Explanation
BACKGROUND: This legislation provides for appropriating and transferring funds from the Water System Reserve Fund for the Scioto-Darby Creek 24" Water Main project.
EMERGENCY: This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Title
To appropriate and authorize the City Auditor to transfer $64,650.00 from the Water System Reserve Fund to the Waterworks Enlargement Voted 1991 Bonds Fund for the purpose of funding the Scioto-Darby Creek 24" Water Main project, for the Division of Water, and to declare an emergency. ($64,650.00)
Body
WHEREAS, it is required in the usual daily operation of Division of Water, Department of Public Utilities, to provide funding for the Scioto-Darby Creek 24" Water Main project, and
WHEREAS, the funding method for this expenditure is a temporary measure until such time as the City sells notes or bonds for the above stated purpose, and
WHEREAS, the aggregate amount of obligation which the City will issue to finance the project is presently expected not to exceed $64,650.00, and
WHEREAS, an emergency exists in the usual daily operation of the Division of Water, Department of Public Utilities, in that it is immediately necessary to appropriate funds from the Water System Reserve Fund in order to ensure the required monies are available to fund companion legislation for the stated project, 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 from the unappropriated monies in the Water System Reserve Fund 603, 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, 2004, the sum of $64,650.00 is ...
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