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ORDINANCE N0.2008-29
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF
<br />NOTES OF HAYFIELD VILLAGE, OHIO, IN THE MAXIMUM
<br />PRINCIPAL AMOUNT OF $2,250,000, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS FOR THE PURPOSE OF CONSTRUCTING,
<br />EQUIPPING, FURNISHING, IMPROVING THE SITE OF, AND
<br />OTHERWISE IMPROVING A NEW POLICE STATION, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2006-31 passed August 28, 2006, bonds in the
<br />aggregate principal amount of $4,500,000 were issued for the purpose identified in Section 1 hereof;
<br />and
<br />WHEREAS, this Council finds and determines that additional moneys are needed for
<br />that purpose; and
<br />WHEREAS, on August 28, 2006, the Director of Finance, as fiscal officer of this
<br />Village, certified to this Council that the estimated life or period of usefulness of that project is at
<br />least five years and also certified that the estimated maximum maturity of bonds issued for that
<br />project is at least twenty years, and, based thereon, this Council determines that the maximum
<br />maturity of the bonds described in Section 1 is at least twenty years and that, as provided in Section
<br />133.22 of the Ohio Revised Code, the maximum maturity of the notes described in Section 3, to be
<br />issued in anticipation of the bonds, is twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this Village in the maximum aggregate
<br />principal amount of $2,250,000 (the Bonds) for the purpose of constructing, equipping, furnishing,
<br />improving the site of, and otherwise improving a new police station. The Bonds shall be issued in
<br />one series in an aggregate principal amount determined by the Mayor in the certificate awarding the
<br />Notes in accordance with Section 6 (the Certificate of Award).
<br />Section 2. The Bonds shall be dated approximately September 1, 2009, shall bear
<br />interest at the now estimated rate of 6% per year, payable on June 1 and December 1 of each year,
<br />commencing December 1, 2009, until the principal amount is paid, and are estimated to mature in
<br />twenty annual principal installments that are substantially equal. The first principal installment is
<br />estimated to be made on December 1, 2010.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />maximum aggregate principal amount of $2,250,000 (the Notes) shall be issued in anticipation of
<br />the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 6% per year
<br />(computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity
<br />and until the principal amount is paid or payment is provided for. The aggregate principal amount
<br />of the Notes and the rate or rates of interest on the Notes shall be determined by the Mayor in the
<br />Certificate of Award. The Notes shall be dated as of their date of issuance, and shall mature one
<br />year from that date, provided that the Mayor may, if it is determined to be necessary or advisable to
<br />the sale of the Notes, establish a maturity date that is up to thirty days less than one year from the
<br />date of issuance by setting forth that maturity date in the Certificate of Award.
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