Explanation
Background:
This ordinance will authorize the appropriation and transfer of $1,000,000.00 from the Special Income Tax Fund No. 430 to the Voted 1995 and 1999 Parks and Recreation Bond Fund No. 702, and authorize the Director of Recreation and Parks to enter into a contract with the Franklin Park Conservatory to begin implementation of the Franklin Park Conservatory and Franklin Park Master Plan.
The Franklin Park Conservatory and the Recreation and Parks Department have completed a joint Master Plan for improvements to the conservatory and park. The Master Plan has been adopted by both the Conservatory Board and the Recreation and Parks Commission. The Conservatory is moving forward with the implementation of the plan. Included in the 2005 Capital Improvement Budget is $1,000,000.00 to be used for implementation of the project.
The Conservatory has proceeded with developing schematic drawings for various phases of the project including greenhouses that will be jointly utilized by the Department and the Conservatory. They are also undertaking a capital campaign to raise additional dollars to implement the plan.
Emergency action is necessary to allow work to continue.
Fiscal Impact:
The transfer of $1,000,000.00 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.
$1,000,000.00 is budgeted in the Voted 1995 and 1999 Parks and Recreation Bond Fund to meet the financial obligation of this project.
Title
To authorize the appropriation and transfer of $1,000,000.00 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 contract with the Franklin Park Conservatory for funding to begin implementation of the Franklin Park Conservatory and Franklin Park Master Plan, to authorize the expenditure of $1,000,000 from the Voted 1995 and 1999 Parks and Recreation Bond Fund, and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, it is necessary to enter into an agreement with the Franklin Park Conservatory to implement the Franklin Park Conservatory and Franklin Park Mastrer Plan; 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 $1,000,000.00; 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, to transfer said funds into the Voted 1995 and 1999 Parks and Recreation Bond Fund, and to enter into contract to allow work to continue; 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 contract the Franklin Park Conservatory for implementation of the Franklin Park Conservatory and Franklin Park Master Plan.
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, 2005, the sum of $1,000,000.00 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 $1,000,000.00 is hereby appropriated to the Voted 1995 and 1999 Parks and Recreation Bond Fund 702, Dept. 51-01, Project No. 510322, Object Level 3 6620, and OCA Code 644526.
SECTION 5. That the expenditure of $1,000,000.00, or so much thereof as may be necessary, be and is hereby authorized from the Voted 1995 and 1999 Parks and Recreation Bond Fund 702, Dept. 51-01, Project No. 510322, Object Level 3 6620, and OCA Code 644526, to pay the cost thereof.
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 2, 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 2, 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.