Explanation
BACKGROUND: This legislation provides for appropriating and transferring funds from the Water System Reserve Fund for the Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation. Previous legislation, which funded other projects, reduced the unencumbered funds available to the Division of Water to a level where the remaining balance is insufficient to fund this project. Therefore, funds are being transferred from Fund 603 the Water System Reserve Fund to Fund 606 the Waterworks Enlargements Voted 1991 Bonds Fund.
EMERGENCY: This Ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Title
To appropriate and authorize the City Auditor to transfer $2,077,538.82 from the Water System Reserve Fund to the Waterworks Enlargement Voted 1991 Bonds Fund for the purpose of funding the Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation, for the Division of Water, and to declare and emergency. ($2,077,538.82)
Body
WHEREAS, It is required in the usual daily operation of the Division of Water, Department of Public Utilities, to provide funding for the Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation, and
WHEREAS, The funding method for this expenditure is a temporary measure until such time as the City sells notes or bonds for the above stated purpose, and
WHEREAS, An emergency exists in the usual daily operation Division of Water, Department of Public Utilities in that it is immediately necessary to appropriate funds from the Water System Reserve Fund, so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management, and for the immediate preservation of public health, peace, property, safety and welfare; now therefore,
WHEREAS, The aggregate principal amount of obligations which the City will issue to finance the project is presently expected not to exceed $2,077,538.82, and
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS
Section 1. That from the unappropriated monies in the Water System Reserve Fund 603, and from all monies estimated to come into said fund from any and all sources, and unappropriated for any other purpose during the fiscal year ending December 31, 2005, the sum of $2,077,538.82 is hereby appropriated to the Division of Water, Department/Division Number 60-09, Project No. 690428, OCA Code 606428, Object Level Three 6682.
Section 2. That the City Auditor is hereby authorized to transfer said funds to the proper capital improvement subfund for Project No. 690428, Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation, and to expend said funds or as much thereof as may be necessary.
Section 3. That $2,077,538.82 is hereby appropriated for the Waterworks Enlargement Voted 1991 Bonds, Fund No. 606, Department of Public Utilities, Division of Water, Dept./Division No. 60-09, Object Level Three 6682, Project No. 690428, OCA Code 606428.
Section 4. That upon obtaining other funds for the purpose of funding water projects and allied facilities capital improvement work, the City Auditor is hereby authorized to repay the Water System Reserve Fund the amount of transferred funds under Section 2 above, and said funds are hereby deemed appropriated for such purpose.
Section 5. The City Auditor is authorized to make any accounting changes to revise the funding source for the contract associated with expenditure of funds transferred under Section 2 above.
Section 6. The City intends that this ordinance constitute an "official intent" for purposes of Section 1.150-2(e) of the Treasury Regulations promulgated pursuant to the Internal Revenue Code of 1986, as amended.
Section 7. That for reasons stated in the preamble, hereto, which is hereby made a part hereof, this ordinance is 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 approval if the Mayor neither approves nor vetoes the same.