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TO SUPPLEMENTALLY APPROPRIATE FUNDS FROM THE UNENCUMBERED BALANCE OF THE GENERAL BOND RETIREMENT FUND TO PAY THE SIB LOAN IN FULL WITH STATE INFRASTRUCTURE BANK (SIB), LOAN AGREEMENT #110004, FOR THE TECHCENTER DRIVE EXTENSION PROJECT; IMPROVEMENT NO. 762.
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WHEREAS, Mid-Ohio Regional Planning Commission (MORPC) has notified the City that they are in positon to pay off the State Infrastructure Bank (SIB) loan for the TechCenter Drive Extension Project, Improvement No. 762; and
WHEREAS, the City and MORPC have shared the cost of the TechCenter Drive Extension Project at (80%) MORPC and (20%) City; and
WHEREAS, the City has appropriated $14,336 for the debt service for the SIB loan, but requires a supplemental appropriation of $11,589 to cover the total of the City's remaining $25,925 portion of the SIB loan;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That a supplemental appropriation be made to cover the remaining cost of the State Infrastructure Bank Loan Agreement #110004 with The OHIO DEPARTMENT OF TRANSPORTATION, 1980 West Broad Street, Columbus, Ohio 43223, for the TechCenter Drive Extension project; SIB Loan Schedules as EXHIBIT A, and made a part herein.
Section 2. That Funds in the amount of ELEVEN THOUSAND FIVE HUNDRED EIGHTY-NINE DOLLARS ($11,589) be appropriated from the unencumbered balance of the General Bond Retirement Fund 431.810.5811 to pay the remaining balance of the SIB Loan Agreement.
Section 3. That this ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature approval by the Mayor.