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ORDINANCE N0.2007- 20
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF $1,950,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF ACQUIRII`1G CERTAIN REAL ESTATE TOGETHER
<br />WITH THE EXISTING BUILDINGS AND OTHER STRUCTURES
<br />LOCATED THEREON AND ANY RELATED EQUIl'MENT AND
<br />CERTAIN OTHER REAL ESTATE FOR RECREATIONAL
<br />PURPOSES, AND IMPROVING THE PARKS AND RECREATION
<br />SYSTEM OF THE VILLAGE BY ACQUIRING CERTAIN REAL
<br />ESTATE, CONSTRUCTING AND LIGHTING BALL FIELDS,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, AND OTHERWISE IMPROVING THAT SYSTEM, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2006-28, passed July 17, 2006, a note in
<br />anticipation of bonds in the amount of $3,000,000, dated September 11, 2006, was issued for the
<br />purposes identified in Section 1 hereof as Project No. 1 and Project No. 2 and combined with
<br />another note issue of the Village into a consolidated issue, all pursuant to Section 133.30(B) of the
<br />Revised Code, to mature on September 11, 2007 (the Outstanding Note); and
<br />WHEREAS, this Council finds and determines that the Village should retire a portion
<br />of the Outstanding Note with the proceeds of the notes described in Section 3 and other funds
<br />available 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 and Project No. 2 and
<br />as described in Section 1 is at least five years, the estimated maximum maturity of the bonds
<br />described in Section 1 is fifteen years with respect to Project No. 1 and twenty-five years with
<br />respect to Project No. 2, the maximum maturity of the notes described in Section 3, to be issued in
<br />anticipation of the bonds, is September 29, 2017 with respect to Project No. 1 and September 16,
<br />2023 with respect to Project No. 2, and that the portion of that principal amount with respect to
<br />Project No. 1 is $1,500,000 and with respect to Project No. 2 is $450,000;
<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 $1,950,000 (the Bonds) for the purpose of acquiring certain real estate together with the
<br />existing buildings and other structures located thereon and any related equipment and certain other
<br />real estate for recreational purposes (Project No. 1), and improving the parks and recreation
<br />system of the Village by acquiring certain real estate, constructing and lighting ball fields,
<br />together with the necessary appurtenances thereto, and otherwise improving that system (Project
<br />No. 2). The portion thereof with respect to Project No. 1 is $1,500,000 and with respect to Project
<br />No. 2 is $450,000.
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