79-04 Chapter 129 - TIF Capital Improvement Fund

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ORDINANCE NO. 79-04' PLACED ON 1ST READTNG & RE1<'ERRED TO. -ffi'HE FINANCE COMMITTEE 7/6/04 PLACED ON 2ND READING :U19/04. 13Y: r.orrigan, Demro~ l)evpr, Dunn ~ Fi tzr:.erald.. Martig;;¡n, Seelie. AN EMERGENCY ORDINANCE to enact a new section of Chapter 129 of the Codified Ordinances of the City of Lakewood establishing the Tax Increment Financing (TIF) Capital Improvement Fund, for the purpose of accounting for monies whose projects are financed under Tax Increment Financing. WHEREAS, a capital projects fund will permit the City to properly track the revenues and expenditures relating to the projects; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date poSsible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that It is necessary for the immediate preservation of the public property, heaith and safety, and to provide for the usual daiiy operation of municipal departments in that the services and costs for this program have already been incurred. BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. Establishment. There is hereby established a Capital Projects Fund which shall be known and referred to as the Tax Increment Financing Capital Improvement Fund. The Director of Finance is hereby authorized and directed forthwith to take such action and to make such records as may .be necessary to establish the Tax Increment Financing Capital 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. All bond proceeds derived from Tax Increment Financing projects shall be kept and maintained in a separate fund hereby designated as the Tax Increment Financing Capital Improvement Fund. Section 3. Authorized Expenditures. The TIF Capital Improvement Fund shall be used only for the expenditures incurred for projects financed through tax increment financing. Section 4. Custody of Fund. The Director of Finance shall have possession and custody of the TIF Capital 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 TIF Capital Improvement Fund shall be under the protection of any bond heretofore given to that may be given hereafter 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 resolution were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with all legal requirements.