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Resolution No. 974 <br />By Mr. Bidwell` <br />A RESOLUTION <br />REFUNDING SPECIAL ASSESS MNT BONDS OF THE VILLAGE OF NORTH <br />OLMSTED. <br />WHEREAS the Village of North Olmsted, Cuyahoga <br />County, Ohio, has outstanding General Bonds.including <br />Refunding Bonds, in the sum of approximately $54,659.78 <br />and Special Assessment outstanding bonds, including special <br />assessment refunding bonds; .in the sum of approximately <br />$85,028.00, and <br />WHEREAS the tax valuation of the Village of <br />North Olmsted for the years 1936 and 1937 amounts to <br />approximately $4,147,460.00 together with `the-personal <br />tangible property in.the amount of $18,560.00, making a <br />total .tax value of $4,166,020.00, and said Village, has <br />an overlapping gross''debt of approximately $794,640.83, <br />and <br />WHEREAS 'the Village of North Olmsted has been <br />unable to meet its entire general bond retirement require- <br />ments and special assessment bond retirements ,without re- <br />funding yearly, due to a decreasing tax collection, and <br />17HEREAS `the prcictice of refunding under other <br />acts has resulted in pyramiding not only the bonded indebted- <br />ness but additional, and unnecessary co sts,. and <br />WHEREAS a refunding program under section 1,293-5(p) <br />of the General Code.has been worked out by the Council of <br />the Village• of North Olmsted, providing for a refunding of <br />the bonds hereinafter set forth, and <br />IMEREAS said 'council` now' desires to put said <br />refunding program into effect, <br />NOV!, THEREFORE, BE IT RESOLVED by the Council <br />of the Village` of North Olmsted, Ohio: <br />Section 1 That the Village of North Olmsted <br />does hereby tender to bondholders for acceptance ` the ` following <br />plan: <br />1. The Village of N6rth.0lmsted agrees to refund <br />the following named issues of special' assessment <br />bonds now outstanding . upon written consent- of the <br />holders of `not :less ;than seventy -five per cent of <br />the bonds of each i ssue, to grit: <br />SPECIAL ASSESSMENT BONDS <br />Burns Rd. Sdwk $2200.00 1937 -2940 <br />Porter' Road Sidewalk 2000.00 ° 1937 -.1940 <br />Butternut `Ridge Sdwk 1300.00 1937 -1941 ` <br />Refunding Series 'A 9000.00 1937 -1941 <br />Sp. Ass. Ref.1933 34758000; 1938 -1947 <br />