Laserfiche WebLink
<br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2003 - 162 <br />BY: Council Member Limpert and Council Member Gaxeau. <br />AN ORDINANCE ESTABLISHING WITHIN THE SPECIAL <br />REYENUE FUND GROUP A"BUILDING AND LAND <br />A CQUISITION AND IMPROVEMENT FUND" OF THE CITY <br />OF NORTH OLMSTED, AND DIRECTING THAT THE NET <br />PROCEEDS RECEIYED BY THE CITY FROM THE SALE OF <br />THE "OLD LIBRARY" BUILDING AT 27425 BUT?'ERNIJT <br />RIDGE ROAD BE PAID INTO SAID SPECIAL REVENUE <br />FUND, AND DECLARING AN EMERGE1VCY, AS AMENDED. <br />WHEREAS, the City of North Olmsted wishes to establish a new special fund for <br />the purpose of accounting for the net proceeds received by the City from the sale of the <br />"Old Library" Building located at 27425 Butternut Ridge Road that are intended to be <br />used for future building and land acquisition and/or improvement only; and <br />WHEREAS, it is the desire of this Council to direct that a11 net proceeds received <br />by the City in the sale of the "Old Library" building at 27425 Butternut Ridge Road be <br />paid into said special fund so that the proceeds may be used in the future for acquiring <br />real property, improved or unimproved, for present or future City needs; constructing <br />improvements, including additions to buildings, upon lands owned by the City; or for <br />substantially rehabilitating or renovating existing City-owned buildings; <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: That there is hereby created a Building and Land Acquisition and <br />Improvement Fund within the Special Revenue Fund group for the purpose of accounting <br />for the net proceeds received by the City from the sale of the "Old Libra,ry" Building <br />located at 27425 Butternut Ridge Road and requiring that monies paid into the said new <br />fund Monies in said fund may be expended only for acquiring real property, improved or <br />unimproved, for present or future City needs; constructing improvements, including <br />additions to buildings, upon lands owned by the City; or for substantially rehabilitating or <br />renovating existing City-owned buildings. Improvements, rehabilitations, and <br />renovations shall not be construed to include, and monies from this Fund may not be <br />expended for, purchases of furniture and other room or office furnishings, paint, wall <br />coverings, window treatments, and carpeting or other floor treatments. <br />SECTION 2: That the Director of Finance be and is hereby directed to establish <br />a Building and Land Acquisition and Improvement Fund and to record receipts and <br />expenditures consistent with this Ordinance. <br />-'?t--w?? . . ?. .. . ... .. . . mmu."`?.?F..,. .,»e.,s...? . t?amaml_sm. ,., ?. . .