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ORDINANCE NO. 95-13
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $100,000
<br />OF NOTES OF HAYFIELD VII,LAGE, OHIO, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS TO PAY COSTS OF ACQUIRING A FIRE TRUCK
<br />WITH APPURTENANT EQUIPMENT, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance Nos. 94-17 and 94-18, both passed on March 21,
<br />1994, there was issued a $420,000 Various Purpose Improvement Note, dated March 24, 1994,
<br />and maturing on March 24, 1995, in anticipation of the issuance of bonds, of which $220,000
<br />was used for the purpose described in Section 1 (the Fire Truck Project); and
<br />WHEREAS, this Council has determined to apply $120,000 from funds available
<br />to the Village to the principal amount of that note issued for the Fire Truck Project at maturity
<br />and to refund the balance of the principal amount issued for the Fire Truck Project with the
<br />proceeds of the notes herein authorized; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this Village, has certified
<br />to this Council that the estimated life or period of usefulness of the improvement described in
<br />Section 1 is at least five years, the estimated maximum maturity of the bonds described in
<br />Section 1 is 10 years, and the maximum maturity of the notes described in Section 3, to be
<br />issued in anticipation of the bonds, is March 24, 2008;
<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 $100,000 (the Bonds) to pay costs of acquiring a fire truck with appurtenant
<br />equipment.
<br />Section 2. The Bonds shall be dated approximately March 1, 1996, shall bear
<br />interest at the now estimated rate of 6% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature m ten annual principal installments that are
<br />substantially equal.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $100,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds to refund, together with other funds appropriated for that purpose, the
<br />notes dated March 24, 1994. The Notes shall bear interest at the rate of 4.50% per year
<br />(computed on a 360-day per year basis), payable at maturity or at any date of earlier
<br />prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid
<br />or payment is provided for. That rate of interest shall be determined by the Director of Finance
<br />in the certificate signed in accordance with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in Federal Reserve funds
<br />- of the United States of America and shall be payable, without deduction for services of the
<br />Village's paying agent, at the main office of Society National Bank, Cleveland, Ohio, or at the
<br />principal office of a bank or trust company requested by the Original Purchaser, provided that
<br />such request shall be approved by the Director of Finance after determining that the payment
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