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<br />• CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 90-105
<br />BY: Councilman Tallon
<br />AN ORDINANCE AUTHORIZING INVESTME1dT EARNINGS ON THE
<br />FACILITY PLAN STEP III FUND, ESTABLISHED TO PAY
<br />COSTS OF IMPROVEMENTS TO THE CITY'S SANITARY SEWER
<br />SYSTEM, TO BE CREDITED TO THE SEFIER REVENUE FUND,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to authority provided in Article XVIII, Section 3
<br />and Article XVIII, Section 4 of the Ohio Canstitution, the City owns and
<br />operates a sanitary sewer system (the System), which provides sanitary
<br />wastewater col.lection and treatment services for the City and its inhabitants
<br />and for certain adjacent areas in the City of Fairview Park and Olmsted
<br />Township and the inhabitants of those areas; and
<br />WHEREAS, pursuant to Ordinance No. 84-29 passed March 29, 1984, notes
<br />in anticipation of bonds in the amount of $5,315,000, dated May 4, 1984, were
<br />issued for the purpose of paying costs of certain improvements to the System,
<br />wh.ich notes were retired at maturity with the proceeds of $5,315,000 bond
<br />anticipation notes, dated November 1, 1984, issued pursuant to Ordinance No.
<br />84-97 passed October 25, 1984, which notes were retired at maturity with the
<br />proceeds of. $5,315,000 bond anticipation notes dated May 1, 1985, issued
<br />pursuant to Or.dinance No. 85-36 passed April 16, 1985, which notes were
<br />retired at mai;urity with funds available to the City and a portion of the
<br />proceeds of $4,000,000 Sanitary Sewerage System Improvement Bonds, dated as of
<br />October 1, 1985 (the Bonds), issued pursuant to Ordinance No. 85-75 passed
<br />July 9, 1985, to retire those notes and to provide $460,000 to pay costs of
<br />further improvements to the System; and
<br />WHEREAS, the proceeds from the sale of those bond anticipation notes
<br />and the Bonds were deposited in the City's Facility Plan Step III Fund (the
<br />Improvement Fund) to be used to pay costs of certain improvements to the
<br />System; and
<br />WHEREAS, this Council has determined that it is necessary and
<br />appropri.ate to promote the economic and efficient operation of the System to
<br />credit investment earnings on moneys in the Improvement Fund t.o the Sewer
<br />Revenue Fund to be used to pay costs of operation, maintenance and repair of,
<br />and improvements to, the System; and
<br />WHEREAS, this Council has determined pursuant to and consistent with
<br />the City's authority under applicable general laws and Article XVIII, Section
<br />3 and Article XVIII, Section 4 of the Ohio Constitution to credit ali earnings
<br />accrued and to accrue from the investment of moneys in the Improvement Fund to
<br />the Sewer Revenue Fund and, consistent with the foregoing, to transfer such
<br />investment earniiigs currently on deposit in the Improvement Fund to the Sewer
<br />Revenue Fund;
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