§ 361.37. Allocation of funds.

The funds collected under the provisions of this chapter shall be applied for the following purpose and in the following order, to wit:

(a)

Such part thereof as shall be necessary to defray all costs of collecting the taxes levied by Chapter 361, Columbus City Code, and enforcing the provisions hereof;

(b)

Such part thereof as council may appropriate to the general fund for the purpose of paying the cost of general municipal operations;

(c)

Such part thereof as council may appropriate for the purpose of paying the cost of maintenance of, and the purchase of new equipment, motorized or other;

(d)

Such part thereof as the council may appropriate for the purpose of paying the cost of the repair and maintenance of streets;

(e)

In any event, at least twenty-five (25) percent of all monies collected under Chapter 361 shall be deposited in a special fund to be used only for the payment on interest and principal on bonds and notes issued by the city. Interest and principal due on bonds and notes issued in excess of the one (1) percent limitations as authorized by Article XII, Section 2, of the Constitution of the state of Ohio, shall be first paid from said fund before any payment may be made on interest or principal due on other notes or bonds. Provided, however, that in any year when monies are used to pay interest or principal on bonds or notes other than those issued in excess of the one (1) percent limitations, as authorized by Article XII, Section 2, of the Constitution of the state of Ohio, the additional monies accruing to the general fund thereby shall be used only for permanent improvements as defined in Section 133.01, Revised Code of Ohio. Provided, further, that monies deposited in the special fund created by the authority of this subsection may be appropriated to defray the cost of engineering plans and specifications for federal-aid highways. However, at such time as the council of the city of Columbus issues bonds to construct the aforesaid federal-aid highways, the special fund created by this subsection shall be reimbursed, from said bond issues in an amount equal to that appropriated for said engineering plans and specifications for federal-aid highways.

Except with regard to interest and principal due on bonds and notes issued in excess of the one (1) percent limitation, as authorized by Article XII, Section 2, of the Constitution of the state of Ohio, no monies from the special fund created in this subsection shall be expended without special authorization of city council.

(Ord. 2246-82; Ord. 2624-00 § 1 (part).)