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.~• ~ <br />', i t <br />principal of and interest and any premium on general obligation bonds and bond <br />anticipation notes of the City. <br />Section 2. There is hereby established and created, within the <br />Special Revenue Fund Group, the Permanent Improvement Fund - Income Tax of the <br />City as a special fund for a portion of the proceeds of the municipal income <br />tax levied by the City. In accordance with Section 1501.2101 of the Codified <br />Ordinances, 15Y of the funds collected from the municipal income tax levied <br />under Title One of Part Fifteen of the Codified Ordinances, after payment of <br />all expenses of collecting the tax and of administering and enforcing the <br />provisions of that Title, shall be deposited in the Permanent Improvement Fund <br />- Income Tax and used to pay principal of and interest on general obligation <br />bonds and bond anticipation notes of the City and costs of permanent improve- <br />ments. <br />Section 3. The Director of Finance is hereby authorized and directed <br />to take all further actions necessary in connection with the establishment and <br />creation of such Funds and to file a certified copy of this ordinance with the <br />Auditor of State and the County Auditor of Cuyahoga County, Ohio. <br />Section 4. It is found and determined that all formal actions of <br />this Council concerning and relating to the passage of this ordinance were <br />taken in an open meeting of this Council, and that all deliberations of this <br />Council and of any of its committees that resulted in such formal action were <br />in meetings open to the public in compliance with the law. <br />Section 5. This ordinance is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, health, <br />safety and welfare of the City and for the further reason that this ordinance <br />must be effective immediately in order to permit the timely creation of funds <br />and appropriate accounting systems for moneys derived from the municipal <br />income tax levied on and after January 1, 1988; wherefore this ordinance shall <br />be in full force and effect immediately upon its passage and approval by the <br />Mayor. <br />Passed 1987 <br />Attest: <br />Clerk of Council President of Counci <br />Approved: <br />1987 <br />Mayor <br />First Reading: , ~~ <br />Second Reading: <br />Third Reading:. <br />- 2 - <br />