(a) There is hereby created a fund to be known as the Sewer Planning and Construction Fund. All funds received from the City of Cleveland and accepted by the City of Willoughby Hills for the purpose of planning and constructing sanitary sewers shall be paid into such fund. The Director of Finance shall make payment from such funds upon the presentation of vouchers or orders thereof by proper City Officials in accordance with such law. Such disbursements shall be made for the purpose of planning and construction of sanitary sewers in the City of Willoughby Hills.
(b) The Mayor and Director of Finance are hereby authorized and directed to make application to the Division of Water of the City of Cleveland for payment by such City of one- hundred thousand dollars ($100,000) from such funds presently on deposit with the Division and held in escrow by such City for sanitary and sewer planning and construction in the City of Willoughby Hills.
(c) The Director of Finance 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 Sewer Planning and Construction Fund, pursuant to provisions of Ohio R.C. 5705.12.
(d) Notwithstanding the provisions of subsection (e) of 135.07, net interest earned on idle funds in the Sewer Planning and Construction Fund shall be credited to such fund effective January 1, 2000. (Ord. 2000-34. Passed 7-13-00.)