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/ Z CITY OF NORTH OLMSTED RESOLLTTION NO. 2004-127 BY: Mayor Musial A RESOLUTION DETERMIlVIING TO PROCEED TO SUBMIT TO THE ELECTORS OF THE CTTY THE QUESTION OF bSSUIING BONDS, IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,000,000, FOR THE PURPOSE OF CONSTRUCTING, FITRNISHING, EQUIPPING AND OTHERWISE IlVIPROVIlNG A FIRE STATION, PROVIDING FIRE APPARATUS AND EQUIPMENT TO BE HOUSED THEREIN AND ACQUIRING, PREPARING AND OTHERWISE IlVIPROVIlNG REAL ESTATE AND INTERESTS THEREIN FOR TTS SITE; AND DECLARING AN EMERGENCY. WHEREAS, on August 3, 2004, this Council adopted Resolution No. 2004-107 declaring the necessity of submitting to the electors of this City at an election to be held on November 2, 2004, the question of issuing bonds in the aggregate principal amount of $4,000,000 for the purpose of constructing, furnishing, equipping and otherwise improving a fire station, providing fire apparatus and equipment to be housed therein and acquiring, preparing and otherwise improving real estate and interests therein for its site and levying a tax to provide for the paymeYrt of debt charges on those bonds and any anticipatory securities, a copy of which resolution was certified to the Cuyahoga County Auditor; and WHEREAS, the Cuyahoga County Auditor has certified to this Council that the total current tax valuation of the City is $860,962,435 and the estimated average annual property tax levy throughout the stated maturity of the bonds that would be required to pay the debt charges on them, calculated in the manner provided in Section 133.18(C) of the Revised Code, is 0.4 mill for each $1.00 of tax valuation, which amounts to 4.0 cents for each $100 of tax valuation; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga Courny, Ohio, that: SECTION 1. This Council deternunes to proceed with submitting to the electors pursuant to Section 133.18 of the Revised Code, at an election to be held on November 2, 2004, the question of issuing bonds in the aggregate principal amount of $4,000,000 for the purpose of constructing, furnishing, equipping and otherwise improving a fire station, providing fire apparatus and equipment to be housed therein and acquiring, preparing and otherwise improving real estate and interests therein for its site (the Bonds) and levying a tax to pay the debt charges on the Bonds and on any notes issued in anticipation of the Bonds. The average annual property tax levy required to pay those debt charges has been estimated by the County Auditor to be 0.4 mill for each $1.00 of valuation, which amounts to 4.0 cents for each $100 of valuation.