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RESOLUTION N0. ,;~' o v <br />BY: Mr. Schwenk. RESOLUTION DEEMING IT NECESSARY AND DETERMINING <br />TO ACQUIRE REAL ESTATE FOR FUTURE CONSTRUCTION <br />OF FIRE HOUSES AND THE PURCHASE OF FIRE APPARATUS <br />AND TO SUBMIT TO THE ELECTORS OF THE CITY OF <br />NORTH Oi~lSTED, OHIO, AT THE NOVEMB$R 2ND, 1954 <br />GENERAL ELECTION .A BOND ISSUE OF X50,000.00 T© <br />PAY FQR SAME. <br />WHEREAS, it is deemed necessary and conducive to the public <br />health, safety and welfare, to acquire real estate for future con- <br />struction of necessary fire houses and to purchase fire apparatus, <br />NOW, THEREFORE, BE IT RESOLVED BY T.TiE COUNCII. OF THE CITY <br />OF NORTH OLMSTED, STATE' OF OHIO: <br />Section 1. That it is necessary to issue the bonds of said <br />City in an amount which this Council estimates as Fifty Thousand <br />Dollars {$50,000.00); that it is necessary to levy a tax outside of <br />the ten mill limit to pay the interest on and to retire said bonds; <br />that the question of issuance of said bonds and the levy of such tax <br />be submitted to the electors of said City at the next November elec- <br />tion; that this Council estimates that said bonds will be authorized <br />by resolution passed prior to the 15th day of Ju1~q, 1955, and that <br />the approximate date of said bonds will b® April 1, 1955; that this <br />Council estimates that these bonds will be paid in annual installments <br />maturing in substantially equal amounts during a period of fourteen <br />years after the authorization thereof; that said bonds will bear <br />interest at the rate now estimated at three {3°~) per centum per annum, <br />payable semi-annually. <br />Section 2:, That the Clerk of this Council be and he is <br />hereby directed to certify a copy of this resolution to the County <br />Auditor of Cuyahoga County far his calculation of the average annual <br />tax levy required throughout the life of the bonds, to pay the in- <br />terest and to retire such bonds, assuming that they are all issued <br />in one series and that the amount of the tax list of this City remains <br />the same throughout the life of said bonds, which certification shall <br />be made not less than sixty (60) days prior to such November elect,an. <br />Section ~ That this Resolution is hereby declared tv be <br />an emergency ~aeasure necessary for the immediate preservation of the <br />public health, safety and welfare for the reasons stated in the <br />preamble hereof, and so that the proposed bond issue can be submitted <br />to the Electors November 2nd, 195., and provided it receives the <br />affirmative vote of two-thirds of all members elected to Council, <br />it shall take effect and be in fore i~nediately upon it$ passage <br />and approval by the Mayor, <br />PASSED : ~~~ ,T„~ <br />ATTEST: <br />~._~ <br />,~= f ~ <br />r <br />hris rya ,~--~ 3,erk of Council <br />APPROVED <br />Charles B. Lewis, Mayor <br />G~~f ~~~ <br />E. W, Baumgar esident <br />of o cil <br />~.. <br />!~ <br />d <br />,, <br />J <br />O <br />v <br />~'~ i ~ t v <br />~ ~~ ; ~: , z <br />~--' <br />