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<br />UROIN CE NO~"~!2=21~ <br /> <br />AN ORDINANCE ESTABLISHING AN ECONOMIC STIMULUS FUND FOR <br />THE PURPOSE OF CREATING SEPARATE ACCOUNTING AND REPORTING <br />OF REVENUES AND EXPENDITURES UNDER THE FEDERAL AMERICAN <br />RECOVERY AND REINVESTMENT ACT OF 2009. <br /> <br />WHEREAS, the federal American Recovery and Reinvestment Act of 2009 that <br />recently was signed into law will impose significant accounting and reporting <br />requirements of entities receiving federal funds, including the City of Portsmouth. <br /> <br />NOW THEREFORE BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br />1. That there is hereby established an Economic Stimulus Fund as part of the <br />FY 2008-2009 budget into which revenues received pursuant to the American Recovery <br />and Reinvestment Act of 2009 shall be appropriated and from which such funds shall be <br />expended. <br /> <br />2. That this ordinance shall take effect on the date of its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on March 10, 2009. <br /> <br />Teste: <br /> <br />City Clerk <br />