2021-036 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE NO. 2021 - 36 By: Mayor Kennedy AN ORDINANCE ESTABLISHING A NEW "LOCAL FISCAL RECOVERY FUND". AS A SPECIAL REVENUE FUND TO ACCOUNT FOR THE RECEIPT AND EXPENDITURE OF FEDERAL FUNDS, AS APPROPRIATED BY THE FEDERAL GOVERMENT FOR DISBURSEMENT TO MUNICIPALITIES IN OHIO AND DECLARING AN EMERGENCY. WHEREAS, Ohio Revised Code Section 5705.09(F) requires the City to establish a special fund for each class of revenues derived from a source other than general property tax, which the law requires to be used for a particular purpose; and WHEREAS, the City of North Olmsted anticipates, based on reports by Federal and State officials, that it may be qualified to receive and should be prepared to accept the transfer or disbursement of federal funds under the American Rescue Plan Act of 2021 (Pub. L. No. 117-2) for the purpose of providing fiscal assistance or relief to municipal governments in response to the COVID-19 pandemic and consequential economic uncertainty; and WHEREAS, the Auditor of State requires the establishment of this special revenue fund to qualify for disbursement of federal funds and has waived via Bulletin 2021-004 the additional requirement to seek its approval of the establishment new COVID-19 programs for the expenditure of said federal funds; and. WHEREAS, it is the desire of the Mayor and Council to establish a "Local Fiscal Recovery Fund" as a special revenue fund in accordance with the law. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SECTION 1: That there is hereby established a separate Local Fiscal Recovery Fund, as a Special Revenue Fund, for the purpose of accounting for the receipt of funds that are or may be allocated and disbursed to the City of North Olmsted by the State of Ohio, pursuant to the American Rescue Plan Act of 2021 (Pub. L. No. 117-2), for the purpose of qualified COVID-19 economic relief, and transferred for the economic benefit of the City of North Olmsted in accordance with law. The Director of Finance is authorized and directed to establish such fund. Such special revenue fund shall thereafter remain under the control and supervision of the Director of Finance, who shall impose and maintain all financial controls required by law, and provide for audit of such funds in accordance with local and state law; and SECTION 2: That the Local Fiscal Recovery Fund be and remain for an indefinite term, unless otherwise terminated by Council, and further that the Director of Finance be and is hereby 1