In accordance with the provisions of Chapter 67, 1985 Session Laws of Kansas, there is hereby established a Capital Improvements Fund which shall be used by the City to finance, in whole or in part, any public improvement need set forth in the City’s Capital Improvement Plan.
(Code 1982)
It is the objective of the Commission that such fund shall be used primarily to provide a financing mechanism for the repair, restoration, and rehabilitation of existing public facilities as well as construction of new public facilities. Further, it is the intent of the City to utilize current revenues credited to such fund to the maximum extent possible in order to meet the City’s present and future public infrastructure needs and to avoid the costs of unnecessary indebtedness.
(Code 1982)
Monies in such fund may be used to pay the cost of engineering and other advanced public improvement plans and studies, with the fund periodically reimbursed from such fund balance, bond proceeds, special assessments, or state or federal grants-in-aid that may be available for the completed project. No expenditures for such purposes may be made except on a finding of the Commission of its probable intent to proceed with the improvement following such engineering or advanced study.
(Code 1982; K.S.A. 12-1,118; see also 9-908)
The City Manager or his/her designee shall submit to the Board of Commissioners a plan of operation for the implementation of this article. Such plan shall be in accordance with the City’s Capital Improvements Program as recommended by the City Planning Commission and as adopted in June of each year by the Board of Commissioners. The plan of operation shall incorporate the Capital Improvements Plan’s annual priorities for infrastructure improvements as determined by the Board of Commissioners, and suggested recommendations for the financing of such improvements.
(Code 1982)
A. The implementation of the plan of operation shall provide for transferring from the revenues of the general fund to the Capital Improvements Fund an amount equal to the estimated revenue to be received by the City in the following year from one-half cent ($0.005) local sales tax receipts, except that if a major capital improvement financed from the proceeds of such fund results in a substantial increase in operating and maintenance costs of a City Department for which the improvement is constructed and further if the affected department is financed solely or in part by the general fund tax levy, the City may reduce the amount being transferred from the aforementioned one-half cent ($0.005) sales tax revenue to the Capital Improvements Fund by an amount equal to one-half (1/2) of the annual projected increase in the Department’s operating costs resulting from the activity’s first full year of operation; one-half 1/2) of the increase in the operating costs (established from the first year) for the second full year of operation, and continuing through the first five (5) years of the new facility’s operation; and zero (0) amount set aside for operations thereafter. Implementation may also include revenues of the general fund authorized by Charter Ordinance (K.S.A. 79-5001) of the tax lid law, thus exempting a levy amount so designated by the Board of Commissioners for the Capital Improvements Fund.
B. Other revenues may, from year to year, be transferred to said fund as designated by the Board of Commissioners and as budgeted through the annual adopted budget process.
(Code 1982)
Monies in the Capital Improvements Fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest thereon credited to such fund.
(Code 1982)