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RESaLUTION No. 104 <br />BY NIRS. PARKER. <br />A RESOLUTTON TO PROVIDE FOR THE LEVYING OF ADDITIONAL TAXES FOR THE <br />PAYMEN`r OF DEFAULTED, SPECIAL ASSESS?TlEi?`I' BO1iDS OT+ .^1HE . VILLAGE. . <br />-U1?IEREAS, the Village of Mayfield has heretofore issued $38'.000.00 of its <br />bonds in anticipation of the callection of special assessments,on certain of the <br />real estate located in the Village of Mayfield, and <br />V4'HER.EAS, by reason of the failure of taxpayers ta make their naJments of <br />ta.xes anci assessments when and as due, it has been impossible for the Village of <br />Mayfield to meet the principal payments on said bands as the same mature, a.nd <br />Vtrt3EREAS, this Council is mindful of its duty to the bondholders to provide <br />funds to meet the pri-ucipal retirement requirements of saicl_ bonds, and <br />WHEREAS, the Supreme Court of Ohio in the case of State, ex rel. Bruml vs. <br />Village of Brooklyn, et alo, 126 0. S. 459, has held tnat a municipality must levy <br />sufficient taxes within'the 15 mill lii-nitation to provide ror the interest and <br />principal payment requirements of special assessment bonds, and <br />ti'IHEhLAS, this Council feels tnat it will be necessary to levy 22 mi11s <br />over ancl above the 10 mill limitatian set by the Constitution of the State of Ohio <br />on a11 0l the taxable real property located tivithin the Village of Mayfield' in <br />order to provide iunds sufficient to meet the principal a_nd interest requirements <br />oi said special assessment bonds; <br />NOti'V., TIiER.EFORE, BE T1 RESOLVED by i;he Council of the Villa.ge of Mayfield, <br />Cuyahoga County, Ohio, thate <br />Section l. The County Budget Commission be, and it hereby is requested to <br />levy on all of the taxable real estate located -v?,ithin the Village of i42ayfield ad <br />valorem taxes at the rate of 22 mills in excess of the 10 mi11 limitati-on created <br />by the Constitution of the State of Ohio, vidth respect to taxes to be collected <br />for the year 1937. <br />Section 2. It is he-reby determined that all moneys received by reason of <br />such 22 mills tax , shall be applied to tYie paynient of the principal and interest re- <br />quirements on the special assessment bonds heretofore issu.ed by the Village of Mayfield. <br />Section 3. The Village Clerk be, and she hereby is, authorized and <br />directed to certify a copy of this Resolution to the County Budget Commission. <br />Section 4. This Resolution shall talce effect and be in force from and <br />a.fter the earliest period aZlowed -by la.Vr. <br />Passed the 17th day of Ja.nuary, A. D. 1938. <br />Attesta ? <br />,Q . 14ayor - President of Council.. <br />(SEkL) Clerk.