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RESOLUTION N0. 138 <br />BY IMRo Sw&JV60s1 <br />A Rii]SULUTIOiV TO PFOtTIDE I'OR THE LEVYYNG OF A.DDTTIONAL T1a.XNS FOR TkE PAYMVT .OF DAFKULTLD SPECIAL 1iSSESS?vIENT BONDS OF THE VILLAGE. <br />'ffliEREAS9 the Village of PIIaJfield has heretoiore issued $38,000.00 of its <br />bonds in anticipation of the collection of special asseasments of certain of the <br />real estate Zocated in the Village of i:2ayfield9 a.ncl <br />i??TI-EREAS, by reason of the failure of ta.xpayers to malce their payments of <br />taxes and assessments vuhen and as due, it has been impossible for the Vill_age of <br />?Mayfielcl to meet the -principal payments on said bond.s as the same mature9 and <br />1fiHER:EAS, this Council: is mind.fuZ of its duty to the bondholders to provid.e <br />funds to meet the principal retirement requirements of sa.id bonds9 and <br />?hiHEREkS, the Supreme Court of Ohio in the case of State, ex rele Bzurnl vs. <br />Village of Brooklyn., et alm9 126 O.S. 459, has held tha.t a r_nunicipality must levy <br />sufficient ta?xes vJithin the 15 mill limitation to provide for the interest and <br />;orincipal payment requirements of special assessment bonas, a.nd <br />UffEREkS, this Council feels that it will be necessa.ry to levy 1? mills over <br />and above the 10 mill limitation set by the Constitution of the State of'0 hio on <br />all of the ta.xable real propert,y located within the ITillage of 1-Jayfield, in order <br />to Drovide func?s sufficient to meet the principal and interest reryui-rements o?' said <br />special assessment bonds; , <br />NOtI, TIiEREFC}RE, BE IT RL'SOLULD by the Council of the Fillage of PPayfield9 <br />Cu,yahoga County, Ghio, tha.t: <br />Section le The County Budget Commission be, and it hereby is9 .requested <br />to levy on all of the taxable real estate located within the Village of Ntay.f.ield <br />ad valorem taxes at the rGte of 1-8' mi11s in excess of the 10 mil]_ limita.tion <br />created by the Constitution of the State of_ Uhio, with respect to taxes to be <br />collected for the year 19450 <br />Section 2. It is here'oy determined that aIl moneys received by rea.son of <br />such lz mills tdx, sha11 be applied to the payment of the principal a.nd interest <br />reryuirements on the special a.ssessnient bonds heretofore issued by the Uilla,m,e of <br />iJtayfield. <br />Section 3. The Village Cler'_c be, and she hereb,y is, authorized and <br />directed to certify a copy of this Resolution to the Count,y Budget Commissiono <br />Section 4, ^lhis Resolution shall take effect and be in iorce from and after <br />the earliest pera.od a.llorved by laca. <br />Passed the Ao d:a,y of A <br />:ugust, A. D. 1945. <br />?, ' <br />PAayor - Presrdent of Council. <br />httests <br />SLE) Cler?co