City of Columbus - File #: 1631-2004

• File #: 1631-2004
• 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 redeem 145 shares of Series A, Preferred Stock of Lodgian, Inc through Wachovia Bank, the transfer agent for Lodgian, Inc, at a price of $28.16 per share and to deposit the 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 145 shares of Preferred Stock, Series A, of Lodgian, Inc. This stock was received in lieu of the payment of an outstanding water bill. This stock has recently been called for redemption at a price of $28.16 per share. The Division of Water has requested the City Treasurer to act on their behalf to expedite this transaction through Wachovia Bank, transfer agent for Lodgian, Inc.



Title

To authorize the City Treasurer to redeem 145 shares of Series A, Preferred Stock of Lodgian, Inc through Wachovia Bank, the transfer agent for Lodgian, Inc, at a price of $28.16 per share and to deposit the 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 redeem 145 shares of Series A, Preferred Stock of Lodgian, Inc. in accordance with the Notice of Redemption dated June 25, 2004, now, therefore,

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 exchange of this 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 redeem
145 shares of Series A, Preferred Stock of Lodgian, through Wachovia Bank. N.A., the
authorized transfer agent for this exchange.

Section 2. That the City Treasurer deposit all proceeds from the sale of this stock 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 sha...