Explanation
Background:
This ordinance represents an annual authorization necessary to comply with Internal Revenue Service regulations related to arbitrage earnings on proceeds of certain of the City's bond issues.
Fiscal impact:
Costs of these legal services are not paid from the City's General Fund. These costs have been paid from the Debt Service Income Tax Fund as costs directly related to the City's bond issues.
Title
To authorize the City Auditor to enter into contracts for services regarding rebates to the Internal Revenue Service with respect to various bond issues; to authorize an expenditure not to exceed $75,000; to waive the competitive bidding provisions of Columbus City Codes and to declare an emergency. ($75,000)
Body
Whereas, the City must comply with Internal Revenue Service regulations regarding rebate amounts due the IRS related to various bond issues; and
Whereas, an emergency exists in the usual daily operation of the Office of City Auditor in that it is immediately necessary to enter into contracts for services regarding rebates to the Internal Revenue Service with respect to various bond issues to ensure compliance with its regulations, 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 authorized to enter into contracts to provide services regarding rebate with respect to various bond issues.
SECTION 2. That all monies necessary to carry out the purpose of this ordinance are hereby deemed appropriated.
SECTION 3. That an expenditure not to exceed $75,000 is hereby authorized from the Debt Service Fund 430, 22-01, Object Level One 03, Object Level Three 3324.
SECTION 4. That the competitive bidding provision of Section 329 of the Columbus City Code are hereby waived.
SECTION 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is h...
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