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.. • CITY OF NORTH OLMSTED RESOLUTION NO. 97-16 BY: Mayor Boyle A RESOLUTION DETERMINING TO PROCEED WITH THE SUBMISSION TO THE ELECTORS OF THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND OTHERWISE IlVIPROVING A FREE PUBLIC LIBRARY BUII.DING AND PREPARING, LANDSCAPING AND OTHERWISE IMPROVING ITS SITE; AMENDING SECTION 1 OF RESOLUTION NO. 97-13; AND DECLARING AN EMERGENCY. WHEREAS, on February 5, 1997, this Council adopted Resolution No. 97-13 determining to submit to the electors of this City the question of the issuance of bonds in the principal amount of $4,975,000 (the Bonds) for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and preparing, landscaping and otherwise improving its site, and to levy a tax to pay debt charges, a copy of which resolution was certified to the County Auditor; and WHEREAS, the County Auditor of Cuyahoga County has certified to this Council that the estimated average annual property tax levy throughout the maturity of the Bonds that would be required to pay the principal of and interest on the Bonds (debt charges), calculated in the manner provided in Section 133.18(C) of the Revised Code, is .6054 of a mill for each $1.00 of tax valuation, which amounts to 6.054 cents for each $100 of tax valuation; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1. This Council determines to proceed with submitting tv the electors pursuant to Section 133.18 of the Revised Code, at an election to be held on May 6, 1997, the question of issuing the Bonds in the amount of $4,975,000 for the purpose of constructing, furnishing, equipping. and otherwise improving a free public library building and preparing, landscaping and otherwise improving its site and levying a tax to pay the debt charges on the Bonds and on any notes issued in anticipation of the Bobes. The average annual property tax levy required to pay principal of and interest on the Bonds has been estimated by the County Auditor to be .6054 of a mill for each $1.00 of valuation, which amounts to 6.054 cents for each $100 of valuation. SECTION 2. The Clerk of Council is directed to certify to the Board of Elections not later than February 20, 1997: (i) a copy of Resolution No. 97-13 declaring the necessity of the bond issue and providing for the principal of the Bonds to be paid over a maximum of twenty years, and which number of years is certified to the Board of Elections; (ii) the certification by the County Auditor as to the estimated average annual property tax levy; and (iii) a copy of this resolution. This Council requests that the Board of Elections give notice of the election and prepare the necessary ballots and supplies for the election in accordance with law. ... .\rYli~ :~.-...,_...~D 1'c'.-p:#4..... .. ~.a7!Gi'VISV!l~xCSL9~.fTW~M.e~yM.i e.._..