Explanation
BACKGROUND: Capital expenditures are required for the purchase of materials and services for the construction of various street lighting projects in order to obtain the Division of Electricity's objectives of Project 2020 and its mission statement to provide reliable street lighting. These materials and services will be obtained, as needed, in compliance with the provisions of Columbus City Codes, Chapter 329 and Title 39. This legislation also authorizes a transfer of $130,000.00 from the Special Income Tax Fund (SIT), and the subsequent transfer and appropriation from the SIT to the Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund.
Emergency action is requested in order that the financial transactions may be completed and the materials and services obtained so as not to delay the installation of new street lighting projects.
FISCAL IMPACT: Funding from the Special Income Tax (SIT) fund is a temporary measure until the next bond sale occurs, at which point the SIT will be reimbursed.
Title
To authorize and direct the City Auditor to transfer $130,000.00 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 capital expenditures for the purchase of materials and services required for the construction of street lighting projects up to an amount not to exceed $130,000.00 from the Voted Electricity and Street Lighting Improvements Fund; and to declare an emergency. ($130,000.00)
Body
WHEREAS, the Division of Electricity requires various capital expenditures for the construction of street lighting projects; and
WHEREAS, said capital expenditures will be in accordance with Columbus City Codes, Chapter 329; and
WHEREAS, a transfer of funds from the Special Income Tax Fund is necessary to fund the capital expenditures for new street lighting; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund; and
WHERES, the aggregate principal amount of obligations which the City will issue to finance this purchase is presently expected not to exceed $130,000.00; and
WHEREAS, emergency action is necessary to meet the division's needs for various materials and services in order that the installation of new street lighting projects will not be further delayed; 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 authorize capital expenditures for materials and services required for the construction of 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 $130,000.00 be and is hereby appropriated from the unappropriated balance of the Special Income Tax Fund, 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 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 1999 Street Lighting and Electricity Distribution Improvements Fund 553 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 $130,000.00 is hereby transferred and appropriated to the Division of Electricity 60-07, Voted 1995 and 1999 Street Lighting and Electricity Distribution Improvements Fund 553, Street Lighting Project 670003, OCA Code 675017, Object Level Three 6625.
SECTION 4. That capital expenditures, in an amount not to exceed $130,000.00, required by the Division of Electricity during the construction of street lighting projects shall be in accordance with the provisions of Chapter 329 and Title 39 of the Columbus City Codes, 1959, and are hereby authorized.
SECTION 5. That to pay the cost of the aforesaid purchase orders, the expenditure of an amount not to exceed $130,000.00, or so much thereof as may be needed, is hereby authorized from Division of Electricity Division No. 60-07, Voted 1995 and 1999 Street Lighting and Distribution Improvements Fund 553, Project Number 670003, OCA 675017, Object Level Three 6625.
SECTION 6. That upon obtaining other funds for the Street Lighting project, the City Auditor is hereby authorized and directed 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 establish proper accounting project numbers, and to made any accounting changes to revise the funding source for any contract or contract modification associated with the expenditure of funds transferred in Section 2, above.
SECTION 8. 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 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.