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RESOLUTIGti No. 126 <br />BY NiR. ?-?Rk°v 2 <br />k R.ES(}LUTTON 10 PIi.OV1DE FQR iNE LEVYZNCx OF -ADDITIuidAL TAXFS FGR <br />THP; PAY'iVlMi^1 OF DEFAULTED SPECIA.L ASSESSIVIEidt BONDS aF TEL VILLAGE <br />VJHEREAS, the Village of TViayfie3'd has heretofore issued $58,400.00 of its <br />bonds in anticipa.tian of the collection of sPecial. assessments on certain of the real <br />egtate located in the Villa.ge of iViayfieZrz, and <br />ub[HEREAS, by reason of the faiZure of taxpayers to make thei-r payments of <br />taxep and assessments when and as due, it has been impossibZe far the Village of <br />IViayfield to meet the grincigaZ payments on said bands as the same mature,, and <br />WHEREAS, this Council is mindiul of its duty to the bondholders to provide <br />funds to meet the princigal retirement requirements oi said bonds, and <br />4ffICREAS, the Suprerne Court of Ohio in the case of State, ex re1. Brurnl vs. <br />Vil.Iage o-j" 13rooklyn, et aZe ., 126 0. S. 4599 IZas helcl that a municigaZity niust I.evy <br />sufficient taxes within the 15 mill -limitation to provide for the interest.and prin- <br />cipal pa.yment requirements of special assessment pand_s,.and <br />tWFIEREAS9 this Council feels that it wi? be necess?.ry to Ievy 2; mi1l_s <br />over and:above the IO mill Iimitation set by the Constitution of the State of Qhio an <br />:aZ1 of the taxabZe real property located within the Village of Mayiield, in vrder to <br />provide funds suffieient to meet the principal and interesti req_u.irements of said <br />special:assessment bonds; <br />ivOti'J, THEREFGRr.,, BE IT R:ESOLVND by tlie Council of tne Uil.Iage of Nayfield, <br />Guyahoga County, Ghio, that: <br />Section l. The County Budget Commission be, and it hereby is requested to <br />Ievy on all of the taxable real estate located vrithin the Village of illlayfield ad <br />valorem taxes at the rate of 2i mills in excess of the 10 mill Iimitation created by <br />the Constitution oi the State of Ohio, Urith respect to taxes to be collected for <br />the year 1942. <br />Section 2. It is hereby determined that aIl moneys receivecl by reason of <br />such 22 mills tax, sha11 be applied to the gayment of the princinal and interest <br />requirements on the special assessment bonds heretofore issued by the Village of <br />11IaJf i eId . <br />SectiQn 3. The ViZlage CZerk be, and she hereby is, authorized:and direc-L-ed <br />to certify a copy of this ResoZution tio the County :6'u.dget Commission. <br />Section 4. ^lhis Resolution shalT ta,ke eifect :and be in force from a.nd after <br />the earliest periocl allotved by Iavr. <br />Passed the 20th d-ay of JuZy, A. D. 1942. <br /> <br />y IVIayor - President of Councit. <br />Attest: <br />(l1?Gi,?;?r/.?J .,? ?.,??? • <br />S?iL, - p . <br />? } Clerk.