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AN ORDINANCE AUTHORIZING THE ESTABLISHMENT OF A SURETY BOND AGENCY FUND
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WHEREAS, the City desires to establish a Surety Bond Agency Fund under the provisions of Section 5705.09 of the Ohio Revised Code; and
WHEREAS, the City shall serve as fiscal agent and will account for all revenues and expenditures associated with contractor surety bond receipts and subsequent disbursements thus enhancing accountability and transparency of these transactions; and
WHEREAS, revenues recorded within the Surety Bond Agency Fund shall be limited to payments from individuals, corporations or independent contractors; and
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF THE MEMBERS CONCURRING:
Section 1. That the Finance Director is hereby authorized and directed to establish a Surety Bond Agency Fund within the accounting system of the City, to include within such receipt and expenditure categories as may be needed from time to time, and to do all other things necessary to make such funds fully operational and appropriate to their purposes.
Section 2. That upon approval, the Finance Director is hereby authorized and directed to request certification of such revenues from the County Budget Commission as Council hereby establishes appropriations for such fund upon passage.
Section 3. That for the reasons stated in the preamble hereto which are made a part hereof, this Ordinance shall take effect and be in full force from and after the earliest period allowed by law.
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Lance Westcamp, Mayor
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Ruthanne Sargus Ross, Clerk of Council
Approved as to form:
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Kevin C. Shannon, Law Director