(a) There is hereby created a fund to be known as the “Gymnasium Capital Improvement Fund”. All funds received by the City as a result of ordinances depositing sums into said special account and/or as a result of profits from fund-raisers, sponsored by the Recreation Commission, i.e. pancake breakfasts, Christmas Card Lane, Community Garage Sale, etc., shall upon approval of the majority of the Recreation Commission, be paid into such separate fund, together with all other funds as approved by Council.
(Ord. 2004-5. Passed 2-26-04.)
(b) Expenditures shall be made from the Gymnasium Capital Improvement Fund for the purpose of the ‘construction of a new Gymnasium Building or appurtenances’ across from City Hall and possibly attached and/or connected to the Civic Center/Community Center; specifically to be constructed in conjunction with and as practical as possible with a new Civic Center/Community Center which derives its funds from the Recreational Development Fund and only upon prior approval of a majority of the members of the Recreation Commission and a majority of the members of Council.
(c) The Mayor and/or the Director of Finance are hereby authorized to accept on behalf of the City all gifts of money or other items or things of value for the purposes provided in subsection (b) of this section.
(d) Notwithstanding the provisions of Section 135.07(e), net interest earned on the investment of idle funds in the ‘Gymnasium Capital Improvement Fund’ shall be credited to such fund.
(e) The Director of Finance is hereby authorized and directed to make application to the Bureau of Inspection of the State of Ohio for approval of the creation of the ‘Gymnasium Capital Improvement Fund’ pursuant to the provisions of the Ohio R.C. 5705.12.
(f) If a Community Center is not started by December 31, 2003, the Gymnasium Capital Improvement Fund may be used to build a free standing Gymnasium at Roemisch Field. (Ord. 2002-59. Passed 5-23-02.)