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TRANSFER OF FUNDS - Transfer to Capital Improvement
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WHEREAS, the Administration has recommended that funding be set aside to be used for capital improvements only; and
WHEREAS, by transferring funds into the Capital Improvement fund it restricts the use of these funds for capital purposes only, effectively earmarking them;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That funding in the amount of TWO MILLION SEVEN HUNDRED EIGHTY TWO THOUSAND SIX HUNDRED EIGHTY DOLLARS ($2,782,680) is hereby transferred from the balance of the General Fund to Account No. 101.991.5936, Transfers, Transfer to Capital Improvement.
Section 2. That ORD-0001-2012, passed January 2, 2012, is hereby amended to reflect this transfer of funds.
Section 3. That this ordinance shall be in full force and effect after passage by this Council and on date of signature approval by the Mayor.