Explanation
Background:
The purpose of this legislation is to authorize the appropriation and transfer of $133,000.00 from the Special Income Tax Fund No. 430 to the Voted 1995 and 1999 Parks and Recreation Bond Fund No. 702; and, to authorize the Director of Recreation and Parks to enter into two purchase agreements for property identified as follows:
1) Fraley Property, 352 S. Nelson Road, Parcel #010-43629
2) Schomaker Property, 312 S. Nelson Road, Parcel #010-19485
This is an Urban Infrastructure Recovery Fund (UIRF) project. These properties contain condemned houses that will be demolished to clean up the area around Academy Park behind Cleo Dumaree Athletic Complex.
This ordinance is submitted as an emergency to allow closing dates negotiated with the Real Estate Division to be met.
Fiscal Impact:
The transfer of $133,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund is a temporary measure until the City sells notes or bonds to fund these improvements.
Title
To authorize the appropriation and transfer of $133,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund, to authorize the Director of Recreation and Parks to enter into two purchase agreements for property located on S. Nelson Road, to authorize the expenditure of said funds, and to declare an emergency. (133,000.00)
Body
WHEREAS, the city desires to purchase two pieces of property on S. Nelson Road; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund, and this transfer should be considered as a temporary funding method; and
WHEREAS, the aggregate principal amount of obligations which the City will issue to finance this project is presently expected not to exceed $133,000.00; and
WHEREAS, an emergency exists in the usual daily operation of the Recreation and Parks Department in that it is immediately necessary to appropriate said funds from the Special Income Tax Fund and transfer said funds into the Voted 1995 and 1999 Parks and Recreation Bond Fund for the closing date negotiated with the Real Estate Division to be met; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Recreation and Parks be and he is hereby authorized and directed to enter into two purchase agreements for property located on S. Nelson Road.
SECTION 2. That from the unappropriated monies in the Special Income Tax Fund No. 430, 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, 2004, the sum of $133,000.00 is appropriated to the City Auditor, Department No. 22-01, Object Level 3 - 5502, OCA Code 902023.
SECTION 3. That the City Auditor is hereby authorized to transfer said funds to the Voted 1995 and 1999 Parks and Recreation Bond Fund at such time as is deemed necessary by the City Auditor, and to expend said funds, or so much thereof as may be necessary.
SECTION 4. That the amount of $133,000.00 is hereby appropriated to the Voted 1995 and 1999 Parks and Recreation Bond Fund, as follows:
Project Project Object OCA
Fund Type Division Fund No. Title Level 3 Code Amount
Capital Proj. 51-01 702 440006 UIRF 6601 644526 $133,000.00
SECTION 5. That the expenditure of $133,000.00, or so much thereof as may be necessary, be and is hereby authorized from the Voted 1995 and 1999 Parks and Recreation Bond Fund, Dept. 51-01, as follows, to pay the cost thereof.
Fund Grant or Object OCA
Fund Type No. Proj. No. Proj. Title Level 3 Code Amount
Capital Proj. 702 440006 UIRF 6601 644526 $133,000.00
SECTION 6. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project; except that no transfer shall be so made from a project account funded by monies from more than one source.
SECTION 7. That upon obtaining other funds for this project the City Auditor is hereby authorized to repay the Special Income Tax Fund the amount transferred under Section 3, above; and said funds are hereby deemed appropriated for such purpose.
SECTION 8. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with the expenditure of the funds transferred in Section 3, above.
SECTION 9. That the City intends that this ordinance constitutes 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 10. 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.