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<br /> <br /> , <br />ORDINANCE NO. 91- 37 <br />INTRODUCED BY: Mayor Carmen and Council as a Whole <br />AN ORDINANCE <br />ESTABLISHING THE VILLAGL TRAIL FIIND AND <br />DECLARING AN EMERGENCY <br />WHEREAS, a fund is defined as an independent fiscal and <br />accounting entity with a self-balancing set of accounts recording <br />cash and/or other resources together with all related <br />liabilities, obligations, reserves and equities which are <br />segregated for the purpose of carrying on specific activities or <br />attaining certain objectives in accordance with special <br />regulations, restrictions or limitations; and <br />WHEREAB, the Village Engineer has recommended that the <br />Village account for the restricted resources to be received by <br />the Village in connection with the development of the Village <br />Trails Subdivision; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />SECTION 1. There is hereby created a Fiduciary Fund, <br />which will be an Agency Fund, and the particular fund will be <br />known as the "VILLAGE TRAIL FUND." <br />SECTION 2. Al1 cash and/or resources by Mayfield Village <br />in connection with the development of the Village Trails <br />Subdivisions shall be accounted for in the "Village Trails Fund." <br />SECTION 3. The Director of Finance shall make payments <br />from said specific fund upon the presentation of vouchers or <br />orders therefor by proper Village officials in accordance with <br />applicable laws, ordinances, and/or Village administrative rules. <br />SECTION 4. The Director of Finance is <br />and directed to make application to the Bureau <br />the State of Ohio for approval of the creation <br />pursuant to the provisions of Section 5705.09 <br />Ohio Revised Code. <br />further authorized <br />of Inspection of <br />of the such Fund <br />and 5705.12 of the