Explanation
Background:
The purpose of this legislation is to authorize the appropriation and transfer of $500,000.00 from the Special Income Tax Fund No. 430 to the Voted 1995 and 1999 Parks and Recreation Bond Fund No. 702, for facility improvements at the Central Ohio Area Agency on Aging.
Improvements will include HVAC renovations, painting, carpeting, exterior sealing, building entrance improvements, etc. All work will be based on estimates from qualified contractors after both formal and informal advertisements for work are made.
This ordinance is submitted as an emergency to allow these projects to proceed in a timely manner. New property acquisition requires immediate repairs to workspaces.
Fiscal Impact:
The transfer of $500,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund is a temporary measure until the City sells notes or bonds to fund these improvements.
Title
To authorize the appropriation and transfer of $500,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund, to authorize the expenditure of said funds for facility improvements at the Central Ohio Area Agency on Aging, and to declare an emergency. ($500,000.00)
Body
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund, and this transfer should be considered as a temporary funding method; and
WHEREAS, the aggregate principal amount of obligations which the City will issue to finance this project is presently expected not to exceed $500,000.00; and
WHEREAS, facility renovations are necessary at the Central Ohio Area Agency on Aging; and
WHEREAS, an emergency exists in the usual daily operation of the Recreation and Parks Department in that it is immediately necessary to appropriate said funds from the Special Income Tax Fund and transfer said funds into the Voted 1995 and 1999 Parks and Recreation Bond Fu...
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