Explanation
BACKGROUND: This legislation authorizes the Development Director to establish an encumbrance within the Special Income Tax Fund to provide funds for the Columbus-Franklin County Port Authority to establish a bond reserve fund.
Ordinance No. 0540-2006 authorized the execution of a port authority agreement between the City and Franklin County to create a new port authority focused on serving the economic development needs to the City and Franklin County.
This agreement requires that the City and the County each provide funding to provide for a bond reserve fund. The share from the City will be $1,250,000.
FISCAL IMPACT: This expense is budgeted within the Special Income Tax Fund.
Emergency action is requested so that the bond reserve fund can be established as soon as possible.
Title
To appropriate $1,250,000.00 within the Special Income Tax Fund; to authorize the Development Director to establish an encumbrance in this amount to pay the Columbus-Franklin County Port Authority to establish a bond reserve fund; to authorize the expenditure of $1,250,000.00 or so much thereof as may be necessary from the Special Income Tax Fund; and to declare an emergency. ($1,250,000.00)
Body
WHEREAS, Ordinance No. 0540-2006 authorized the execution of a port authority agreement between the City and Franklin County to create a new port authority focused on serving the economic development needs of the City and Franklin County; and
WHEREAS, as part of the original agreement, the City and Franklin County will each provide up to $200,000 annually towards operating costs for up to 5 years, and by letter of amendment to the agreement this annual amount is reduced to $150,000 annually towards operating cost during this period; and
WHEREAS, the State of Ohio will provide $2,500,000 towards a $5,000,000 bond reserve fund; and
WHEREAS, the agreement requires that the City and the County each provide $1,250,000 for the bond re...
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