City of Columbus - File #: 0549-2007

• File #: 0549-2007
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 3/28/2007
• In control: Development Committee
• On agenda: 4/9/2007
• Final action: 4/11/2007
• Title: To authorize the Mayor to execute a Letter Agreement Relating to the Port Authority Agreement between the City and Franklin County in order to amend the Port Authority Agreement to complete the plans for the bond fund program and arrange for funding of the bond reserve fund, and to declare an emergency.

Date	Ver.	Action By	Action	Result
4/11/2007	1	CITY CLERK	Attest
4/10/2007	1	MAYOR	Signed
4/9/2007	1	Columbus City Council	Approved	Pass
4/9/2007	1	COUNCIL PRESIDENT	Signed
3/30/2007	1	Atty Drafter	Sent for Approval
3/30/2007	1	Atty Reviewer	Reviewed and Approved
3/30/2007	1	CITY ATTORNEY	Reviewed and Approved
3/30/2007	1	Atty Drafter	Sent to Clerk's Office for Council
3/30/2007	1	City Clerk's Office	Sent back for Clarification/Correction
3/30/2007	1	Atty Drafter	Sent to Clerk's Office for Council

Explanation

In Ordinance No. 0540-2006, City Council authorized the Mayor, on behalf of the City, to enter into a Port Authority Agreement with Franklin County, for the purpose of creating the Columbus-Franklin County Finance Authority. Ordinance No. 0101-2007 appropriated $1,250,000 within the Special Income Tax Fund to pay the City's portion of the contribution to the Authority to establish a bond reserve fund. This ordinance authorizes the Mayor, on behalf of the City, to sign a Letter Agreement Relating to the Port Authority Agreement for the purpose of completing the plans for the bond fund program and arranging for the funding of the bond reserve fund contingent on the State Controlling Board's approval of a $2,500,000 loan to the Finance Port Authority.

FISCAL IMPACT: None. Funding previously provided in Ordinance No. 0101-2007.


Title

To authorize the Mayor to execute a Letter Agreement Relating to the Port Authority Agreement between the City and Franklin County in order to amend the Port Authority Agreement to complete the plans for the bond fund program and arrange for funding of the bond reserve fund, and to declare an emergency.


Body

WHEREAS, in Ordinance No. 0540-2006, City Council authorized the Mayor, on behalf of the City, to enter into a Port Authority Agreement with Franklin County, for the purpose of creating the Columbus-Franklin County Finance Authority; and

WHEREAS, in Ordinance No. 0101-2007, $1,250,000 was appropriated within the Special Income Tax Fund to pay the City's portion of the contribution to the Authority to establish a bond reserve fund; and

WHEREAS, this ordinance is necessary to authorize the Mayor, on behalf of the City, to sign a Letter Agreement Relating to the Port Authority Agreement for the purpose of completing the plans for the bond fund program and arranging for the funding of the bond reserve fund contingent on the State Controlling Board's approval of a $2,500,000 loan to the Finan...