City of Columbus - File #: 1792-2007

• File #: 1792-2007
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/25/2007
• In control: Utilities Committee
• On agenda: 11/19/2007
• Final action: 11/21/2007
• Title: To authorize the City Auditor to create and maintain an Electricity Enterprise System Reserve Fund from the proceeds of the sale of electricity, and to authorize an initial transfer not to exceed $1,000,000 to said fund. ($1,000,000)

Date	Ver.	Action By	Action	Result
11/21/2007	1	CITY CLERK	Attest
11/20/2007	1	MAYOR	Signed
11/19/2007	1	Columbus City Council	Approved	Pass
11/19/2007	1	COUNCIL PRESIDENT PRO-TEM	Signed
11/12/2007	1	Columbus City Council	Read for the First Time
11/1/2007	1	Utilities Drafter	Sent for Approval
11/1/2007	1	Auditor Reviewer	Reviewed and Approved
11/1/2007	1	CITY AUDITOR	Reviewed and Approved
11/1/2007	1	Utilities Drafter	Sent for Approval
11/1/2007	1	CITY ATTORNEY	Reviewed and Approved
11/1/2007	1	Utilities Drafter	Sent to Clerk's Office for Council
10/31/2007	1	Finance Reviewer	Reviewed and Approved
10/31/2007	1	Finance Reviewer	Reviewed and Approved
10/31/2007	1	FINANCE DIRECTOR	Reviewed and Approved
10/26/2007	1	Utilities Drafter	Sent for Approval
10/25/2007	1	Utilities Drafter	Sent for Approval
10/25/2007	1	Utilities Reviewer	Sent for Approval
10/25/2007	1	UTILITIES DIRECTOR	Reviewed and Approved

Explanation


BACKGROUND: The purpose of this ordinance is to create an Electricity Enterprise System Reserve Fund from the proceeds of the sale of electricity. Based on projections in the mid-year financial review, it has been determined that the Electricity Enterprise Operating Fund contains sufficient revenues such that $1,000,000 can be diverted for the purpose of creating the aforesaid fund.

The Electricity Enterprise System Reserve Fund will be maintained in the custody of the City. Monies held in the Electricity Enterprise 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 Electricity Enterprise System, or may be transferred to the Electricity Enterprise System Operating Fund and otherwise may be used for any lawful purpose for the System. Transfers of monies may also be made from the Electricity Enterprise System Operating Fund to the Electricity Enterprise System Reserve Fund after providing for the payment of operating costs of the System.



Title


To authorize the City Auditor to create and maintain an Electricity Enterprise System Reserve Fund from the proceeds of the sale of electricity, and to authorize an initial transfer not to exceed $1,000,000 to said fund. ($1,000,000)


Body

Whereas, it has been determined that there is a need for a Electricity Enterprise System Reserve Fund; and

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

Whereas, the Electricity Enterprise System Reserve Fund will be maintained in the custody of the City; and

Whereas, monies held in the Electricity Enterprise 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 Ele...