City of Columbus - File #: 0049-2011

• File #: 0049-2011
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 1/7/2011
• In control: Finance & Economic Development Committee
• On agenda: 1/31/2011
• Final action: 2/2/2011
• Title: To appropriate and authorize the City Auditor to transfer $7,011,097 from the Special Income Tax Fund to the Franklin County Convention Facilities Authority Fund, for the purpose of providing secondary funding in the event that Franklin County Convention Facilities Authority cannot meet its debt obligations, to appropriate and expend up to $7,502,676.26 within the Special Income Tax Fund for reimbursement to the RiverSouth Authority to make lease payments, to appropriate an amount not to exceed $7,578,746.18 in the Safety Staffing Contingency Fund for the purpose of expensing termination pay costs for police officers and fire fighters associated with the Deferred Retirement Option Program (DROP), to authorize the subsequent transfer of an amount up to $7,578,746.18 from the Special Income Tax Fund to the Safety Staffing Contingency Fund; and to declare an emergency ($22,092,519.44).

Date	Ver.	Action By	Action	Result
2/2/2011	1	CITY CLERK	Attest
2/1/2011	1	MAYOR	Signed
1/31/2011	1	Columbus City Council	Approved	Pass
1/31/2011	1	COUNCIL PRESIDENT	Signed
1/19/2011	1	Finance Drafter	Sent to Clerk's Office for Council
1/13/2011	1	CITY ATTORNEY	Reviewed and Approved
1/12/2011	1	Finance Drafter	Sent for Approval
1/11/2011	1	CITY AUDITOR	Reviewed and Approved
1/11/2011	1	CITY AUDITOR	Reviewed and Approved
1/10/2011	1	Finance Drafter	Sent for Approval
1/7/2011	1	Finance Drafter	Sent for Approval
1/7/2011	1	Finance Reviewer	Reviewed and Approved
1/7/2011	1	FINANCE DIRECTOR	Reviewed and Approved

Explanation

Background: This legislation authorizes the appropriation and transfer of $7,011,097 from the Special Income Tax Fund, to the Franklin County Convention Facilities Authority Fund. The appropriation and transfer of $7,011,097 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 $7,502,676.26 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.

Lastly, this ordinance establishes the funding arrangements necessary to allow for the payout of unused balances (ie. vacation, sick, compensatory time) to police officers and firefighters retiring as part of the Deferred Retirement Option Program (DROP) offered by the Ohio Police and Fire Pension Fund. The DROP is an optional benefit provided by the Ohio Police and Fire Pension Fund that provided eligible police officers and firefighters an economic incentive to delay retirement for three to eight years. 2011 marks the first year that so...