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ftESOuLUTIQN NO. Z / J''~,
<br />H~':: l~r. /~Ev~~9v~,~ RESQLUTI~ DECLARING THE NECESSITY: OF
<br />ISSUl~iG BONDS OF THE CITY QF N.TH: OLi+ISTE
<br />O~iIO IIJ THE PRINCIPAL.. A~+tT ~ X150 000,0 ,
<br />FOB ~~ =O~t c~ ~- ~ ~~c~~
<br />PoO~. A~ ~~~ TAE APPR~ITE DATA, IN'T=
<br />F~,s~C RATE A~iD NtATI'JxITY A~ pE~LAR~~ T
<br />NEC~ssrTY OF THE LAY O~ A ~: o~rrsr~~ v~ THE
<br />LI~2ITATIt~N ]~iP4SED BY A~tTIC ~C.t 3ECTIQ~ 2
<br />OF 'THE.. CC~ATBTITUTI~ f)F ~© TO PA~' THE IATI`EST'
<br />OF AND RETIRE 3UC~i BONDS.
<br />~FIEREAS, this Council determ3.aes the issuance of boxtds to be
<br />immediately necessary for the construction of a firepramf building tc
<br />be used f®r a sing pool, as well as e~quipaent sad furnishings for
<br />the sam®, and
<br />WHExEA3, the law requires adapting of the legislation there-
<br />fore n®re than ~ days prior to the election at which it is desired to
<br />submit the questiom, and time is of the essence,
<br />NAT, THEREFORE: BE IT RESOLVED BY THE. COUNCIL OF THE CITY OF
<br />NORTH t?I~+iSTED, STATE OF ~HIO:
<br />S, ~ctimn~ It is hereby declared necessary t0 issu® bonds
<br />of the City ®~rt Q].sisted, Ohi®, in the principal amoua~t of
<br />~150r00000 for the purpose of constructing s firepr®of buildi~tg
<br />needed. sad to be used for a swimr~3.ng pool, and the purchase of necessary
<br />equip tent sad furr~is~imgs for the same.
<br />3e~ 2 That it is necessary to levy a taac outside of the
<br />li~t3.tation :i~tp®sep Article: YII, Section 2 of the Censtitutia-a of the
<br />State of Ohi® in order to pay the interest on and retire said bonds;;
<br />that the question of the issuance of said bonds and the levy of such
<br />tax shall be submitted to the Electors ~ of the !City of ~i+~rth 01,ssted.,
<br />Ohie, at the neat Qeneral Election to be held vember nth, 1955 that
<br />this Council estimates the approximate date of said. beds tr3.11 be=
<br />Larch 1st, 1956; that said bonds gill be payable in twenty' annual in-
<br />atallmeats ma~iiring in substantially equal am©unts duri a period of
<br />twenty (20~, years after the authorization thereof ~ and that said bo~ads
<br />will bear interest at a rate not exceeding three percent t3~) ~~" -
<br />mum, payable semi-annually.
<br />3ec~ i® ,,~, That the Clerl~ of this Council shall deliver a
<br />certified copy d~'~ this xesaluti©n to the County Audit®r ®f CnyahAga
<br />CAUnty, Ohia at least one hundred ten (110 days Brier t® November $th,
<br />1955, far his calculation of the average anneal tag levy required
<br />throughout the life of said bends, to pay the interest cut sad retire
<br />such bonds, assuming that the said bonds are all issued ixt one series
<br />that the amount of the tax list of the City of Forth O]~tated:, Ohia,
<br />remains, throughout the life of said bonds, the same as the am©unt of
<br />the tax list for the current year.
<br />3ecta~ !~, That this Resolution is hereby declared tc~ be an
<br />emergency m~.asure~necessarp for the immediate preservatiah_of the
<br />public health, peace, safety sad welfare fer the reasons stated in
<br />the preamble hereof, sad also as said bui.ldi ~: , equip test and furnish-
<br />ings. are immediately needed for efficient daily ®perat~~~ of the:
<br />recreational activities of the City of North Olmsted, .
<br />FASSEIl: June 21st, 1955.
<br />ATTEST: ci
<br />1~. . r m , ~ , aumgar esi ent
<br />of C ci~
<br />APPROVETl: ~
<br />/~ G
<br />Charles win, por ~ ~,~
<br />~~ ~
<br />-~-~ M.~.~ _.._,., _,.._ w. ,..~ ~ t~.., ~ n_~_ ,~~.~ ,~~~..~x ~.,..,,,.~ .,. -
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