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CITY OF NORTH OLMSTED
<br />RESOLUTION NO. 2018 - 1
<br />BY: Mayor Kennedy
<br />A RESOLUTION DETERMINING TO PROCEED TO SUBMIT TO THE
<br />ELECTORS OF THE CITY THE QUESTION OF ISSUING BONDS, 1N THE
<br />AGGREGATE PRINCIPAL AMOUNT OF $44,800,000, FOR THE PURPOSE OF
<br />IMPROVING 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, FITNESS,
<br />INDOOR AND OUTDOOR WALKING AND GYMNASTICS, BALL FIELDS,
<br />PUBLIC SPACES, LOCKER ROOMS AND SPACES FOR RELATED AND
<br />SUPPORTING ACTIVITIES AT THE RECREATION CENTER COMPLEX;
<br />IMPROVING NORTH OLMSTED COMMUNITY PARK BY
<br />CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE
<br />IMPROVING A NEW FOOTBALL AND SOCCER FIELD, A BAND SHELL
<br />AND PERFORMANCE STAGE, AN ALL-PURPOSE TRAIL, PLAYGROUNDS,
<br />BOCCE COURTS, PARKING AREAS AND RELATED SUPPORTING
<br />FACILITIES AND IMPROVING EXISTING BALL FIELDS, RESTROOMS
<br />AND OTHER FACILITIES; AND IMPROVING BARTON AND BRADLEY
<br />PARK BY IMPROVING EXISTING FACILITIES AND PROVIDING
<br />SUPPORTING SITE, STREET AND SIDEWALK IMPROVEMENTS, IN EACH
<br />CASE TOGETHER WITH THE NECESSARY APPURTENANCES AND WORK
<br />INCIDENTAL THERETO; AND DECLARING AN EMERGENCY.
<br />WHEREAS, on December 19, 2017, this Council adopted Resolution No. 2017-89 declaring the
<br />necessity of submitting to the electors of this City at an election to be held in the City on May 8, 2018, the
<br />question of issuing bonds in the aggregate principal amount of $44,800,000 for the purpose set forth in Section
<br />1 (the Bonds) and levying a tax to provide for the payment of debt charges on the Bonds and any anticipatory
<br />securities, a copy of which resolution was certified to the Cuyahoga County Fiscal Officer; and
<br />WHEREAS, on December 20, 2017, the Cuyahoga County Fiscal Officer certified to this Council
<br />that the total current tax valuation of the City is $788,992,320 and the estimated average annual property tax
<br />levy required throughout the stated maturity of the Bonds to pay the principal of and interest on the Bonds (debt
<br />charges), calculated in the manner provided in Section 133.18(C) of the Revised Code, is 3.60 mills for each
<br />$1.00 of tax valuation, which amounts to 36.0 cents for each $100 of tax valuation;
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />SECTION 1. This Council determines to proceed with submitting to the electors of the City
<br />pursuant to Section 133.18 of the Revised Code, at an election to be held on May 8, 2018, the question of
<br />issuing the Bonds in the aggregate principal amount of $44,800,000 for the purpose of improving the City's
<br />park and recreational facilities by constructing, renovating, remodeling, adding to, furnishing, equipping and
<br />otherwise improving facilities for aquatics, basketball, volleyball, ice skating, fitness, indoor and outdoor
<br />walking and gymnastics, ball fields, public spaces, locker rooms and spaces for related and supporting activities
<br />at the Recreation Center complex; improving North Olmsted Community Park by constructing, furnishing,
<br />equipping and otherwise improving a new football and soccer field, a band shell and performance stage, an all-
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