1985 003 Ordinance - Laserfiche WebLink

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? ORDINANCE N0. 85- 3 INTRODUCED BY: Mayor Carmen and Council as a Whole. AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $83,000 OF BONDS OF MAYFIELD VILLAGE IN ANTICI- PATION OF THE COLLECTION OF SPECIAL ASSESSMENTS HERETOFORE LEVIED TO PAY THE PROPERTY OWNERS' PORTION AND THE VILLAGE'S PORTION OF THE COST OF IMPROVING BEECH HILL ROAD BETWEEN CERTAIN TERMINI BY RECONSTRUCTING THE ROADWAY, PAVING AND PROVID- ING ALL APPURTENANCES NECESSARY THERETO, AND DE- CLARING AN EMERGENCY, WHEREAS, this Council has heretofore declared the necessity of con- structing the improvement hereinafter described, caused the construction of such improvement to be completed, the final costs thereof to be determined and assessments for a portion of such costs to be levied; and WHEREAS, pursuant to Ordinance No< 84-28, passed April 23, 1984, there were issued $87,000 of notes in anticipation of the issuance of bonds to pay the property owners' portion and the Village's portion of the cost of such improvement, and Council has determined to retire such notes with the proceeds of the bonds herein authorized and other funds appropriated for such purpose; 1AMN6, and WHEREAS, the Director of Finance as fiscal officer of this Village has certified to this Council that the estimated life or usefulness of the improvement described in Section 1 is at least five years and the maximum maturity of the bonds referred to in Section 1 is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this Village (the Bonds) in the aggregate principal amount of $83,000 to pay the property own- ers' portion, in anticipation of the collection of special assessments hereto- fore levied, and the Village's portion of the cost of improving Beech Hill Road by reconstructing the roadway, paving and providing all appurtenances necessary thereto, between the termini and in the manner provided in Resolu- tion No. 83-7, adopted March 21, 1983. The property owners' portion of that amount is $61,366.82 and the Village's portion is $21,633.18. Section 2. The Bonds shall be issued, in one lot, only as fully registered Bonds, registered as to both principal and interest, in the denom- inations of $1,000 or any integral multiple thereof but not exceeding the principal amount of the Bonds maturing on any one date, provided, if the pur- chaser shall so elect, a single bond, in printed or typewritten form, may be issued to evidence the entire issue; shall be numbered as determined by the Igailk Director of Finance; and shall be dated as of April 1, 1985.