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RESQLUTION No. 169 By fl2r. JUT EiVIGRGENC`r RESOLIITION DECLARI2dG THE NECESSTTY OF ISSUIIdG BODTDS FOR THE PURPOSE OF.PROVTDING.FUNDS TO PAY THE VILLAGE QF MAYFIE LD.' S PORT T ON OF TEE C OS T OF C OlVS?RUC T I19G W_A2ER NIAINS IRT CERT.ATN. STREETS. AIdD R0ADS IN TfIE VILLPGE OF. MAYFIELD .ADTD ^10 SUBMIT SAID ISSUE TO ^1HE ELECTORS OF._SA,ID VILLAG'E AT THE NOVEMBER _ 7, ..1950, . GENERAL_ELECTIOTTo WMREAS, the V'illaSe of 14ayf ield has groat need f or the con- struct:i.oia of water mains in the roads and straets of said Village to piovide water to its citizons, a.mprove fire pro•teet:iozi to life and property, provi.de adequate year round water pressure arid service, paz°'cicu, arly to its public schools, improve the qua,ity of water and to redtxce f'3_x-e iiasurance rates. NOW, THEREFORE, BE IT RESOLUED BY THE COUNCIL OF THE VILLAGE 4F MAYFTELD, CUYAHOGA COUNTY, OHIO, THATa Sec. 1. This CoWacil deoms it necessary to issuo bonds of the Villago of It?"iayfzeld. im axa amourit vrhiclz this Council estim.eues at $80,000.000 This Council f'urther"estima-tes that the approximate date oi' these.bonds will be June 1, 1951; that said bonds vrzll matuxe in twenty-five (25) annual insta:L]xnents ila substantiallf equal am.ounts during a-period os" ttiventy-f'ive (25) years a,fter the au-thorization thereofa axxd that the said bonds will bear_interest at tiho rate nov,r ostimated at two and orie-half (241/2) percent per annum, payable semi-annual.ly. Sec. 2. It is necessary to levy a tax outside the teta mill limita-tion 9.mposed by Article XII9 Section 2, of the Oha.o Cozastitut, on to pay the interest on: axld to retire said bonds provided for, in Seation 1 of 'chis Resolu'vion$ and it is necessary that the question of the issuance of said bonds and the lovy of the tax to pay said bonds at maturity alad the interest thereon when due be submitted to the electoxs oa.° the Village of Mayf'ields Ohio, at the Novoraber 7, 1950, Goriera7. E1ectione Soco 3. Tho Clerk of this Village is hereby direeted to certify a copy of this Resolution to the Auditor of Cuyahoga Coun'ty f'or his eal- cu? at2on of the average anraual tax levy required throughout the life of the boud's to pay the inverest and to retire said bonds as thef matux°os assuini.ng that they are all issued in ane series, and that the amount of the tax list a'n,d dupl.icate of sa3.d Village of Niayfield remaa.ns throughout the li.fe of said bonds the sam.o as the atnount of the tax list for the cux°rent year.