2011 017 Resolution - Laserfiche WebLink

Home Browse Search

~/ RESOLUTION N0.2011-17 INTRODUCED BY: Mayor Rinker and Council as a Whole AN EMERGENCY RESOLUTION DECLARING THE NECESSITYOF A TRANSFER OF AN AMOUNT NOT TO EXCEED $52,573.24 FROM THE CONTRACTOR'S RETAINAGE ACCOUNT FUND OF THE VILLAGE TO THE BOND RETIREMENT FUND OF THE VILLAGE IN ACCORDANCE WITH OHIO REVISED CODE 5705.14. WHEREAS, the obligations of the Contractor's Retainage Account Fund have been met leaving funds in excess of the obligations in the amount of $52,573.24 as of November 1, 2011; and WHEREAS, it is in the best interest of the Village to transfer the amount of $52,573.24 from the Contractor's Retainage Account Fund to the Bond Retirement Fund; and WHEREAS, such transfer of money constitutes a transfer of funds within the meaning of Ohio Revised Code Section 5705.14; and WHEREAS, Section 5705.14(D) of the Ohio Revised Code requires that any unexpended.._, balance in any special fund, other than an improvement fund, existing in accordance with Sections°_ 5705.12 of the Ohio Revised Code maybe transferred to the general fund or to the sinking fund or- bond retirement fund after the termination of the activity, service, or other undertaking for which such special fund existed and that such transfers shall be authorized only by resolution of the Village passed with an affirmative vote of two thirds of its members. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: SECTION 1. It is hereby determined to be necessary that the unexpended balance in the Contractor's Retainage Account Fund in the amount of $52,573.24 be transferred to the Village's Bond Retirement Fund. Monies transferred pursuant to this Resolution shall be used for the reasons such fund has been established. SECTION 2. The Village's Finance Director is hereby authorized and directed to transfer such funds as set forth in Section 1. SECTION 3 : The Council finds and determines that all formal actions of the Council relating to the adoption of this Resolution have been taken at open meetings of this Council; and that deliberations of this Council and of its committees, resulting in such formal action, took place in meetings open to the public in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code.