Explanation
Background: Ordinance No. 0717-2006 passed April 3, 2006, authorized the Director of Development to enter into contracts for purchase of certain real properties within the Greater Parsons Avenue Area Vision Plan and authorized the expenditure of $1,600,000.00 from the Northland and Other Acquisitions Bond Fund. The original amount of funding made available for this project was done so with the understanding that additional monies may be needed at a later date. It is now necessary to increase the Auditor's Certificate established by the aforementioned ordinance by the amount of $850,000.00.
Fiscal Impact: The $850,000 will come from the Special Income Tax Fund. This legislation authorizes the appropriation, transfer and the expenditure of funds. This transfer from the Special Income Tax Fund is only a temporary funding measure until bonds are sold in 2006 at which time the Special Income Tax Fund will be reimbursed for this transaction.
Emergency Justification: Emergency action is requested in order to meet deadlines for closing under the various real estate purchase contracts.
Title
To increase an existing Auditor's Certificate by $850,000.00 for the Greater Parsons Avenue Area Vision Plan; to authorize the City Auditor to transfer $850,000 from the Special Income Tax Fund to the Northland and Other Acquisition Bond Fund; to authorize the expenditure; and to declare an emergency. ($850,000.00)
Body
WHEREAS, the City of Columbus is engaged in the acquisition of real estate in connection with the Greater Parsons Avenue Area Vision Plan; and
WHEREAS, an emergency exists in that it is immediately necessary to increase an Auditor's Certificate by $850,000.00, from the Northland and Other Acquisitions Bond Fund to pay additional professional service costs and other fees incidental to the acquisition of real estate for the above referenced project for the preservation of the public health, peace, property, safety, and welfare; and
WHEREAS, it is necessary to appropriate and transfer $850,000 from the Special Income Tax Fund to a fund to be determined by the City Auditor and to expend the same; 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 $850,000; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to increase an existing Auditor's Certificate for the Greater Parsons Avenue Area Vision Plan and to authorize said transfer and expenditure, all 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 City Auditor be, and he hereby is, authorized to increase Auditor's Certificate # AC-025708 in the amount of $850,000.00 from the Northland and Other Acquisitions Bond Fund, Fund #735 for the purpose of paying costs incidental to the acquisition of land Greater Parsons Avenue Area Vision Plan.
Section 2. That for the purpose stated in Section 1, the sum of $850,000 is hereby appropriated from the unappropriated balance of 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 purchase during the fiscal year ending December 31, 2006, to the City Auditor, Dept./Div. No. 22-01, Object Level One 10, OCA 902023, Object Level Three, 5502.
Section 3. That the City Auditor is hereby authorized to transfer said funds to Fund 735, Southside Acquisitions project, at such time as is deemed necessary by the City Auditor, and to expend $850,000 or so much thereof as may be necessary.
Section 4. That the expenditure of $850,000 from the Development Department, Division No. 44-01, Fund 735 Northland and Other Acquisitions, Project No. 441743 Southside Acquisitions, OCA Code 441743, Object Level Three 6680 be hereby appropriated and authorized.
Section 5. 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 3 above, and said funds are hereby deemed appropriated for such purpose.
Section 6. 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 3 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 promulgated pursuant to the Internal Revenue Code of 1986, as amended.
Section 8. 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 passage and approval by the Mayor or ten days after its passage if the Mayor neither approves nor vetoes the same.