Explanation
1. BACKGROUND: This legislation authorizes the Director of Public Utilities to reimburse the Division of Transportation for improvements in connection with the Champion Avenue Reconstruction Project. The Division of Transportation agreed to construct various storm sewer, roadway lowering and related work for the Division of Sewerage and Drainage. The design of this project was performed under a Transportation Division contract.
2. FISCAL IMPACT: This ordinance authorizes the transfer and appropriation of funds from the Storm Sewer Reserve Fund. There is sufficient authority for this expenditure upon passage of the ordinance. Storm Sewer Reserve funds will be reimbursed from an upcoming Bond Sale via the transfer detailed in this ordinance. The Division is requesting a transfer of funds in order to reimburse the Division of Transportation for the storm sewer improvements they installed as a part of their Champion Avenue Reconstruction Project.
Title
To authorize the Director of Public Utilities to reimburse the Division of Transportation for the construction of the Champion Avenue Reconstruction Project, to authorize the transfer and appropriation of $504,998.86 from the Storm Sewer Reserve Fund; and to authorize the expenditure of $504,998.86 for the Division of Sewerage and Drainage. ($504,998.86)
Body
WHEREAS, the Division of Transportation, at the request of the Division of Sewerage and Drainage, Department of Public Utilities has incorporated the construction of storm sewer improvements into the Champion Avenue Reconstruction Project; and
WHEREAS, Ordinance No. 0783-2005, passed May 23, 2005 authorized the Director of Public Service to enter into contract with the Nickolas Savko & Sons, Inc., for construction of the Champion Avenue Reconstruction Project for the Transportation Division; and
WHEREAS, the aforementioned construction project has been completed, and it is necessary for this City Council to authorize the City Auditor to transfer the required funds that are necessary to allow the Director of Public Utilities to reimburse the Division of Transportation for the documented construction costs associated with the storm sewer improvements; at the earliest practicable date; 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, it is necessary to authorize the transfer and appropriation of funds from the Storm Sewer Reserve Fund to the Voted Storm Sewer Bond Fund for purposes of providing sufficient funding for this project expenditure; now, therefore;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That from the unappropriated monies in the Storm Sewer Reserve Fund No. 690, 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, 2008, the sum of $504,998.86 is hereby appropriated to the Division of Sewerage and Drainage: Division 60-15| OCA Code 690001 | Object Level One 10 | Object Level Three 5502.
Section 2. That the City Auditor is hereby authorized to transfer a total of $504,998.86, from the Storm Sewer Reserve Fund to the Voted Storm Sewer Bond Fund 685, into the Champion Avenue Reconstruction Project, 610777, at such time as deemed necessary by the Auditor, and to expend said funds, or so much thereof as may be necessary.
Section 3. That $504,998.86 is hereby appropriated for Champion Avenue Reconstruction Project, within the Voted Storm Sewer Bond Fund | Fund 685 | Division 60-15 | Project 610777 | OCA Code 685777 | Object Level Three 6621.
Section 4. That upon obtaining other funds for the purpose of funding storm sewer system capital improvement work, the City Auditor is hereby authorized to repay the Storm Sewer System Reserve Fund the amount transferred above, and said funds are hereby deemed appropriated for such purposes.
Section 5. 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 $504,998.86 (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 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 6. That the City Auditor is hereby authorized and directed to transfer any unencumbered balance in the 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 7. That the City Auditor is authorized to establish proper project accounting numbers as appropriate.
Section 8. 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 9. That the Director of Public Utilities is authorized to reimburse the Division of Transportation for the documented construction costs of various storm sewer items, roadway lowering and related work for the Division of Sewerage and Drainage in connection with the Champion Avenue Reconstruction Project.
Section 10. For the purpose of reimbursing the Division of Transportation for the construction services, the expenditure of $504,998.86 is hereby authorized from within the Voted Storm Sewer Bond Fund No. 685| Div.: 60-15| Project: Champion Avenue Reconstruction Project | Project No. 610777| OCA Code 685777| Object Level Three No. 6621| Amount: $504,998.86.
Section 11. That this ordinance shall take effect and be in force from and after the earliest period allowed by law