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RESOLUTION NO. 2014-23 <br />INTRODUCED BY: Mayor Bruce G. Rinker and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />DECLARING THE NECESSITY OF RENEWING BY LEVY <br />A TAX IN EXCESS OF THE 10-MILL LIMITATION AND SUBMITTING <br />THE SAME TO THE ELECTORATE OF HAYFIELD VILLAGE, OHIO. <br />WHEREAS, the Council of the Village has received from the Cuyahoga County Fiscal <br />Officer certification of the current tax valuation of the subdivision and the amount of revenue <br />that would be produced by the 2.3-mill renewal levy in excess of the ten-mill limitation for <br />current expense purposes pursuant to Division A of Section 5705.19 of the Revised Code; and <br />WHEREAS, the Council of the Village has determined that the amount of taxes which <br />may be raised with the ten-mill limitation will be insufficient to provide an adequate amount for <br />the necessary requirements of the Village and that it is necessary to levy a tax in excess of that <br />limitation for the purpose of current expenses; and <br />WHEREAS, the Council has deemed it to be in the best interest of the municipality to <br />renew the levy of a 2.3 mills tax for an additional period of five (5) years for the payment of <br />current expenses. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF HAYFIELD <br />VILLAGE, OHIO, THAT: <br />SECTION 1. It is hereby declared that the amount of taxes that maybe raised by the levy <br />of taxes within the ten-mill limitation, to wit: Section 5705.02 of the Revised Code of Ohio, by <br />levies on the taxable property in the Village will be insufficient to provide an adequate amount <br />for the necessary requirements of said Village and it is necessary for the purpose of providing for <br />funds for current expenses to seek a renewal of a 2.3 mill existing tax levy. <br />SECTION 2. It is hereby declared necessary to seek a renewal of a 2.3 mill existing tax <br />levy, in excess of the ten-mill limitation for the benefit of Mayfield Village for the purpose of <br />paying current expenses as authorized in Division A of Section 5705.19 of the Revised Code at a <br />rate not to exceed 2.3 mills for each $1.00 of valuation, which amounts to Twenty-Three Cents <br />($.23) for each One Hundred Dollars ($100.00) of valuation, for a period of five (5) years <br />