TITLE
AN ORDINANCE AUTHORIZING SUPPLEMENTAL APPROPRIATIONS; AND WAIVING SECOND READING - Capital Improvement Fund for Bond Interest Related to the Gahanna Civic Center Project
BODY
WHEREAS, the City has issued bonds to fund the construction of the new Gahanna Civic Center project (825 Tech Center Drive); and
WHEREAS, while construction has been ongoing, the bond proceeds have generated interest income which has been deposited into the Capital Improvement Fund; and
WHEREAS, pursuant to federal arbitrage rules, interest earned on bond proceeds is considered part of the bond proceeds and must be expended in accordance with the same restrictions and purposes as the original bond funds; and
WHEREAS, such interest earnings were not included in the original appropriations for the project; and
WHEREAS, the total interest earned to date is slightly over $2.9 million, with total anticipated interest earnings estimated at approximately $3 million; and
WHEREAS, the Administration has requested a supplemental appropriation in the amount of $3,000,000 from the unencumbered and unappropriated balance of the Capital Improvement Fund (3250) to support the continued construction of the new Civic Center project in compliance with arbitrage requirements.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That funding in the amount of Three Million Dollars ($3,000,000) is hereby supplementally appropriated from the unencumbered/unappropriated balance of the Capital Improvement Fund (3250) to:
Account No. 325.06.550.5505 - Capital Improvement Capital Project
Section 2. The second reading is hereby waived.
Section 3. That pursuant to City Charter Section 4.14, whereas the 30-day referendum period does not apply to ordinances providing for the appropriation of money, this Ordinance shall be in full force and effect immediately upon passage by this Council and upon approval by the Mayor.