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RESOLUTION No. 587 <br />By Mr. Mason <br />A PESOLUTION DETERMINING TO SUBriIT TO Tl <br />THE VILLAGE OF HAYFIELD THE QUESTION OF <br />FOR THE PURPOSE OF PAYING THE VILLAGE'S <br />COST OF IMPROVING THE SANITARY SEWERAGE <br />VILLAGE BY CONSTRUCTING SANITARY SEWERS <br />THE NECESSARY APPURTENANCES THERETO. <br />iE ELECTOP.S OF <br />ISSUING BONDS <br />PORTION OF THE <br />SYSTEM OF THE <br />TOGETHER WITH <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 o~ improving the sanitary sewerage system of the Village by con- <br />structing sanitary sewers together with the necessary appurtenances thereto, <br />it is necessary to issue bonds of said Village in an amount estimated at <br />$50,000.00 and that it is necessary to levy a tax outside of the constitutional <br />ten mill limitation to pay the interest on and to retire said bonds; that the <br />question of issuing said bonds and of levying of such tax shall be submitted <br />to the electors of said Village at a special election to be held on primary <br />election day, May 5, 1964; that Council estimates that the approximate date <br />of said bonds will be August 1, 1964, that said bonds will be paid in 20 <br />annual installments maturing in substantially equal amounts during a period <br />of 20 years after the authorization thereof, and will bear interest at a <br />rate now estimated at three and one-half per centum per annum, payable semi- <br />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 lif e <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 this <br />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 this 16th day of December, 1963. <br />Attest: Mayor - President of Council <br />~ ,. <br />r _' ~./~ <br />C $ AL ) c-1-ez-t <br />