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ORDINANCE N0. 87-36 <br />INTRODUCED BYo Mayor Fred N. Carmen <br />AN ORDINANCE ESTABLISHING A[VD DEFINING THE <br />ALLOCATION OF INTEREST INCOME EARNED ON MAYFIELD <br />VILLAG E RESOURCES, REPEALING ALL ORDINANCES INCON- <br />SISTENT FIEREWITH AND DECLARING AN EMERGENCY, <br />WHEREAS, there is cash and other resources in the Village <br />Treasury which will not be required to be used for a period of six (6) <br />months or more; and <br />WHEREAS, such cash and other resources can be invested in <br />accordance with the provisions of Sections 731.56 through 731.59 and <br />may be sold in accordance with Section 731.57 of the Ohio Revised <br />,:.Code; and <br />WHEREAS, the Village maintains cash and other resources on <br />deposit on a pooled cash basis; and <br />WHEREP,S, the Mayor and Council of Mayf ield V illage have <br />determined that it is necessary to define the allocation of such <br />interest income; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />Section 1._,_ All interest earned by the investment of <br />pooled cash or other resources of Mayfield Village, Ohio, shall be <br />credited to the General Fund to be used to finance the general <br />services of the municipality. <br />Section 2. All prior ordinances inconsistent with this <br />ordinance in whole or in part are repealed to the extent necessary to <br />avoid conflict with this ordinancem <br />Secta.on 3. That the Council finds and determines that all <br />formal actions of this Council relating to the adoption of this <br />Ordinance have been taken at open meetings of this Council; and that <br />deliberations of this Council and of its committees, resulting in such <br />formal action, took place in meetings open to the public, in <br />compliance with all statutory requirements including the requirements <br />of Section 121.22 of the Ohio Revised Code. <br />Section 4. This Ordinance is hereby declared to be an <br />emergency measure necessary for the immediate preservation of the <br />health, safety and welfare of the residents of Mayfield Village for <br />the reason that the action taken herein is necessary to provide better <br />fiscal management. It shall therefore take effect immediately upon <br />passage by the affirmative vote of not less than four (4) members <br />elected to Council and approval by the Mayor or otherwise at the