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Council approves appropriation and arbitrage filing tied to 2021 convention center bonds
Summary
Council adopted emergency ordinance 2026-23-E to appropriate about $80,000 from the 607 convention center expansion fund and to authorize filing an IRS arbitrage rebate for bonds issued in December 2021; staff said the filing is due five years from issuance in December 2026.
Sharonville City Council on April 14 approved emergency ordinance 2026-23-E, which amends appropriations for the 607 convention center expansion fund and authorizes the finance director to complete and file an IRS arbitrage rebate tax return related to bonds issued in December 2021.
A presenter identified as Scott told council: "this ordinance uh appropriates about $80,000 and out of the 607 convention center expansion fund and it also authorizes us to uh complete and file a u arbitrage rebate tax return with the IRS." He explained that interest earnings on bond proceeds exceeded the bond yield after interest-rate increases in 2022, creating an obligation to file and remit those funds; he noted the filing is not due immediately but is due five years from the original issuance in December 2026.
Council moved the ordinance under emergency procedures and approved it by roll call; recorded votes show six "yes" votes and no recorded "no" votes. The action appropriates funds for the arbitrage filing and authorizes the administrative steps to complete the IRS submission.
Next steps: the finance department will prepare and file the arbitrage rebate return and remit any required payment to the IRS by the applicable deadline.
