Explanation
BACKGROUND: The purpose of this legislation is to authorize the appropriation and transfer of $121,393.90 from the Special Income Tax Fund, Fund No. 430, to the Voted 1995 and Voted 1999 Street Lighting and Electricity Distribution Fund No. 553, to authorize the transfer of funds within the Voted 1995 and Voted 1999 Street Lighting and Electricity Distribution Fund No. 553 to the appropriate projects, and to authorize the reimbursement to the Division of Electricity for labor and equipment costs incurred in the installation of various street lighting projects from October 15, 2003 to April 27, 2004.
Emergency action is requested in order that the financial transactions and reimbursement to the division may be completed as soon as possible.
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 $121,393.90 from the Special Income Tax Fund to the Voted Street Lighting and Electricity Distribution Improvements Fund; to authorize the appropriation of said funds; to authorize the transfer of $34,276.84 within the Voted Street Lighting and Electricity Distribution Improvements Fund to the appropriate projects, to authorize the reimbursement to the Division of Electricity for labor and equipment costs incurred in the installation of various street lighting projects; to authorize the expenditure up to an amount not to exceed $121,393.90 from the Voted Street Lighting and Electricity Distribution Improvement Fund; and to declare an emergency. ($121,393.90)
Body
WHEREAS, the Division of Electricity has incurred costs for labor and equipment necessary for the installation of various street lighting projects from its operating fund; and
WHEREAS, it is necessary to reimburse the Division of Electricity for costs incurred in the construction of various street lighting projects; and
WHEREAS, an appropriation and transfer of funds is necessary for the reimbursement to proceed; 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 obligations which the City will issue to finance this part of the project is presently expected not to exceed $121,393.90; 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, Voted 1999 Street Lighting and Electricity Distribution Improvements Fund; and
WHEREAS, an emergency exists in the usual daily operation 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, Voted 1999 Street Lighting and Electricity Distribution Improvements Fund, and to reimburse the Division of Electricity for labor and equipment costs incurred in the installation of various street lighting projects for the immediate 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 $121,393.90 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 Code 902023, Object Level Three 5502.
SECTION 2. That the City Auditor is hereby authorized to transfer said funds to the Voted 1995 and Voted 1999 Street Lighting and Electricity Distribution Improvements 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 3. That the amount of $121,393.90 is hereby appropriated to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund No. 553, Dept./Div. No. 60-07, Street Lighting Project 670003, Object Level One 06, OCA 675017.
SECTION 4. That the City Auditor is hereby authorized and directed to transfer $34,276.84 within the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund No. 553, Dept./Div. No. 60-07, as follows:
FROM:
Project Project Name OCA Obj. Level Three Amount
670003 Street Lighting 675017 6625 $ 34,276.84
TO:
Project Project Name OCA Obj. Level Three Amount
670601 Clintonville II 670601 6625 $ 16.88
670605 Independence Village 670605 6625 1,164.51
670610 Glenbrook Sub. 670610 6625 860.73
670611 Madison Mills 670611 6625 3,869.94
670614 Leawood Gardens 670614 6625 2,635.18
670615 Gould Park 670615 6625 204.73
670616 Forest Park 670616 6625 151.89
670617 Sharon Woods 670617 6625 3,456.16
670618 Berwyn E. 670618 6625 236.28
670620 Street Ltg Betterments 670620 6625 17,474.56
670621 Maize Morse St Ltg 670621 6625 202.52
670623 Refugee/SR 33 670623 6625 1,630.21
670624 Pine Hills Sub. 670624 6625 303.79
670625 Woodstream West 670625 6625 33.75
670630 Westerford Village 670630 6625 786.81
670631 Park Place 670631 6625 961.99
670632 Harrison W. St Ltg 670632 6625 286.91
Total $ 34,276.84
SECTION 5. That reimbursement to the Division of Electricity is hereby authorized for labor and equipment costs incurred in the installation of various street lighting projects up to an amount not to exceed $121,393.90.
SECTION 6. That to pay the cost of the aforesaid reimbursement to the Division of Electricity, the expenditure up to an amount not to exceed $121,393.90, or so much thereof as may be needed, be and is hereby authorized from Division of Electricity, Division No. 60-07, Voted 1995 and Voted 1999 Street Lighting and Electricity Distribution Improvement Fund 553, and is to be disbursed as listed below:
TO:
Project Project Name OCA Obj. Level Three Amount
670003 Street Lighting 675017 6625 $ 87,117.06
670601 Clintonville II 670601 6625 16.88
670605 Independence Village 670605 6625 1,164.51
670610 Glenbrook Sub. 670610 6625 860.73
670611 Madison Mills 670611 6625 3,869.94
670614 Leawood Gardens 670614 6625 2,635.18
670615 Gould Park 670615 6625 204.73
670616 Forest Park 670616 6625 151.89
670617 Sharon Woods 670617 6625 3,456.16
670618 Berwyn E. 670618 6625 236.28
670620 Street Ltg Betterments 670620 6625 17,474.56
670621 Maize Morse St Ltg 670621 6625 202.52
670623 Refugee/SR 33 670623 6625 1,630.21
670624 Pine Hills Sub. 670624 6625 303.79
670625 Woodstream West 670625 6625 33.75
670630 Westerford Village 670630 6625 786.81
670631 Park Place 670631 6625 961.99
670632 Harrison West 670632 6625 286.91
Total $121,393.90
SECTION 7. That upon obtaining other funds for street lighting improvements, 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 expenditure of the funds transferred in Section 2 above.
SECTION 9. 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 10. 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.