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•_ , ,. CITY OF NORTH OLMSTED RESOLUTION NO. 97-13 BY: MAYOR BOY1:,E 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 PREPARING, LANDSCAPING AND OTHERWISE IMPROVING ITS SITE; AND DECLARING AN EMERGENCY. BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1. It is declared necessary to issue general obligation bonds of this City in the principal amount of $4,975,000 for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and preparing, landscaping and otherwise improving the site (the Bonds), and to levy a tax outside of the limitation unposed by Section 2 of Article XII of the Ohio Constitution to pay the debt charges on the Bonds and on any notes issued in anticipation of the Bonds. Pursuant to Section 133.18 of the Revised Code, the question of the issuance of the Bonds and the levy of the tax shall be submitted to the electors of this City at an election to be held on May 6, 1997. The approximate date of the Bonds will be July 1, 1997. The principal of the Bonds will be paid over a maximum of twenty years, and will bear interest at a rate now estimated at 5-3/4% per annum, payable semiannually. SECTION 2. The Clerk of Council is directed to certify a copy of this resolution to the County Auditor of Cuyahoga County for the calculation by the County Auditor of the estimated average annual property tax levy, expressed in dollars 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 principal of and interest on the Bonds, assuming that they are all issued m one series and that the tax valuation of the City for the current year remains the same throughout the maturity of the Bonds (or, if that amount is not determined, the estimated amount of that tax valuation submitted by the County Auditor to the County Budget Commission). SECTION 3. This Council finds and determines that all formal actions of this Council and of any of its committees concerning 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.