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<br />RESOLUTION NO. ~? / <br />DETERMINING TO SUBMIT TO THE ELECTORS OF THE CITY OF <br />NORTH OLMSTID THE QUESTION OF ISSUING BE3NDS FOR THE <br />PURPOSE OF PAYING THE PROPERTY OWNF,RS' PORTION ARID <br />THE CITY'S PORTION OF THE COST OF CONS"TCTIlVG A MUNI- <br />CIPAL SANITARY SEWERAGE COLLECTION AND DISPOSAL SYSTEM. <br />BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga <br />County, Ohio: <br />Section 1. That for the purpose of paying the property owners` por- <br />tion and the City's portion of the cost of constructing a municipal sa-nitary <br />sewerage collection and disposal system, it is necessary to issue bonds of <br />said City in an amount estimated at $6,232,850; and that it is necessary to <br />Levy a tax outside of the constitutional. ten mill tax limitation to pay the <br />interest on and to retire said bonds; that the question of issuing said bonds <br />and of levying such tax shall be submitted to the electors of said City at <br />the regular November election to be held on November ~+, 1958; that Council <br />estimates that the approximate date of said bonds will be January 1, 1959; <br />that said bonds will be paid in twenty annual instailsnents maturing in sub- <br />stantially equal aanounts during a period of twenty years after the authoria~tion <br />thereof, and will bear interest at a rate now estimated at three and one-half <br />per centum per annum, payable semi-annually. <br />Section 2, That the Clerk be and he is hereby directed to certify a <br />copy of this resolution to the Auditor of Cuyahoga County for his calculation <br />of the average annual. tax levy required throughout the life of the bonds to <br />pay the interest on and to retire said bonds, assuming that they are all issued <br />in one series and. that the amount of the tax list of this City remains the same <br />throughout the life of said bonds. <br />Section 3. This resolution sha]1 be in full force and effect from <br />and immediately after its passage and approval by the Mayor. <br />Passed: ~ , 1958 <br />Attest: __ _~~ <br />Clerk of Council <br />Filed with <br />the Mayor <br />~,~ <br />..r,, , <br />G <br />'4^ <br /><-- _.. <br />esident until <br />~~~ / ~ 1958 <br />/~f Approved <br />mayor <br />+, <br />