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<br /> <br />CITY OF NORTH OLMSTED <br />RESOLUTION N0. (Dq - 1,50 <br />B3r: <br />A RESOLUTIOIV DETEF2MCIVING TO PROGEED WITH THE ELECTION <br />UPON THE PROPOSED ISSUE OF BONDS FOR THE PURPOSE OF <br />ACQUIRING THE PROPERTY KNOWN AS THE SPRING VALE <br />COUNTRY CLUB AND OTFIER ADJACENT PROPERTY FOR REC- <br />REATIONAL PtJRPOSES? AND DECLARING AN EMEl;GENCY. <br />WHEREAS, the Couneil of the City of North Olmsted on the 15th day of July, <br />1969, duly passed Resolution No. 69-146 providing for the submissian to the elec- <br />tors of said City of the question of issuing bonds in the sum of $1,700,000 for <br />the purpose hereinafter stated and of a levy of a tax to provide for the payment <br />of the principal and interest thereof at the general election to be held on <br />November 41 1969; and <br />WHEREAS, the County Auditor of Cuyahoga County has eertified to the Council <br />that in accordance with his calculations the average annual tax levy thraughout <br />the life of such bonds whieh would be required to pay the interest on and to retire <br />the same, assuming that they are all issued in one series and that the amount of <br />the tax list of this City remains the same throughout the life of said bonds as <br />the amount of such list for the current year, is 1.4+53 mills fox each one dollar <br />of valuation which amounts to 14.453 cents for each one hundred dollaxs of valua,- <br />tion. <br />NOW., THEREFORE) BE IT RESOLVED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio: <br />Section l. That this Council hereby determines to proceed with the issuance <br />of said bonds in the amount of $1,700,000 for the purpose of acquiring the property <br />known as the Spring Vale Country Club and other adjacent property for recxeational <br />purposes, and that the Clerk of Council be and she is hereby directed to certify <br />to the Board of Elections of Cuyahoga County, Ohio, copies of this resolution and <br />Resolution No. 69-146 aforesaid, calling such election, together with the asnount <br />of the average tax levy esti.ma.ted as aforesaid by the County Auditor and the maxi- <br />mum number of years to retire said bonds, namely twenty years, and this Council <br />hereby requests said Board of Elections to give notice of said election a,nd to <br />prepare the necessary ballots and supplies for said election. <br />Section 2. That the form of ballot to be cast at the election on the question <br />of this bond issue sha11 be substant3ally as follows: <br />- 1 -