Section 726.01 Fund Established

The Fiscal Officer is hereby directed to immediately establish a separate fund, in the General Fund, called the Sports Facility Reserve Fund, for collecting and expending funds for the purposes set forth herein.

(Ordinance No. O2020-0017, Enacted 10/27/2020, Effective 10/27/2020)

Section 726.02 Fund Uses

The funds in the Sports Facility Reserve Fund shall, upon appropriation by Council, be used solely for improvements, renovation, repairs, maintenance, or construction, to or of, a Sports Facility in Cuyahoga County, or such other purposes as deemed by Council as necessary and appropriate. For the purposes of this Chapter, a “Sports Facility” is a facility in which a major league sports team plays its regular season home games.

(Ordinance No. O2020-0017, Enacted 10/27/2020, Effective 10/27/2020)

Section 726.03 Funding

The Fiscal Officer shall deposit monies from the General Fund into the Sports Facility Reserve Fund no less frequently than biannually in an amount equal to 60% of the amount collected annually under Chapter 724 of this Code, net expenses associated with administering said collection.

(Ordinance No. O2020-0017, Enacted 10/27/2020, Effective 10/27/2020)

Section 726.04 Reporting

On or before the 31st of January of each year following the effective date of this ordinance, the Fiscal Officer or the Fiscal Officer’s designee shall report to Council the balance in the Sports Facility Reserve Fund (“Fund”) as of December 31 of the previous year, an itemization of any expenditures from the Fund during the previous calendar year, and the amount transferred into the Fund in accordance with Section 726.03 of this Code during the previous calendar year.

(Ordinance No. O2020-0017, Enacted 10/27/2020, Effective 10/27/2020)