City of Hudson, Ohio - File #: 13-103

• File #: 13-103
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 7/24/2013
• In control: City Council
• On agenda: 7/31/2013
• Final action: 7/31/2013
• Title: AN ORDINANCE CREATING A ROAD RECONSTRUCTION FUND (445); AND DECLARING AN EMERGENCY. Executive Summary: The City sold $5,000,000 in bonds to fund the acceleration of the road reconstruction program. In order to easily and accurately account for the bond proceeds and their use, the City is establishing a separate fund.
• Sponsors: William A. Currin
• Indexes: Finance - Appropriations and Budget, Streets / Sidewalks
• Related files: 13-81

Date	Ver.	Action By	Action	Result
7/31/2013	1	City Council	adopted with rule suspension	Pass

Title

AN ORDINANCE CREATING A ROAD RECONSTRUCTION FUND (445); AND DECLARING AN EMERGENCY.

Executive Summary:   The City sold $5,000,000 in bonds to fund the acceleration of the road reconstruction program.  In order to easily and accurately account for the bond proceeds and their use, the City is establishing a separate fund.

Body

Legislative History

Ordinance 13-81 authorized the sale of $5,000,000 in road reconstruction bonds.

Purpose & Explanation

The purpose of the ordinance is to establish a separate fund to track the bond proceeds.

Timing Considerations

None

Fiscal Impact

        Currently Budgeted

        Supplemental Appropriation Required

X        Appropriation Not Required.

Recommendation

Suggested Action

Staff recommends establishing the Road Reconstruction Fund (445).

Submitted by,

Jeff Knoblauch, Finance Director