In accordance with the requirements of the Ohio Revised Code, the following funds are hereby established:
(a) Bond Retirement Fund.
(1) The Bond Retirement Fund shall be used for the retirement of serial bonds, notes or certificates of indebtedness. All revenue derived from general or special levies for debt charges, whether within or in excess of the ten-mill limitation, which is levied for the debt charges on serial bonds, notes or certificates of indebtedness having a life of less than five (5) years, shall be paid into the Bond Retirement Fund.
(2) Upon the issuance of any serial bonds, notes or certificates of indebtedness, City Council, in the ordinance issuing such bonds, notes or certificates of indebtedness, shall authorize the creation of a specific cost center within the Bond Retirement Fund for each issuance.
(ORC 5705.09; 5705.10)
(Ord. 15-08. Adopted 04/09/15; Ord. 2022-44. Adopted 11/22/22)
(b) General Fund.
(1) All revenue derived from the general levy for current expenses within the ten-mill limitation, from any general levy for current expenses authorized by vote in excess of the ten-mill limitation, and from sources other than the general property tax, unless its use for a particular purpose is prescribed by law, shall be paid into the General Fund.
(ORC 5705.09; 5705.10)
(2) All moneys received from the collection of the City's income tax shall be paid into the General Fund; provided, however, that:
A. The proceeds from one quarter of one percent (0.25%) of the increase in the income tax rate pursuant to Ordinance 91-24, and the proceeds resulting from changes in the credit for tax paid to another municipality, be used solely for the purpose of employing police and fire personnel, and that the proceeds from one quarter of one percent (0.25%) of the increase in the income tax rate pursuant to Ordinance 10-27 be used solely for the purpose of maintaining current police and fire service levels;
B. The proceeds from one quarter of one percent (0.25%) of the increase in the income tax rate pursuant to Ordinance 10-27 shall be used solely for capital improvements.
(3) The General Fund shall also be used to receipt and account for all fines, charges, and fees that are directed to be paid into the Fund under any section of the Xenia City Code.
(ORC 718.04; XCC 880.14(b))
(ORC 5705.10(F))
(c) Insurance Reserve Fund. The Insurance Reserve Fund shall be used to account for insurance proceeds received pursuant to ORC 3929.86. Moneys in the Insurance Reserve Fund shall only be used as security against the total cost incurred by the City in removing, repairing, or securing a building, dwelling or structure damaged or destroyed by fire.
(ORC 3929.86(D))
(d) Sinking Fund.
(1) The Sinking Fund shall be used when the City has outstanding bonds other than serial bonds. All revenue derived from general or special levies for debt charges, whether within or in excess of the ten-mill limitation, which is levied for the debt charges on all bonds, other than serial bonds, notes or certificates of indebtedness that have a life of five (5) years or more, shall be paid into the Sinking Fund.
(2) Upon the issuance of any bonds other than serial bonds, notes or certificates of indebtedness, City Council, in the ordinance issuing such bonds, notes or certificates of indebtedness, shall authorize the creation of a specific cost center (line item) within the Sinking Fund for each issuance.
(ORC 5705.09; 5705.10)
(e) Special Improvements Fund.
(1) The Special Improvements Fund may be used for the receipt and accounting of special assessments collected pursuant to ORC Chapters 727 or 729 for any improvement authorized under those ORC Chapters.
(2) If special assessments are to be received in the Special Improvements Fund, the ordinance levying the special assessments pursuant to ORC Chapters 727 or 729 shall establish the name of the cost center in the Special Improvements Fund for the specific project for which the special assessments are levied.
(3) The cost centers shall be used to receipt assessments levied and collected for the improvement project for which they were levied, and may be used to pay costs associated with the improvement project, including any required City share of the project cost, or to make debt service payments on any bonds or notes issued in anticipation of collection of the special assessments for the improvement project.
(ORC 5705.09; 5705.10)
(f) Unclaimed Moneys Fund. The Unclaimed Moneys Fund shall be used to account for moneys paid by or to the City that are unclaimed by the lawful owner thereof, whether from a City-issued check or from a bond or check of the Xenia Municipal Court.
(1) The Finance Director shall pay any moneys from a City-issued check that were paid into the Unclaimed Moneys Fund to the lawful owner thereof, if such owner makes a claim within five (5) years of the date of issuance of the check. Amounts paid into the Unclaimed Moneys Fund for moneys paid by or to the City that are not claimed within a period of five (5) years shall revert to the General Fund.
(ORC 9.39)
(2) All moneys paid into the Xenia Municipal Court that, by the first Monday in January of each year, the Clerk of Court determines have remained unclaimed for more than one (1) year and which remain unclaimed on the first day of April of each year, after the Clerk has given notice to lawful owners thereof, shall be paid into the Unclaimed Moneys Fund. The Finance Director shall pay any part of such moneys at any time to the person who has the right to the money upon proper certification of the Clerk of Courts.
(ORC 1901.31(G))
(Ord. 2022-44. Adopted 11/22/22)