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ORDINANCE NO. 68-72 BY: Messrs. Usher, Werner, <br /> Brockman, Graber, Magnotto, <br /> McBride <br /> AN EMERGENCY ORDINANCE authorizing and directing the Director of <br />Finance to ~stablish a special trust fund to be known as the "Federal Revenue <br />Sharing Fund" for federal revenue sharing monies received by the City as <br />required by law. <br /> WHEREAS, the Congress has enacted the State and Local Fiscal Assistance <br />Act of 1972 providing a system of general revenue sharing with states and units <br />of local government, and <br /> WHEREAS, Section 123 (a) (1) of the federal act requires eachiunit of <br /> local government to establish a trust fund to receive federal revenue sharing, <br /> and <br /> WHEREAS, the Bureau of Inspection and Supervision of Public Offices <br /> has approved the establishment of a Federal General Revenue Sharing Trust Fund <br /> in each municipal corporation receiving assistance under the federal act, as <br /> required by Section 5705.12 of the Revised Code of the State of Ohio, and <br /> WHEREAS, this ordinance constitutes an emergency measure providing <br /> for the immediate preservation of the public peace, health, safety and welfare <br /> and for the usual daily operation of a municipal department, such emergency <br /> arising out of the need to provide a lawful fund into which federal general <br /> revenue sharing payments can be credited for expenditures in the manner and for <br /> the purposes provided under the State and Local Fiscal Assistance Act of 1972, <br /> now, therefore, <br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE.OF OH%O: <br /> Section 1. That the Director of Finance be and he is hereby authorized <br /> and directed to establish a special trust fund to b~ known as the"Federal Revenue <br /> Sharing Fund" under the provisions of Section 5705.12 of the Revised Code of the <br /> State of Ohio. - <br /> Section 2. Ail monies paid to the City of Lakewood, Ohio under the <br /> State and Local Financial Assistance Act of 1972 shall be credited to said fund <br /> and expended in accordance with the terms and provisions of said federal act. <br /> Section 3. That this ordinance is hereby declared to be an emergency <br /> measure for the reasons stated in the preamble hereof and provided it receives <br /> the affirmative vote of two-thirds of all members elected to Council, it shall <br /> take effect and be in force immediately upon its adoption and approval by the <br /> <br /> Approved: .. , - ~ Mayor - <br /> <br /> <br />