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HomeMy WebLinkAbout2000-11-6285ORDINANCE NO. 2000-11 AN ORDINANCE APPROVING A MEMORANDUM OF UNDERSTANDING BETWEEN EDUCATION, ARTS AND HUMANITIES CABINET, FOUR RIVERS CENTER FOR THE PERFORMING ARTS, INC., AND CITY OF PADUCAH, KENTUCKY, AND AUTHORIZING THE MAYOR TO EXECUTE SAME, AND DECLARING AN EMERGENCY TO EXPEDITE INVESTMENT OF GRANT FUNDS WHEREAS, House Bill 502 states: "Four Rivers Center: If the Secretary of the Finance and Administration Cabinet determines that the amount of actual General Fund undesignated fund balance available for expenditure in fiscal years 2000-01 or 2001-02, is sufficient to fund Four Rivers Center - Paducah (Priority #23) of the Statewide Infrastructure Fund, the appropriate funds shall be made available to the Four Rivers Center for the Performing Arts, Incorporated, as soon as Memorandum of Agreement is executed between the Four Rivers Center for the Performing Arts, Incorporated, and the Education Arts and Humanities Cabinet and approved by the Governor's Office for Policy and Management. The Memorandum of Agreement shall set out requirements to assure proper oversight, reporting and accountability, and shall specifically set out procedures for handling funds prior to construction;" WHEREAS, Education Arts and Humanities Cabinet (hereafter "Cabinet") has requested that the City of Paducah, Kentucky ("City") serve as the recipient of the sum of $8 million for the limited purpose of immediately transferring the entire sum to :. Four Rivers Center for the Performing Arts, Inc. (hereafter "Center"); WHEREAS, City has agreed to the request so as to aid in the successful construction of the Four Rivers Center Project. BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. The City shall upon receipt of the grant sum of $8 million from Cabinet immediately transfer same to Center for its future management and investment, according to the terms and conditions set forth in the Memorandum of Understanding, attached hereto, and by reference a part of this ordinance. SECTION 2. The obligations of City pertaining to the aforesaid grant funds are solely set forth in the attached Memorandum of Understanding. SECTION 3. The Mayor is authorized and directed to execute the attached Memorandum of Understanding on behalf of the City. SECTION 4. In order to expedite the transfer of the grant funds to Center and commence earning interest and therefore enhance funding for the project, an emergency is hereby declared to exist and this ordinance shall become effective immediately with one reading. Mayor 647 w ATTEST: Introduced and adopted by the Board of Commissioners November 14, 2000 Recorded by Lenita Smith, City Clerk, November 14, 2000 Published by The Paducah Sun 7)&t), a� I-oo e) ord/artsl