(A) Establishment and use. There is hereby established a fund, to be known as the Debt Service Fund, to be utilized and appropriated by the Common Council of the city for the purpose of retiring the indebtedness incurred pursuant to certain lease- purchase agreements heretofore authorized by the Council between the city and the City Municipal Building Corporation for the purpose of the acquisition of the current city building for the purpose of housing city administrative and utility offices and the acquisition and construction of a fire station on the site of the old city building at 315-317 West Washington Street.
(Prior Code, § 3.48.010)
(B) Sources. The Fund shall be comprised of revenues derived from a tax levy in an amount to be determined by the State Board of Tax Commissioners in an amount sufficient to retire the indebtedness incurred as a result of the lease-purchases, and which will be in addition to the current frozen property tax levy, plus any payments made pursuant to interlocal agreement or sublease of any portion of the fire station and city building, plus any other source permitted by statute or ordinance as authorized by the Council, which includes, but is not limited to, the rent to be received for the portion of the city building occupied by the City Water Utility and Sewage Utility and the lease payments made by Jackson, Washington and Licking Townships and by the Town of Shamrock Lakes for the housing of their fire equipment.
(Prior Code, § 3.48.020)
(C) Property tax levy. A Debt Service Fund property tax levy is hereby authorized and established. The Council shall establish the amount of the levy when adopting the annual general property tax levy budget of the city in an amount sufficient to fund the lease-purchase.
(Prior Code, § 3.48.030)
(Ord. 1118, passed 7-31-1986; Ord. 1168, passed 8-3-1987)