Bill Type and Number:
Ordinance 2005-1044Sponsor: The Council President at the request of the Mayor:
Date of Introduction: September 13, 2005
Committee(s) of Reference: ECID; TEUS
Date of Analysis: September 16, 2005
Type of Action: Ordinance Amendment; CIP Amendment; Appropriation
Bill Summary: This ordinance amends Ordinance 2004-988-E to (1) amend the definition of "discretionary projects" in Section 2(DD) and (2) amends Sections 4, 17, 22, and 24 to provide that certain amendments and supplements to Ordinance 2004-998-E shall not be subject to Bond Insurer or Bondholder consent. The bill realigns the priorities of certain Capital Bond Projects funded by bonds in accordance with Ordinance 2004-998-E. The bill amends the 2004-2009 Five-Year Capital Improvement Program approved by Ordinance 2004-782-E and appropriates $35,956,375 from Bond Funds/Autumn and Bonds/Various to provide funding in accordance with the foregoing.
Background Information: Ordinance 2004-998-E provided for the issuance of revenue bonds (in an amount not to exceed $140,000,000) to finance capital projects. This ordinance amends Ordinance 2004-998-E to provide that amendments and supplements to Ord 2004-998-E shall not be subject to the consent of the bond insurer or bondholder, that the legislation may be amended by the City Council. This legislation provides that the Council can authorize a different priority status for any project or add or delete projects. In amending the definition of "discretionary projects", Ord 2004-998-E defined discretionary projects as being located on City property; this ordinance provides that discretionary projects shall be located on "property owned by a municipality within Duval County" and that the Council can authorize a different approved location for Discretionary Projects without the consent of the Bond Insurer or any Registered Owner of the Bonds. Such restrictions have caused delays in projects. The purpose of the appropriation is to provide funding for project realignments. Project additions, deletions and realignments in the amended CIP are listed in Exhibit 1 (attached)
Policy Impact: Ordinance Amendment/Administration & Finance/Bond Issuance
Fiscal Impact: This bill appropriates $35,956,375
Analyst: Jackson