1990 046 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 90- 46 INTRODUCED BY: Mayor Carmen and Council as a Whole AN ORDINANCE ESTABLISHING A SPECIAL REVENUE GENERIC FUND TYPE KNOWN AS THE SCHOLARSHIP FUND, AUTHORIZING THE DIRECTOR OF FINANCE TO OBTAIN APPROVAL FOR THE CREATION OF SAID FUND FROM THE BUREAU OF INSPECTION OF THE STATE OF OHIO AND DECLARING AN EMERGENCY WHEREAS, the Mayfield Village Recreation Board has indicated their willingness to establish a Debbie Hudacko Memorial Scholarship Fund; and WHEREAS, the Mayor and Council upon the recommendation of the Director of Finance have determined that it is necessary to create a government fund type to be known as the "Scholarship Fund" into which the proceeds will be deposited; and WHEREAS, a fund is defined as an independent fiscal and accounting entity with a self balancing set of accounts recording cash and/or other resources together with all related liabilities, obligations, reserves and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations; and WHEREAS, the Mayor and Council have authorized the Mayfield Village Recreation Board to specify the procedures as to the distribution and/or appropriation from such fund, now, therefore, BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: SECTION 1. That there is hereby created a governmental fund type which will be a special revenue generic fund type known as the "Scholarship Fund". All funds received by Mayfield Village and designated for the "Scholarship Fund" shall be accounted for in the Scholarship Fund. It shall be the responsibility of the Mayfield Village Recreation Board to provide sufficient resources on a continuing basis to maintain this particular fund. In the event the Recreational Board is unable to maintain such fund then