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RESOLUTION N0. 570 <br />BY MR. Belzer <br />A RESOLUTION DECLARING THE NECESSITY OF SUBMITTING TO THE <br />ELECTORS. OF THE VILLAGE. OF NiAYFIELD, OHIO,: AT. 1'HE NOVEi+IBER <br />5, 1963 GENERAL ELECTION THE t~iJESTION OF ISSUING BONDS FOR <br />THE PURPOSE OF PAYING.THE,VILLAGEtS PORTIONS OF THE COST <br />OF INIPROVEi~lENTS TO.BE PAID IN. PART BY THE LEVY_AND COLLECTION <br />OF SPECIAL ASSESSi~4ENTS CONSISTING OF PAVING, GRADING,,,DRAINING, <br />CURBING, DITCHING AND CONSTRUCTING SIDEWALKS IN STREETS AND_ <br />CONSTRUCTING SANITARY SEtr1ERS, STORM SEWERS.. AND WATER MAINS. <br />BE IT RESOLVED BY THE 4~UNCIL OF THE VILLAGE OF HAYFIELD, CUYAHOGA COUNTY <br />OHIO, THATm _ <br />Sec. 1. It is hereby declared necessary that the Village of Mayfield, <br />Ohio, issue its bonds in the amount of One Hundred Thousand Do.llars~~ <br />($100,000.00) for the purpose of paying the. Villages portions of;'the__cost <br />of improvements to be paid in part by the levy and collection of special <br />assessments consisting of paving, grading, draining, curbing, ditching and <br />constructing sidewalks in streets and constructing sanitary sewers, storm <br />sewers and water mains. <br />Sec. 2. It is estimated that the approximate date of said bonds shall <br />be August 1st,.1964; that the interest rate of said bonds is now estimated <br />at 3-1/2% per annum payable semi-annually; and that said bonds shall be <br />paid in 20 annual installments maturing in substantially equal amounts <br />during a period of 20 years after the authorization thereof. <br />Sec. 3. It is further declared necessary that a tax be levied out- <br />side of the tax limitation imposed by Article XII, Section 2, of the <br />Ohio Gonstitution, to pay the interest on and retire said bonds and that <br />the question of issuing said bonds and of levying such tax shall be sub- <br />witted to -the electors of the Village of Mayfield at the regular election <br />to be held on November 5, 1963. <br />Sec. 4. The Clerk is hereby directed to certify a copy of this <br />Resolution to the Auditor of Cuyahoga County for his calculation of the <br />average annual tax which will be required to retire said bonds, assuming <br />that they are all issued in one series and that the amount of the tax list <br />of this Village remains the same throughout the life of said bonds. <br />Sec. 5. This Resolution shall be in force and effect immediately <br />upon its adopt ion. <br />Adopted the 15th day of July, 1963. ,~,, <br />Attests ~~JJ Mayor - President of Council <br />(Seal) ~C1erk <br />