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<br />ORDINANCE NO. 2002- 27 PAGE 2
<br />19, 2021 with respect to Project No. 4, and that the portion of that principal amount with respect to
<br />Project No. 1 is $3,850,000, with respect to Project No. 2 is $200,000, with respect to Project No.
<br />3 is $200,000, and with respect to Project No. 4 is $250,000;
<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 $4,500,000 (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), constructing facilities for storm water
<br />management and wetlands preservation (Project No. 2), installing roadway safety and message
<br />signage and signalization at the intersections of North Commons Boulevard and White Road,
<br />Parkview Drive and S.O.M. Center Road, White Road and S.O.M. Center Road and Sandalwood
<br />Drive and S.O.M. Center Road (Project No. 3), and acquiring certain real estate and the buildings
<br />thereon for municipal functions, all as further described and shown in the Agreement identified in
<br />the preambles hereto (Project No. 4). The portion thereof with respect to Project No. 1 is
<br />$3,850,000, with respect to Project No. 2 is $200,000, with respect to Project No. 3 is $200,000,
<br />and with respect to Project No. 4 is $250,000.
<br />Section 2. The Bonds shall be dated approximately September 1, 2003, 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, 2003, 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 December 1, 2004.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $4,500,000 (the Notes) sha11 be issued in anticipation of the
<br />issuance of the Bonds and to retire, together with other funds available to the Village, the
<br />Outstanding Note. 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. If requested by the original
<br />purchaser, the Notes may provide that, in the event the Village does not pay or make provision for
<br />payment at maturity of the debt charges on the Notes, the principal amount of the Notes sha11 bear
<br />interest at a different rate or rates not to exceed 10%2% per year from the maturity date until the
<br />Village pays or makes provision to pay that principal amount. That rate or rates of interest shall be
<br />determined by the Director of Finance in the certificate awarding the Notes in accordance with
<br />Section 6(the Certificate of Award). The Notes shall be dated as of their date of issuance, and
<br />shall mature one year from that date, provided that the Director of Finance may, if it is determined
<br />to be necessary or advisable to the sale of the Notes, establish a maturity date that is up to seven
<br />days less than one year from the date of issuance by setting forth that maturity date in the
<br />Certificate of Award.
<br />Section 4. The debt charges on the Notes sha11 be payable in Federal Reserve funds of
<br />the United States of America and shall be payable, without deduction for services of the Village's
<br />paying agent, at the principal office of a bank or trust company designated by the Director of
<br />Finance after deternuning that the payment at that bank or trust company will adequately protect
<br />the funds of the Village and that proper procedures and safeguards are available for that purpose,
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