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<br />1 <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 87- 94 <br />BY: <br />9g9 <br />~A,,~ ~~f <br />I"" <br />AN ORDINANCE TO ESTABLISH WITHIN THE SPECIAL <br />REVENUE FUND GROUP A "STREET REHABILITATION FUND - <br />INCOME TAX" AND A "PERMANENT IMPROVEMENT FUND - <br />INCOME TAX" OF THE CITY OF NORTH OLMSTED FOR <br />PORTIONS OF THE CITY'S MUNICIPAL INCOME TAX <br />REVENUES, AND DECLARING AN EMERGENCY. <br />WHEREAS, this Council has determined that 15y of the funds collected <br />from the municipal income tax levied under Title One of Part Fifteen of the <br />Codified Ordinances of the City of North Olmsted (the Codified Ordinances), <br />after payment of all expenses of collecting the tax and of administering and <br />enforcing the provisions of that Title, should be credited to a special fund <br />and used to pay costs of rehabilitating, reconstructing and improving the <br />City's street and storm drainage systems and principal of and interest and any <br />premium on general obligation bonds and bond anticipation notes of the City; <br />and <br />WHEREAS, this Council has determined that an additional 15% of the <br />funds collected from the municipal income tax levied under Title One of Part <br />Fifteen of the Codified Ordinances, after payment of all expenses of <br />collecting the tax and of administering and enforcing the provisions of that <br />Title, should be credited to a special fund and used to pay the principal of <br />and interest and any premium on general obligation bonds and bond anticipation <br />notes of the City and costs of permanent improvements, which permanent <br />improvements are presently expected to include, but not be limited to, the <br />construction of a water line to the west end of the City, expansion of Fire <br />Station No. 1, renovation of recreational facilities of the City, acquisition <br />of police and fire vehicles and service equipment and vehicles, and <br />acquisition and installation of traffic signals and a police communications <br />system; and <br />WHEREAS, this Council has determined accordingly that it is necessary <br />to establish within the Special Revenue Fund Group a "Street Rehabilitation <br />Fund - Income Tax" and a "Permanent Improvement Fund - Income Tax" in order to <br />provide for the application and disbursement of those portions of the munici- <br />pal income tax funds; <br />NOW THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio, that: <br />Section 1. There is hereby established and created, within the <br />Special Revenue Fund Group, the Street Rehabilitation Fund - Income Tax of the <br />City of North Olmsted as a special fund for a portion of the proceeds of the <br />municipal income tax levied by the City. In accordance with Section 1501.2101 <br />of the Codified Ordinances, 15% of the funds collected from the municipal <br />income tax levied under Title One of Part Fifteen of the Codified Ordinances, <br />after payment of all expenses of collecting the tax and of administering and <br />enforcing the provisions of that Title, shall be deposited in the Street <br />Rehabilitation Fund - Income Tax and used to pay costs of rehabilitating, <br />reconstructing and improving the City's street and storm drainage systems and <br />