1987 045 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 87-45 INTRODUCED BY: MAYOR FRED N. CARMEN AND COUNCIL AS A.WHOLE. AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $450,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF CONSTRUCTING, IN COOPERATION WITH CUYAHOGA COUN- TY, WATER MAINS, TOGETHER WITH THE NECESSARY APPUR- TENANCES THERETO, IN WILSON MILLS ROAD FROM S.O.M. CENTER ROAD TO THE WESTERLY CORPORATE LIMITS, AND DECLARING AN EMERGENCYe WHEREAS, the Director of Finance as fiscal officer of this Village has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 1 is at least five years, the maximum maturity of the bonds referred to in Section 1 is forty years, and the maximum maturity of the notes referred to in Section 3, to be issued in anticipation of the bonds, is twenty years, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, State of Ohio, that: Section 1: It is necessary to issue bonds of this Village in the principal amount of $450,000 (the Bonds) to pay costs of constructing, in cooperation with Cuyahoga County, water mains, together with the necessary appurtenances thereto, in Wilson Mills Road from S.O.M. Center Road to the westerly corporate limits. Section 2. The Bonds shall be dated approximately December 1, 1988, shall bear interest at the now estimated rate of 9% per year, payable semi- annually until the principal amount is paid, and shall mature in twenty sub- stantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate pr3.ncipal amount of $450,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at the rate of 5.72% per year (computed on a 360-day per year basis), payable at maturity, and until the Village pays or makes provision to pay that principal amount. Section 4. The principal of and interest on the Notes shall be pay- able in Federal Reserve funds of the United States of America, without deduc- tion for services of the Village's paying agent, at the main office of The Central Trust Company, NmA., Cincinnati, Ohioe The Notes shall be dated December 29, 1987, and shall mature on December 29, 1988.