Explanation
Background: The following is an ordinance to authorize the City Attorney to acquire fee simple title and lesser interests, contract for professional services, and to expend the monies for payment of acquisition costs in connection with the FRA Olentangy Trail Bridge Project (State Job 465874).
Fiscal Impact: The transfer of $50,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund is
a temporary measure until the City sells notes or bonds to fund these improvements. $50,000.00 is budgeted in the Voted 1995 and 1999 Parks and Recreation Bond Fund to meet the financial obligation of this project.
Emergency Justification: Emergency action is requested to allow acquisition activities to begin as soon as possible thereby allowing for commencement of construction of this project within this years construction season.
Title
To authorize the appropriation and transfer of $50,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund and to authorize the City Attorney to acquire fee simple title and lesser interests, contract for professional services, and to expend $50,000.00 from the Voted 1995/1995 Recreation and Parks Bond Fund for costs in connection with the FRA Olentangy Trail Bridge Project (State Job 465874), and to declare an emergency. ($50,000.00).
Body
WHEREAS, the City of Columbus is engaged in the FRA Olentangy Trail Bridge Project (State Job 465874); and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund, and 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 project is presently expected not to exceed $50,000; and
WHEREAS, an emergency exists in the usual daily operation of the Recreation and Parks Department, in that it is immediately necessary to authorize the City Attorney to acquire fee simple title and lesser interests in and to certain parcels of real estate and to contract for the aforesaid professional services necessary in connection with said project for the preservation of the public health, peace, property and safety; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Attorney be, and hereby is, authorized to acquire fee simple title and lesser interests in and to certain parcels of real estate and to contract for the professional services necessary in connection with the FRA Olentangy Trail Bridge Project (State Job 465874).
SECTION 2. That from the unappropriated monies in the Special Income Tax Fund No. 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, 2005, the sum of $50,000.00 is appropriated to the City Auditor, Department No. 22-01, Object Level 3 -
5502, OCA Code 902023.
SECTION 3. That the City Auditor is hereby authorized to transfer said funds to the Voted 1995 and 1999 Parks and Recreation Bond 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 4. That the expenditure of $50,000.00, or so much thereof as may be necessary from the Voted 1995/1995 Recreation and Parks Bond Fund #702; Dept./Div.51-01; Project No. 510316; OCA Code 644526; Object Level Three 6601 for the aforesaid purpose is hereby authorized.
SECTION 5. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project; except that no transfer
shall be so made from a project account funded by monies from more than one source.
SECTION 6. That upon obtaining other funds for this project 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 7. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with the expenditure of the funds transferred in Section 2, above.
SECTION 8. That the City intends that this ordinance constitutes 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 9. 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.