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PLACED ON 1st Reading ~ Referred <br />to the Committee of the Whole on 7/1/96. <br /> <br />ORDINANCE NO. 26-96 BY: <br /> <br />Boscia, Corrigan, Flannery, <br />George, Roth; Smith <br /> <br /> AN EMERGENCY ORDINANCE enacting new Section 129.37 of the <br />Administrative Code of the Codified Ordinances of the City of Lakewood to <br />establish a Winterhurst Ice Rink Enterprise Fund. <br /> WHEREAS, the City will be accepting management responsibility for <br />the operation of the Winterhurst Ice Rink effective July 1, 1996, and <br /> WHEREAS, there is a compelling governmental interest to establish <br />a Winterhurst Ice Rink Enterprise Fund to provide separate financial <br />information that will demonstrate accountability and stewardship of the <br />enterprise activity and to provide information for evaluating operational <br />performance of the Winterhurst Ice Rink, now, therefore, <br /> BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO <br /> Section 1. That the Administrative Code of the Codified <br />Ordinances of the City of Lakewood is hereby supplemented by enacting new <br />Section 129.37 thereof to read as follows: <br /> 129.37 WINTERHURST ICE RINK ENTERPRISE FUND <br /> a} All revenues derived from the enterprise activity shall <br /> be kept and maintained in a separate fund in an account hereby <br /> designated as the Winterhurst Ice Rink Enterprise Fund. The <br /> proceeds from all bonds and notes issued for the improvement of <br /> the facility shall accrue to this account and be used for <br /> improvement of the Ice Rink facility. All operating, maintenance, <br /> repair and replacement costs for the Ice Rink facility shall be <br /> paid from this fund. <br /> <br /> Section 2. That the Director of Finance is hereby authorized and <br /> directed to take the necessary steps to establish said account to receive <br /> revenues and to make expenditures from said account for the above described <br /> purposes. <br /> Section 3. It is found and determined that all formal action of <br /> this COuncil concerning and relating to the passage of this ordinance were <br /> adopted in an open meeting of this Council, and that all such deliberations of <br /> this Council and of any of its committees that resulted in such formal action <br /> were in meetings open to the public in compliance with all legal requirements. <br /> Section 4. That this ordinance is hereby declared to be an <br /> emergency measure for the reasons stated in the preamble hereof and provided <br /> it receives the affirmative vote of two-thirds of all members elected to <br /> Council, it shall take effect and be in force immediately upon its adoption <br /> and approval by the Mayor; otherwise, it shall take effect and be in force <br /> after the earliest period allowed by law. <br /> <br />President of Council <br /> <br />Clerk of Council <br /> <br /> <br />