Explanation
Background: This legislation authorizes the appropriation and transfer of $7,008,822 from the Special Income Tax Fund, to the Franklin County Facilities Authority Fund.
This ordinance is submitted as an emergency so as to allow the financial transaction to be posted into the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Fiscal Impact: The appropriation and transfer of $7,008,822 from the Special Income Tax Fund provides the backing, as stipulated in the City's lease agreement with the Franklin County Facilities Authority (CFA). The actual transfer of theses funds will only occur if the CFA is unable to meet its debt obligations as outlined in its lease with the City. The City provides fifty percent of this backing, while Franklin County is responsible for the other fifty percent.
Since 1990, no such payments have been needed, nor are any anticipated. However, this guarantee is an annual requirement.
Title
To appropriate and authorize the City Auditor to transfer $7,008,822 from the Special Income Tax Fund to the Franklin County Facilities Authority Fund, for the purpose of providing secondary funding in the event that Franklin County Facilities Authority cannot meet its debt obligations, and to declare an emergency.
Body
WHEREAS, as stipulated in the City's lease agreement with the CFA, the City has agreed to provide a secondary revenue source to assure that these funds will be available, and
WHEREAS, the actual transfer of theses funds will only occur if the CFA is unable to meet its debt obligations as outlined in its lease with the City, and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to both appropriate funds within the Special Income Tax Fund and transfer said funds for the above-described purpose, thereby preserving the public health, peace, property, safety a...
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