(a) There is hereby established a special fund, to be known as the Capital Improvement Projects Fund.
(b) The Chief Fiscal Officer is hereby authorized to pay from said Fund various expenditures as may be legitimately incurred from time to time by the Village for capital improvements, including but not limited to, roads, storm sewers, sanitary sewers, and water lines. The Fund shall be funded by the proceeds of the Municipal income tax, pursuant to Chapter 883 of the Codified Ordinances, monies donated, paid, collect or otherwise contributed to the Village from another entity, and the revenues received pursuant to Section 418.09. The Chief Fiscal Officer is directed to invest the monies in said Fund, which will not be required to be used immediately for the purposes set forth herein in obligations of this Village, in bonds or other obligations of the United States, bonds of the State of Ohio, bonds of any municipal corporation of the State of Ohio as to which there is no default in payment of principal or interest, or in such other investments or deposits as are authorized by the laws of the State. In the event the monies in said Fund, including interest and return thereon, are inadequate to pay the capital expenditures incurred by the Village, said Fund may be replenished to the extent deemed necessary by Council, but not to exceed any limits established by Chapter 883 of the Codified Ordinances, from the proceeds of the General Fund of the Village.
(c) The Law Director is hereby authorized to send a copy of this section to the Bureau of Inspection and Supervision of Public Office of the State of Ohio, pursuant to Ohio R.C. 5705.12.
(Ord. 1991-32. Passed 2-27-91; Ord. 2009-71. Passed 5-13-09; Ord. 2014-49. Passed 4-9-14; Ord. 2016-128. Passed 12-14-16; Ord. 2017-59. Passed 7-12-17; Ord. 2021-73. Passed 12-8-21.)