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RESOLUTION N0. 216$. BY: Mr. Kramer. RESOLUTION DEC~,ARING THE NECESSITY OF ISSUING BONDS OF THE CITY OF NORTH OI.MSTED, OHIO, IN THE PRINCIPAL AMOUNT OF 110,000.00, FOR THE ERECTION OF TWO FIDE HOUSES:, AND FIXING THE APPROXIMATE DATE:, INTEREST RATE AND MATURITY AND DECLARING THE NECESSITY OF THE LEVX ~?F A TAX OUTSIDE OF THE LIMITATION It+~FOSED BY ARTICLE XII, SECTION 2 OF THE CON- STITUTION OF OHIO TO PAY THE INTEREST OF AND RETIRE SUCH BONDS. WHEREAS., this Council determines the issuance of bonds to be immediately necessary for the construction of two fireproof buildings to be used as fire houses, as well as equipment and furnishings for the same:, and WHEREAS., the law requires adopting of the legislation there- fore more than 90 daps prior to the election at which it is desired to submit the question, and time is of the essence. NOW, THEREFO~tE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, STATE OF OHIO: Section 1 It is hereby declared necessary to issue bonds of the City o orth Olmsted, Ohio, in the principal amount of X140,000.00 for the purpose of constructing two fireproof buildings; to be used as fire houses, and the purchase of necessary equipment and furnishings for the same. Section 2. That it is necessary to levy a tax outside of the limitation p sec .~y Article XII, Section 2 of the Constitution of the State of Ohio in order to pay the interest on and retire said bonds; that the question of the issuance of said bonds and the levy of such tax shall be submitted to the Electors of the City of North Olmsted, Ohio, at the next General Election to be held November $th, 1955; that this Council estimates the approximate date of said bonds will be March 1st, 1956;, that said bonds will be payable in twenty annual in- stallments maturing in substantially equal amounts during a period of twenty (20~ years after the authorization thereof;.; and that said bonds will bear interest at a rate not exceeding three percent (3~) per an- num, payable semi-annually. Section That the Clerk of this Council shall deliver a certified cop +~is Resolution to the County Auditor of Cuyahoga County, Ohio at least one hundred ten (110 days prior to November nth, 1955, for his calculation of the average annual tax levy required throughout the life of said bonds, to pay the interest on and retire each bonds, assuming that the said bonds are all issued in one series and that the amount of the tax list of the City of N©rth Olmsted, Ohio, remains, throughout the life of said bonds, the same as the amount of the tax list for the current year. Se_ t1O= That this Resolution is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, peace, safety and welfare, for the reasons stated in the preamble hereof, and also as said building, equip~ent and furnish- ~~ ings are immediately needed for efficient daily operations of the safety department of the City of North Olmsted, Ohio. PASSED: ATTEST: APPRUV ~ll Charles ewis, yor ~1'~~~~ ~~~`~