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CITY OF NORTH OLMSTED ? <br />BY: Mr. Ronald Wilamosky <br />ORDINANCE N0. 84- 95 <br />AN ORDINANCE CREATING A NEW FUND, ADDING T0 <br />THE FINANCIAL STRUCTURE OF THE CITY OF NORTH <br />OLMSTED, A FUND KNOWN AS THE LORAIN ROAD-EAST <br />FUND, AND DECLARING AN EMERGENCY. <br />WHEREAS, the City of North Olmsted has agreed to participate with the State <br />of Ohio in a program to resurface the eastern portion of State Route No. 10 <br />(Lorain Road), and <br />WHEREAS, the City has sold notes in the amount of Two Hundred Five Thousand <br />dollars ($205,000.00), which represents its share of the cost and capitalized <br />first year interest. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, <br />COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1. That there is hereby created a capitol improvement fund entitled <br />Lorain Road - East Fund. <br />SECTION 2. That such fund will be funded by the proceeds of note sales and <br />interest earnings. <br />SECTION 3. That the Director of Finance is authorized to pay out of said <br />fund, amounts of money in accordance with Resolution 84-50 and the retirement of <br />note issues made for said project. <br />SECTION 4. That this ordinance is hereby declared to be an emergency measure <br />immediately necessary for the preservation of the public health, safety, and welfare, <br />and further provided it receives the affirmative vote of two-thirds of all members <br />of Council, it shall take effect, and be in force immediately upon its passage and <br />approval of the Mayor. <br />SECTION 5. That upon passage of this Ordinance, the Clerk of Council is <br />instructed to forward certified copies to the Auditor of the State of Ohio, <br />Thomas Ferguson, and the Cuyahoga County Auditor, J. Timothy McCormack. <br />PASSED 07 <br />ATTEST <br />? <br />ORENCE E. CAMPBELL, LERK OF COUNCIL AOS D. BOEHMER, PRESIDENT OF COUNCIL <br />APPROVED <br />? <br />s <br />ROBERT W. SWIETYNIOWSKi, <br />? <br />, First Reading /Q Z ?y <br />.tw a <br />? Second Reading <br />Third Reading ?g