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CITY OF NORTH OLMSTED
<br />RESOLUTION NO. 2018 - 74
<br />BY: Mayor Kennedy
<br />A RESOLUTION DETERMINING TO PROCEED TO SUBMIT TO THE
<br />ELECTORS OF THE CITY THE QUESTION OF ISSUING BONDS, IN THE
<br />AGGREGATE PRINCIPAL AMOUNT OF $43,250,000, 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 BUILDINGS,
<br />FACILITIES AND PLAYING FIELDS IN THE RECREATION CENTER
<br />COMPLEX AND NORTH OLMSTED COMMUNITY PARK AND IMPROVING
<br />EXISTING FACILITIES AT BARTON AND BRADLEY PARK AND
<br />FACILITIES ON OTHER CITY PROPERTIES FOR RECREATIONAL
<br />PURPOSES, IN EACH CASE PROVIDING SUPPORTING SITE, STREET,
<br />SIDEWALK AND PARKING IMPROVEMENTS AND NECESSARY
<br />APPURTENANCES AND WORK INCIDENTAL THERETO; AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, on July 10, 2018, this Council adopted Resolution No. 2018-71 declaring the
<br />necessity of submitting to the electors of this City at an election to be held in the City on November 6, 2018,
<br />the question of issuing bonds in the aggregate principal amount of $43,250,000 for the purpose set forth in
<br />Section 1 (the Bonds) and levying a tax to provide for the payment of debt charges on the Bonds and any
<br />anticipatory securities, a copy of which resolution was certified to the Cuyahoga County Fiscal Officer; and
<br />WHEREAS, on July 11, 2018, the Cuyahoga County Fiscal Officer certified to this Council that
<br />the total current tax valuation of the City is $788,992,320 and the estimated average annual property tax levy
<br />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 November 6, 2018, the question
<br />of issuing the Bonds in the aggregate principal amount of $43,250,000 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 buildings, facilities and playing fields in the Recreation Center complex and North
<br />Olmsted Community Park and improving existing facilities at Barton and Bradley Park and facilities on other
<br />City properties for recreational purposes, in each case providing supporting site, street, sidewalk and parking
<br />improvements and necessary appurtenances and work incidental thereto, and levying a tax upon the entire
<br />territory of the City to pay the debt charges on the Bonds and on any notes issued in anticipation of the Bonds.
<br />The average annual property tax levy required throughout the stated maturity of the Bonds to pay the debt
<br />charges on the Bonds has been estimated by the Cuyahoga County Fiscal Officer to be 3.60 mills for each $1.00
<br />of tax valuation, which amounts to 36.0 cents for each $100 of tax valuation, and this Council estimates that
<br />the tax for debt charges on the Bonds and any anticipatory securities will first be levied in tax year 2018 and
<br />first due and collected in calendar year 2019.
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