The Board of Township Trustees of Richfield Township, Ohio met in regular session on July 20, 2006 at 7.00 p.m. at 4410 W. Streetsboro Road, Richfield, Ohio 44286, with the following members present:

Laurie Peters Gilmore David R. Wyatt



Laurie Peters Gilmore moved the adoption of the following resolution

David R. Wyatt seconded the motion:

RESOLUTION NO. 11-2006

A RESOLUTION DECLARING IT NECESSARY TO SUBMIT TO THE VOTERS OF THIS TOWNSHIP THE QUESTION OF ISSUING BONDS AND LEVYING A TAX FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, AND EQUIPPING A TOWN HALL AND OFFICES FOR TOWNSHIP, PARK, AND RECREATIONAL ADMINISTRATION, AND IMPROVING AN EXISTING SITE OR ACQUIRING AND IMPROVING A SITE FOR THE TOWN HALL AND OFFICES.

BE IT RESOLVED by the Board of Township Trustees, Richfield Township, County of Summit, State of Ohio:

Section 1: Findings and Determinations. This Board makes the following findings and determinations:

(a) It is necessary to issue bonds (the “Bonds”) of the Township for the purpose of constructing, furnishing, and equipping a town hall and offices for township, park, and recreational administration, and improving an existing site or acquiring and improving a site for the town hall and offices.

(b) It is necessary to levy a tax, outside of the ten-mill limitation imposed by Section 5705.02, Revised Code, to pay the debt charges on the Bonds and on any anticipatory securities issued in anticipation of the Bonds.

(c) All formal actions of this Board relating to the adoption of this resolution were taken in an open meeting of this Board, and all deliberations of this Board and of any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements including Section 121.22, Revised Code.

Section 2: Bond Terms. The Bonds will have the following terms:

(a) They will be issued in the amount of $ 875,000.

(b) They will be dated approximately December 1, 2006.

(c) They will bear interest at a rate presently estimated at 4.7 % per annum.

(d) They will mature over a period of years not to exceed 20 years.

Section 3: Certification to County Fiscal Officer. This Board authorizes and directs the Clerk of this Board to immediately certify a copy of this resolution to the Summit County Fiscal Officer for calculation of the average annual property tax levy, expressed in dollars and cents for each one hundred dollars of tax valuation and in mills for each one dollar of tax valuation, required throughout the stated maturity of the Bonds to pay the debt charges on the Bonds, assuming that they are all issued in one series, bearing interest at 4.7 % per annum and maturing in substantially equal principal amounts in each year over 20 years, and that the amount of the tax valuation for this Township remains the same throughout the maturity of the Bonds.

Section 4. Election. Under the provisions of Section 133.18, Revised Code, the questions of issuing the Bonds and levying the tax levy will be submitted to the voters of the Township at the November 7, 2006 general election.

Section 5: Effective Date. This Resolution shall be in full force and effect immediately upon its adoption.

Upon roll call on the adoption of the Resolution, the vote was as follows:


Laurie Peters Gilmore Yes

David R. Wyatt Yes

Shano Cica-Mraz Absent from meeting



This is an accurate excerpt of the minutes of the meeting of the Board of Township Trustees of Richfield Township, Ohio on July 20, 2006.



Township Administrator
Richfield Township, Ohio

Date: July 20, 2006



Page last updated on: 08/18/2006
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