Explanation
This ordinance makes appropriations for the 12 months ending December 31, 2015 for general obligation debt service payments related to the City's Bond and Note Retirement Funds. The appropriation authority allows the Trustees of the Sinking Fund, the City Auditor and/or the Director of Finance and Management to make general obligation debt service payments.
On November 4, 2014, and certified by the Franklin County Board of Elections in November 2014, Issue 6, a City of Columbus Charter Amendment, was approved by the voters. This Charter Amendment provides that the City's Sinking Fund will cease operations on July 1, 2015, and all provisions related to the Sinking Fund's operations be transferred to other City officials. The City Auditor and/or the Director of Finance and Management are hereby authorized and directed to take such action and to execute and deliver, on behalf of the Council, such additional instruments, agreements, certificates, and other documents as may be in their discretion necessary or appropriate in order to carry out the intent of this ordinance.
Title
To make appropriations for the 12 months ending December 31, 2015 for general obligation debt service payments related to the City's Bond and Note Retirement Funds, and to declare an emergency.
Body
WHEREAS, on November 4, 2014, and certified by the Franklin County Board of Elections in November 2014, Issue 6, a City of Columbus Charter Amendment, was approved by the voters. This Charter Amendment provides that the City's Sinking Fund will cease operations on July 1, 2015, and all provisions related to the Sinking Fund's operations be transferred to other City officials. The City Auditor and/or the Director of Finance and Management are hereby authorized and directed to take such action and to execute and deliver, on behalf of the Council, such additional instruments, agreements, certificates, and other documents as may be in their discretion necessary or appropriate in order to carry out the intent of this ordinance.
WHEREAS, the matter herein provided for constitutes an emergency, in that it is immediately necessary to appropriate funds for general obligation debt service payments related to the City's Bond and Note Retirement Funds for the 12 months beginning January 1, 2015 in order that funds may be legally expended, and for the immediate preservation of the public health, peace, property, safety and welfare of the City of Columbus; Now, Therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. On November 4, 2014, and certified by the Franklin County Board of Elections in November 2014, Issue 6, a City of Columbus Charter Amendment, was approved by the voters. This Charter Amendment provides that the City's Sinking Fund will cease operations on July 1, 2015, and all provisions related to the Sinking Fund's operations be transferred to other City officials. The City Auditor and/or the Director of Finance and Management are hereby authorized and directed to take such action and to execute and deliver, on behalf of the Council, such additional instruments, agreements, certificates, and other documents as may be in their discretion necessary or appropriate in order to carry out the intent of this Ordinance. Such documents shall be in the form not substantially inconsistent with the terms of this Ordinance, as they in their discretion shall deem necessary or appropriate.
SECTION 2. That from the monies in the funds known as the Sinking Fund, Bond and Note Retirement Funds, in the custody of the Sinking Fund Trustees, and from all monies estimated to come into said funds during the year ending December 31, 2015, the following amounts are appropriated for the payment of the principal and interest on bonds and notes coming due during the year of 2015, therefore, the Council hereby confers upon the Sinking Fund the responsibility of administering the principal and interest payments on outstanding bond and note debt, until such time as the Sinking Fund ceases operations.
REQUIREMENTS FOR DEBT SERVICE (refer to attachment Ord# 2623-2014 "Sinking Fund Requirements For Debt Service.xls")
SECTION 3. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 4. 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.