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81-09 OrdinanceRECORD OF ORDINANCES Dayton Legal Blank, Inc. 81 -09 Ordinance No. Passed 20 AN ORDINANCE AMENDING THE ANNUAL APPROPRIATIONS ORDINANCE FOR THE FISCAL YEAR ENDING DECEMBER 31, 2009 WHEREAS, Section 5705.40 of the Ohio Revised Code allows for supplemental appropriations to be made provided sufficient resources are available; and WHEREAS, the Ohio Revised Code requires when necessary, amendments to the annual appropriations ordinance be made in order that appropriations are not over expended. NOW, TH�FREFORE, BE IT ORDAINED by the Council of the City of Dublin, State, of Ohio, �_ of the elected members concurring that: Section 1 . There be appropriated from the unappropriated balance in the General Obligation Debt Service Fund the amount of $212,000 to account 310 - 0210- 790 -2601 for debt issuance costs associated with the 2009 refunding bond issues. Section 2 . There be appropriated from the unappropriated balance in the COIC Improvement Fund the amount of $231,650. Of the total, $107,700 to account 448 -0314- 780 -2349 for design fees related to the COIC roadway projects, $27,750 to account 448- 0314- 780 -2510 for right -of -way acquisition costs, and $96,200 to account 448- 0314 -790- 2601 for debt issuance costs associated with the 2009 bond issue for the relocation of Industrial Parkway and SR 161 improvement projects. Section 3 . There be appropriated from the unappropriated balance in the Dublin Methodist Hospital TIF Fund the amount of $40,000 to account 453- 0314 - 780 -2551 for construction costs related to the widening of Avery Road from Shier Rings Road to Tuswell Drive. Section 4 . There be appropriated from the unappropriated balance in the Water Tower Construction Fund the amount of $20,100 to account 612 -1330- 790 -2601 for bond issuance costs associated with the 2009 bond issue for the Darree Fields water storage tank. Section 5 . There be appropriated from the unappropriated balance in the Sewer Construction Fund the amount of $22,080 to account 623 - 1320 - 790 -2601 for bond issuance costs associated with the 2009 bond issue for the sanitary sewer lining project. Section 6 . The public hearing be waived to provide immediate funding authorization for the referenced accounts. Section 7 . This Ordinance shall take effect and be in force in accordance with Section 4.04(a) of the Dublin City Charter. Passed this r 7 - 01— day of 1�ee 2009 Mayor - Presiding Officer ATTEST: Clerk of Council 1 hereby certify that copies of this Ordinance/ Resolution were posted in the City of Dublin in accordance with Section 4.12(a) of the Revised Charter of the City of Dublin. Ohio Office of the City Manager 5200 Emerald Parkway • Dublin, OH 43017 CITY OF DUBLIN Phone: 614- 410 -4400 • Fax: 614- 410 -4490 To: Members of Dublin City Council From: Terry Foegler, City Manager Date: December 3, 2009 Initiated By: Marsha I. Grigsby, Deputy City Manager/ Director of Finance Memo Re: Ordinance No. 81 -09, An Ordinance Amending the Annual Appropriations for the Fiscal Year Ending December 31, 2009. Summary Ordinance No. 81 -09 provides for additional funding authorization in the General Obligation Debt Service Fund and several capital project funds. Sections 1, 2, 4 and 5 provide funding authorization for debt issuance costs related to the recent bond issues. The issuance costs were paid by Stifel Nicolaus, Senior Underwriter, from the bond proceeds. The fees are required to be recorded as expenditures and, as a result, require that funding be appropriated. The expenditures are off -set by corresponding revenue from the bond proceeds. The request for the General Obligation Debt Service Fund in Section 1 relates to the costs associated with the existing debt that was refunded or refinanced. The requests in Sections 2, 4 and 5 relate to the "new money" debt issued for the relocation of Industrial Parkway and SR 161 improvement projects, the construction of the Darree Fields water storage tank and the lining of various sanitary sewer lines. The total issuance costs of $350,090 are less than one percent of the total $37,170,000 in bonds issued. The issuance costs include the fees for the financial advisor, the underwriters, bond counsel, reviews by the rating agencies, bond registrar and escrow fees, and miscellaneous expenses such as printing of the preliminary and final official statements. We have not yet received the final pricing book from Stifel Nicolaus; however, we have attached a copy of the "Savings" recap for the debt that was refinanced. As reflected on the recap, the net present value saving totaled $1,875,374 with the actual annual savings totaling $2,195,858 when comparing the existing (prior) debt service obligations to the new (refunding) debt service obligations. In addition to debt issuance costs, Section 2 provides for additional funding authority for design services and right -of -way acquisition costs related to the COIC roadway projects. The acquisition of the right -of -way was previously approved by Ordinance No. 79 -08. The majority of the additional design fees related to plan revisions needed as a result of receiving grant funding from the American Recovery and Reinvestment Act. Section 3 provides additional funding authority for construction costs associated with the widening of Avery Road from Shier Rings Road to Tuswell Drive. Recommendation Staff recommends the public hearing be waived and Ordinance No. 81 -09 be passed at the December 7, 2009 Council meeting.