Explanation
Many grants and projects with the City require initial expenditures by the City with subsequent reimbursement by the grantor or lender. This legislation will simply authorize and provide cash flow capabilities for the City to continue the construction of projects and/or the services while waiting for such reimbursement.
Ordinances #2200-2001, previously repealed, and #1937-2002, currently in effect, previously recognized the need and authorized such cash flow transfers of $1,000,000 and $3,000,000, respectively.
Because of the magnitude of certain capital grants, in addition to the more traditional operating grants, I ask that this authorization be increased to $5,000,000 per grant/project.
Fiscal Impact: None
Title
To authorize the transfer of funds to grants and projects and to authorize the reimbursement of such transfers on the receipt of such monies from the originating grantor or lender and to declare an emergency. ($5,000,000.00)
Body
WHEREAS, many grants and projects with the City require initial expenditures by the City, and
WHEREAS, such expenditures are subsequently reimbursed to the City from the grantor or lender, and
WHEREAS, temporary transfers of funds can prevent any potential interruption of services or construction dependent on these grants and projects, and
WHEREAS, Ordinances #2200-2001, previously repealed, and #1937-2002, currently in effect, previously recognized this need and authorized such cash flow transfers of $1,000,000, and $3,000,000, respectively, and
WHEREAS, because of the magnitude of certain capital grants, in addition to the more traditional grants, I ask that this authorization be increased to $5,000,000 per grant/project.
WHEREAS, an emergency exists in the usual daily operation of the Auditor's Office in that it is immediately necessary to authorize these transfers 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 City Auditor is hereby authorized to transfer funds from Debt Service Fund No. 430 to grants and projects awaiting reimbursements of previously made expenditures in an amount not to exceed $5,000,000 per grant/project.
Section 2. That the City Auditor is hereby authorized to restore funds to Debt Service Fund No. 430 when such grant and project reimbursements are received by the City.
Section 3. Necessary funds are hereby deemed appropriated to carry out the purposes of this ordinance.
Section 4. Ordinance No. 1937-2002 is hereby repealed.
Section 5. 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 day after passage if the Mayor neither approves nor vetoes the same.