...Explanation
Background/Fiscal Impact;
This ordinance repeals Ordinance No. 2173-95, passed September 25, 1995. That ordinance clarified and reiterated financial transactions between the City and the Solid Waste Authority of Central Ohio (SWACO) for the Waste to Energy Facility. It has been determined by the City Auditor and the Finance Director that the majority of the terms of that ordinance are no longer relevant or necessary. This ordinance replaces the one section of the Ordinance No. 2173-95 that is still relevant -- the direction of the deposit of rental payments made to the City by SWACO for the lease of the closed Waste to Energy Facility.
This ordinance directs that effective January 1, 2004, payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, shall be deposited to the Economic Stabilization Fund, rather than the Special Income Tax Fund. In addition, this ordinance allows the City Auditor, in consultation with the Finance Director, to transfer from the Special Income Tax Fund to the General Fund an amount not to exceed the difference between $11 million and any lesser amount received from SWACO in 2004 as payment for the lease of the Waste to Energy Facility.
This is consistent with the assumptions in the 2004 Executive Budget, as well as the City's Auditor's 2004 Estimate of Available Resources.
This ordinance is submitted as an emergency so as to allow any financial transactions affected by this amendment to be properly posted. Up to date financial posting promotes accurate accounting and financial management.
Title
To repeal Ordinance No. 2173-95, passed September 25, 1995, to direct that effective January 1, 2004, payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, shall ...
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