Explanation
Background: This legislation authorizes the appropriation and transfer of $7,008,685 from the Special Income Tax Fund, to the Franklin County Facilities Authority Fund. The appropriation and transfer of $7,008,685 from the Special Income Tax Fund provides the backing, as stipulated in the City's lease agreement with the Franklin County Facilities Authority (CFA). The actual transfer of theses funds will only occur if the CFA is unable to meet its debt obligations as outlined in its lease with the City. The City provides fifty percent of this backing, while Franklin County is responsible for the other fifty percent. Since 1990, no such payments have been needed, nor are any anticipated. However, this guarantee is an annual requirement.
This legislation also authorizes the appropriation of $7,499,477 from the Special Income Tax Fund for reimbursement to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2004 and 2005 to purchase and rehabilitate the former downtown Lazarus Department Store. The City entered into a Master Lease Agreement and a First Supplemental Lease Agreement with The RiverSouth Authority on June 21, 2004 (Ordinance No. 1009-2004). The City entered into a Second Supplemental Lease Agreement with RiverSouth on July 25, 2005 (Ordinance No. 1312-2005). These agreements call for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges.
Lastly, this legislation authorizes the appropriation of $4,353,401 from the E-911 Fund. The Ohio Revised Code authorizes the imposition of a monthly wireless 9-1-1 charge on each wireless telephone number with a billing address within the state. All wireless service providers are directed to bill for, collect, and remit said charge to the state, which, in turn is to distribute the funds to the county level. A county planning board is charged with the creation and implementation of a plan to use the funds to offse...
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