TITLE
AN ORDINANCE AUTHORIZING THE REDUCTION IN APPROPRIATIONS AND WAIVING SECOND READING - Capital Improvement Fund
BODY
WHEREAS, upon executing the original Science One agreements for Tech Center Drive, appropriations were established within the Capital Improvement Fund for disbursement of State Infrastructure Bank (SIB) loan proceeds related to the construction of the Tech Center Drive extension and waterline improvements; and
WHEREAS, the amended agreements now require the City to use the security deposit to pay for these construction costs, as the SIB loan will not be initiated; and
WHEREAS, the Administration requests a reduction in appropriations in the amount of one million one hundred sixty-four thousand nine hundred dollars ($1,164,900) from the Capital Improvement Fund - Capital Improvements, returning this amount to the unencumbered, unappropriated balance of the Capital Improvement Fund; and
WHEREAS, the Administration requests a waiver of second reading in order to ensure that the changes can be made in Fiscal Year 2022.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That funding previously appropriated in the amount of one million one hundred sixty-four thousand nine hundred dollars ($1,164,900) is hereby reduced and returned to the unencumbered, unappropriated balance of the Capital Improvement Fund 3250 as follows:
Capital Improvement Fund Capital Improvements 325.06.550.5505: ($1,164,900) reduction
Section 2. That the second reading is hereby waived.
Section 3. That this Ordinance shall be in full force and effect after passage by Council and on date of signature of approval by the Mayor.