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<br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2004 - 102 <br />BY: Council Members Limpert and Gareau. <br />AN ORDINANCE AMENDING SECTION ONE OF ORDINANCE <br />NO. 2003-162, WHICH ESTABLISHED A NEW "BUILDING AND <br />LAND ACQUISITIONAND IMPROVEMENT FUND" OF THE CITY <br />OF NORTH OLMSTED, SO AS TO PROVIDE FOR SAID NEW <br />FUND TO BE A CAPITAL IMPROVEMENT FUND, RATHER THAN <br />A SPECIAL REVENUE FUND, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, this Council, on 7anuary 6, 2004, adopted Ordinance No. 2003-162, <br />creating a new Building and Land Acquisition and Improvement Fund designated as a <br />special revenue fund; and <br />WHEREAS, the Auditor of State has advised the City that new fund should be <br />designated as a capital improvements fund; and <br />WHEREAS, it is the recommendation of the Director of Finance that Ordinance <br />No. 2003-162 should be amended to designate that the fund created by the Ordinance No. <br />2003-162 is a capital improvements fund; <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: That Section 1 of Ordinance No. 2003-162, which presently reads <br />as follows: <br />"Section l: That there is hereby created a Building and Land Acquisition <br />and Improvement Fund within the Special Revenue Fund group for the <br />purpose of accounting for the net proceeds received by the City from the <br />sale of the "Old Library" Building located at 27425 Butternut Ridge Road <br />and requiring that monies paid into the said new fund Monies in said fund <br />may be expended only for acquiring real property, improved or <br />unimproved, for present or future City needs; constructing improvements, <br />including additions to buildings, upon lands owned by the City; or for <br />substantially rehabilitating or renovating existing City-owned buildings. <br />Improvements, rehabilitations, and renovations shall not be construed to <br />include, and monies from this Fund may not be expended for, purchases of <br />furniture and other room or office furnishings, paint, wallcoverings, <br />window treatments, and carpeting or other floor treatments." <br />Be amended, and, as amended, shall read in its entirety as follows: <br />rY