Ad Hoc Committee on Budget

Agenda

1. Call to Order

   Chair Person Butler called the meeting to order at 4:02 PM and introduced the members and non-members that were present. A quorum was established.

2. Roll Call
3. Pending Legislation
4. 1. AN ORDINANCE OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, PROVIDING FOR AND AUTHORIZING THE ISSUANCE OF CERTAIN GENERAL OBLIGATION BONDS AND NOTES OF THE METRO GOVERNMENT IN ONE OR MORE SERIES TO FINANCE THE COSTS OF THE DEVELOPMENT OF THE CENTER CITY PROJECT IN THE LOUISVILLE DOWNTOWN REVITALIZATION DISTRICT DEVELOPMENT AREA; SETTING FORTH THE TERMS AND CONDITIONS ON WHICH THE BONDS AND NOTES ARE TO BE ISSUED AND PROVIDING FOR A COMPETITIVE, ADVERTISED SALE THEREOF; DEFINING AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF THE BONDS AND NOTES AND PROVIDING FOR THE APPLICATION OF THE PROCEEDS THEREOF; AND TAKING OTHER RELATED ACTION RELATING TO THE ISSUANCE AND SALE OF THE BONDS AND NOTES. (Action Required By: July 2015)
   Ordinance
   Action: recommended for approval Passed

   A motion was made by Council Member Engel, seconded by Vice Chair Downard, that this Ordinance be recommended for approval by the Metro Council. The motion carried by the following vote and was sent to the Consent Calendar.

5. 2. AN ORDINANCE AMENDING ORDINANCE NO. 179, SERIES 2007 IN ORDER TO AMEND THE BOUNDARIES OF THE CENTRAL DOWNTOWN REVITALIZATION DISTRICT DEVELOPMENT AREA, APPROVING ENTERING INTO A SECOND AMENDED AND RESTATED LOCAL PARTICIPATION AGREEMENT, REDUCING THE AMOUNT OF THE MINIMUM CAPITAL INVESTMENT DECLARING CERTAIN PROPERTIES SURPLUS AND AUTHORIZING THEIR SALE AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY OTHER DOCUMENTS AND THE TAKING OF ANY OTHER ACTIONS NECESSARY TO ACCOMPLISH THE PURPOSE AUTHORIZED BY THIS ORDINANCE AND AMENDING ORDINANCE NO. 102, SERIES 2014 RELATING TO THE FISCAL YEAR 2014-15 OPERATING BUDGET FOR THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, BY AUTHORIZING AN ADDITIONAL APPROPRIATION TO THE OFFICE OF MANAGEMENT AND BUDGET IN ACCORDANCE WITH A CERTAIN DEVELOPMENT AGREEMENT ENTERED INTO JULY 5, 2001, AS AMENDED, AND AUTHORIZING THE CHIEF FINANCIAL OFFICER TO ENTER INTO A LINE OF CREDIT NOT TO EXCEED $2,250,000 TO MEET CERTAIN CONTRACTUAL OBLIGATIONS. (AS AMENDED) (Action Required By: July 2015)
   Ordinance
   Action: recommended for approval

   A motion was made by Council Member Kramer, seconded by Vice Chair Downard, that this Ordinance be recommended for approval by the Metro Council.

6. 3. AN ORDINANCE OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, AUTHORIZING AND DIRECTING THE PARKING AUTHORITY OF RIVER CITY, INC., TO ISSUE ITS TAXABLE FIRST MORTGAGE REVENUE BONDS (CENTER CITY GARAGE PROJECT) TO FINANCE THE ACQUISITION AND DEVELOPMENT OF PARKING FACILITIES TO BE LOCATED IN THE CENTER CITY PROJECT IN THE CENTRAL DOWNTOWN REVITALIZATION DISTRICT DEVELOPMENT AREA; AUTHORIZING THE EXECUTION OF A SUPPLEMENTAL INDENTURE AND SUPPLEMENTAL LEASE NECESSARY TO EFFECT THE ISSUANCE OF SUCH BONDS; AND TAKING OTHER RELATED ACTION. (Action Required By: July 2015)
   Ordinance
   Action: recommended for approval Passed

   A motion was made by Council Member Hamilton, seconded by Council Member Engel, that this Ordinance be recommended for approval by the Metro Council. The motion carried by the following vote and the Ordinance was sent to the Consent Calendar:

7. Adjournment

   Without objection the meeting adjourned at 5:23 PM. *NOTE: Items sent to the Consent Calendar or Old Business will be heard before th full Council at the Metro Council meeting on January 22, 2015.

8. Also Present

   Council Member David Tandy (D-4), Council Member Cindi Fowler (D-14), Nicholas Lococo, Assistant Jefferson County Attorney and Paul Whitty, Assistant Jefferson County Attorney

9. 2. AN ORDINANCE AMENDING ORDINANCE NO. 179, SERIES 2007 IN ORDER TO AMEND THE BOUNDARIES OF THE CENTRAL DOWNTOWN REVITALIZATION DISTRICT DEVELOPMENT AREA, APPROVING ENTERING INTO A SECOND AMENDED AND RESTATED LOCAL PARTICIPATION AGREEMENT, REDUCING THE AMOUNT OF THE MINIMUM CAPITAL INVESTMENT DECLARING CERTAIN PROPERTIES SURPLUS AND AUTHORIZING THEIR SALE AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY OTHER DOCUMENTS AND THE TAKING OF ANY OTHER ACTIONS NECESSARY TO ACCOMPLISH THE PURPOSE AUTHORIZED BY THIS ORDINANCE AND AMENDING ORDINANCE NO. 102, SERIES 2014 RELATING TO THE FISCAL YEAR 2014-15 OPERATING BUDGET FOR THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, BY AUTHORIZING AN ADDITIONAL APPROPRIATION TO THE OFFICE OF MANAGEMENT AND BUDGET IN ACCORDANCE WITH A CERTAIN DEVELOPMENT AGREEMENT ENTERED INTO JULY 5, 2001, AS AMENDED, AND AUTHORIZING THE CHIEF FINANCIAL OFFICER TO ENTER INTO A LINE OF CREDIT NOT TO EXCEED $2,250,000 TO MEET CERTAIN CONTRACTUAL OBLIGATIONS. (AS AMENDED) (Action Required By: July 2015)
   Ordinance
   Action: recommended for approval Passed

   The motion to recommend for approval carried by the following vote and the Ordinance, as amended, was sent to Old Business.

10. 2. AN ORDINANCE AMENDING ORDINANCE NO. 179, SERIES 2007 IN ORDER TO AMEND THE BOUNDARIES OF THE CENTRAL DOWNTOWN REVITALIZATION DISTRICT DEVELOPMENT AREA, APPROVING ENTERING INTO A SECOND AMENDED AND RESTATED LOCAL PARTICIPATION AGREEMENT, REDUCING THE AMOUNT OF THE MINIMUM CAPITAL INVESTMENT DECLARING CERTAIN PROPERTIES SURPLUS AND AUTHORIZING THEIR SALE AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY OTHER DOCUMENTS AND THE TAKING OF ANY OTHER ACTIONS NECESSARY TO ACCOMPLISH THE PURPOSE AUTHORIZED BY THIS ORDINANCE AND AMENDING ORDINANCE NO. 102, SERIES 2014 RELATING TO THE FISCAL YEAR 2014-15 OPERATING BUDGET FOR THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, BY AUTHORIZING AN ADDITIONAL APPROPRIATION TO THE OFFICE OF MANAGEMENT AND BUDGET IN ACCORDANCE WITH A CERTAIN DEVELOPMENT AGREEMENT ENTERED INTO JULY 5, 2001, AS AMENDED, AND AUTHORIZING THE CHIEF FINANCIAL OFFICER TO ENTER INTO A LINE OF CREDIT NOT TO EXCEED $2,250,000 TO MEET CERTAIN CONTRACTUAL OBLIGATIONS. (AS AMENDED) (Action Required By: July 2015)
    Ordinance
    Action: amended Passed

    A motion was made by Vice Chair Downard, seconded by Council Member Hamilton, that this Ordinance be amended by inserting the following to the end of the title: "AND AUTHORIZING THE CHIEF FINANCIAL OFFICER TO ENTER INTO A LINE OF CREDIT NOT TO EXCEED $2,250,000 TO MEET CERTAIN CONTRACTUAL OBLIGATIONS" and adding a new Section 7. See attached for detailed amendment identified by underline. The motion to amend carried by a voice vote.

11. Clerk

    H. Stephen Ott, CKMC