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RESOZUTION No. 97 <br />BY MR. PKRKER <br />A RESOLUTION TO PROVTDE FUR THE LEVYTNG OF 11DDTTIONlaL TkXES <br />FOR THE PkYNlEiTdT OF DEFAU-LTFD SPECIAL kSSESSI42ENT BONDS OF THE <br />VILLkGE <br />WHEREkS, the Village of Mayfield has heretofore issued $38,000.00 of its <br />bonds in anticipation of the co-Ilection of special assessments on certa.in of <br />the real estate located in the Village of Mayfield, and <br />WHEREAS9 by reason of the failure of taxpayers to make their payments of <br />taxes and assessments when and as due, it has been impossible for the Village of <br />ti4ayfield to meet the principal,payments on said bonds as the same mature, and <br />WHEiREjA'C?"`, thl.S Council is mindful of its duty to the bondholders to proviae <br />funds to meet the principal retirement requirements of said bonds, and <br />WHFREAS, the Supreme Court of Uhio in the case of State, ex rel. Bruml <br />v. Village of Brooklyn, et al., 126 O.S. 459, has held that a municipality must <br />levy sufficient taxes within the 15 mill 1imitation to provide for the interest <br />and principal payment req_uirements of special assessments bonds, and <br />WHEREAS, this Council f'eels that it wili be necessary to levy 22 mills <br />over and above the 10 mills limitation set by the Constitution of the State <br />of Ohio on aII of the taxable real property Zocated within the Village of <br />Mayfield, in order to provide funds su_f'ficient to meet the principal and interest <br />requirements of said special assessment bonds; <br />NO11, THEREFORE, BE TT RESOLVED BY THE COITNCIL OF THE VILLkGE OF 1lRAYFIELD, <br />CUYAHOGk COUNTY, OHIO, That: <br />Section 1. The County Budget Commission be, and it hereby is requested <br />to levy on a11 of the taxable real estate located within the Villa.ge oF Mayfield <br />ad valorem taxes'at the rate of 22 mills in excess of 10 mills Iimitation <br />crea.ted by tne Constitution of the State of Ohio, with respect to taxes to be <br />collected for the year I936., <br />Section 2. Tt is hereby determined that all monies received by reason oi' <br />such 22 mills tax, shall be applied to the payment of the principal anc? interest <br />requirements on the Special assessment bonds heretofor.e issued by the Village of <br />Mayfield. <br />Section 3. The Village Clerk, be, and she hereby is autho-rized and <br />directed to certify a copy of this Resolution to the County Budget Commission.