Explanation
This Ordinance will authorize the City Auditor and/or the Director of the Department of Finance and Management to comply with certain IRS regulations pertaining to the issuance of City bonds.
Title
To authorize the City Auditor and the Director of the Department of Finance and Management to issue statements of official intent to issue reimbursement obligations and to declare an emergency.
Body
WHEREAS, the City of Columbus, Ohio (the "City") anticipates expending funds of the City from time to time to finance costs associated with capital projects (the "Projects"); and
WHEREAS, the City may intend to reimburse itself for expenditures associated with the Projects from the proceeds of one or more series of tax-exempt obligations to be issued by City; and
WHEREAS, such reimbursements are reasonably intended to be allocated within eighteen months from the later of the date of the expenditure of funds or of the date the financed property is placed in service or abandoned, but in no event more than three years after the original expenditures are paid, unless a longer period is permitted under Treasury Regulations 1.150-2(d)(2)(iii); and
WHEREAS, an emergency exists in the daily operation of the City in that the City has determined that it is necessary and appropriate for the City Auditor or the Director of the Department of Finance and Management to be authorized and designated by the City to declare official intents on behalf of the City pursuant to Section 1.150-2 (the "Rule") of the treasury regulations adopted under the Internal Revenue Code of 1986, as amended for the immediate preservation of the public peace, health, safety and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The City Auditor and the Director of the Department of Finance and Management (the "Officers") are hereby each authorized and designated to make declarations of official intent on behalf of...
Click here for full text