1980 035 Ordinance - Laserfiche WebLink

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BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD VILLAGE, STATE OF OHIO: Section l: That existing Sections 2 and 3 of Ordinance No. 80-31, as adopted by this Council on the 25th day of April, 1980 be and the same are hereby amended to read as follows: "Section 2. That the Bonds shall be issued pursuant to the provisions of the Constitution of the State of Ohio, the laws of the State of Ohio, including, without limitation, Chapter 133 of the Revised Code of the State of Ohio, the Charter of Mayfield Village, Ohio and the Codified Ordinances of Mayfield Village, Ohio, 1979, as amended, in the aggregate principal amount of Four Thousand Five Hundred Dollars ($4,500.00) for the purpose aforesaid. The Bonds shall be designated "Echo Drive Repaving and Reditching Bonds"; shall be of the denomination of One Hundred Dollars ($100.00) each or any multiple thereof; shall be dated approximately June 1, 1981; shall bear interest at a rate now estimated to be eight per centum (8%) per annum, payable semiannually until the principal amount is paid; and shall be drawn to mature in ten (10) substantially .equal annual installments after the issuance thereof. Section 3. That it is necessary and this Council determines that a note (the "Note") in .the principal amount of Four Thousand Five Hundred Dollars ($4,500) shall be issued in anticipation of the issuance of a like principal amount of the Bonds for the purpose aforesaid. The Note shall be executed by the Mayor and the Director of Finance; shall bear interest at the rate of nine and five-tenths per centum (9.5%) per annum, payable at maturity and, in the event of default, ten and five-tenths per centum (10.5°J°) per annum thereafter until the prin- cipal amount is paid; shall be dated June 19, 1980; shall mature on June 18, 1981; shall be redeemable at the option of the Village prior to maturity at par plus accrued interest to -2-