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CITY OF NORTH OLMSTED RESOLUTION N0. 69- 144'r ?x By : I ? J .7 ) ? jct A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS OF THE CITY OF NORTH OLMSTED THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF ACQUIRING REAL ESTATE AND DEVELOPING IT FOR RECREATIONAL PURPOSES, AND DECLARING AN EMERGENCY. BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That for the purpose of acquiring real estate and developing it for recreational purposes by constructing and equipping athletic fields, playgrounds, shelters, recreation center, and picnic areas, together with parking and other site improvements,-it is necessary to issue bonds of the City in the amount of $ 750,000.00, and that it is necessary to levy a tax outside of the constitutional ten mill limitation to pay the interest on and W. retire said bonds; that the question of issuing said bonds and of levying such tax shall be submitted to the electors of said City at the general election to be held on November 4, 1969; that Council estimates that the approximate date of said bonds will be January 1, 1970; that said bonds will be paid in fifteen annual installments maturing in substantially equal amounts during a period of f_ifteen years after the authorization thereof, and will bear interest at a rate now estimated at six per centum per annum, payable semi-annually. Section 2. That directed to certify a copy County for his calculation throughout the life of the said bonds, assuming that the amount of the tax list the life of said bonds. the Clerk of Council be and she is hereby of this resolution to the Auditor of Cuyahoga of the average annual tax levy required bonds to pay the interest on and to retire they are all issued in one series and that of this City remains the same throughout Section 3. This resolution is hereby determined to be an emergency measure necenecessary for the immediate preservation of the public peace, health and safety, and for the further reason that park and recreational facilities are needed to promote the health and general welfare of the inhabitants of this City and this resolution must go into immediate effect in order to commence the election proceedings to place this bond issue on the November 4, 1969 ballot; WHEREFORE, this resolution shall be in force and take effect immediately upon its adoption by Council and approval by the Mayor. ? Cle of Council Francis J. 0'Neill Qsident of Council ?k???? APPROVED . 7//VO y ? . _AW Ralp E. Christman, Mayor PASSED: oli ? ? ATT T: