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<br />CITY OF NORTH OLMSTED <br />ORDINANCE 87-20 <br />By: Mr. Tallon <br />AN ORDINANCE CREATING A NEW F[TND, ADDING TO THE <br />FINANCIAL STRt~JRE OF THE CITY OF NORTH OIMSTED, <br />A FUND FdQOWN AS THE FACILITY PLAN STEP IV F'~TND, <br />AND DECL~ARZNG AN EMERGENCY . <br />4ifHEREA.S, the City of North Olmsted is to receive several grants to <br />assist in the construction, improvement, and rehabilitation of the <br />Waste Water Treatment Plant, and <br />WHEREAS, the Council of the City of North Olmsted believes a <br />greater understanding of the financial position of the City can be <br />achieved through the establishment of one fund to account for all <br />related transactions. <br />NOW, THEREFORE, BE IT ORDAINID BY THE COtTNCIL OF THE CITY OF NORTH <br />OIl!'ISTID, COtINI'Y OF CLTYAHOGA, AND STATE OF OHIO: <br />SECTION 1: That there is hereby created a Capital Improvement <br />Fund entitled the "Facility Plan Step IV Fund". That such fund will be <br />funded with the proceeds of grants, aids, interest, and transfers. <br />SECTION 2: That the Director of Finance is authorized to pay out <br />of said fund, amounts of money in accordance with the provisions of <br />such grants and aids, contracts, and as designated by Council. <br />SECTION 3: That upon passage of this Ordinance, the Clerk of <br />Council is instructed to forward certified copies to the Auditor of <br />State of Ohio and the Cuyahoga County Auditor. <br />SECTION 4: 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 further provided it receives <br />the affirmative vote of two-thirds of all Members of Council, it shall <br />take effect and be in force immediately upon its passage and approval <br />by the Mayor. <br />