Northfield Center to Consider Approval of a Resolution to Proceed with Bond Issue

The Northfield Center trustees will be holding a Special Meeting, followed immediately by a Work Session, on Monday, July 15, 2019, beginning at 6 pm, at NCT Town Hall.  The purpose of the Work Session is to discuss Service Department operations.  The Special Session has two purposes:

1) To provide a forum for representatives from Summit County to present a grant check, for ditch maintenance activities, to VFW Post 6768; and

2) To consider approval of a Resolution to Proceed with a bond issue, which would be included in the November 5, 2019 election ballot, for the purchase of 9447 Olde Eight Road.

Editor’s note: You may recall, Northfield Center would like to purchase the property on Olde Eight for the purpose of converting the existing structure to a new Northfield Center Town Hall.

The County Fiscal Officer of Summit County, Ohio, does hereby certify the following: 

1. On July 2, 2019, the taxing authority of the Northfield Center Township certified a copy of its Resolution No. 19/07–01E adopted July 1, 2019, declaring the necessity of issuing bonds in the aggregate principal amount of $1,400,000 and levying a tax outside the ten-mill limitation for the purposes set forth in that resolution to be placed on the ballot at the November 5, 2019, election. 
2. The estimated average annual property tax levy required throughout the stated maximum maturity of the bonds to pay the interest on the bonds and retire the principal over 30 years is calculated to be .47 mills for each one dollar of tax valuation, which is 4.70 cents ($.047) for each one hundred dollars of tax valuation.
3. The total tax valuation of the subdivision used in calculating the average annual property tax levy is $163,686,100.

See Complete Packet for the Special Meeting here