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PLACED ON 1ST READING & REFERRED TO <br />FINANCE COMMITTEE 1/~000 PLACED ON <br />2ND READIN~ Ift~M/~00. ' <br /> <br />ORDINANCE NO. 1-00 BY: Corrigan, FitZGerald, George, <br /> Roth, Seelie, Skindell, Smith <br /> <br /> AN ORDINANCE to enact a new section of Chapter 129 of the Codified <br />Ordinances of the City of Lakewood entitled Land Acquisition Fund, for the systematic <br />purchase and development of land for the purposes of creating and im proving parks, <br />acquiring land for the purpose of assisting economic development, and municipal <br />parldng within the City of Lakewood. <br /> <br /> WHEREAS, the City of LakeWood's parks and recreation plan indicates that there <br />is a need for the creation of additional park land; and <br /> <br /> WHEREAS, additional and improved parks within the City of Lakewood will <br />enhance property values and create additional recreation within the City; and <br /> <br /> WHERF_~$,' federal grants are available to fund urban park creation and <br />improvement projects; and <br /> <br /> WHEREAS, creating a plan and fund for the pUrchaSe and development of land <br />for parks will put the City in a better position to obtain grant funds; and <br /> <br />WHEREAS, the City of Lakewood is in need of addiUonal parking space; and <br /> <br /> WHEREAS, federal and state iniUatives could help defray the cost of creating <br />addiUonal municipal parking; and <br /> <br /> WHEREAS, creating a systematic plan for the purchase of land for use as <br />municipal parking will put the City in a better position to utilize those federal and state <br />iniUatives. <br /> <br />BE IT ORDAINED,BY THE crrY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. Establishment. There is hereby established a Capital Projects Fund <br />which shall be known and referred to as the Land Acquisition Fund. The Director of <br />Finance is hereby authorized and directed forthwith to take such action and to make <br />such records as may be necessary to establish the Land Acquisition Fund and thereafter <br />to show its existence and condition at all times upon the proper records of the City. <br /> <br /> Section 2. Money for Fund. There shall be paid directly into the Land <br />AcquisiUon Fund, when and as received, all money appropriated to the Fund by Council <br />from whatever source acquired. <br /> <br /> Section 3~ Authorized Expenditures. The Land Acquisition Fund shall be used <br />only for the expense of the purchase of additional land within the City of Lakewood to <br />be developed for use as Parks, Parking, or. assisting economic development. <br /> <br /> Section 4. Custody of Fund. The Director of Finance shall have possession and <br />custody of the Land Acquisition Fund and the supervision of all accounts with respect <br />thereto. No further bond shall be required of the Director of Finance because of the <br />Fund, but the Land Acquisition Fund shall be under the protection of any bond <br />heretofore given to that may be given hereafter by the Director of Finance. <br /> <br /> Section 5. It is found and determined that all formal actions of this Council <br />concerning and relating to the passage of this resolution were adopted in an open <br />meeting of this Council, and that all such deliberations of this Council and of any of its <br /> <br /> <br />