Laserfiche WebLink
-2 - <br />will be payable. The maximum number of years over which the principal of the Bonds may be paid <br />is 24, and the Bonds will bear interest at a rate now estimated at 4.75% per year, payable <br />semiannually. <br />SECTION 2. The Clerk of Council is directed to certify a copy of this resolution to the <br />County Fiscal Officer of Cuyahoga County for the certification of the total current tax valuation of <br />the City and the estimated average annual property tax levy, expressed in dollars and cents for each <br />$100 of tax valuation and in mills for each $1.00 of tax valuation, required throughout the maturity <br />of the Bonds to pay the debt charges on the Bonds, assuming that they are all issued in one series <br />and that the tax valuation of the City for the current year remains the same throughout the maturity <br />of the Bonds. <br />SECTION 3. This Council finds and determines that all formal actions of this Council <br />and of any of its committees concerning and relating to the adoption of this resolution were taken, <br />and all deliberations of this Council and of any of its committees that resulted in those formal <br />actions were held, in meetings open to the public in compliance with the law. <br />SECTION 4. This resolution is declared to be an emergency measure necessary for the <br />immediate preservation of the public peace, health, safety and welfare of this City and for the <br />further reason that this resolution is required to be immediately effective to enable the City to <br />proceed timely with the filing of the materials necessary for the submission of the question of the <br />bond issue to the electors at the election stated in Section 1; wherefore, this resolution shall be in <br />full force and effect immediately upon its adoption and approval by the Mayor. <br />Adopted: 92018 <br />Attest: <br />Clerk of Council <br />Approved: 12018 <br />Mayor <br />President of Council <br />