(a) There is hereby established a special fund to be known as the “Land Acquisition and Building Fund” under the provisions of Ohio R.C. 5705.12.
(b) The Director of Finance shall deposit in the Fund sufficient sums, as directed by Council on a yearly basis, to pay for future land acquisition and buildings of the Village.
(c) Interest earned by this fund shall be credited to this fund.
(d) The Clerk of Council is hereby authorized to send a certified copy of this section to the Bureau of Inspection and Supervision of the Ohio Public Offices of the State of Ohio pursuant to the provisions of Ohio R.C. 5705.12.
(e) Monies deposited in the Land Acquisition and Building Fund shall be used by Council, from time to time, to pay for the acquisition and building of buildings, including principal and interest on any borrowed monies, of properties purchased by the Village for Village purposes.
(Ord. 53-1998. Passed 8-4-98.)