The cost of urban renewal activities may be paid in whole or in part by the City from appropriate general or special funds or accounts established pursuant to Ohio R.C. Chapter 135 and Chapter 5705 and the City may accept grants or gifts of moneys or real or personal property from persons, entities, governments or taxing authorities to be used for the planning and financing of such urban renewal activities. Any investment of excess funds shall be carried out in accordance with provisions of Ohio R.C. 731.56 to 731.59. All bonds or notes payable from the general credit and taxes of the City to finance the urban renewal activities shall be issued in accordance with the applicable provisions of Ohio R.C. Chapter 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 and 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 Federal capital grant moneys earned in connection therewith in order to avoid violating statutory and Constitutional debt and tax limitations.
(Ord. 125-66. Passed 6-20-66.)