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File #: 0821-2022    Version: 1
Type: Ordinance Status: Passed
File created: 3/11/2022 In control: Finance Committee
On agenda: 3/28/2022 Final action: 3/30/2022
Title: To authorize the City Auditor to appropriate and transfer funds from the Special Income Tax Fund to the Construction Management Taxable Bonds fund; to authorize the expenditure of $3,500,000.00, from the Construction Management Taxable Bonds fund; and to declare an emergency. ($3,500,000.00)
Attachments: 1. Funding Attachment 0821-2022.pdf
Explanation

Background: This legislation authorizes the expenditure of $3,500,000 to pay the Board of Commissioners for Franklin County the first installment of the purchase price for the purchase of 410 South High Street, Columbus Ohio (Franklin County Parcel Numbers 010-066874 and 010-066679). The purchase of this property was authorized previously by Council Ordinance 1541-2021 for the future construction of a new Municipal Court facility to house operations of the Court and other offices associated with the Court. The purchase contract was recently amended to extend the date for payment of the first installment of the purchase price not later than May 1, 2022.

Fiscal Impact: This ordinance authorizes an expenditure of $3,500,000.00 and a certification of funds in the amount of $3,500,000.00 against the Special Income Tax Fund until bonds are sold.

Emergency action is requested to allow for the immediate processing of the payment to meet the requirements of the amended purchase contract.

Title

To authorize the City Auditor to appropriate and transfer funds from the Special Income Tax Fund to the Construction Management Taxable Bonds fund; to authorize the expenditure of $3,500,000.00, from the Construction Management Taxable Bonds fund; and to declare an emergency. ($3,500,000.00)

Body

WHEREAS, the Director of the Department of Finance and Management entered into a real estate purchase contract with Franklin County Board of Commissioners to purchase property as authorized by Ordinance 1541-2021; and

WHEREAS, the Director of the Department of Finance and Management, per the terms of the contract is required to pay the first installment of the purchase price to the Franklin County Board of Commissioners not later than May 1, 2022; and

WHEREAS, a transfer of $3,500,000.00 from the Special Income Tax Fund to Construction Management Taxable Bonds fund is necessary to fund this project; and

WHEREAS, the City will sell notes or bonds to fund this proj...

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