2007-048 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE NO. 2007-48 BY: Mayor Thomas O'Grady AN ORDINANCE AUTHORIZING THE TRANSFER OF CERTAIN MONEYS IN THE CITY'S SEWER BOND RETIREMENT FUND (FUND 460) TO ITS GENERAI. OBLIGATION BOND RETIREMENT FUND (FUND 410). WHEREAS, pursuant to the requirements of Section 5705.08 of the Revised Code, the City has established a Bond Retirement Fund group and sub-funds therein for particular obligations and types of obligations of the City, including the Sewer Bond Retirement Fund (Fund 460) for certain obligations (the Pre-1987 Sewer Obligations) payable from the Charter tax levy authorized by Section 8(c) of Article VII of the City Charter (the Charter Sewer Debt Levy) and the General Obligation Bond Retirement Fund (Fund 410) for any of its unvoted general obligation securities; and WHEREAS, the City credited to the Sewer Bond Retirement Fund (i) all proceeds of the Charter Sewer Debt Levy and (ii) certain contractual payments received by the City from the City of Fairview Park to reimburse the City for a portion of the debt service on portions of the Pre-1987 Sewer Obligations; and WHEREAS, the moneys in the Sewer Bond Retirement Fund, including all payments received from the City of Fairview Park deposited in that Fund, have been used only to pay the debt service on the Pre-1987 Sewer Obligations; and WHEREAS, all of the Pre-1987 Sewer Obligations have been satisfied and paid in full; and WHEREAS, the Director of Finance has reported to this Council that the Sewer Bond Retirement Fund has a remaining balance of $616,578.80, all of which constitutes proceeds of the Charter Sewer Debt Levy; and WHEREAS, this Council finds and determines that it is necessary and appropriate to transfer all of the moneys remaining in the Sewer Bond Retirement Fund to the General Obligation Bond Retirement Fund (Fund 410), another sub-fund in its Bond Retirement Fund group, all of the Pre-1987 Sewer Obligations having been satisfied and paid and all of the payments to the Sewer Bond Retirement Fund by the City of Fairview Park having been previously expended; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: