Title
To establish new Chapter 336 of the Columbus City Codes, 1959, to be titled Disposition of Unclaimed Funds.
explanation
Background: This ordinance will establish new Chapter 336 of the Columbus City Codes, 1959, to be entitled Disposition of Unclaimed Funds. The purpose of this ordinance is to allow the City Auditor to transfer to the City's General Operating Fund monies paid to citizens, vendors and others that remain unclaimed by the intended recipients. The City Auditor shall be authorized to transfer such unclaimed funds that remain unclaimed for a period of three years or more to the General Operating Fund of the City of Columbus.
Sections 1107.02 and 1161.03 of the Columbus City Codes, 1959, shall continue to govern the disposition of water and electric service deposits and such deposits are expressly excluded from the scope of this legislation.
The adoption of this ordinance is both requested and recommended by the City Auditor.
Fiscal Impact: The net effect of this ordinance is to make such unclaimed funds available for City operations.
Body
WHEREAS, many thousands of payments are made to citizens and vendors throughout the course of the year; and
WHEREAS, certain of these payments remain unclaimed by the intended recipients (payees); and
WHEREAS, certain other such payments may never be returned to the City, but go unclaimed for various unknown reasons; and
WHEREAS, these funds fall within the definition of unclaimed funds as provided in Sections 169.01 and 169.02 of the Ohio Revised Code; and
WHEREAS, it is possible for the City to claim these unclaimed funds and to utilize them for the City's General Operating Fund; and
WHEREAS, it is appropriate that any such funds remaining unclaimed for a period of three years from the date of issuance shall be claimed by the City of Columbus for General Operating purposes; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO:
Section 1. That new Chapter 336 of the Columbus City Codes, 1959, shall be enacted to read as follows:
Chapter 336 Unclaimed Funds.
Section 336.01 Disposition of Unclaimed Funds.
The City Auditor is authorized to transfer to the City's General Operating Fund all unclaimed funds that remain unclaimed for a period of three years or more from the date of issuance.
The term "unclaimed funds" as used in this Section is defined in Sections 169.01 and 169.02 of the Ohio Revised Code and is hereby incorporated by reference.
All water and electric service deposits whose disposition is governed by C.C. 1107.02 and 1161.03, respectively, are expressly excluded from the scope of this Section.
Section 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.