29-01 Chapter 129 City Park Improvement Fund

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Please substitute for Ordinance No. 29-01; (Placed on Ist Reading and referred to the Finance Committee 6/4/01.) ~c~.]~ o~ 2~D z~o~o 6/18/01. ORDINANCE NO. 29-01 BY:corrigan, FitzGerald, George, Roth, Seelie, Skindell, Smith. AN ORDINANCE to enact a new section of Chapter 129 of the Codified Ordinances of the City of Lakewood entitled City Park Improvement Fund, for the systematic improvement of established parks within the City of Lakewood. WHEREAS, the City of Lakewood is entering into a lease with Ronald A. Gibson & Associates, Inc. for the gas well located at Lakewood Park; and WHEREAS, monthly revenue from said lease has been projected between One Thousand Twb Hundred Dollars ($1,~200.00) and Three Thousand Five Hundred Dollars ($3,5O0.00); and WHEREAS, Lakewood City Coundl and the Administration agree that this revenue should be used to improve established parks within the City of Lakewood; and WHEREAS, creating a systematic plan for the improvement of parks located within the City of Lakewood will benefit residents through the maintenance of green space for recreational purposes and maintenance of property values. Now, therefore, BE IT ORDAINED BY THE CITY OF LAKE'WOOD, STATE OF OHIO: Section 1; Establishment; There is hereby established a City Park Improvement Fund. The Director of Rnance is hereby authorized and directed forthwith to take such action and to make such records as may be necessary to establish the City Park Improvement Fund and thereafter to show its existence and condition at all times upon the proper records of the City. Section 2. Money for Fund." There shall be paid directly into the City Park Improvement Fund, when and as received, all revenue obtained from the lease of the gas well. located at Lakewood Park by and between the City of Lakewood and Ronald A. Gibson & Assodates, :[nc. Section 3. Authorized Expenditures. The City Park Improvement Fund shall be used only for capital improvements and debt service related to capital improvements made to existing parks within the City of Lakewood. Section 4. Custody of Fund. The Director of Finance shall have possession and custody of the City Park Improvement Fund and the supervision of all accounts with respect thereto. No further bond shall be required of the Director of Finance because of the Fund, but the City Park Improvement Fund shall be under the protection of any bond heretofore given to that may be given herealter by the Director of Finance. Section 5. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its