(a) There is hereby created a fund to be known as the Coronavirus Local Fiscal Recovery Grant Special Revenue Fund to account for the receipt and expenditure of Coronavirus Local Fiscal Recovery Grant Funds received under the American Rescue Act of 2021 ("ARPA Act") from the United States Department of the Treasury through the State of Ohio Office of Budget and Management (OBM) along with any other revenue related to this program.
(b) Revenue credited to the Coronavirus Relief Special Revenue Fund shall be used to cover obligations that:
(1) Are necessary expenditures incurred due to the public health emergency with respect to the novel Coronavirus/COVID-19 disease;
(2) Are necessary to the City's and region's economic recovery from the effects of the novel Coronavirus/COVID-19 pandemic; and
(3) Were incurred during the period that begins on March 3, 2021 and ends on December 3 1, 2024;
(c) The Coronavirus Local Fiscal Recovery Grant (CLFRF) Special Revenue Fund is established in accordance with Ohio Revised Code Section 5705.09 Establishment of Funds, Subsection (F) which requires a political subdivision to establish a special revenue fund for each class of revenues derived from a source other than the general property tax which the law requires to be used for a particular purpose. As the Coronavirus Local Fiscal Recovery Funding provided pursuant to the ARPA Act of 2021 is a new federal program with a restricted purpose, the City has the inherent authority to establish a new fund without seeking approval of the Auditor of the State.
(Ord. 2021-050. Passed 7-22-21.)