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ORDINANCE N0.2008-30
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF
<br />$3,700,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE
<br />OF ACQUIRING CERTAIN REAL ESTATE TOGETHER WITH THE
<br />EXISTING BUILDINGS AND OTHER STRUCTURES LOCATED
<br />THEREON AND ANY RELATED EQUIPMENT AND CERTAIN
<br />OTHER REAL ESTATE FOR RECREATIONAL PURPOSES,
<br />IMPROVING THE PARKS AND RECREATION SYSTEM OF THE
<br />VILLAGE BY ACQUIRING CERTAIN REAL ESTATE,
<br />CONSTRUCTING AND LIGHTING BALL FIELDS, TOGETHER
<br />WITH THE NECESSARY APPURTENANCES THERETO, AND
<br />OTHERWISE IMPROVING THAT SYSTEM, AND CONSERVING,
<br />PRESERVING AND ENHANCING THE AVAILABILITY OF OPEN
<br />SPACES IN THE VILLAGE BY ACQUIRING LAND OR INTERESTS
<br />THEREIN, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance Nos. 2007-20 and 2007-21, each passed August 13,
<br />2007, a consolidated note in anticipation of bonds in the consolidated amount of $3,810,000, dated
<br />September 10, 2007, was issued for the purposes identified in Section 1 hereof as Project Nos. 1, 2
<br />and 3, all pursuant to Section 133.30(B) of the Revised Code, to mature on September 10, 2008 (the
<br />Outstanding Note); and
<br />WHEREAS, this Council finds and determines that the Village should retire the
<br />Outstanding Note with the proceeds of the notes described in Section 3 and other funds available to
<br />the Village; and
<br />WHEREAS, on August 13, 2007, the Director of Finance, as fiscal officer of this
<br />Village, certified to this Council that the estimated life or period of usefulness of Project Nos. 1, 2
<br />and 3 and as described in Section 1 is at least five years and also certified as to the estimated
<br />maximum maturity of the bonds described in Section 1 and the notes described in Section 3, to be
<br />issued in anticipation of the bonds, and based thereon, this Council determines that the maximum
<br />maturity of those bonds is fourteen years with respect to Project No. 1, twenty-five years with
<br />respect to Project No. 2, and thirty years with respect to Project No. 3, and that the maximum
<br />maturity of those notes is September 29, 2017 with respect to Project No. 1, September 16, 2023
<br />with respect to Project No. 2, and September 11, 2026 with respect to Project No. 3;
<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 aggregate principal
<br />amount of $3,700,000 (the Bonds) for the purpose of acquiring certain real estate together with the
<br />existing buildings and other structures located thereon and any related equipment and certain other
<br />real estate for recreational purposes (Project No. 1), improving the parks and recreation system of
<br />the Village by acquiring certain real estate, constructing and lighting ball fields, together with the
<br />necessary appurtenances thereto, and otherwise improving that system (Project No. 2), and
<br />conserving, preserving and enhancing the availability of open spaces in the Village by acquiring
<br />land or interests therein (Project No. 3). It is determined by this Council that the portion thereof
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