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. , CITY OF NORTH OLMSTED RESOLUTION NO. 2000-93 BY: Mayor Musial A RESOLUTION DETERMINING TO PROCEED WITH THE SUBMISSION TO THE ELECTORS OF THE QUESTION OF ISSUING BONDS, IN THE AGGREGATE PRINCIPAL AMOUNT OF $10,750,000, FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE "ROVING A FREE PUBLIC LIBRARY BUILDING AND ACQUIRING, PREPARING, LANDSCAPING AND OTHERWISE IMPROVING ITS SITE; AND DECLARING AN EMERGENCY. WI-MREAS, on July S, 2000, this Council adopted Resolution No. 2000-83 declaring the necessity of submitting to the electors of this City at an election to be held on November 7, 2000, the question of issuing bonds in the aggregate principal amount of $10,750,000 for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and acquiring, preparing, landscaping and otherwise improving its site and levying a tax to provide for the payment 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 $799,435,985 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 1.1 mills for each $1.00 of tax valuation, which amounts to 11 cents for each $100 of tax valuation; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1. This Council determines to proceed with submitting to the electors pursuant to Section 133.18 of the Revised Code, at an election to be held on November 7, 2000, the question of issuing bonds in the aggregate principal amount of $10,750,000 for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and acquiring, preparing, landscaping and otherwise improving 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 those debt charges has been estimated by the County Auditor to be 1.1 mills for each $1.00 of valuation, which amounts to 11 cents for each $100 of valuation. SECTION 2. The Clerk of Council is directed to certify to the Board of Elections not later than Thursday, August 24, 2000: (i) a copy of Resolution No. 2000-83 declaring the necessity of the bond issue and providing for the principal of the Bonds to be paid over a maacimum of twenty . ? K