Title
TO ACCEPT AN INTEREST-FREE LOAN IN THE AMOUNT OF $237,347 FROM FRANKLIN COUNTY AS A PART OF THE LOCAL GOVERNMENT Y2K LOAN PROGRAM; AND TO DECLARE AN EMERGENCY.
Version
JI/pc
Body
WHEREAS, the Director of Finance has requested the acceptance of an interest-free loan from Franklin County to be used for purchase of generators in preparation for Y2K for the City fuel facility, the City maintenance facility, and the City police department; and
WHEREAS, this interest-free loan would be in the amount of $237,347 and must be repaid to Franklin County by September 1, 2001; and
WHEREAS, with the approach of the year-end, it is necessary to get this acceptance legislation to the County at an early date in order to receive the grant money, all for the preservation of the public peace, health, safety and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to enter into "LOCAL GOVERNMENT Y2K LOAN AGREEMENT" between the City of Gahanna and the Franklin County Board of County Commissioners for an interest free loan in the amount of $237,347, said loan to be used specifically for purchase of generators in preparation for Y2K for the City fuel facility, maintenance facility, and police department, as well as for one portable generator, said agreement attached to this ordinance as EXHIBIT A, and made a part herein.
Section 2. That TWO HUNDRED THIRTY-SEVEN THOUSAND THREE HUNDRED FORTY-SEVEN HUNDRED DOLLARS ($237,347) shall be set aside in the Year 2000 Appropriations to cover the herein costs.
Section 3. That, for the reasons set forth in the preamble herein above, this ordinance shall be in full force and effect after passage by this Council and upon date of signature approval by the Mayor.