Explanation
This ordinance makes appropriations for the 12 months ending December 31, 2010 for the Sinking Fund - Bond and Note Retirement Funds. The appropriation authority allows the Trustees of the Sinking Fund to make general obligation debt service payments.
Emergency action is requested to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management. As well, these ordinances will be the subject of public hearings and are not likely to be passed by City Council until 2010. If an additional 30 days is added to the process valuable services and programs may be affected.
Title
To make appropriations for the 12 months ending December 31, 2010 for the Sinking Fund - Bond Note Retirement Funds; and to declare an emergency.
Body
WHEREAS, the matter herein provided for constitutes an emergency, in that it is immediately necessary to appropriate funds for the Sinking Fund - Bond and Note Retirement Funds for the 12 months beginning January 1, 2010 and ending December 31, 2010; and
WHEREAS, emergency action is requested to allow the financial transaction to be posted in the City's accounting system as soon as possible; and
WHEREAS, up to date financial posting promotes accurate accounting and financial management; and
WHEREAS, these ordinances will be the subject of public hearings and are not likely to be passed by City Council until 2010 and if an additional 30 days is added to the process valuable services and programs may be affected; and
WHEREAS, the matter herein constitutes an emergency in that it is immediately necessary to appropriate these funds 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 from the monies in the funds known as the Sinking Fund, Bond and Note Retirement Funds, in the custody of the Sinking Fund Trustees, and from all monies estimated to come into said funds during the year ending December 31, 2010, the following amounts are appropriated for the payment of the principal and interest on bonds and notes coming due during the year of 2010, and administrative expenses therefore, and the Council hereby confers upon the Sinking Fund the responsibility of administering the principal and interest payments on outstanding bond and note debt.
REQUIREMENTS FOR DEBT SERVICE (refer to attachment Ord# 1610-2009 RequirementsForDebt Service.xls)
SECTION 2. 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.