Explanation
BACKGROUND:
This ordinance will authorize and direct the Director of Recreation and Parks to enter into contract with the Franklin Park Conservatory for administration and implementation of the Franklin Park Master Plan. The Franklin Park Conservatory and the Recreation and Parks Department completed a Joint Master Plan for improvements to the Conservatory and Park. The Master Plan has been adopted by both the Conservatory Board and the Recreation and Parks Commission. It was determined that it would be beneficial for the Franklin Park Conservatory to perform the administration of the project in order to minimize disruption to the daily operation of Conservatory business.
This ordinance also authorizes the transfer of $1,100,000.00 from the Special Income Tax Fund to the Recreation and Parks Voted Bond Fund.
The contract compliance number for the Franklin Park Conservatory is #31-1364884.
Emergency action is necessary to allow the Franklin Park Conservatory to begin work as soon as possible as plans for the park are proceeding.
Fiscal Impact: Bonds have yet to be sold for the whole project, necessitating a certification of $1,100.000.00 against the Special Income Tax Fund. Upon sale of bonds, this will be reimbursed.
Title
To authorize and direct the Director of Recreation and Parks to enter into a contract with the Franklin Park Conservatory for the implementation of the Phase One of the Master Plan for the Conservatory and exhibitions related projects ; to authorize and direct the City Auditor to transfer $1,100,000.00 from the Special Income Tax Fund to the Recreation and Parks Capital Improvement Fund; to authorize the City Auditor to appropriate $1,100,000.00 within the Recreation and Parks Improvement Fund; and to authorize the expenditure of $1,100,000.00 from the Recreation and Parks Capital Improvement Fund; and to declare an emergency. ($1,100,000.00)
Body
WHEREAS, it is necessary to enter into contract with the Franklin Park Conservatory for administration and implementation of the Franklin Park Master Plan; and
WHEREAS, it is necessary to transfer funds from the Special Income Tax Fund to this project; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund; and
WHEREAS, 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 renovation is presently expected not to exceed $1,100,000.00; and
WHEREAS, the City anticipates incurring certain Original Expenditures (as defined in Section 1.150-2(c) of the Treasury Regulations (the "Treasury Regulations") promulgated pursuant to the Internal Revenue Code of 1986, as amended) with respect to the project described in this ordinance (the "Project");
WHEREAS, an emergency exists in the usual daily operation of the Recreation and Parks Department in that it is immediately necessary to enter into said contract for the preservation of public health, peace, property and safety; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Recreation and Parks is hereby authorized and directed to enter into contract with the Franklin Park Conservatory for the implementation of the Phase One of the Master Plan for the Conservatory and exhibitions related projects.
SECTION 2. The sum of $1,100,000.00 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, 2010 to the City Auditor, Department 22-01, Object Level One 10, OCA Code 902023, Object Level Three 5502.
SECTION 3. That the City Auditor is hereby authorized to transfer said funds to the Recreation and Parks Voted 1999/2004 Bond Fund 702, 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 amount of $1,100,000.00 is hereby transferred and appropriated to Recreation and Parks, 51-01, Fund 702, Franklin Park Conservatory- 510017-100017, Object Level One 06, Object Level Three Code 6680, OCA 517017.
SECTION 5. That upon obtaining other funds for implementation of the Phase One of the Master Plan for the Conservatory and exhibitions related projects, the City Auditor is hereby authorized and directed to repay the Special Income Tax Fund the amount transferred under Section 2.
SECTION 6. That the City Auditor is authorized to establish proper accounting project numbers, and to make 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 7. That the City intends that this ordinance constitute an "official intent" for purposes of Section 1.150-2(e) of the Treasury Regulations, and that the City reasonably expects to reimburse itself for certain Original Expenditures incurred with respect to the Project from the proceeds of obligations to be issued by the City in a principal amount currently estimated to be $1,100,000.00 (the "Obligations").
The City intends to make a reimbursement allocation on its books for the Original Expenditures not later than eighteen months following the later to occur of the date of the Original Expenditure to be reimbursed or the date the Project for which such Original Expenditures were made is "placed in service" within the meaning of the Treasury Regulations Section 1.150-2(c). Upon the issuance of the Obligations, the proceeds of such Obligations shall be used to reimburse the fund from which the advance for costs of the Project will be made.
SECTION 8. All funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated.
SECTION 9. That the expenditure of $1,100,000.00, or so much thereof as may be necessary in regard to the action authorized in SECTION 1, be and is hereby authorized and approved as follows:
Division: 51-01
Fund: 702
OCA Code: 517017
Object Level 3: 6680
Project: 510017-100017
Amount $1,100,000.00
SECTION 10. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contract or contract modifications associated with this ordinance.
SECTION 11. 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.