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4* <br /> <br />CITY OF NORTH OLMSTED <br />RESOLUTION N0. 69-146 <br />BZ': 1A,,/lJ ) L?- <br />A RESOLUTION DETERMINING TO SUBMIT TO THE <br />ELECTORS OF THE CITY OF NORTH OLMSTED THE <br />QUESTION OF ISSUING BONDS FOR THE PURPOSE <br />OF ACQUIRING THE PROPERTY KNOWN AS THE <br />SPRING VALE COUNTRY CLUB AND OTHER ADJACENT <br />PROPERTY AND DECLARING AN EMERGENCY. <br />BE IT RESOLVED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio: <br />Section 1. That for the purpose of acquiring the property known <br />as the Spring Vale Country Club and other adjacent property, it is <br />necessary to issue bonds of said City in the amount of $1,700,000 <br />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; <br />that the question of issuing said bonds and of levying such tax shall <br />be submitted to the electors of said City at the general election to <br />be held on November 4, 1969; that Council estimates that the approxi- <br />mate date of said bonds will be January l, 1970; that said bonds will <br />be paid in twenty annual installments ma.turing in substantially equal <br />amounts during a period of twenty years after the authorization thereof, <br />and will bear interest at a rate now estimated at six per centum per <br />annum, payable semi-annually. <br />Section 2. That the Clerk of Council be and she is hereby <br />directed to certify a copy of this resolution to the Auditor of <br />Cupahoga County for his calculation of the average annual tax levy <br />required throughout the life to the bonds to pay the interest Qn <br />and to retire said bonds, assuming that they are all issued in one <br />series and that the amount of the tax list of this City remains the <br />same throughout the life of said bonds. <br />Section. This resolution is hereby determined to be an energency <br />measure necessary for the immediate preservation of the public peace, <br />health and safety, and for the further reason that park and recreational <br />facilities are needed to promote the health and general welfare of the <br />inhabitants of this City and this resolution must go into immediate <br />effect in order to commence the election proceedings to place this <br />bond issue on the November 4, 1969 ballot; WHEREFORE, this resolution <br />shall be in force and take effect immediately upon its adoption by <br />Council and approval by the Mayor. <br />PASSED: <br />Francis J. 0'Ne' 1, President of <br />Cou cil <br />A <br />. <br />APPROVED : ???.5'??? `/ <br />? <br />Ralp E. Christman, Ma.yor