The cost of urban renewal activities may be paid in whole or in part by the city from the appropriate general or special fund or from accounts established pursuant to Ohio R.C. Ch. 135 and 5705 and the city may accept grants or gifts of moneys or real personal property from persons, entities, governments or taxing authorities to be used for the planning and financing of such urban renewal activities. All bonds or notes payable from the general credit and taxes of the city to finance urban renewal activities shall be issued in accordance with the applicable provisions of Ohio R.C. Ch. 133. Accounts shall be maintained for the carrying out of those urban renewal activities being financed by loans or advances from the Federal government separate from any other city accounts, including city accounts used to carry out any activities being financed by the City; no money or real or personal property shall in any way be pledged as security for the repayment of any federal loans or advances, except the separately described portion of a project area set aside for such purpose, together with the proceeds from the sale, lease or temporary operation thereof and with federal capital grant moneys earned in connection therewith, in order to avoid violating statutory and constitutional debt and tax limitations.
(Prior Code, § 252.13) (Ord. 242-1967, passed 11-27-1967)