Explanation
Background: This ordinance authorizes the amendment of the 2010 Capital Improvements Budget (CIB) for the various city departments and divisions. This will align the needed authority by project with the funds issued in the proposed July 2010 Bond Sale for each of these departments/divisions.
Emergency action: 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.
Fiscal impact: This legislation will amend the authority in the 2010 CIB so that it will be in line with the needed funds issued through the proposed July 2010 Bond Sale.
Title
To authorize an amendment to the 2010 Capital Improvements Budget to be in line with the upcoming bond sale; and declare an emergency.
Body
WHEREAS, it is necessary to align the 2010 Bond Sale Proceeds with the needed authority for each project involved; and
WHEREAS, the 2010 Capital Improvements Budget (CIB) is hereby amended to reflect the abovementioned authority needs; and
WHEREAS, an emergency exists in the usual operation of the City in that it is immediately necessary to make said amendment to allow the financial transaction to be posted in the City's accounting system as soon as possible; now therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1: That the 2010 CIB ordinance number 0564-2010, passed on April 12th, be amended as follows:
See Attached File 2010 CIB Amend.xls
SECTION 2: That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.