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Resolution No. 89 1 <br />Introduced by: Couhcil AS A Whole <br />A RESOLUTION DECLARING THE NECESSITY OF ISSUING <br />BONDS FOR A PROPOSED PERMANENT IMPROVEMENT AND <br />TO SUBMIT THE QUESTION OF ISSUING BONDS TO THE <br />ELECTORS, AND DELCARING AN EMERGENCY <br />WHEREAS, this Council desiras to issue bonds of Mayfield Village, Ohio, for <br />the improvement hereinafter described, and to submit the question of issuing such <br />bonds to the electors of said Mayfield Village; and <br />WHEREAS, the fiscal officer of said Mayfield Village has certified the <br />estimated life of said improvement to be at least 25 years and the maximum maturity <br />of said bonds to be,10-years; <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THATe <br />Section l. It is necessary for the purpose of constructing a Safety <br />Building to issue and sell bonds of Mayfield Village, Ohio in the amount of <br />$39,0,000.00. Said bonds shall be dated approximately the lst day of January, 1977, <br />and shall bear interest at the rate, as presently estimated, of 512% per annum and <br />shall be serial bonds maturing in substantially equal semi-annual installments; <br />and that it is necessary that there shall be levied semi-annually on all taxable <br />property in Mayfield Village, Ohio a direct tax outside of the 10-mill Iimitation <br />of Ohio Constitution, Article XII, Section 2, to pay the interest on and to retire <br />"- said bonds. The question of issuing said bonds and levying said tax shall be sub- <br />mitted to the electors of Mayfield Village at the special election to be held at the <br />usual voting places within said Village on the 16th day of September, 1975. <br />Section 2. The Clerk-Treasurer is hereby authorized and directed to certify <br />a copy of this resolution to the Auditor of Cuyahoga County, Ohio. <br />Section 3. Council declares this to be an emergency resolution necessary <br />for the preservation of the public peace, health and safety, such emergency arising <br />out of the necessity to provide funds for the construction of a Safety Building <br />without undue delay, in order to correct a situation now deemed undesirable; where- <br />fore this ordinance shall take effect and be in force from and after its passage <br />and approval by the Mayor. <br />Passed: May 19, 1975 <br />Attest;