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CITY OF NORTH OLMSTED Resolution No. 64-174 By: Mr. Mangani A RESOLUTION DETERMINING. TO PROCEED WITH THE ELECTION UPON THE PROPOSED ISSUE OF BONDS FOR THE PURPOSE OF CONSTRUCTING, EQUIPPING AND FURNISHING A FREE PUBLIC LIBRARY BUILDING AND IMPROVING THE SITE THEREOF, AND DECLARING AN EMERGENCY. ~,, WHEREAS, the Council of the City of North Olmsted on the 14th day of July, 1964, duly passed Resolution No. 64-I68 providing for the submission to the electors of said City of the question of issuing bonds in the sum of $320,000 for the purpose of constructing, equipping and furnishing a free public library building and improving the site thereof, and of the levy of a tax to provide for the payment of the principal and interest thereof at the general election to be held on November 3, 1964; and WHEREAS, the Counfy Auditor of Cuyahoga County has certif ied to Council that in accordance with his calculation the average annual tax levy throughout the life of such bonds which would be required to pay the interest on and to retire the same, assuming that they are all issued in one series and that the amount of the tax list of this City remains the same throughout the life of said bonds at the amount of such list for the current year is ,36894 mills for each one dollar of valuation which amounts to 3,6894 cents for each one hundred dollars of valuation; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That Council hereby determines to proceed with the issuance of said bonds and that the Clerk of Council be and she is hereby directed to certify to the Board of Elections of Cuyahoga County, Ohio, Resolution No. 64-158 afDresaid calling such election, together with a copy of this resolution and the amount of the average tax levy estimated as aforesaid by the County Auditor and the maximum number of years to retire said bonds~~inamely twenty-two years and request the said Board of Elections to give notice of said election and to prepare the necessary ballots and supplies for said election. Section 2, This resolution is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the City and for the further reason that immediate effectiveness of this resolution is necessary to permit the earliest con- struction of such library building which is needed for the benefit of the public welf are, wherefore, this resolution shall be in full force and effect from and immediately after its passage and approval py the Mayor. (; t Passed: 1~F1 ~ !y~(,f~A~ 3 1 g ~ ~ ~-~`.~..~~~`,n Francis J, O'Neill, ~r~sident of Council .gib Attest Approved; 3 1964 Margaret West, Clerk of Council Ralph Christman, Mayor lst reading: 2nd reading: 3rd reading: 4th reading: e~~