1993 012 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 93-12 INTRODUCED BY : MAYOR BRUCE G . R I NKER & COUNC I L AS A WHOLE . AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $390,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF ACQUIRING A FIRE TRUCK WITH APPURTENANT EQUIPMENT, 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 10 years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is 15 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 $390,000 (the Bonds) to pay costs of acquiring a fire truck with appurtenant equipment. Section 2. The Bonds shall be dated approximately March 1, 1994, shall bear interest at the now estimated rate of 6% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in ten 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 $390,000 (the Notes) shall be is- sued in anticipation of the issuance of the Bonds. The Notes shall bear interest at the rate of 2.70% per year (computed on a 360-day per year basisj, 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. If requested by the Original Purchaser, the Notes may provide that, in the event the Village does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate not to exceed 10-1/2% per year from the maturity date until the Village pays or makes provision to pay that principal amount. 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 ].awful. money of the United States of America, or in Federal Reserve funds of the United States of America, if so requested by the Original Purchaser, and shall be payable, without deduction for services of the Village's paying agent, at the main office of Society National Banlc, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the Original Purchaser,