ORDINANCE NO. 33-2011
AN ORDINANCE TO CREATE A CAPITAL PROJECT RESERVE FUND
WHEREAS, Section 5705.13 of the Ohio Revised Code authorizes the Village to establish a capital project fund for the purpose of accumulating resources for the acquisition, construction, or improvement of fixed assets; and
WHEREAS, the Village has received an inheritance tax settlement of $1,925,150.89; and
WHEREAS, it is the desire of the Village Council to create a Capital Project Reserve Fund to account for this unexpected revenue and ensure the funds are used to address capital improvement needs of the Village.
NOW, THEREFORE, be it ordained by the Council of Granville, Ohio, that:
Section 1: The Chart of Accounts for the Village of Granville shall be amended as follows to include a new Capital Project Reserve Fund to address capital needs of the Village:
A8 Capital Project Reserve Fund
Section 2: This ordinance shall be effective from and after the earliest date allowed by law.
Passed this 19th day of October, 2011.