Explanation
BACKGROUND:
This ordinance enacts changes in the Columbus City Codes relating to deposits and investments and Title 11, the water, sewer and electricity Code. The changes in the Code will permit the City of Columbus to update and refine its Code, the result of the Treasury Investment Board and Depository Commission's review of recommendations from its investment advisor. In addition, Code changes included in this ordinance remove the references to the Office of the Sinking Fund in Title 11 and elsewhere, that were authorized by ordinance 1747-2014 but which still remain in the Code.
The aforementioned changes were authorized at a joint meeting of the Depository Commission and Treasury Investment Board, on May 24, 2019 subject to the approval of Columbus City Council.
Emergency action is requested for this ordinance to effectuate the changes as soon as is possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend and repeal various sections of Chapters 321, 323, 325, 327 and Title 11 of the Columbus City Codes relating to deposits, bonds, and investments in order to update language and remove references to the Office of the Sinking Fund; and to declare an emergency.
Body
WHEREAS, the proposed changes will update the Columbus Code that relate to the City's investments, bonds and deposits, and will remove the remaining references to the Office of the Sinking Fund; and
WHEREAS, the changes have been authorized by a joint meeting of the Depository Commission and Treasury Investment Board on May 24, 2019 subject to the approval of Columbus City Council; and
WHEREAS, an emergency exists in the usual daily operation of the City Auditor in that it is immediately necessary to amend various provisions of the Columbus City Codes relating to deposits, bonds and investments in order to update language and remove the remaining references to the Office of the Sinking Fund, without delay thereby preserving the public health, ...
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