78-66 Amend 129.112 Admin - distib of interest used

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Code of tion of ORDINANCE NO. 78-66 BY: Gaydos, Huffman, Kelley, Usher, Ward and Wendling AN EF~RGENCY ORDINANCE to amend Section 129.112 of the Administrative the Codified Ordinances of the City of Lakewood relating to distribu- interest earned from the investment of monies of the City of Lakewood. WHEREAS, it is necessary to provide for the proper financial control of public funds of the City, and, WHEREAS, it is necessary to establish proper accounting procedures within the Finance Department of the City, and, WHEREAS, it is advisable to facilitate the internal operation of the Finance Department, and, WHEREAS, this ordinance constitutes an emergency measure providing for the usual daily operation of a municipal department; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That Section 129.112 of the Administrative Code of the Codified Ordinances of the City of Lakewood,. now reading as follows: Section 129,112 Distribution of Interest All interest earned from the investment of any and all monies of the City of Lakewood, except interest earned on mdnies in the General and Special Assessment Bond Retirement Funds, the Parking Debt Service Fund, and the Parking Reserve Fund, shall be dis- tributed directly to the General Fund of the City of Lakewood. be and the same is hereby amended to read as follows: Section 129.112 Distribution of Interest All interest earned from the investment of any and all monies of the City of Lakewood, except interest earned on monies in the General and Special Assessment Bond Retirement Funds, the Parking Debt Service Fund~ the Parking Reserve Fund, .and the Hospital Expansion Fund shall he distributed directly to the General Fund of the City of Lakewood. ~nterest earned from investment of the proceeds of councilmanic bonds and notes issued in anticipation thereof for Hospital expansion purposes shall be first deposited in the Bond Retirement FDhd to the extent required to meet current year's .interest requirements on the then-outstandin8 bonds or notes and to the extent of any balance shall then be deposited in the Hospital Exp~nsipn Fund and used fo~ expansion pu~po, ses. Section 2. That this ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmative vote of two-thirds of all members elected to Council, it shall take effect and be in force immediately upon its adoption and approval by the Mayor. Adopted ~tober 19, 1966 Charles S. Huffman, Jr. President Approved October 19, 1966 Grace Reynolds Clerk Robert M. Law,them Mayor