Explanation
Background: This legislation authorizes the appropriation and transfer of $7,009,635.00 from the Special Income Tax Fund, to the Franklin County Convention Facilities Authority Fund. The appropriation and transfer of $7,009,635.00 from the Special Income Tax Fund provides the backing, as stipulated in the City's lease agreement with the Franklin County Convention 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.
This legislation also authorizes the appropriation of $7,502,576.26 from the Special Income Tax Fund for lease payments 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.
Emergency: This ordinance is submitted as an emergency so as to allow the financial transactions to be posted into the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Fiscal Impact: These expenditures have been included and budgeted within the Special Income Tax Fund analysis.
Title
To appropriate and authorize the City Auditor to transfer $7,009,635.00 from the Special Income Tax Fund to the Franklin County Convention Facilities Authority Fund,...
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