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<br />BY: i <br />.. ~~ <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 72- ~9~ <br />AN ORDINANCE ESTABLISHING A SPECIAL FUND <br />KNOWN AS THE FEDERAL GENERAL REVENUE <br />SHARING TRUST FUND, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, the Congress has enacted the State and Local Fiscal Assistance <br />Act of 1972 providing a system of general revenue sharing with states and units of <br />local government ;and <br />WHEREAS, Section 123 (a) (1) of the federal act requires each unit of <br />local government to establish a trust fund to receive federal revenue sharing ;and <br />WHEREAS, the Bureau of Inspection and Supervision of Public Offices has <br />approved the establishment of a "Federal General Revenue Sharing Trust Fund " in <br />each municipal corporation receiving assistance under the federal act, as required <br />by Section 5705.12 of the Ohio Revised Code. <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, State of Ohio : <br />Section 1. There is hereby established a special fund to be known as the <br />" Federal General Revenue Sharing Trust Fund "under the provisions of Section <br />5705.12 of the Ohio Revised Code. <br />Section 2. All monies paid to the City of North Olmsted under the State and <br />Local Fiscal Assistance Act of 1972 shall be credited to said fund and expended in <br />accordance with the terms and provisions of said federal act. <br />Section 3. That this Ordinance is hereby declared to be an emergency <br />measure necessary for the preservation of the public peace, health, safety and <br />welfare, such emergency arising out of the need to provide a lawful fund into <br />which federal general revenue sharing payments can be credited for expenditures <br />in the manner and for the purposes provided under the State and Local Fiscal <br />Assistance Act of 1972. WHEREFORE, this Ordinance shall take effect and be <br />in force immediately upon its passage, otherwise, at the earliest period allowed <br />by law. <br />PASSED: /~t.~•trr ~s~/ a,~,l, /,~ <br />ATTEST: <br />Nora T, Hill, Clerk cf Council <br />APPROVED: ~/;/~ j /~~ <s;,, <br />~~. <br />Francis j.O'Ngxl, President of Council <br />Ralph. .Christman, Mayor <br />