Explanation
This ordinance makes appropriations for the 12 months ending December 31, 2015 for general obligation debt service payments related to the City’s Bond and Note Retirement Funds. The appropriation authority allows the Trustees of the Sinking Fund, the City Auditor and/or the Director of Finance and Management to make general obligation debt service payments.
On November 4, 2014, and certified by the Franklin County Board of Elections in November 2014, Issue 6, a City of Columbus Charter Amendment, was approved by the voters. This Charter Amendment provides that the City’s Sinking Fund will cease operations on July 1, 2015, and all provisions related to the Sinking Fund’s operations be transferred to other City officials. The City Auditor and/or the Director of Finance and Management are hereby authorized and directed to take such action and to execute and deliver, on behalf of the Council, such additional instruments, agreements, certificates, and other documents as may be in their discretion necessary or appropriate in order to carry out the intent of this ordinance.
Title
To make appropriations for the 12 months ending December 31, 2015 for general obligation debt service payments related to the City’s Bond and Note Retirement Funds, and to declare an emergency.
Body
WHEREAS, on November 4, 2014, and certified by the Franklin County Board of Elections in November 2014, Issue 6, a City of Columbus Charter Amendment, was approved by the voters. This Charter Amendment provides that the City’s Sinking Fund will cease operations on July 1, 2015, and all provisions related to the Sinking Fund’s operations be transferred to other City officials. The City Auditor and/or the Director of Finance and Management are hereby authorized and directed to take such action and to execute and deliver, on behalf of the Council, such additional instruments, agreements, certificates, and other documents as may be in their discretion necessary or appropri...
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