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CITY OF NORTH OLMSTED RESOLUTION NO. 2018 - 71 BY: Mayor Kennedy A RESOLUTION DETERMINING TO SUBMIT TO THE ELECTORS OF THE CITY THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF IMPROVING THE CITY'S PARK AND RECREATIONAL FACILITIES BY CONSTRUCTING, RENOVATING, REMODELING, ADDING TO, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING BUILDINGS, FACILITIES AND PLAYING FIELDS IN THE RECREATION CENTER COMPLEX AND NORTH OLMSTED COMMUNITY PARK AND IMPROVING EXISTING FACILITIES AT BARTON AND BRADLEY PARK AND FACILITIES ON OTHER CITY PROPERTIES FOR RECREATIONAL PURPOSES, IN EACH CASE PROVIDING SUPPORTING SITE, STREET, SIDEWALK AND PARKING IMPROVEMENTS AND NECESSARY APPURTENANCES AND WORK INCIDENTAL THERETO; AND DECLARING AN EMERGENCY. BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1. This Council finds, determines and declares that it is necessary to issue general obligation bonds of this City in the aggregate principal amount of $43,250,000 for the purpose of improving the City's park and recreational facilities by constructing, renovating, remodeling, adding to, furnishing, equipping and otherwise improving buildings, facilities and playing fields in the Recreation Center complex and North Olmsted Community Park and improving existing facilities at Barton and Bradley Park and facilities on other City properties for recreational purposes, in each case providing supporting site, street, sidewalk and parking improvements and necessary appurtenances and work incidental thereto (the Bonds), and to levy an additional tax outside of the 11.1 -mill limitation imposed by the Charter of the City to pay the debt charges on the Bonds and any anticipatory securities. Pursuant to the provisions of Section 133.18 of the Revised Code, the question of the issuance of the Bonds and the levy of that tax upon the entire territory of the City, all of which is located in Cuyahoga County, shall be submitted to the electors of the entire territory of the City at an election to be held on November 6, 2018. The approximate date of the Bonds will be February 1, 2019, and it is estimated accordingly that the tax for debt charges will first be levied in tax year 2018 and first be collected in calendar year 2019 and will continue to be levied annually in each tax year for collection in each calendar year in which debt charges on the Bonds and any anticipatory securities will be payable. The maximum number of years over which the principal of the Bonds may be paid is 24, and the Bonds will bear interest at a rate now estimated at 4.75% per year, payable semiannually. SECTION 2. The Clerk of Council is directed to certify a copy of this resolution to the County Fiscal Officer of Cuyahoga County for the certification of the total current tax valuation of the City and the estimated average annual property tax levy, expressed in dollars and cents for each $100 of tax valuation and in mills for each $1.00 of tax valuation, required throughout the maturity of the Bonds to pay the debt charges on the Bonds, assuming that they are all issued in one series