91-78 Establish Street Resurfacing Special Assess. Rotary Fund

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ORDINANCE NO. 91 - 78 By: Magnotto, McBride, Salmon, Wendling, Brockman, Brown, Chinnock AN EMERGENCY ORDINANCE establishing a special fund to be known as the City of LakewoOd, Ohio, Street Resurfacing Special Assessment RotarY. Fund and to provide for the transfer of moneys into and the disbursement of moneys from such fund. WHEREAS, this City has for a number'of years in each year pro- vided for the resurfacing of a number of streets within the corporate limits of the City and has provided for the payment of a portion of the costs of such resurfacing by the levying of a special assessment against the properties benefited by such resurfacing; and WHEREAS, the City had in many years for the purpose of financing the costs of such resurfacing, in anticipation of the collection of the special assessments levied, issued its notes and bonds but, the financing of such resurfacing, in anticipation of the collection of special asses- sments, could be handled at a reduced cost by the creation of a rotary fund from which moneys would be paid to pay the costs of resurfacing to be assessed and such fund would be reimbursed from the special assessments as they are collected; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that immediate provision must be made for the financing of the 1978 Street Resurfacing Program in order to eliminate existing hazards to pedestrian and vehicular traffic; NOW, THEREFORE, BE IT ORDAINED BY THE Council of the City of Lakewood, County of Cuyahoga and State of Ohio: Section 1. Pursuant to Section 5705.12, Ohio Revised Code, there is hereby created a separate fund of the City of Lakewood to be known as "City of Lakewood, Ohio, Street Resurfacing Special Assessment Rotary Fund". There shall be advanced to said fund, as hereinafter provided in Section 2 hereof, the amount of $ 93,500 . All moneys received into such fund, except as provided in Section 4 hereof, shall be used to pay those costs of the resurfacing of streets within the City of Lakewood in anticipation of which special assessments have been levied. The Director of Finance shall make payments from said Street Resurfacing Special Assessment Rotary Fund upon the presentation of vouchers or orders therefor by the proper City officials, but such disbursements shall be made only for the purpose of paying costs of the resurfacing of streets within the corporate limits of this City for which a.portion of such costs are to be paid by the levy of special assesments against benefited properties. Section 2. That there is hereby appropriated from the Federal Revenue Sharing Fund (Account No. 1893300 ) the amount of $ 93,500 which amount shall be paid. into said street Resurfacing Special Assessment Rotary Fund and the Director of Finance be, and he is hereby authorized and directed, to accomplish the transfer of the moneys as aforesaid. Section 3. That as special assessments moneys are received from the County Auditor for those streets for whick.costs of resurfacing have been paid from said Street Resurfacing Special Assessment Rotary Fund, such special assessment moneys shall be paid into said Street Resurfacing Special Assessment Rotary Fund and used for the purpose for which such Fund was created.