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City of North Olmsted Ordinance No. 2000-167 BY: MAYOR MUSIAL AN ORDINANCE CREATING A CAPITAL PROJECT FUND ENTITLED, "LIBRARY CONSTRUCTION FUND" AND DECLARING AN EMERGENCY. WHEREAS, at an election held on November 7, 2000, on the question of issuing bonds of the City in the aggregate principal amount of $10,750,000 for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and acquiring, preparing, landscaping and otherwise improving its site (the Project) and of levying taxes to pay the debt charges those bonds and any anticipatory securities, the requisite majority of those voting on the question voted in favor of it; and WHEREAS, this Cauncil has deternuned, by separate legislation, to issue securities in anticipation of the issuance of the bonds authorized at that election; and WHEREAS, the City is required to establish a separate fund for the proceeds of those securities in accordance with the provisions of Sections 133.32(A) and 5705.09 of the Revised Code. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: Section 1: That there be and is hereby established a separate Capital Projects Fund designated as the "Library Construction Fund" into which there shall be deposited proceeds of the securities referred to in the preambles, interest and investment earnings on the moneys in that Fund from time to time and any other moneys which are made available for the Project. The moneys in the Library Construction Fund shall be used solely to pay costs of the Project and, upon the completion of the Project, any moneys remaining in the Fund sha11 be transferred to the Bond Retirement Fund in accordance with law. Section 2: That the Clerk of Council shall immediately forward an attested copy of this ordinance to the Auditor of Cuyahoga County and the Auditor of the State of Ohio.