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.. . ? ? ?` ? <br /> <br />' L n - ` D <br />? <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, (;uyahoga County, Ohio, that: <br />Section 1. Pursuant to and consistent with the City's authority <br />under applicable general laws and Article XVIII, Section 3 and Article XVIII, <br />Section 4 of the Ohio Constitution, this Council hereby determines that <br />earnings accrued and to accrue from the investment of moneys in the <br />Improvement Fund shall be credited to the Sewer Revenue Fund and used to pay <br />costs of operation, maintenance and repair of, and improvements to, the System <br />and for any other purpose for which moneys in the Sewer Revenue Fund may <br />properly be used, in order to promote the econamic and efficient operation of <br />the System. <br />Section 2. This Council finds and determines that earnings in the <br />amount of at least $718,491.65 have accrued from the investment of moneys in <br />the Improvement Fund and are currently on deposit in the Improvement Fund. <br />Section 3. The Director of Finance is authorized and directed to <br />credit all earnings to accrue from the investment of moneys in the Improvement <br />Fund to the Sewer Revenue Fund and to transfer to the Sewer Revenue Fund <br />$718,491.65, representing earnings accrued from the investment of moneys in <br />the Improvement Fund currently on deposit in the Improvement Fund. <br />Section 4. This Council finds and determines that all formal actions <br />of 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 committees that resulted in those formal actions were in <br />meetings open to the public in compliance with the law. <br />Section 5. This ordinance is declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, health, safety <br />and welfare of the City, and for the further reason that this ordinance is <br />required to be immediately effective in order that such interest earnings may <br />be credited to the Sewer Revenue Fund which is necessary to enable the City to <br />provide for the economic and efficient operation of the System; wherefore, <br />this ordinance shall be in full force and effect immediately upon its passage <br />and approval by the Mayor. <br />Passed: 1990 <br />Attest: ? <br />--*'-Clerk of Council <br />Approved: i ?-- - -,--I / , 1990 <br />a r <br />?-?- President of Council <br />?. -