1995 012 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 95-12 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $2,800,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF CONSTRUCTING, FURNISHING AND EQUIPPING A NEW FIRE STATION, AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance, as fiscal officer of this Village, 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 estimated maximum maturity of the bonds described in Section 1 is 20 years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is 20 years; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this Village in the aggregate principal amount of $2,800,000 (the Bonds) to pay costs of constructing, furnishing and equipping a new fire station. Section 2. The Bonds shall be dated approximately March 1, 1996, shall bear interest at the now estimated rate of 7% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $2,800,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at the rate of 4.50% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. That rate of interest shall be determined by the Director of Finance in the certificate signed in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds of the United States of America and shall be payable, without deduction for services of the Village's paying agent, at the main office of Society National Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the Original Purchaser, provided that .such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will adequately protect the funds of the Village and that proper procedures and safeguards are available for that purpose (Paying Agent). The Notes shall be dated as of their date of issuance, and shall mature one year from that date, provided that the Director of Finance may, if it is determined to be necessary or advisable to the sale of the Notes, establish a maturity date that is up to seven days less than one year from the date of issuance by setting forth that maturity date m the certificate signed in accordance with Section 6 of this ordinance. If agreed to by the Original Purchaser, the Notes shall be prepayable without penalty or premium at the option of the Village at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Paying Agent of the principal amount of the Notes together with interest accrued thereon to the