City of Columbus - File #: 1632-2004

• File #: 1632-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/7/2004
• In control: Administration Committee
• On agenda: 10/4/2004
• Final action: 10/5/2004
• Title: To authorize the City Treasurer to sell 154 shares of Common Stock of Lodgian, Inc at the current market price, through a broker chosen by the City Treasurer, and to place the net proceeds in the Division of Water Operating Fund, and to declare an emergency.

Date	Ver.	Action By	Action	Result
10/5/2004	1	MAYOR	Signed
10/5/2004	1	CITY CLERK	Attest
10/4/2004	1	Columbus City Council	Approved	Pass
10/4/2004	1	COUNCIL PRESIDENT	Signed
9/15/2004	1	CITY TREASURER	Reviewed and Approved
9/14/2004	1	CITY TREASURER	Reviewed and Approved
9/14/2004	1	CITY ATTORNEY	Reviewed and Approved
9/13/2004	1	CITY TREASURER	Reviewed and Approved
9/13/2004	1	Auditor Reviewer	Reviewed and Approved
9/13/2004	1	CITY AUDITOR	Reviewed and Disapproved
9/13/2004	1	CITY TREASURER	Reviewed and Approved
9/13/2004	1	CITY AUDITOR	Reviewed and Approved
9/8/2004	1	ODI DIRECTOR	Reviewed and Approved
9/7/2004	1	CITY TREASURER	Reviewed and Approved

Explanation
The Division of Water currently owns 154 shares of Common Stock, Series A, of Lodgian, Inc. This stock was received in lieu of the payment of an outstanding water bill. The Division of Water has requested the City Treasurer sell this stock on their behalf and to Deposit all proceeds in the Water Operating Fund.


Title

To authorize the City Treasurer to sell 154 shares of Common Stock of Lodgian, Inc at the current market price, through a broker chosen by the City Treasurer, and to place the net proceeds in the Division of Water Operating Fund, and to declare an emergency.


Body

Whereas, the City Treasurer is the custodian of all public funds received by the City of Columbus, and

Whereas, the Division of Water has request the City Treasurer to sell 154 shares of Common Stock of Lodgian, Incanto place the net proceeds in the Water Operating Fund, and

Whereas, as an emergency exists in the usual daily operation of the City of Columbus Division of Water, and it is immediately necessary to authorize the ssell ofthis stock, now therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLUMBUS:

Section 1. That the City Treasurer of the City of Columbus is hereby authorized to sell
154 shares of Common Stock of Lodgian,Inc on the behalf of the Division of Water , with a broker chosen by the City Treasurer, and

Section 2. That the City Treasurer deposit the net proceeds from the sale of this stock, after allowing for a brokerage commission, in the Water Operating Fund 600.

Section 3. That for the reasons stated in the preamble hereto, which is made a part hereof, this ordinance is hereby declared to be an emergency and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.







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