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RESOLUTION No. 586 <br />By Mr. Belzer <br />A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS <br />OF THE PILLAGE OF HAYFIELD THE QUESTION OF ISSUING <br />BONDS FOR THE PURPOSE OF PAYING THE VILLAGE°S PORTION <br />OF THE COST OF IMPROVING THE WATER SYSTEM OF THE VILLAGE <br />BY CONSTRUCTING WATER MAINS TOGETHER WITH THE NECESSARY <br />APPURTENANCES THERETO. <br />BE IT RESOLVED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD, CUYAHOGA COUNTY <br />OHIO: <br />Sec. 1. That for the purpose of paying the Village's portion of <br />the cost of improving the water system of the Village by constructing water <br />mains together with the necessary appurtenances thereto, it is necessary to <br />issue bonds of said Village in an amount estimated at $25,000.00 and that <br />it is necessary to levy a tax outside of the constitutional ten mill limitation <br />to pay the interest on and to retire said bonds; that the question of issuing <br />said bonds and of levying of such tax shall be submitted to the electors of <br />said Village at a s pecial election to be held on primary election day, May <br />5, 1964; that Council-estimates that the approximate date of said bonds <br />will be August 1, 1964, that said bonds will be paid in 20 annual installments <br />maturing in substantially equal amounts during a period of 20 years after the <br />authorization thereof, and will bear interest at a rate now estimated at <br />three and one-half per centum per annum, payable semi-annually. <br />Sec. 2. That the Clerk of this Council be and he is hereby authorized <br />to certify a copy of this resolution to the Auditor of Cuyahoga County for <br />his calculation of the average annual tax levy required throughout the life <br />of the bonds to pay the interest on and to retire said bonds, assuming that <br />they are all issued in one series and that the amount of the tax list of <br />this Village remains the same throughout the life of said bonds. <br />Sec. 3. This resolution shall be in force and take effect immediately <br />upon its adoption by Council. <br />Passed December 16, 1963. <br />alp" ~L~i~~/Z <br />Mayor - President of Council <br />Attest: <br />~~ ~ ~ ~ <br />( S AL ) le~ <br />