For the purposes of this Chapter, the following definitions shall apply:
(a) Current Operating Expenses. "Current operating expenses" and "current expenses" mean the lawful expenditures of the City, except those for permanent improvements, and except payments for interest, sinking fund, and retirement of bonds, notes, and certificates of indebtedness of the City.
(b) Debt Charges. "Debt charges" means interest, sinking fund, and retirement charges on bonds, notes, or certificates of indebtedness.
(c) Permanent Improvement. "Permanent improvement" or "improvement" mean any property, assets, or improvement with an estimated life or usefulness of five (5) years or more, including land and interests therein, and reconstructions, enlargements, and extensions thereof having an estimated life or usefulness of five (5) years or more.
(ORC 5705.01)
(Ord. 2022-44. Adopted 11/22/22)