CITY OF PICKERINGTON
FINANCE COMMITTEE OF COUNCIL
CITY HALL, 100 LOCKVILLE ROAD
THURSDAY, APRIL 21, 2005
REGULAR MEETING
7:30 P.M.
E. Review and request for motion to approve draft ordinance adopting new debt policy for the development and implementation of the City of Pickerington?’s Debt Program. Mrs. Fersch stated the draft presented this evening includes the request of this Committee that we will not exceed the 7.5 mills of the City?’s taxable assessed valuation except in temporary emergency situations and that we would seek the approval of the County prior to issuing general operation debt for emergency situations. Mr. Wright inquired what would constitute a temporary emergency and Mrs. Fersch stated that would be something like having to borrow for operating although we have never had to do this type of borrowing. Mr. Hackworth inquired what would happen if someone else had an emergency. Mrs. Riggs stated she would like to see communication between all entities and Mr. Wright stated that was his concern. He would like to make sure we are not limiting ourselves, and there is some mechanism in place where we are watching what the other entities are doing. Mrs. Fersch stated we would have to inquire on a regular basis. Mrs. Riggs stated she felt a meeting with the County Auditor would be appropriate to request some kind of policy on how they will communicate to the other entities when some one is using part of the millage. Mrs. Riggs stated we are trying to be a good neighbor, and she would like to see them hand back and communicate to all the municipalities. Mr. Wright stated that was precisely what he would like to see happen. Ms Gilleland stated she would like to work on establishing some formal policy. Mr. Wright stated he thought the wording under Tax Increment Financing stating developers will be required to secure?…, he thought that should be developers may be required. Ms Gilleland stated she has talked about that and some other language similar to that. She stated perhaps the wording should be something showing approval for exceptions will be made by the Finance Committee. She stated she and Mrs. Fersch will work on this wording and bring the draft policy back to the next Finance Committee meeting.
FINANCE COMMITTEE OF COUNCIL
CITY HALL, 100 LOCKVILLE ROAD
THURSDAY, APRIL 21, 2005
REGULAR MEETING
7:30 P.M.
E. Review and request for motion to approve draft ordinance adopting new debt policy for the development and implementation of the City of Pickerington?’s Debt Program. Mrs. Fersch stated the draft presented this evening includes the request of this Committee that we will not exceed the 7.5 mills of the City?’s taxable assessed valuation except in temporary emergency situations and that we would seek the approval of the County prior to issuing general operation debt for emergency situations. Mr. Wright inquired what would constitute a temporary emergency and Mrs. Fersch stated that would be something like having to borrow for operating although we have never had to do this type of borrowing. Mr. Hackworth inquired what would happen if someone else had an emergency. Mrs. Riggs stated she would like to see communication between all entities and Mr. Wright stated that was his concern. He would like to make sure we are not limiting ourselves, and there is some mechanism in place where we are watching what the other entities are doing. Mrs. Fersch stated we would have to inquire on a regular basis. Mrs. Riggs stated she felt a meeting with the County Auditor would be appropriate to request some kind of policy on how they will communicate to the other entities when some one is using part of the millage. Mrs. Riggs stated we are trying to be a good neighbor, and she would like to see them hand back and communicate to all the municipalities. Mr. Wright stated that was precisely what he would like to see happen. Ms Gilleland stated she would like to work on establishing some formal policy. Mr. Wright stated he thought the wording under Tax Increment Financing stating developers will be required to secure?…, he thought that should be developers may be required. Ms Gilleland stated she has talked about that and some other language similar to that. She stated perhaps the wording should be something showing approval for exceptions will be made by the Finance Committee. She stated she and Mrs. Fersch will work on this wording and bring the draft policy back to the next Finance Committee meeting.


