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?.. <br />the municipal income tax levied by the City. In accordance with Section <br />1501.2101 of the Codified Ordinances, 15x of the funds collected from the <br />municipal income tax levied under Title One of Part Fifteen of the Codified <br />Ordinances, after paqment of all expenses of collecting the tax and of <br />administering and enforcing the provisions of that Title, shall be deposited <br />in the Solid Waste Management Fund - Income Tax and used to pay costs of <br />services and facilities for solid waste management, recqcling and disposal. <br />Section 2. There is liereby estabiished and created, within the <br />Special Revenue Fund Group, the Permanent Improvement and Street and Storm <br />Water Drainage Systems Fund - Income Tax of the City as a special fund for a <br />portion of the proceeds of the municipal income tax levied by the City. In <br />accordance with Section 1501.2101 of the Codified Ordinances, 15% of the funds <br />collected from the municipal income tax levied under Titie One of Part Fifteen <br />of the Codified Ordinances, after payment of all expenses of collecting the <br />tax and of administering and enforcing the provisions of that Title, shall be <br />deposited in the Permanent Improvement and Street and Storm Water Drainage <br />Systems Fund - Income Tax and used to paq costs of any permanent improvements <br />for the City (including permanent improvements to the City's street and storm <br />water drainage systems), including the paqment of debt charges on bonds. and <br />notes issued after 1990 for those purposes, and costs of maintaining the <br />City's street and storm water drainage sqstems and providing related <br />equipment. There are herebq estabiished and created within the Permanent <br />Improvement and Street and Storm Water Drainage Systems Fund-Income Tax (a) <br />the "Permanent Improvement Account", from which shall be paid costs of any <br />permanent improvements for the City (including permanent improvements to the <br />City's street and storm water drainage systems), including the payment of debt <br />charges on bonds and notes issued after 1990 for those purposes, and (b) the <br />"Maintenance and Equipment Account", fcom which shali be paid costs of <br />maintaining the Citq's street and storm water drainage systems and providing <br />related equipment. <br />Section 3. The Director of Finance is herebq authorized and directed <br />to take all further actions necessarv in connection with the establishment and <br />creation of such Funds and to file a certified copq 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 anq 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 imaediate 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 r.rQati.on of funds <br />- 2 -