(a) There is hereby established a special revenue fund to be known as the East 327th Steet Sewer Improvement Fund, Fund No. 431, to provide for project specific accounting records for the receipt of funds, revenues and expenditures associated with Phase 2 of the repair and/or replacement of the East 327th Street sewer infrastructure and any related and necessary design, study, and improvements related thereto, and to maintain compliance with any and all state and federal regulatory agencies.
(b) Council may transfer and deposit funds obtained from other public or private entities, and such other sources as specified by an affirmative vote of Council to be used to fund said project, including funds from the American Recovery Protection Act, Ohio Public Works Commission, Lake County Stormwater Management Agency, the Water Pollution Control Loan Fund, and the Street Improvement Levy Fund, together with all other necessary and related appurtenances thereto, and to maintain compliance with any and all state and federal regulatory agencies.
(c) Upon approval by Council, this Fund No. 431, shall be used solely for purposes of receipt and deposit of funds relating to the project, including but not limited to Phase 2 of the repair and/or replacement of the East 327th Street sewer infrastructure, design, study, project implementation, and/or improvements, together with all other necessary and related appurtenances in the City, and to maintain compliance with any and all state and federal regulatory requirements.
(Ord. 2022-31. Passed 7-5-22.)