1989 040 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 89- 40 Il•dTRODUCED BY: MAYOR CARMEN AND THE ENTIRE COUNCIL 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 EMERGENCY. WHEREAS, pursuant to Ordinance No. 87-45, passed on December 21, 1987, notes in anticipation of bonds in the amount of $450,000 were issued for the purposes stated in Section 1, which were refunded at maturity with the proceeds of $450,000 Water Main Construction Notes, dated November 15, 1988, and maturing on November 15, 1989, issued in anticipation of bonds pursuant to Ordinance No. 88-38, passed on October 17, 1988, which this Council has deter- mined to refund at maturity with the proceeds of the notes authorized by this ordinance; and WHEREAS, the Director of Finance as fiscal officer of this Vil.lage 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 ma.turity 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 December 29, 2007; 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 October 1, 1990, shall Uear 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 principal amount of $450,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to refund the notes dated November 15, 1988. The Notes shall bear interest at a rate or rates not