Explanation
BACKGROUND: This legislation authorizes the City Auditor to allow the Division of Power and Water's (Power) capital bonds fund to reimburse the operating fund, for labor and equipment costs incurred in the installation of various street lighting projects from November 1, 2008 through June 12, 2009.
FISCAL IMPACT: This legislation includes a transfer of funds within the Voted Street Lighting and Electricity Distribution Improvement Fund, a transfer from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund as a temporary measure until such time as the proceeds from a bond sale can be made available, and an amendment to the 2009 Capital Improvements Budget.
Title
To authorize the transfer of $34,114.75 within the Voted Street Lighting and Electricity Distribution Improvement Fund; to authorize the transfer of $95,838.36 from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund; and to authorize the City Auditor to reimburse the operating fund in the amount of $129,953.11 for labor and equipment costs incurred in the installation of various street lighting projects; and to authorize an amendment to the 2009 Capital Improvements Budget for the Division of Power and Water. ($129,953.11)
Body
WHEREAS, it is necessary to reimburse the Division of Power and Water (Power) for labor and equipment incurred in the installation of various street lighting projects; and
WHEREAS, the costs from the operating fund are reimbursed through the capital bonds fund; and
WHEREAS, it is necessary to authorize an amendment to the 2009 Capital Improvements Budget for purposes of providing sufficient funding and expenditure authority for the aforementioned project expenditure; and
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds from the Power System Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund; 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 construction of the Project described in this Ordinance (collectively, the "Project"); now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor is hereby authorized to transfer $34,114.75 within the Division of Power and Water, Dept/Div. No. 60-07, Voted Street Lighting and Electricity Distribution Improvement Fund, Fund No. 553, Object Level One 06, Object Level Three 6621, as follows:
Project No. | Project Name | OCA Code | change
440008 | OSU Urban Infrastructure Recovery Program | 440008 | -$28,079.22
670771 | 69 KV Line Relocation to West Substation | 670771 | -$4,539.70
670785 | Cooper Road Street Lighting Improvements | 553785 | -$1,495.83
440007 | UIRF Street Lighting Improvements | 670604 | + $436.98
670778 | Broad Meadows Street Lighting Improvements | 670778 | + $196.64
670777 | Walnut Bluffs Street Lighting Improvements | 553777 | +$480.68
670787 | Willow Creek Street Lighting Improvements | 553787 +$1,578.49
670003 | Street Light Force Account | 675017 | +$31,421.96
SECTION 2. That from the unappropriated monies in the Electricity Reserve 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, 2009, the sum of $95,838.36, is hereby appropriated to the Division of Power and Water, Division 60-07, Object level One 10, Object level Three 5502, OCA 551001.
SECTION 3. That the City Auditor is hereby authorized and directed to transfer $95,838.36, from the Power System Reserve Fund, Fund 551 to the Voted Street Lighting and Electricity Distribution Improvement Fund, Fund No. 553, Project Number 670003 OCA Code 675017, at such time as deemed necessary by him, and to expend said funds, or so much thereof as may be necessary.
SECTION 4. That the appropriation of $95,838.36 is hereby authorized for the Street Light Force Account, Fund No. 553, Division of Power and Water, Division 60-07, Project 670003, Object Level Three 6625, OCA 675017
SECTION 5. That upon obtaining other funds for the purpose of funding electricity distribution capital improvement work, the City Auditor is hereby authorized to repay the Electricity Reserve Fund the amount transferred under Section 3 above, and said funds are hereby deemed appropriated for such purpose.
SECTION 6. That the 2009 Capital Improvements Budget is hereby amended as follows:
Project No. | Project Name | Current Authority | Revised Authority | change
440008-100000 | OSU Urban Infrastructure Recovery Program | $ 28,080| $0 | -$28,080 (carryover)
670771-100000 | 69 KV Line Relocation to West Substation | $4,540 | $0 | -$4,540 (carryover)
670785-100000 | Cooper Road Street Lighting Improvements | $1,496 | $0 | -$1,496 (carryover)
440007-100000 | UIRF Street Lighting Improvements | $-0- | $437 | + $437
670778-100000 | Broad Meadows Street Lighting Improvements | $-0- | $197 | + $197
670777-100000 | Walnut Bluffs Street Lighting Improvements | $-0- | $481 | +$481
670787-100000 | Willow Creek Street Lighting Improvements | $-0- | $1,579 | +$1,579
670003-100002 | Street Light Force Account | $-0- | $31,424 | +$31,424
SECTION 7. That the City Auditor's Office hereby authorizes the reimbursement (expenditure) up to an amount not to exceed $129,953.11, or so much thereof as may be needed, from the Division of Power and Water's capital bonds fund to the operating fund, via internal bill, for labor and equipment costs incurred in the installation of various street lighting projects be and is hereby authorized from Division of Power and Water (Power), Division No. 60-07, Voted Street Lighting and Electricity Distribution Improvements Fund, Fund No. 553, Object Level Three 6625, and is to be disbursed as follows:
Project Number Project Name OCA Code Amount
670003-100002 Street Lighting Reimbursements 675017 $127,260.32
440007-100000 UIRF 440007 $ 436.98
670778-100000 Broad Meadows SL Impv. 670778 $ 196.64
670777-100000 Walnut Bluffs SL Impv. 553777 $ 480.68
670787-100000 Willow Creek SL Impv. 553787 $ 1,578.49
Total $129,953.11
SECTION 8. That the City Auditor is hereby authorized and directed to transfer any unencumbered balance in the project account to the unallocated balance 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 no longer required for said project; except that no transfer shall be made from a project account by monies from more than one source.
SECTION 9. 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 $95,838.36 (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 Water System Reserve Fund 603, which is the fund from which the advance for costs of the Project will be made.
SECTION 10. That the City Auditor is authorized to establish proper project accounting numbers as appropriate.
SECTION 11. 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 12. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.