Explanation
1. BACKGROUND:
This legislation authorizes the transfer and expenditure of funds that are required to pay for the interest expense associated with the special assessment anticipation notes that were used for the construction of the McDannald Estates and Willow Springs Sanitary Sewer Assessment Projects.
2. EMERGENCY DESIGNATION:
The Division is requesting that this ordinance be considered an emergency in order to
allow the Department of Finance and the City Auditor's Office to fulfill the strict financial deadlines required by the assessment process.
Title
To authorize the appropriation, transfer, and expenditure of $44,101.76 from the Sewer System Permanent Improvements Fund to the Sewer Special Assessments Fund; to amend the 2005 Capital Improvements Budget, for the Division of Sewerage and Drainage, and to declare an emergency. ($44,101.76)
Body
WHEREAS, it is necessary for this City Council to authorize the City Auditor to appropriate and transfer the funds required to provide for the payment of project financing expenses associated with the the Willow Springs Area and McDannald Estates Area sanitary assessment sewer improvement projects; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Public Utilities, in that it is necessary for this City Council to authorize the transfer, appropriation, and expenditure of funds from the Sewer System Permanent Improvements Fund to the Sewer Special Assessments Fund in order to provide for the payment of project financing costs that are immediately required to allow for the issuance of special assessment bonds, for the preservation of the public health, peace, property and safety, now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That $44,101.76 is hereby appropriated within the Sanitary Sewer Bond Fund No. 671 in Project 671999| OCA Code 900671| Unallocated Balance| Obj. Level 3: 5501, for purposes of transferring said funds to the Sewer Special Assessments Fund No. 662.
Section 2. That the City Auditor is hereby authorized to transfer $44,101.76 from the Sewer System Permanent Improvements Fund No. 671 to the Sewer Special Assessments Fund No. 662, Department 60-05, as follows:
FROM:
Proj. 671999| Unallocated Balance| OCA 900671| Obj. Level 3: 5501| $44,101.76
TO:
Fund 662| Subfund 580| Willow Springs Special Assess.| OCA 662580| $3,749.88
Fund 662| Subfund 579| McDannald Estates Special Assess.| OCA 662582| $40,351.88
Section 3. That the 2005 Capital Improvements Budget Ordinance No. 1070-2005, is hereby amended as follows, to provide sufficent budget authority for the aformentioned permanent improvements expenditure:
CURRENT:
650833 - Willow Springs Area Assessment Imp. - $0.00 (Fund 671 Carryover)
650613 - McDannald Estates Area Assessment Imp. -$0.00 (Fund 671 Carryover)
AMENDED TO:
650833 - Willow Springs Area Assessment Imp. - $3,749.88 (Fund 671 Carryover)
650613 - McDannald Estates Area Assessment Imp. -$40,351.88 (Fund 671 Carryover)
Section 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.