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ORDINANCE NO. 2007- 21 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $1,860,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF CONSERVING, PRESERVING AND ENHANCING THE AVAILABILITY OF OPEN SPACES IN THE VILLAGE BY ACQUIRIlVG LAND OR INTERESTS THEREIN, AND DECLARING AN EMERGENCY. WHEREAS, the people of this State have enacted Section 20 of Article VIII of the Oluo Constitution which provides that the conservation, preservation and enhancement of the availability of open spaces, including by acquiring land or interests therein, is a proper public purpose of the State and local govermnent entities; and WHEREAS, this Village, in furtherance of that public purpose, has determined to undertake a program of acquiring land or interests therein as the same become available for purchase from time to time; and WHEREAS, pursuant to Ordinance No. 2006-27, passed July 17, 2006, a note in anticipation of bonds in the amount of $650,000, dated September 11, 2006, was issued for that purpose as identified in Section 1 in order to pay the intial costs of that program and combined with another note issue of the Village into a consolidated issue, all pursuant to Section 133.30(B) of the Revised Code, to mature on September 11, 2007 (the Outstanding Note); and WHEREAS, since paying for the intial costs of that program, additional properties have been purchased or are planned to be purchased by this Village in furtherance of that program and the public purpose thereof; and WHEREAS, this Council therefore finds and determines that the Village should retire a portion of the Outstanding Note with the proceeds of the notes described in Section 3 and other funds available to the Village and provide an additional $1,320,000 for the purpose stated in Section 1; and 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 thirty years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is September 11, 2026; 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 $1,860,000 (the Bonds) for the purpose of conserving, preserving and enhancing the availability of open spaces in the Village by acquiring land or interests therein.