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<br />ORDINANCE NO. 2006- 28
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
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<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND 5ALE
<br />OF $3,000,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF ACQUIRING CERTAIN REAL ESTATE TOGETBER
<br />WITH THE EXISTING BUII.,DINGS AND OTHER STRUCTURES
<br />LOCATED THEREON AND ANY RELATED EQLTIPMENT AND
<br />CERTAIN OTHER REAL ESTATE FOIZ RECREATIONAL
<br />PURPOSES AND IlVIPROVING 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 IlVIPROVING THAT SYSTEM, AND
<br />DECLARING AN EMERGENCY:
<br />WHEREAS, pursuant to Ordinance No. 2005-36, passed July 18, 2005, a$4,000,000
<br />note in anticipation of bonds, dated September 12, 2005; was issued for the purposes identified in
<br />Section 1 hereof as Project Nos. 1 and 2 and as a consolidated issue pursuant to Section 133.30(B)
<br />of the Revised Code (the Outstanding Note) to mature on September 12, 2006; and
<br />WHEREAS, this Council finds and determines that the Village should retire the
<br />Outstanding Note with the proceeds of the notes described in Section 3 and other funds available
<br />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 as
<br />described in Section 1 is at least five years, the estimated maximum maturity of the bonds
<br />described in Section 1 is sixteen years with respect to Project No. 1 and iwenty-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 $2,100,000 and with respect to Project No. 2 is $900,000;
<br />NOW, THEREFORE, BE TT 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 $3,000,000 (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 system
<br />of the Village by acquiring certain real estate, constructing and lighting ball fields, together with
<br />the necessary appurtenances thereto, and otherwise improving that system (Project 1Vo. 2). The
<br />portion thereof with respect to'Project No. 1 is $2,100,000 and with respect to Project No. 2 is
<br />$900,000.
<br />Section 2. The Bonds shall be dated approximately August 1, 2007, shall bear interest
<br />at the now estimated rate of 6% per year, payable on June 1 and December 1 of each year,
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