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RESOLUTTON NQ. 2866 <br />By Mr. Hi.zson <br />A BESOLUTION DETTBMTI6ING TO SUBMIT TO TgE EI,ECT4HS <br />QF THE CITY OF NORTT3 OLMSTED, OHIO THE QIISSTION OF <br />ISSIIING BONDS FQx TSE PUBPOSP QF PAYING A PART OF THE <br />COST OF CONSTRUCTING A SEWAGE TREATMENT PI,ANT 9ND <br />SANI TARY SEWERS. <br />BE IT RESOLYED by the Counail of the City of North Olmsted, <br />Cuyahoga Couaty, Qhio: <br />Section l. That for the purpose of paying a part oY the cost <br />of c4nstructi.ng a sewage treatment plant and saszitary severs, it is <br />neesasary to iasue bonds of s aid City in an amount estimated as $I:7001000, <br />and that it is necessary to levy a tax outside of the conatitutianal <br />ten mill tas limi.tation to pay the interest on and to retire saa.d bonds; <br />that the question of issuing said boads and of Zevyiag such tax shall be <br />submitted to t2se eleetora of said City at the regulax No4ember election <br />to be he1.d on Noveffiber 3, 1959; that Council estimates that the approaima.te <br />date vf said bonds will be January 13 19609 that said bonds will be paid <br />in forty sasltal installments ma.turing in substa.ntially equal amounts <br />during a period of forty years after the authorization thereof, an.d <br />will bear interest at a rate now estimated at four and one-half per <br />centum per azulump pay'able semi-annually. <br />Section 2. That the Clerk of Council be and he is hereby directed <br />to certify a copy of this resolution to the Auditor of Cuyahoga Cotnty <br />for his calculation of the avera.ge annual taa levy required thronghout the <br />life of the bonds to pay the iaterest on and to retire said bonds, assvming <br />that they axe aIl issued in one series and that the amount of the tax <br />list of this City remains the same throughout the life of said boads. <br />Section 3. This resolution ahall be in force and take effect <br />immediately upoa its adoption by Council and approval by the Ma,yor. <br />Passed: June 25, 1959• <br />, <br />ATTIyST: Z/400 <br />Clerk of Council <br />APPROVED BY THE MAY4Rs: <br />ateds ",Cv?Yi.e 25, 1959 <br />?.sident of Co i1 <br />? <br />J('/u 1 ? . ? ? ? ?f t? q <br />?