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CITY OF NORTH OLMSTED
<br />RESOLUTION NO. 2017 - 89
<br />BY: Mayor Kennedy
<br />A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS THE
<br />QUESTION OF ISSUING BONDS FOR THE PURPOSE OF IMPROVING
<br />THE CITY'S PARK AND RECREATIONAL FACILITIES BY
<br />CONSTRUCTING, RENOVATING, REMODELING, ADDING TO,
<br />FURNISHING, EQUIPPING AND OTHERWISE IMPROVING FACILITIES
<br />FOR AQUATICS, BASKETBALL, VOLLEYBALL, ICE SKATING,
<br />FITNESS, INDOOR AND OUTDOOR WALKING AND GYMNASTICS,
<br />BALL FIELDS, PUBLIC SPACES, LOCKER ROOMS AND SPACES FOR
<br />RELATED AND SUPPORTING ACTIVITIES AT THE RECREATION
<br />CENTER COMPLEX; IMPROVING NORTH OLMSTED COMMUNITY
<br />PARK BY CONSTRUCTING, FURNISHING, EQUIPPING AND
<br />OTHERWISE IMPROVING A NEW FOOTBALL AND SOCCER FIELD, A
<br />BAND SHELL AND PERFORMANCE STAGE, AN ALL-PURPOSE TRAIL,
<br />PLAYGROUNDS, BOCCE COURTS, PARKING AREAS AND RELATED
<br />SUPPORTING FACILITIES AND IMPROVING EXISTING BALL FIELDS,
<br />RESTROOMS AND OTHER FACILITIES; AND IMPROVING BARTON
<br />AND BRADLEY PARK BY IMPROVING EXISTING FACILITIES AND
<br />PROVIDING SUPPORTING SITE, STREET AND SIDEWALK
<br />IMPROVEMENTS, IN EACH CASE TOGETHER WITH THE NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO; AND
<br />DECLARING AN EMERGENCY.
<br />BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County,
<br />Ohio, that:
<br />SECTION 1. This Council finds, determines and declares that it is necessary to issue
<br />general obligation bonds of this City in the aggregate principal amount of $44,800,000 for the
<br />purpose of improving the City's park and recreational facilities by constructing, renovating,
<br />remodeling, adding to, furnishing, equipping and otherwise improving facilities for aquatics,
<br />basketball, volleyball, ice skating, fitness, indoor and outdoor walking and gymnastics, ball fields,
<br />public spaces, locker rooms and spaces for related and supporting activities at the Recreation Center
<br />complex; improving North Olmsted Community Park by constructing, furnishing, equipping and
<br />otherwise improving a new football and soccer field, a band shell and performance stage, an all-
<br />purpose trail, playgrounds, bocce courts, parking areas and related supporting facilities and
<br />improving existing ball fields, restrooms and other facilities; and improving Barton and Bradley
<br />Park by improving existing facilities and providing supporting site, street and sidewalk
<br />improvements, in each case together with the necessary appurtenances and work incidental thereto
<br />(the Bonds), and'to levy an additional tax outside of the 11.1 -mill limitation imposed by the Charter
<br />of the City to pay the debt charges on the Bonds and any anticipatory securities. Pursuant to the
<br />provisions of Section 133.18 of the Revised Code, the question of the issuance of the Bonds and the
<br />levy of that tax upon the entire territory of the City, all of which is located in Cuyahoga County,
<br />shall be submitted to the electors of the entire territory of the City at an election to be held on May
<br />8, 2018. The approximate date of the Bonds will be August 1, 2018, and it is estimated accordingly
<br />that the tax for debt charges will first be levied in tax year 2018 and first be collected in calendar
<br />year 2019 and will continue to be levied annually in each tax year for collection in each calendar
<br />year in which debt charges on the Bonds and any anticipatory securities will be payable. The
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