AN ORDINANCE
TO AMEND ORDINANCE NO. 4519 THAT ADDRESSES THE “SPECIAL PROJECTS FUND,” FOR PURPOSES OF INCREASING THE UPPER LIMIT ON THE AMOUNT OF MONEY WHICH MAY BE RETAINED IN THE SPECIAL PROJECTS FUND.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OAKWOOD, MONTGOMERY COUNTY, OHIO, THAT ORDINANCE NO. 4519 IS HEREBY AMENDED TO READ AS FOLLOWS (with new words shown in italics and deleted material in strike-through type):
SECTION I.
That a “Special Projects Fund” is hereby created as part of the accounting system of this city of Oakwood so as to exist separate and apart from the General Fund but not to exceed $3,000,000 but not to exceed $5,000,000 plus interest accruing thereon.
SECTION II.
That the Special Projects Fund shall be the account to which the City Council may deposit funds over which it has full control, and to which it may deposit any gifts but the total amount in this fund shall not exceed $3,000,000 plus interest accruing thereon. but the total amount in this fund shall not exceed $5,000,000 plus interest accruing thereon.
SECTION III.
That expenditures from the principal, AND INCOME EARNED ON THE PRINCIPAL, of any amount or gifts deposited into the Special Projects Fund may be made for any item and any purpose designated as a “Special Project” by the Council of this City from time to time upon an affirmative vote of four (4) members of council.
SECTION IV.
Any income earned on the money in the Special Projects Fund shall be considered part of that fund.
SECTION V.
This ordinance shall be in full force and effect as of the earliest date permitted by law.
PASSED BY COUNCIL OF THE CITY OF OAKWOOD, this 4th day of April, 2022.
Mayor William D. Duncan
ATTEST:
Clerk of Council
To the Clerk:
Please publish in summary form set forth below.
City Attorney Robert F. Jacques
LEGAL NOTICE