Explanation
BACKGROUND: This legislation is to reimburse the City of Reynoldsburg for the installation of approximately 1,200 linear feet of 8-inch and 6-inch water mains on Rosehill Road between Shenandoah Drive and Red Coach Lane. The water line was installed during the reconstruction of Rosehill Road by the City of Reynoldsburg and will only serve City of Columbus customers. Final bid quantities have been tallied, and the agreed upon amount owed to the City of Reynoldsburg is $104,879.00.
FISCAL IMPACT: This legislation includes a transfer of funds within the Water Works Enlargement Voted Bonds Fund and a transfer of funds from the Water System Reserve Fund to the Water Works Enlargement Voted Bonds Fund as a temporary measure until such time as the proceeds from a bond sale can be made available. An amendment to the 2009 Capital Improvements Budget is also necessary.
Title
To authorize the Director of Public Utilities to reimburse the City of Reynoldsburg for water line construction on Rosehill Road; to authorize the transfer of $71,819.28 within the Water Works Enlargement Voted Bonds Fund; to authorize the appropriation and transfer of $33,059.72 from the Water System Reserve Fund to the Water Works Enlargement Voted Bonds Fund; to authorize the expenditure of $104,879.00 from the Water Works Enlargement Voted Bonds Fund; and to authorize an amendment to the 2009 Capital Improvements Budget; for the Division of Power and Water. ($104,879.00)
Body
WHEREAS, the Department of Public Utilities agreed to reimburse the City of Reynoldsburg for water line construction on Rosehill Road as this water line will only serve City of Columbus customers; and
WHEREAS, final bid quantities have been tallied and the agreed upon amount owed to the City of Reynoldsburg is $104,879.00; and
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds within the Water Works Enlargement Voted Bonds Fund; and
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds from the Water System Reserve Fund to the Water Works Enlargement Voted Bonds 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"); and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Water Reserve Fund the amount transferred; and
WHEREAS, the aggregate principal amount which the City will issue to finance this phase of the project is presently expected not to exceed $33,059.72; 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 expenditures; and
WHEREAS, it has become necessary in the usual daily operation of the Division of Power and Water, Department of Public Utilities, to authorize the Director of Public Utilities to reimburse the City of Reynoldsburg for water line construction on Rosehill Road; to authorize the appropriation and transfer of funds from the Water System Reserve Fund to the Water Works Enlargement Voted Bonds Fund, for the preservation of the public health, peace, property and safety;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor is hereby authorized to transfer $71,819.28 within the Division of Power and Water, Dept/Div. No. 60-09, Water Works Enlargement Voted Bonds Fund, Fund No. 606, Object Level One 06, Object Level Three 6629, as follows:
Project No. | Project Name | OCA Code | change
690383 (carryover) | S.R. 317-London Groveport W.L. | 642900 | -$70,879.28
690480 (carryover) | Morse/Hamilton Booster Station | 606480 | -$940.00
690236 (carryover) | Water Main Rehab. | 642900 | +$71,819.28
SECTION 2. That from the unappropriated monies in the Water System 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 $33,059.72, is hereby appropriated to the Division of Power and Water, Division 60-09, Object level One 10, Object level Three 5502, OCA 695056.
SECTION 3. That the City Auditor is hereby authorized and directed to transfer $33,059.72, from the Water System Reserve Fund to the Water Works Enlargement Voted Bonds Fund, Fund No. 606, into the appropriate project account as specified within Section 4 herein, at such time as deemed necessary by him, and to expend said funds, or so much thereof as may be necessary.
SECTION 4. That for the purpose of reimbursing the City of Reynoldsburg for water line construction on Rosehill Road, the expenditure of $104,879.00 is hereby appropriated and authorized from the Division of Power and Water, Dept./Div. No. 60-09, Water Works Enlargement Voted Bonds Fund, Fund No. 606, OCA Code 642900, Object Level One 06, Object Level Three 6629, and as follows:
Project No. Amount
690236-100017 (New Funding) $ 33,059.72
690236-100017 (Carryover) $ 71,819.28
$104,879.00
SECTION 5. That the 2009 Capital Improvements Budget is hereby amended as follows:
Project No. | Project Name | Current Authority | Revised Authority | change
690236-100017 (carryover) | Water Main Rehab. | $0 | $71,820 | +$71,820
690236-100017 (new funding) | Water Main Rehab. | $0 | $33,060 | +$33,060
SECTION 6. That upon obtaining other funds for the purpose of funding water system capital improvement work, the City Auditor is hereby authorized to repay the Water System Reserve Fund the amount transferred under Section 3 above, and said funds are hereby deemed appropriated for such purpose.
SECTION 7. 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 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 Auditor is authorized to establish proper project accounting numbers as appropriate.
SECTION 10. 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 $33,059.72 (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 Reserve Fund 603, which is the fund from which the advance for costs of the Project will be made.
SECTION 11. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.