|
ORDINANCE N0.2004- 3 5
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF $4,500,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, iN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF ACQUIRING CERTAIN REAL ESTATE TOGETHER
<br />WITH- THE EXISTING BUILDINGS AND OTHER STRUCTURES
<br />LOCATED THEREON AND ANY RELATED EQUIPMENT AND
<br />CERTAIN OTHER REAL ESTATE FOR RECREATIONAL
<br />PURPOSES, CONSTRUCTING FACILITIES FOR STORM WATER
<br />MANAGEMENT AND WETLANDS PRESERVATION, INSTALLING
<br />ROADWAY SAFETY AND MESSAGE SIGNAGE AND
<br />SIGNALIZATION AT THE INTERSECTIONS OF NORTH
<br />COMMONS BOULEVARD AND WHITE ROAD, PARKVIEW DRIVE
<br />AND S.O.M. CENTER ROAD, WHITE ROAD AND S.O.M. CENTER
<br />ROAD AND SANDALWOOD DRIVE AND S.O.M. CENTER ROAD,
<br />AND IMPROVING THE PARKS AND RECREATION SYSTEM OF
<br />THE 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 DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance Nos. 2003-29 and 2003-30, each passed August
<br />18, 2004, a $4,900,000 note in anticipation of bonds, dated September 16, 2003, was issued for the
<br />respective purposes identified in Section 1 hereof as Project Nos. 1 through 4 and as a
<br />consolidated issue pursuant to Section 133.30(B) of the Revised Code (the Outstanding Note) to
<br />mature on September 16, 2004; 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
<br />to the Village; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this Village, has certified to
<br />this Council that the estimated life or period of usefulness of Project No. 1, Project No. 2, Project
<br />No. 3, and Project No. 4 as described in Section 1 is at least five years, the estimated maximum
<br />maturity of the bonds described in Section 1 is eighteen years with respect to Project No. 1, and
<br />forty years with respect to Project No. 2, twenty years with respect to Project No. 3, and twenty-
<br />five years with respect to Project No. 4, the maximum maturity of the notes described in Section 3,
<br />to be issued in anticipation of the bonds, is September 29, 2017 with respect to Project No. 1,
<br />September 27, 2019 with respect to Project Nos. 2 and 3, and September 16, 2023 with respect to
<br />Project No. 4, and that the portion of that principal amount with respect to Project No. 1 is
<br />$3,250,000, with respect to Project No. 2 is $175,000, with respect to Project No. 3 is $175,000,
<br />and with respect to Project No. 4 is $900,000;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village,
<br />Cuyahoga County, Ohio, that:
<br />
|