fiscal Note
Funds sufficient for this appropriation are available from the source indicated below.
ACCOUNT NUMBER: 073 2810
ACCOUNT TITLE: Special Obligation Bond Debt Service Fund
Undesignated Fund Balance
NOT TO EXCEED: $915,000.00
______________________ _________________________________
Date Director of Finance and Purchasing