(a) There is hereby created a fund to be known as the Zone Income Taxes Fund. All income taxes collected within the Joint Economic Development Zone established by agreement with the City of Cleveland and the City of Warrensville Heights shall be credited to said fund; against said fund all costs of income tax collection shall be charged and all net zone income taxes shall be held pending disbursement therefrom pursuant to Section 6 of the Joint Economic Development Zone Agreement between the City of Cleveland, the City of Warrensville Heights and Orange Village.
(b) All zone income taxes deposited into the Zone Income Taxes Fund shall be invested in a manner consistent with the general practices for investment of public funds in Orange Village and consistent with the disbursement requirements of the aforesaid Joint Economic Zone Development Agreement.
(c) The Treasurer shall maintain books and records in addition to those ordinarily maintained by Orange Village with respect to payers and payments of development zone income taxes containing all information reasonably necessary for the Cities of Cleveland and Warrensville Heights to ascertain the status of compliance with the aforesaid Joint Economic Development Zone Agreement.
(d) The Treasurer shall deposit each payment of zone income taxes immediately to the credit of the Zone Income Taxes Fund and on or before the tenth day of each month determine the amount of the net zone income taxes on deposit in the Zone Income Taxes Fund as of the close of business on the last day of the preceding month and shall notify Cleveland and Warrensville Heights in writing of:
(1) The amount of zone income taxes collected in such preceding month,
(2) The amount of costs of income tax collection paid in such preceding month,
(3) The amount of investment income received in such preceding month, and
(4) The amount of net zone income taxes to which the Cities of Cleveland and Warrensville Heights and Orange Village are entitled pursuant to the aforesaid agreement.
(e) The Treasurer is hereby authorized and directed to make application to the Bureau of Inspection of the State of Ohio for approval of the creation of the Zone Income Taxes Fund pursuant to the provisions of Ohio R.C. 5705.12.
(Ord. 1999-48. Passed 8-11-99.)