Explanation
BACKGROUND: The purpose of this legislation is to authorize the appropriation and transfer of $378,667.72 from the Special Income Tax Fund, Fund No. 430, to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund No. 553, and to authorize the reimbursement to the Division of Electricity for material, labor and equipment costs incurred for Streetlight Inspection/Betterments. All street lights with underground wiring were spot checked and inspected for proper bonding and grounding. In addition, to date 25% of the same underground street lights have been upgraded. Upgrades and betterments of all underground street lights are expected to be completed within the next three to four years.
Emergency action is requested in order that this financial transaction may be processed as soon as possible so that funds may be available to the Division of Electricity for its daily operations.
FISCAL IMPACT: This method of funding is a temporary measure until the City sells notes or bonds to fund this capital improvement project.
Title
To authorize the City Auditor to transfer $378,667.72 from the Special Income Tax Fund to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund; to authorize the appropriation of said funds; to authorize the reimbursement to the Division of Electricity for costs incurred for Streetlight Inspection/Betterments; to authorize the expenditure of $378,667.72; and to declare an emergency. ($378,667.72)
Body
WHEREAS, it is necessary to reimburse the Division of Electricity for costs incurred for material, labor and equipment required for Streetlight Inspection/Betterments; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund, this transfer should be considered as a temporary funding method; and
WHEREAS, the aggregate principal amount of obligation which the City will issue to finance this part of the project is presently expected not to exceed $378,667.72; and
WHEREAS, it is immediately necessary to both appropriate said funds from the Special Income Tax Fund and transfer said funds into the Voted 1995 and 1999 Street Lighting and Electricity Distribution System Improvements Fund; and
WHEREAS, emergency action is necessary in order that the financial transactions may be processed as soon as possible so that funds may be available to the Division of Electricity for its daily operations; and
WHEREAS, an emergency exists in the usual daily operations of the Department of Public Utilities, Division of Electricity, in that it is immediately necessary to both appropriate said funds from the Special Income Tax Fund and transfer said funds into the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund, and to reimburse the division for costs incurred for Streetlight Inspection/Betterments for the preservation of the public health, peace, property, safety and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the sum of $378,667.72 be and is hereby appropriated from the unappropriated balance of the Special Income Tax Fund 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 to the City Auditor, Department No. 22-01, Object Level One 10, OCA 902023, Object Level Three 5502.
SECTION 2. That the City Auditor is hereby authorized to transfer said funds to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund 553 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 3. That the amount of $378,667.72 is hereby appropriated to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund No. 553, Street Lighting Project 670620, for the Division of Electricity, Dept./Div. No. 60-07, Object Level One 06, Object Level Three 6625, OCA 670620.
SECTION 4. That the reimbursement of costs incurred by the Division of Electricity for material, labor and equipment necessary for Streetlight Inspection/Betterments, up to an amount not to exceed $378,667.72, is hereby authorized.
SECTION 5. That to pay the cost of the aforesaid reimbursement the expenditure up to an amount not to exceed $378,667.72, or so much thereof as may be needed, is hereby authorized from the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund No. 553, Division No. 60-07, Project 670620, OCA 670620, Object Level three 6625.
SECTION 6. That upon obtaining other funds for the Streetlight Inspection/Betterments, the City Auditor is hereby authorized to repay the Special Income Tax Fund the amount transferred under Section 2 above, and said funds are hereby deemed appropriated for such purpose.
SECTION 7. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with expenditure of the funds transferred in Section 2, above.
SECTION 8. 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 9. That for the 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 passage if the Mayor neither approves nor vetoes the same.