Ordinance 073-17RECORD OF ORDINANCES
Dayton Legal Blank, Inc.
Ordinance No. 73-17 Passed
AN ORDINANCE ESTABLISHING THE CREATION OF
THE RINGS UNITRUST SPECIAL REVENUE FUND
Form No. 30043
20
WHEREAS, Section 5705.12 of the Ohio Revised Code grants permission to the
taxing authority of a subdivision to establish special funds; and
WHEREAS, Dublin City Council passed Ordinance 05-16 (Amended) on February 22,
2016, authorizing the City Manager to enter into a real estate purchase agreement to
acquire property from Jon P. Riegle, Trustee of the Robert W. Rings Charitable
Remainder Unitrust; and
WHEREAS, one of the components of the real estate purchase agreement provided
that the Unitrust would donate $1,000,000 to the City within seven years from the
closing of the sale to be used for the benefit of underprivileged or handicapped
children of the community; and
WHEREAS, a special fund is needed to properly account for the donation and the
related expenditures.
NOW, THE FORE, BE IT ORDAINED by the Council of the City of Dublin, State
of Ohio, of its elected members concurring, that:
Section 1. There be established a Rings Unitrust Fund, a special revenue fund.
Section 2. The donation of $1,000,000 from the Rings Unitrust to the City as part
of the Real Estate Property Purchase Agreement be receipted into the Rings Unitrust
Fund.
Section 3. Appropriate expenditures from this fund be for the benefit of
underprivileged or handicapped children in accordance with the guidelines for use of
the donation established by the Real Estate Property Purchase Agreement.
Section 4. This ordinance shall take effect and be in force in accordance with
Section 4, 04(b) of thE.1 Revise;�Oarter.
PassehisI'tPyxf ,/V,1� t� � 2017.
Mayor - Pre�iqring Officer
TTEST:
Clerk of Council
I
Office of the City Manager
Ublo 5200 Emerald Parkway 9 Dublin, OH 43017-1090
1*tvof D in Phone-, 614-410-4400,o Fax: 614-410-4490
Cit
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To,: Members of Dublin City Council
V�
Dana L. McDaniel, City Managei*
Date,October 19, 2017
Iniffilated By: Angel L. Mumma, Director of Finance
Jerry OBrien, Chief Accountant
Re: Ordinance No. 73-17 - Authorizing the Establishment of the Rings Unitrust
Special Revenue Fund
In the case of the donation received by the City, the Unitrust has imposed the restriction that the
funds are to be used to benefit underprivileged or handicapped children. Therefore, due to the
restriction imposed upon the use of the funds and the specific nature of the revenue source, a
special revenue fund is the most appropriate fund to use to account for this donation and to
properly demonstrate compliance with the terms of the agreement.
The City may establish a special revenue fund for this purpose with the permission of the Audito
of State pursuant to the authority granted by the Ohio Revised Code. Ohio Revised Cod
5705.12 states that "'the taxing authority of a subdivision may establish, with the approval of a
in the manner prescribed by the Auditor of State, such other funds as are desirable, and ma
provide by ordinance or resolution that money derived from specified sources other than thl
Memo re. Ordinance 73-17 — Authorizing the Establishment of the Rings Unitrust Special Revenue Fund
October 19, 2017
Page 2 of 2
general property tax shall be paid directly into such funds." Upon Council's approval of the
ordinance to establish a special revenue fund to account for this donation, staff will prepare and
submit a written request as required by the Auditor of State seeking approval for the fund. A
copy of the ordinance is required to be submitted with the request for approval,
Staff recommends passage of Ordinance 73-17 at the second reading/public hearing scheduled
on November 6, 2017.