Explanation
BACKGROUND: This legislation authorizes the Development Director to establish an encumbrance within the Special Income Tax Fund to provide funds for the Columbus-Franklin County Port Authority to establish a bond reserve fund.
Ordinance No. 0540-2006 authorized the execution of a port authority agreement between the City and Franklin County to create a new port authority focused on serving the economic development needs to the City and Franklin County.
This agreement requires that the City and the County each provide funding to provide for a bond reserve fund. The share from the City will be $1,250,000.
FISCAL IMPACT: This expense is budgeted within the Special Income Tax Fund.
Emergency action is requested so that the bond reserve fund can be established as soon as possible.
Title
To appropriate $1,250,000.00 within the Special Income Tax Fund; to authorize the Development Director to establish an encumbrance in this amount to pay the Columbus-Franklin County Port Authority to establish a bond reserve fund; to authorize the expenditure of $1,250,000.00 or so much thereof as may be necessary from the Special Income Tax Fund; and to declare an emergency. ($1,250,000.00)
Body
WHEREAS, Ordinance No. 0540-2006 authorized the execution of a port authority agreement between the City and Franklin County to create a new port authority focused on serving the economic development needs of the City and Franklin County; and
WHEREAS, as part of the original agreement, the City and Franklin County will each provide up to $200,000 annually towards operating costs for up to 5 years, and by letter of amendment to the agreement this annual amount is reduced to $150,000 annually towards operating cost during this period; and
WHEREAS, the State of Ohio will provide $2,500,000 towards a $5,000,000 bond reserve fund; and
WHEREAS, the agreement requires that the City and the County each provide $1,250,000 for the bond reserve fund; and
WHEREAS, these funds must be appropriated within the Special Income Tax Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Development Department, in that it is immediately necessary to establish an encumbering document with the Columbus-Franklin County Port Authority to provide funds for a bond reserve fund, 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 sum of $1,250,000.00 be and hereby is appropriated from the unappropriated balance of Fund 430, the Special Income Tax Fund, 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, 2007, to Department No. 44-01, Development Department, Administration Division, Object Level One Code 03, Object Level Three Code 3336 and OCA Code 430443.
Section 2. That the monies appropriated in Section 1 shall be paid upon order of the Development Director and that no order shall be drawn or money paid except by voucher, the form of which shall be approved by the City Auditor.
Section 3. That the Development Director be and hereby is authorized to establish an encumbrance with the Columbus-Franklin County Port Authority to provide funds for a bond reserve fund.
Section 4. That the expenditure of $1,250,000.00 or so much thereof as may be needed be and hereby is authorized from Fund 430, the Special Income Tax Fund, Department No. 44-01, Development Department, Administration Division, Object Level One Code 03, Object Level Three Code 3336 and OCA Code 430443.
Section 5. 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.