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. .... ,. ........µ..,.?..?«..-:.. , ,... ._.! _._ . <br />BY: RON TALLON <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 85 - 52 <br />? <br />AN ORDINANCE CREATING A CAPITAL IMPROVEMENT FUND <br />ENTITLED "RECREATION CAPITAL IMPROVEMENTS", AND <br />DECLARING AN EMERGENCY, AS AMENDED. <br />WHEREAS, the City of North Olmsted receives property tax <br />in the amount of .5 mills for recreational purposes, and <br />WHEREAS, ten percent (10%) of such property tax is to be <br />used for capital needs, and <br />WHEREAS, the City of North Olmsted will finance additional <br />capital programs through the issuance of notes and bonds, and <br />WHEREAS, certain notes and bonds will be retired through <br />operational savings, and <br />WHEREAS, for the purpose of accountability it is desirable <br />to have a specific fund for such projects. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY <br />OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION l: That there is hereby created a Capital Improve- <br />ment Fund entitled, "RECREATION CAPITAL IMPROVEMENTS". <br />SECTION 2: That such fund shall be funded with the proceeds <br />from ten percent (10$) of the current .5 mills recreation property tax <br />proceeds from the issuance of notes and bonds, interest, and such other <br />funds as may from time to time be designated by Council to be placed in <br />such fund, with an effective date of January l, 1986. <br />SECTION 3: That the Director of Finance is authorized to pay <br />out of said fund, amounts of money expended for the purpose of Recrea- <br />tion Capital Improvements. <br />SECTION 4: That the Clerk of Council is hereby directed to <br />forward certified copies of this Ordinance to both the County Auditor <br />and the Auditor of the State of Ohio. <br />SECTION 5: That this Ordinance is hereby declared to be an <br />emergency measure immediately necessary for the preservation of the <br />public health, safety, and welfare, and for the further reason it is <br />necessary to establish said fund in conjunction with certain capital <br />improvements, and further provided it receives the affirmative vote <br />of two-thirds of all members of Council, it shall take effect and be <br />in force immediately upon its passage and approval by the Mayor. <br />PASSED: <br />ATTEST: <br />FLORIIJCE E. CAMPBELL, CLERK OF COUNCIL <br />APPROVED: <br />JAMES D. BOEHIMR, PRESIDIIVT OF COUNCIL <br />ROBERT W. SWIETYNIOWSKI, MAYOR <br />First reading: <br />Second reading: - <br />Second reading G, amende : ? 115- <br />Third readin - <br />9: