Explanation
Background: This ordinance establishes appropriations within the Special Income Tax Fund in the amount of $1,292,182.00 for debt service payments associated with various City debt issues. These principal and interest payments were previously paid from the Capitol South Fund (481) from rent payments received from the Capitol South Urban Community Development Corporation. Project payments from this fund included the following:
Improvements at the Central High School site (ordinance 2720-1996)
Riverfront land acquisition (ordinances 2549-1997, 3011-1998, and 2612-2009)
Floodwall enhancements and land acquisition (ordinance 3005-1998)
None of the proceeds of these bonds went to assist Capitol South. Instead, the City used revenues from Capitol South to pay debt service on these bonds. The last monies received by the City from Capitol South occurred in 2006. Over the years, from 1985 through 2006, the City received $55.2 million in cash from Capitol South and an additional $12 million for various projects in the downtown area, approved by City Council, but paid for by Capitol South.
The debt service referenced in this ordinance is primarily related to land acquisition and is not in any way related to the enhancement of Capitol South and/or the City Center. This City has not paid any money to Capitol South to assist in the demolition of City Center, nor does any authority exist to do so.
Emergency: This ordinance is submitted as an emergency measure to allow for the financial transaction to be posted in the city's accounting system as soon as possible.
Fiscal Impact: Funds for these appropriations will be accounted for in the Special Income Tax Fund (430).
Title
To authorize and direct the City Auditor to appropriate $1,292,182.00 within the Special Income Tax Fund; and to declare and emergency. ($1,292,182.00)
Body
WHEREAS, this ordinance establishes appropriations within the Special Income Tax Fund in the amount of $1,292,182.00 for debt service payments associated with various City debt issues; and
WHEREAS, these principal and interest payments were previously paid from the Capitol South Fund (481) from rent payments received from Capitol South Urban Community Development Corporation; and
WHEREAS, It has been planned that the Special Income Tax Fund (430) will now make these debt service payments; and
WHEREAS, funds for these appropriations are budgeted and accounted for in the Special Income Tax Fund (430); and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to undertake the aforementioned action, 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 the City Auditor is hereby authorized and directed to establish appropriations in department 22-01, Special Income Tax Fund, fund 430 is hereby increased by $1,292,182.00 as follows:
OCA: 901975| Object Level One: 10| Object Level Three: 5501| Amount: $1,010,583.00
OCA: 901983| Object Level One: 10| Object Level Three: 5501| Amount: $ 281,599.00
SECTION 2. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 3. 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.