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ORDINANCE NO. 94- 18
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole.
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $200,000
<br />OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS TO PAY COSTS OF IMPROVING, IN COOPERATION
<br />WITH CUYAHOGA COUNTY, THE 1NTERSECTION OF S.O.M. CENTER
<br />ROAD AND HIGHLAND ROAD BY WIDENING, CONSTRUCTING TURNING
<br />LANES, PAVING AND INSTALLING TRAFFIC SIGNALIZATION,
<br />GUARDRAILS, CURBS, GUTTERS AND STORM SEWERS AND OTHER
<br />DRAINAGE FACILITIES, TOGETHER WITH NECESSARY APPURTENANCES
<br />THERETO, AND DECLARING AN EMERGENCY.
<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 20 years, and the maximum maturity of the notes described in Section 3, to be
<br />issued in anticipation of the bonds, is 20 years;
<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 $200,000 (the Bonds) to pay costs of improving, in cooperation with Cuyahoga
<br />County, the intersection of S.O.M. Center Road and Highland Road by widening, constructing
<br />turning lanes, paving and installing traffic signalization, guardrails, curbs, gutters and storm
<br />sewers and other drainage facilities, together with necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately March 1, 1995, 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 in twenty 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 $200,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds. The Notes shall bear interest at the rate of 3.10% per year (computed
<br />on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as
<br />provided for in Section 4 of this ordinance and until the principal amount is paid or payment
<br />is provided for. If requested by the Original Purchaser, the Notes may provide that, in the event
<br />the Village does not pay or make provision for payment at maturity of the debt charges on the
<br />Notes, the principal amount of the Notes shall bear interest at a different rate not to exceed
<br />10-1/2% per year from the maturity date until the Village pays or makes provision to pay that
<br />principal amount. That rate of interest shall be determined by the Director of Finance in the
<br />certificate signed in accordance with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in lawful money of the
<br />United States of America, or in Federal Reserve funds of the United States of America, if so
<br />requested by the Original Purchaser, 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
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