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North Canton council approves up to $16 million in bonds, establishes fund for new fire station
Summary
The City Council approved an ordinance authorizing up to $16 million in bonds to pay for a new fire station and created a restricted capital projects fund to receive bond proceeds and donations; council also accepted several donations and authorized an $80,000 water-fund transfer for a well development expense.
North Canton City Council on second reading approved an ordinance authorizing issuance and sale of bonds for a maximum principal amount of $16,000,000 to pay the cost of constructing, furnishing and equipping a new fire station and related site improvements.
Council then established a new capital projects fund to account for bond proceeds and construction costs and adopted an ordinance to appropriate funds for the current year. City staff said the fund will be restricted to expenses for the fire station and that the city has already received donations earmarked for the project.
Finance staff told council the city will create the capital projects fund now because restricted donations have already been received and need to be tracked separately, rather than waiting until bond proceeds are posted. Staff identified two recent donations restricted to the fire station and additional smaller gifts towards department equipment. Council also heard that an $80,000 operating transfer from the water fund will cover development work and testing on the new Arrowhead well.
Council voted to adopt the bond ordinance by voice vote on its second reading and to establish and appropriate the capital projects fund under suspension of the normal rules so the city could immediately account for donations and ongoing expenses.
The ordinances set the legal framework to proceed with borrowing and to hold donated and bond funds separately for the station project; council did not adopt a construction contract or set a construction schedule during the meeting.
