138.10 FINANCE.

   The cost of urban renewal activities may be paid in whole or in part by the City from appropriate general or specified funds or accounts established pursuant to Ohio R. C. Chapters 135 and 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. 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 of the City shall in any way be pledged as security for the repayment of any Federal loans or advances, except the separately described City financed 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. 104-1971. Passed 4-26-71.)