90-079 Ordinance - Laserfiche WebLink

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?. ? Section 1. There is hereby established and created, within the Special Revenue Fund Group, the Permanent Improvement and Solid Waste Management Fund - Income Tax of the City of North Olmsted as a special fund for a portion of the proceeds of the municipal income tax levied by the City. In accordance with Section 1501.2101 of the Codified Ordinances, 17% of the funds collected from the municipal income tax levied under Title One of Part Fifteen of the Codified Ordinances, after payment of all expenses of collect- ing tlie tax and of administering and enforcing the provisions of that Title, shall be deposited in the Permanent Improvement and Solid Waste Management Fund - Income Tax and used to pay costs of any permanent improvements for the City, including the payment of debt charges on bonds and notes issued after 1990 for that purpose, and costs (other than costs of compensating City employees) of services and facilities for solid waste management, recycling and disposal. There are hereby established and created within the Permanent Improvement and Solid Waste Management - Income Tax Fund (a) the "Permanent Improvement Account", frum which shall be paid costs of any permanent improvements for the City, including the payment of debt charges on bonds and notes issued after 1990 for that purpose, and (b) the "Solid Waste Management Account", from which shall be paid costs (other than costs of compensating City employees) of services and facilities for solid waste management, recycling and disposal. Section 2. There is hereby established and created, within the Special Revenue Fund Group, the Street and Storm Water Drainage Systems Fund - Income Tax of the City as a special fund for a portion of the proceeds of the municipal income tax levied by the City. In accordance with Section 1501.2101 of the Codified Ordinances, 25% of the funds collected from the municipal income tax levied under Title One of Part Fifteen of the Codified Ordinances, after payment of all expenses of collecting the tax and of administering and enforcing the provisions of that Title, shall be deposited in the Street and Storm Water Drainage Systems Fund - Income Tax and used to pay costs of permanent improvements to the City's street and storm water drainage systems, including the payment of debt charges on bonds and notes issued after 1990 for those purposes, and costs (ot.her than costs of compensating City emploqees) of maintaining the City's street and storm water drainage systems and providing related equipment. There are hereby established and created within the Street and Storm Water Drainage Systems Fund (a) the "Permanent Improvement Account", from which shall be paid costs of permanent improvements to the City's street and storm water drainage systems, including the payment of debt charges on bonds and notes issued after 1990 for those purposes, and (b) the "Maintenance and Equipment Account", from which shall be paid costs of maintaining the City's street and storm water drainage systems and providing related equipment. Section 3. The Director of Finance is hereby authorized and directed to take all further actions necessary in connection with the establishment and creation of such Funds and to file a certified copy of this ordinance with the Auditor of State and the County Auditor of Cuyahoga County, Ohio. Section 4. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were taken in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with the law. -2-