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RESOLUTION NO. s, r~; A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS OF THE CITY OF NORTH OLMSTED THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF CONSTRUCTING AND EQUIPPING AN OUTDOOR MUNICIPAL SWINIMING POOL WITH APPURTENANT STRUCTURES, MAKIlVG SITE IM- PROVEMENTS AND ACQUIRING NECESSARY INTERESTS IN REAL ESTATE THEREFOR, AND DECLARING AN EMERGENCY. WHEREAS, an initiative petition has been presented to Council for adoption of legislation providing that the question of issuing ~250,OOG of bonds and levying a tax outside the ten mill limitation for the construction of a municipal outdoor swimming pool be placed before the electors of the City; and WHEREAS, Council determines that such question should be submitted pursuant to legislation adopted in the following form; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That for the purpose of constructing and equipping an outdoor municipal swimming pool with appurtenant structures making site im- provements and acquiring necessary interests in real estate therefor, it is .necessary to issue bonds of said City in the amount of $250,OOU; that it is necessary to levy a tax outside the limitation imposed by Section 2 of Arti- cle XII of the Ohio Constitution to pay the interest on and to retire said bonds; that the question of the issuance of said bonds and of the levy of such tax shall be submitted -to the electors of said City at the general election to be held November 3, lgb4; that the approximate date of said bonds will be Dec - ember 1, 196+; that said bonds will be payable in twenty-one annual installments maturing in substantially equal amounts during a period of twenty-one years after the authorization thereof; and the said bonds will bear interest at a rate now estimated at three and one-half per centum per annum, payable semi- annually. Section 2. That the Clerk of Council is hereby directed to certify a copy of this resolution to the Auditor of Cuyahoga County far his calcula- tion of the average annual tax rate, expressed in dollars and cents f'or each one hundred dohs of valuation as well as in mills for each one dollar of valuation, required throughout the life of the bonds to pay the interest on and to retire said bonds, 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 the said bonds. Section 3. That this resolution is hereby declared to be an emer- gency measure necessary for the immediate preservation of the public health, safety and welfare of said City, and for the further reason that the immediate construction of said swimming pool is necessary to provide adequately for the healthful recreation of the residents of the City; wherefore, this resolution shall be in full force and effect from and immediately after its passage and approval by the Mayor. .~ ~( passed Attest ~~~- ~il , ~J'S 4 P ~ ~~ ~ Mayor