64-158 Resolution - Laserfiche WebLink

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~~, RESOLUTION NO .~ ~-' f ~'> u A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS OF THE CITY OF NORTH OLMSTED THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF CONSTRUCTING, EQUIPPING AND FURNISHING A FREE PUBLIC LIBRARY BUILDING AND IMPROVING THE SITE THEREOF, AND DECLARING AN EMERGENCY. BE IT RESOLVED by the Council of the City of North Olmsted, Cuya- hoga County, Ohio: Section 1. That for the purpose of constructing, equipping and furnishing a free public library building and improving the site thereof, it is necessary to issue bonds of said City in the amount of $320,000; that it is necessary to levy a tax outside the limitation imposed by Section 2 of Article 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, 196+; that the approximate date of said bonds will be Febru- ary 1, 1967s that said bonds will be payable in twenty-two annual installments maturing in substantially equal amounts during a period of twenty-two 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 for his calcula- tion of the average annual tax rate, expressed in dollars and cents for each one hundred dollars 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 emergency measure necessary for the immediate preservation of the public health, safety and welfare of said City, and for the further reason that immediate effective- ness of this resolution is necessary to permit the earliest construction of such library building which is needed for the benefit of the public welfare; wherefore, this resolution shall be in full force and effect from and immediately after its passage and approval by the Mayor. 4 Passed• ) ,1864 Attest• ~ ~,~ Cl k of Council es en uncr Approved , 196'+ Mayor ~~~~ ~;~~ ~~~ ~~~, . ~. ,