2002-001 Ordinance - Laserfiche WebLink

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,. . ?.. . , ? ?.?? CITY OF NORTH OLMSTED ORDINANCE NO. 2002-1 BY: Councilman Dean McKay AN ORDINANCE AUTHORIZING AND DIRECTING THE CREDITING OF CERTAIN INTEREST AND OTHER INVESTMENT EARNINGS TO THE GENERAL OBLIGATION BOND RETIREMENT FUND. WHEREAS, the City of North Olmsted sets aside certain moneys to provide for its general obligation debt service requirements and deposits and invests those moneys in accordance with its investment policy, and WHEREAS, pursuant to Section 5705.10 of the Revised Code, interest and investment earnings on the moneys so set aside would ordinarily be credited to the General Fund; however, since before 1990, the City has had a practice of crediting the interest and investment earnings on those moneys directly to its General Obligation Bond Retirement Fund; and WHEREAS, this Council believes that practice is appropriate and fiscally prudent and wishes by this ordinance to confirm and ratify the practice and direct that it continue in order to provide for the prompt and efficient crediting of the interest and earnings, all in reliance on the broad transfer authority provided in Section 5705.14(E) of the Revised Code; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, STATE OF OHIO, THAT Section l. This Council hereby authorizes and directs that all interest and investment earnings earned on moneys set aside for its general obligation debt service requirements in the General Obligation Bond Retirement Fund be credited to that Fund. Section 2. The Director of Finance is hereby authorized and directed to credit all interest and other investment earnings earned on the aforementioned monies to that Fund. Section 3. This ordinance is hereby declared an emergency measure immediately necessary for the preservation of public health, safety and welfare, and for the further reason it is immediately necessary to ratify and confirm the City's practice of crediting interest and investment earnings to the General Obligation Bond Retirement Fund and provided it received the affirmative vote of two-thirds of all members of Council, it shall take effect and be in force immediately upon its passage and approval by the Mayor.