City of Columbus - File #: 1983-2003

• File #: 1983-2003
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 8/14/2003
• In control: Utilities Committee
• On agenda: 9/22/2003
• Final action: 9/24/2003
• Title: To authorize the City Auditor to create and maintain a Storm Sewer System Reserve Fund from the proceeds of the stormwater fee, and to authorize an initial transfer not to exceed $10,000,000 to said fund and to declare an emergency. ($10,000,000)

Date	Ver.	Action By	Action	Result
9/24/2003	2	CITY CLERK	Attest
9/23/2003	2	MAYOR	Signed
9/22/2003	1	Columbus City Council	Amended to Emergency	Pass
9/22/2003	1	Columbus City Council	Approved as Amended	Pass
9/22/2003	2	Columbus City Council	Amended	Pass
9/22/2003	2	COUNCIL PRESIDENT	Signed
9/15/2003	1	Columbus City Council	Read for the First Time
9/2/2003	1	Utilities Drafter	Sent for Approval
8/28/2003	1	UTILITIES DIRECTOR	Reviewed and Approved
8/28/2003	1	FINANCE DIRECTOR	Reviewed and Approved
8/26/2003	1	CITY AUDITOR	Reviewed and Approved
8/25/2003	1	Auditor Reviewer	Reviewed and Approved
8/22/2003	1	UTILITIES DIRECTOR	Reviewed and Approved
8/21/2003	1	UTILITIES DIRECTOR	Reviewed and Approved
8/21/2003	1	UTILITIES DIRECTOR	Reviewed and Approved
8/21/2003	1	Auditor Reviewer	Reviewed and Approved
8/21/2003	1	CITY AUDITOR	Reviewed and Disapproved
8/19/2003	1	UTILITIES DIRECTOR	Reviewed and Approved
8/14/2003	1	Utilities Drafter	Sent for Approval

Explanation
The purpose of this ordinance is to create a Storm Sewer System Reserve Fund from the proceeds of the stormwater fee. Based on projections in the mid-year financial review, it has been determined that the Storm Sewer Operating Fund contains sufficient revenues such that $10,000,000 can be diverted for the purpose of creating the aforesaid fund.

The Storm Sewer System Reserve Fund will be maintained in the custody of the City. Monies held in the Storm Sewer System Reserve Fund may be transferred to the appropriate fund of the City to permit the payment of principal of and interest on bonds or notes issued by the City to pay costs of improvements to the Storm Sewer System, or may be transferred to the Storm Sewer System Operating Fund and otherwise may be used for any lawful purpose for the System. Transfers of monies may also be made from the Storm Sewer System Operating Fund to the Storm Sewer System Reserve Fund after providing for the payment of operating costs of the System.

Title
To authorize the City Auditor to create and maintain a Storm Sewer System Reserve Fund from the proceeds of the stormwater fee, and to authorize an initial transfer not to exceed $10,000,000 to said fund and to declare an emergency. ($10,000,000)

Body
Whereas, it has been determined that there is a need for a Storm Sewer System Reserve Fund; and

Whereas, sufficient revenues are projected to be generated by the stormwater fee to accommodate creation of this fund; and

Whereas, the Storm Sewer System Reserve Fund will be maintained in the custody of the City; and

Whereas, monies held in the Storm Sewer System Reserve Fund may be transferred to the appropriate fund of the City to permit the payment of principal of and interest on bonds or notes issued by the City to pay costs of improvements to the Storm Sewer System, or may be transferred to the Storm Sewer System Operating Fund and otherwise may be used for any lawful purpose for the System; a...