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RESOLUTION No. 608 <br />By Mr. Belzer <br />A RESOLUTION DECLARING THE NECESSITY OF SUBMITTING TO THE <br />ELECTORS. OF THE VIL7~AGE OF HAYFIELD, OHIO,_AT THE NOVEMBER <br />3RD,, 1964, ELECTION_THE QUESTION OF ISSUING BONDS FOR THE <br />PURPOSE OF PAYING THE COST OF.CONSTP~UCTING AND EQUIPPING <br />A NEW MUNICIPAL. BUILDING TO HOUSE THE SERVICE .DEPAkt'1fi1ENT <br />VEHICLES AND TO ALTER, REPAIR, AND Il~4PROVE.THE_VILLAGE HALL <br />BE IT RESOLVED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD, CUYAHOGA COUNTY <br />OHIO, THAT: <br />Sec. 1. It is hereby declared necessary that the Village of Mayfield, <br />Ohio, issue its,.bonds in the sum of TtdENTY-FIVE THOUSAND ($25,000.00) DOLLARS, <br />for the purpose of paying the costs of constructing and ,equipping a new __ <br />Municipal Building to house the Service Department vehicles and too alter, <br />repair and. improve the Village Hall. <br />Sec. 2. Tt is estimated that the approximate date of said bonds shall <br />be August 1st, 1965; that the interest rate of said bonds is now estimated <br />at 3-1/2% per annum payable semi-annually; and that said bonds shall be <br />paid in 20 annual installments maturing in substantially equal amounts during <br />a period of 20 years after the authorization thereof. <br />Sec. 3. It is further declared necessary that a tax be levied outside <br />of the tax limitation imposed by Article YII, Section 2, of the Ohio. <br />Constitution, to pay the interest on and retire said bonds and that the <br />question of issuing said bonds and of levying such tax shall be submitted <br />to the electors of the Village of Mayfield at the regular election to be <br />held on November 3rd, 1964. <br />Sec. 4. The Clerk is hereby directed to certify a copy of this Resolution <br />to the Auditor of Cuyahoga County for his calculation of the average annual <br />tax which will be required to retire said bonds, assuming that they are all <br />issued in one series and that the amount of the tax list of this Village remains <br />the same throughout the life of said bonds. <br />Sec. 5. This Resolution shall be in force and effect immediately upon <br />its adoption. <br />Adopted this 13th day of July, 1964. <br />Attest: <br />Mayor - President of Council <br />(sEaL) cie~~ <br />