...Explanation
Background/Fiscal Impact;
This ordinance repeals Ordinance No. 2173-95, passed September 25, 1995. That ordinance clarified and reiterated financial transactions between the City and the Solid Waste Authority of Central Ohio (SWACO) for the Waste to Energy Facility. It has been determined by the City Auditor and the Finance Director that the majority of the terms of that ordinance are no longer relevant or necessary. This ordinance replaces the one section of the Ordinance No. 2173-95 that is still relevant -- the direction of the deposit of rental payments made to the City by SWACO for the lease of the closed Waste to Energy Facility.
This ordinance directs that effective January 1, 2004, payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, shall be deposited to the Economic Stabilization Fund, rather than the Special Income Tax Fund. In addition, this ordinance allows the City Auditor, in consultation with the Finance Director, to transfer from the Special Income Tax Fund to the General Fund an amount not to exceed the difference between $11 million and any lesser amount received from SWACO in 2004 as payment for the lease of the Waste to Energy Facility.
This is consistent with the assumptions in the 2004 Executive Budget, as well as the City's Auditor's 2004 Estimate of Available Resources.
This ordinance is submitted as an emergency so as to allow any financial transactions affected by this amendment to be properly posted. Up to date financial posting promotes accurate accounting and financial management.
Title
To repeal Ordinance No. 2173-95, passed September 25, 1995, to direct that effective January 1, 2004, payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, shall be deposited to the Economic Stabilization Fund, to allow the City Auditor, in consultation with the Finance Director, to transfer from the Special Income Tax Fund to the General Fund an amount not to exceed the difference between $11 million and any lesser amount received from SWACO in 2004 as payment for the lease of the Waste to Energy Facility, to appropriate the funds necessary to carry out the purpose of this ordinance, and to declare an emergency. (REPEALED BY ORD. 1625-2007 PASSED 10/15/2007)
Body
WHEREAS, it has been determined by the City Auditor and the Finance Director that the majority of the terms of Ordinance No. 2173-95 are no longer relevant or necessary; and
WHEREAS, Ordinance No. 2173-95, passed September 25, 1995, stipulated, among other things, that rental payments made to the City for the leasing of the Waste to Energy Facility be deposited into the Special Income Tax Fund; and
WHEREAS, it has been determined that it is in the best interest of the City to begin to deposit payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, to the Economic Stabilization Fund, Fund No. 011, effective January 1, 2004; and
WHEREAS, the 2004 budget is predicated upon the transfer from the Special Income Tax Fund, Fund No. 430 to the General Fund, Fund No. 010, an amount not to exceed $11 million of these SWACO lease payments; and
WHEREAS, this ordinance is submitted as an emergency to allow any financial transactions affected by this amendment to be properly posted, thereby preserving the public health, peace, property, safety, and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Ordinance No. 2173-95, passed September 25, 1995 is hereby repealed.
SECTION 2. That effective January 1, 2004, payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, shall be deposited to the Economic Stabilization Fund, Fund No. 011, until such time as it is no longer necessary, as determined by this Council.
SECTION 3. That the City Auditor, in consultation with the Finance Director, may transfer from the Special Income Tax Fund, Fund No. 430 to the General Fund, Fund No. 010, an amount not to exceed the difference between $11 million and any lesser amount received from SWACO in 2004 as payment for the lease of the Waste to Energy Facility.
SECTION 4. That funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated.
SECTION 5. 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.