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ORDINANCE NO. 94-45 <br />- ? INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN EMERGENCY ORDINANCE <br />CREATING THE RECREATION FUND, GENERAL BOND <br />RETIREMENT FUND, AND DEPOSIT FUND <br />WHEREAS, for the day to day operations of the municipality, it <br />is the desire of Council to create three (3) funds as hereinafter <br />stated. <br />NOW, THEREFORE, BE IT ORQAINED BY THE COUNCIL OF MAYFIELD <br />VILLAGE, OHIO, THAT: <br />n?'?,??,? ?• <br />SECTION 1. There?'is hereby and herein created the "Recreation <br />Fund" which shaliZcombine the Recreation Impact Fundn''w'dthe <br />Recreation Fundd into the consolidated fund <br />for the purposes previously established for these funds. <br />SECTION 2. There is hereby and here created the "General Bond <br />Retirement Fund" which previously was independent, but will now be <br />merged to include the S. A. Beech Hill Bond Retirement Fund, and the <br />S.A. General Bond Retirement Fund, for the purposes as stated in <br />these previous funds. <br />SECTION 3. There is hereby and herein created the "Deposit <br />Fund", which shall be composed of the Performance Bond Fund, the <br />Hanover Woods Fund, the Village Trails Fund, the Progressive <br />Construction Fund, the Progressive Construction-JTO, Inc. Fund, and <br />the Engineer's Clearing Account, and the purpose of such fund shall <br />be as stated for all of these funds as previously established. <br />SECTION 4. The Council finds and determines that all formal <br />actions of this Council relating to the adoption of this Ordinance <br />have been taken at open meetings of this Council; and that <br />deliberations of this Council and of its committees, resulting in <br />such formal action, took place in meetings open to the public, in <br />compliance with all statutory requirements including the <br />requirements of Section 121.22 of the Ohio Revised Code. <br />SECTION 5. This Ordinance is hereby declared to be an <br />emergency measure immediately necessary for the health, safety and <br />welfare of the residents of Mayfield Village, Ohio, and for the <br />further reasons set forth in the preamble hereof. It shall, <br />therefore, take effect immediately upon the passage by the <br />affirmative vote of not less than five (5) members elected to <br />Council and approval by the Mayor or otherwise at the earliest time <br />allowed by law. <br />Z ? . <br />JO E CINCO, <br />i l President