20-82 Create Capital Improvements Fund

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ORDINANCE NO. 20-82 BY: Brown, Chinnock, Graham, McBride, Salmon, Wendl ing AN EMERGENCY ORDINANCE creating the Capital Improvements Fund transferring funds therefor. WHEREAS, it is the determination of the Administration and the Council that the establishment of a Capital Improvements Fund is necessary, and WHEREAS, it is the intent of ghe City to transfer $650,000 from the General Fund to the newly c~eat~d'Capital Improvements Fund for the pur- pose of completing Capital Prdjects, and WHEREAS, an emergency exists for the immediate preservation of the public property, health and safety and to provide for the usual daily operation of municipal departments; now, therefore: BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Director of Finance is hereby authorized to establish Capital Improvements Fund. Section 2. That the sum of $650,000 now and is hereby appropriated to be transferred from the General Fund to the unappropriated balance of the newly established Capital Improvements Fund. Section 3. That this ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble, and provided it receives the affirmative vote of two-thirds (2/3) of all members elected to Council, it shall take effect and be in force immediately upon its adoption and approval by the Mayor, and Ordinance No. 115-81 and all other ordinances or parts of ordinances inconsistent herewith are hereby repealed.