(a) The Sinking Fund Commission shall keep a full and detailed statement of the City’s outstanding obligations and shall furnish such a statement to the Council at least once a year, which statement, together with information regarding annual receipts and disbursements, investments, and investment income of the various Sinking Fund accounts, shall be published in any annual report published by the City.
(b) On or before the first Monday in May in each year, the Sinking Fund Commission shall submit to Council a budget, setting forth in itemized form the amount of money needed in the following year for the required payments of debt charges in that year from the various Sinking Fund accounts and for the operating expenses of the Sinking Fund Commission, including the cost of the Escrow Agent and of any trustee for bonds or notes payable from the Sinking Fund. Council shall include such amount in the annual City budget which the City must submit to the County Auditor pursuant to RC Chapter 5705.
(c) On or before November 15th of each year, the Sinking Fund Commission shall submit an estimate of the amount of money needed in the following year for the required payments of debt charges in that year from the various Sinking Fund accounts and for the operating expenses of the Sinking Fund Commission, including the cost of the Escrow Agent and of any trustee for bonds or notes payable from the Sinking Fund. Such amount shall be included in the Mayor’s annual appropriation request and the City’s appropriation measures.
(Ord. No. 1748-80. Passed 10-8-80, eff. 10-8-80)