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CITY OF NORTH OLMSTED <br />ORDINANCE N0. 83 - 53 <br />BY: Dean McKay <br />AN ORDINANCE CREATING A NEW FUND, ADDING TQ THE <br />FINANCIAL STRUCTURE OF THE CITY OF NQRTH OLMSTED, <br />A FUND KNQWN AS THE "TRUST ANA AGENCX FUND", AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, it has been the policy to account for all building, canstruc- <br />tion, and rehabilitation deposits in separate funds, and <br />WHEREAS, the City believes the reduction in the amount of Funds would <br />promote greater understanding of the financial statement. <br />NOW, THEREFOR, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTI-i OLMSTED, <br />COUNTY OF CUYAHOGA, AND STATE OF OHIQ: <br />SECTION 1: That there is hereby created a trust and agency fund entitled <br />"Trust and Agency Fund", such fund shall be funded through the collection of monies <br />deposited as security for building, construction, and reconstruction programs which <br />by the laws of the City of North Olmsted require such deposits. <br />SECTION 2: That the Director of Finance is authorized to pay out of said <br />fund, after inspection and approval by the appropriate City department, refunds of <br />aforementioned deposits to the extent that those monies are not required to correct <br />defects for which the deposits have been received as a guarantee. Furthermore that <br />if after a twelve month period, after proper written notification by the inspecting <br />City department to the depositor that a refund is available, the depositor does not <br />apply for said deposit at the City Department of Finance, the Director of Finance <br />is instructed to write a warrant for that amount and deposit it into the General Fund. <br />SECTION 3: That this ordinance is hereby declared to be an emergency <br />measure immediately necessary for the preservation of the public health, safety, <br />and welfare, and further provided it receives the affirmative vote of two-thirds of <br />all members elected to Council, it shall take effect, and be in force immediately <br />upon its passage and approval by the Mayor. <br />SECTION 4: That upon passage of the Ordinance, the Clerk of Council is <br />instructed to forward certified copies to the Auditor of State, Municipal Division, <br />Cleveland, Ohio, and the County Auditor's Office. <br />PAS SED : <br />?7. __`1 /9?rc3 <br />ATTEST: ? e <br />Florence E. Campbell, erk of Council <br />? c ?'I <br />l i ?"GJ <br />J D. Boehmer, esident of Council <br />APPROVED : 71 1 (?' ?3 <br />? ,.,_. • <br />_ • ?.-?- ? -u.?:o-?.? s <br />bert W. Swietyniowski, M or <br />First Reading: Ir ,j <br />Second Reading: s" ?3 <br />Third Reading: 6/ ??j