City of Columbus - File #: 1486-2006

• File #: 1486-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 8/21/2006
• In control: Development Committee
• On agenda: 9/11/2006
• Final action: 9/14/2006
• Title: To authorize the transfer of $125,000 (cash only) between projects in the Urban Site Acquisition Loan Fund to provide the resources needed for a loan agreement with Campus Partners for Community Urban Redevelopment; and to declare an emergency. ($125,000)

Date	Ver.	Action By	Action	Result
9/14/2006	1	CITY CLERK	Attest
9/13/2006	1	MAYOR	Signed
9/11/2006	1	Columbus City Council	Approved	Pass
9/11/2006	1	COUNCIL PRESIDENT PRO-TEM	Signed
9/1/2006	1	Dev Drafter	Sent for Approval
9/1/2006	1	CITY ATTORNEY	Reviewed and Approved
9/1/2006	1	Dev Drafter	Sent to Clerk's Office for Council
8/31/2006	1	FINANCE DIRECTOR	Reviewed and Approved
8/31/2006	1	Dev Drafter	Sent for Approval
8/31/2006	1	Auditor Reviewer	Reviewed and Approved
8/31/2006	1	CITY AUDITOR	Reviewed and Approved
8/25/2006	1	Finance Reviewer	Reviewed and Approved
8/24/2006	1	Dev Drafter	Sent for Approval
8/24/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
8/24/2006	1	Dev Drafter	Sent for Approval

Explanation

Background: Ordinance No. 1208-2006 authorized the appropriation and expenditure of $125,000 from the Urban Site Acquisition Loan Fund for the purpose of entering into a loan agreement with Campus Partners for Community Urban Redevelopment to facilitate a phase II environmental assessment of the former Columbus Coating Fabrics site. This legislation will authorize the transfer of cash within the USAL Fund to provide the funds needed for this loan agreement.

This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.

Fiscal Impact:  This legislation will authorize the transfer of $125,000 in cash between projects in the Urban Site Acquisition Loan Fund.

Title

To authorize the transfer of $125,000 (cash only) between projects in the Urban Site Acquisition Loan Fund to provide the resources needed for a loan agreement with Campus Partners for Community Urban Redevelopment; and to declare an emergency.  ($125,000)

Body

WHEREAS, Ordinance No. 1208-2006 authorized the appropriation and expenditure of $125,000 from the Urban Site Acquisition Fund to provide funds for a loan agreement with Campus Partners for Community Urban Redevelopment; and

WHEREAS, it is necessary to transfer $125,000 in cash between projects in the Urban Site Acquisition Fund to provide the resources for this agreement; and

WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to transfer the aforementioned funds, thereby preserving 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 is hereby directed to transfer cash only in the amount of $125,000 from Fund 292, subfund 003, to Fund 292, subfund 007.

Section 2.  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.