#09-07

PASSED 3/26/07

COMMITTEE REVIEW:	FINANCE COMMITTEE
INTRODUCED BY:	COUNCILMEMBER FRASHER
INTRODUCED ON:	MARCH 12, 2007
DATE OF FIRST READING:	MARCH 12, 2007
DATE OF SECOND READING:
DATE OF THIRD READING:
EMERGENCY CLAUSE:	YES/NO
TITLE ONLY PURSUANT TO SECTION 4.07 OF THE CHARTER:	YES/NO

AN ORDINANCE DESIGNATING DISTRIBUTION OF MUNICIPAL INCOME TAX RECEIPTS, AND DEPOSITING THOSE INCOME TAX RECEIPTS INTO SPECIFIED ACCOUNTS: REPEALING ORDINANCE #48-04; AND DECLARING AN EMERGENCY.

WHEREAS this Council has determined that in order to meet the demands of the Village Budget, that the receipts of income derived from the Municipal Income Tax be divided and deposited on a percentage basis into the following accounts:

General Fund
Special Revenue Fund for street construction, maintenance and repair
Capital Projects Fund for Capital improvements
Income Tax Fund

NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE MUNICIPALITY OF SEBRING, MAHONING COUNTY, OHIO:

Section 1: That Seventy-five and One Half Percent (75.5%) of all monies received by the Municipality of Sebring Income Tax be deposited in the Municipal General Fund.

Section 2: That Two Percent (2%) of all monies received by the Municipality of Sebring Income Tax be deposited in the Municipal Special Revenue Fund.

Section 3: That Sixteen Percent (16%) of all monies received by the Municipality of Sebring Income Tax be deposited in the Municipal Capital Projects Fund.

Section 4: That Six and One Half Percent (6.5%) of all monies received by the Municipality of Sebring Income Tax be deposited in the Municipal Income Tax Fund.

Section 5: That Ordinance #48-04 and all other Ordinances or parts of Ordinances inconsistent herewith are hereby repealed immediately upon passage of this Ordinance.

Section 6: That it is FOUND and DETERMINED that all formal actions of this Council relating to the passage of this Ordinance or adopted in an open meeting of this Council, and that all deliberations of this Council, and of any of its committees which resulted in such formal actions were made in compliance with all legal requirements, including those of section 121.22 of the Ohio Revised Code, all pursuant to Section 3.11 of the Charter of the Village of Sebring.

Section 7: That this Ordinance is hereby determined to be an EMERGENCY MEASURE necessary for the immediate preservation of the public health, safety and welfare of the citizens of the Municipality of Sebring, Ohio and for the further reason that the same is necessary to provide for the funding of Municipal government and its several agencies.

	_____________________________ JOHN W. SMITH Mayor/President of Council

ATTEST:	APPROVED AS TO LEGAL FORM:

_________________________ Malea G. Sanor Clerk of Council	_________________________ Andrew L. Zumbar Assistant Solicitor