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PLACED O~ IST REA~!NG & REFERRED <br />CO}~ITTEE OF TREWHOLE 10/17/05 <br /> <br />ORDINANCE NO, 98-05 <br /> <br />BY: Corrigan, Demr0, Deyer~ Dunn~ <br /> FitzGerald, ~fadigan~ Seelie. <br /> <br /> AN EMERGENCY ORDINANCE to create a new section within Chapter 128, <br />Municipal Income Tax, of the Codified Ordinances of the City of Lakewood to <br />define "S Corporation" or "Subchapter S Corporation." <br /> <br /> WHEREAS, this Council by a vote of at least five (5) members elected thereto <br />determines that this ordinance is an emergency measure, and that this ordinance shall <br />take effect at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and <br />13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is <br />necessary for the immediate preservation of the public property, health and safety, and <br />to provide for the usual daily operation of municipal departments in that the City will <br />begin in-house tax collection beginning January 1, 2006. Now Therefore, <br /> <br />BE IT ORDAINED BYTHE CITY OF LAKEWOOD, STATE OF OHIO <br /> <br /> Section 1. That a new Section within Chapter 128, Municipal Income <br />Tax, of the Codified Ordinances of the City of Lakewood is hereby created to <br />read as follows: <br /> <br /> "S Corporation" or "Subchapt~r S Corporation" means any <br />association that has made an election under Subchapter S of Chapter 1 of <br />Subtitle A of the Internal Revenue Code for its taxable year. <br /> <br /> Section 2. That this ordinance is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, property, <br />health, safety and welfare in the City and for the usual daily operation of the City for <br />the reasons set forth and defined in the preamble to this ordinance, and provided it <br />receives the affirmative vote of at least five (5) of its members elected to Council, this <br />ordinance shall take effect and be in force immediately upon its adoption by the Council <br />and approval by the Mayor otherwise, it shall take effect and be in force after the <br />earliest period allowed by law. <br /> <br /> ' Section 3. It is found and determined that all formal actions of this <br />Council concerning and relating to the passage of this ordinance were adopted in <br />an open meeting of this Council, and that all such deliberations of this Council <br />and of any of its committees that resulted in such formal action were in meetings <br />open to the public in compliance with all legal requirements. <br /> <br />PRESIDENT <br /> <br />MAYOR ~/' <br /> <br /> <br />