Explanation
Background:
On November 19, 2009, the City of Columbus issued $16,330,000 in Various Purpose Unlimited Tax Recovery Zone Economic Development Bonds, $180,305,000 Various Purpose Unlimited Tax Build America Bonds and $11,395,000 Various Purpose Limited Tax Build America Bonds.
On August 12, 2010, the City of Columbus issued $167,900,000 in Various Purpose Unlimited Tax Build America Bonds, $15,000,000 in Various Purpose Unlimited Tax Recovery Zone Economic Development Bonds and $8,260,000 in Various Purpose Limited Tax Build America Bonds.
On December 7, 2010, the City of Columbus issued $15,000,000 in Various Purpose Unlimited Tax Recovery Zone Economic Development Bonds and $7,040,000 in Various Purpose Unlimited Build America Bonds.
On December 22, 2010, the City of Columbus issued $22,650,000 in Various Purposed Unlimited Tax Recovery Zone Economic Development Bonds and $35,100,000 in Various Purpose Limited Tax Recovery Bonds Zone Economic Development Bonds.
The bond proceeds were deposited into specific funds designated for Build America Bonds and Recovery Zone Bonds. These bonds have all been currently refunded with no par outstanding. The purpose of this ordinance is to authorize expenditure corrections to any remaining proceeds within the Build America Bond and Recovery Zone Bond Funds so that the City is meeting the spending requirements of the Internal Revenue Service and of the City’s Post Issuance Compliance Policy. Additionally, the City will need to transfer funds, establish and transfer appropriation, amend the 2020 Capital Improvement Budget and re-establish encumbrances in the funds from where the expenditure has been moved. This ordinance is being submitted as emergency in an effort to close out old funds, adhere to the City’s Post Issuance Compliance Policy and federal tax law, and improve financial reporting.
Fiscal Impact: This ordinance authorizes the transfer of cash, appropriation and expenditures to facilitate expendi...
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