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CITY OF NORTH OLMSTED RESOLUTION NO. 2000-83 BY: The Aayor and Entire Council A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING A FREE PUBLIC LIBRARY BUILDING AND ACQUIRING, PREPARING, LANDSCAPING AND OTHERWISE IMPROVING TTS SITE; AND DECLARING AN EMERGENCY. BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1. This Council finds, deternunes and declazes that it is necessary to issue general obligation bonds of this City 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 to levy a tax outside of the 11.1- mill limitation imposed by the Charter of the City to pay the debt charges on the Bonds and any anticipatory securities. Pursuant to the provisions of Section 133.18 of the Revised Code, the question of the issuance of the Bonds and the levy of that tax sha11 be submitted to the electors of this City at an election to be held on November 7, 2000. The approximate date of the Bonds will be January 1, 2001. The maximum number of years over which the principal of the Bonds will be paid is twenty years, and the Bonds will bear interest at a rate now estimated at 6% per year, payable semiannually. SECTION 2. The Clerk of Council is directed to certify a copy of this resolution to the County Auditor of Cuyahoga Couniy for the certification of the total cunent tax valuation of the City and the estimated average annual property tax levy, expressed in dollazs and cents for each $100 of tax valuation and in mills for each $1.00 of tax valuation, required throughout the maturity of the Bonds to pay the debt charges on the Bonds, assuming that they are all issued in one series and that the tax valuation of the City for the current year remains the same throughout the maturity of the Bonds. SECTION 3. This Council finds and determines that a11 formal actions of this Council and of any of its committees conceming and relating to the adoption of this resolution were taken, and all deliberations of this Council and of any of its committees that resulted in those formal actions were held, in meetings open to the public in compliance with the law. ? _.