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RESOLUTION NO. 81-12 <br />INTRODUCED BY: Councilman Flynn (At Request of Finance Committee) <br />A RESOLUTION ESTABLISHING A CAPITAL IMPROVEMENTS <br />FUND AND RESTRICTING RECEIPTS FROM THE HOTEL-MOTEL <br />TAX TO SUCH FUND. <br />WHEREAS, Council determines that it is desirable to reserve <br />the receipts of the Hotel-Motel Tax to a permanent improvement fund; and <br />WHEREAS, no such fund now exists within the accounting system <br />of the .Village; now, therefore, <br />BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. The Director of Finance is authorized and directed <br />to establish, pursuant to Section 5705.12 of the Ohio Revised Code <br />a permanent improvement fund as set forth in official Form 162 of <br />the Bureau of Inspection and Supervision of Public Offices of the <br />State Auditor of Ohio for use in defraying the expense of permanent <br />capital improvements within the State of Ohio as defined by the <br />State Auditor's Office and for no other purpose. The Director of <br />Finance is further directed to notify the Bureau of Inspection and <br />Supervision of Public Offices of the passage of this Resolution and <br />to seek approval hereof at the earliest possible time. <br />Section "2. The permanent improvement fund shall. be funded <br />by the entire receipts of Mayfield Village, Ohio, from the room tax <br />levied on hotels and motels within the State of Ohio and County of <br />Cuyahoga and by such other amounts as Council may, from time-to-time, <br />in its sole discretion, transfer from the General Fund as authorized <br />by Section 5705.14 of the Ohio Revised Code. <br />Section 3. Nothing in this Resolution shall be deemed to <br />prevent or prohibit the Village Council from diverting future receipts <br />of the hotel-motel tax to other purposes so long as such decision is <br />made prior to the receipt of the tax. From and after the receipt of <br />the tax, except for such prior diversion, the receipt shall be <br />credited to the permanent improvement fund and shall be expended only <br />for such authorized purposes. <br />Section 4. This Resolution shall take effect at the earliest <br />time allowed by law. <br />PASSED• March 16 ,_ 1981 Alan G. Bennett, Council President <br />APPROVED . I '(~ -...c~-~ °~-.~'\ -- \ S ;'I ~~ G~~--=' _~ 3 'I <br />Roberf~ G .;Beebe , Mayor Date <br />APPROVED AS TO FORM': <br />Guerin L. Avery, Law irector <br />ATTEST : ~~-~-w~r~~~ ~ ~~ ~~~~ <br />oise~~.olayn- ara; - er o ouncil~~ <br />