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RESOLUTION No. 651 By NIr, Shaw AN EMERGENCY RESOLUTION PROVIDING FOR THE BORROirJING OF N10IQEY IN THE SULK OF , TWL'LVE THOUSAND DOLLARS AND THE I SSUING OF A NOTE, OF THE VILLAGE OF,I~~AYFIELD_THEREFOR IN_ANTICIPATION OF THE COLLECTION OF.CURRENT REVENUES. FROM ..REAL ESTATE..AND., PUBLIC UTILITY.TAXES IN AND FOR THE FISCAL, YEAR 1965, . DEGL,AR.ING. T1I1, NECESSITY OF ...'i'[iE ISSUANGE OF SAID NOTE, AND DECLARING AN i~F'•RGENCY® .. _ - WHEREAS, it is necessary in anticipation of the collection current revenues in and for the year 1965 for the Village of Niayf field to borrow money and issue a note theref or in the original sum of Twelve Thousand ($12,000,00) Dollars, to pay the current operating expenses of ,the various departments of _, said Village; and tvTHEREAS, an emergency exists to provide said funds without delay for the immediate preservation of the public peace, health, safety and welfare of the Village of Mayf field and its inhabitants and to provide for 'the usual daily operation of the various Municipal Departments. NOW THEREFORE BE TT RESOLVED BY THE COUNCIL OF THE VILLAGE OF NIAYFIELD, CUYP..HOGA COUNTY 0}II O, all members elected thereto -concurring; _ - ,_ ... .. Sec. 1. That in anticipation of the collection of current revenues from real estate and public utility taxes in and for the fiscal year 1965, this Council hereby declares it necessary to borrow money and to issue a note therefor in the sum of $12,000,00, which amount does not exceed one-half of the amount estimated to.be received for the last half of the 1965 installment of real estate taxes and public itt.ility taxes for said fiscal year, as established by the Budget Commission, other than taxes to be received from payment of debt charges and on advances. The sum so anticipated shall be deemed appropriatedfor the payment of said, note at maturity. Said note shall not run for a longer period than six months and the proceeds therefrom shall be used only for the purpose for which said taxes are levied, collected and appropriated. Sec. 2. The said note shall be in an amount not exceeding $12,000.00, bearing interest. at the rate of 2.5Q/o per annum, payable at maturity or redemption. Said note shall be dated ,A,ugust 1st, 1965, and shall be due six months after said date, Said note shall be signed by the Mayor and Clerk and bear the i~Iayor~s seal and shall state upon its face the purpose for which it is issued and that it is issued pursuant to this resolution and in accordance with the Statutes of the State of Ohio pertaining thereto. It shall bear interest at the rate of 2,5% per annum bef ore and after maturity. Said note