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ORDINANCE NO. 2006-32
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF BONDS 1N THE MAXIMUM AGGREGATE PRINCIPAL
<br />AMOUNT OF $1,890,000 FOR THE PURPOSE OF REFUNDING AT
<br />A LOWER INTEREST COST THE PORTION OF THE VILLAGE'S
<br />OUTSTANDING FIRE STATION CONSTRUCTION BONDS, DATED
<br />AS OF MARCH l, 1996 AND MATURING AFTER DECEMBER 1,
<br />2006, WHICH WERE ISSUED TO PAY COSTS OF CONSTRUCTING,
<br />FURNISHING AND EQUIPPING A NEW FIRE STATION, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 96-08, passed February 19, 1996 (the Original
<br />Bond Legislation), bonds were issued to pay costs of constructing, furnishing and equipping a new
<br />fire station, which bonds are known as Fire Station Construction Bonds dated as of March 1, 1996
<br />(the Original Bonds); and
<br />WHEREAS, this Council fmds and determines that it is necessary and in the best
<br />interest of the Village (i) to refund at a lower interest cost the $1,850,000 portion of the
<br />outstanding Original Bonds maturing after December 1, 2006 (the Refunded Bonds), (ii) to
<br />exercise its option to call for redemption on December 1, 2006 all of the Refunded Bonds at a
<br />redemption price of 102% of the principal amount thereof, and (iii) to issue the bonds described in
<br />Section 2(the Bonds) to provide the funds necessary for such redemption; 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 the improvement described in Section
<br />2 is at least five years and the maximum maturiry of the bonds described in Section 2 is not earlier
<br />than December 1, 2016, which is the final maturity date for the Refunded Bonds;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretations. In addition to the words and terms
<br />elsewhere defined in this ordinance, unless the context or use clearly indicates another or different
<br />meaning or intent:
<br />"Authorized Denominations" means the denomination of $5,000 or any integral
<br />multiple thereof.
<br />"Bond proceedings" means, collectively, this ordinance, the Certificate of Award and
<br />such other proceedings of the Village, including the Bonds, that provide collectively for, among
<br />other things, the rights of holders and beneficial owners of the Bonds.
<br />"Bond Register" means all books and records necessary for the registration, exchange
<br />and transfer of Bonds as provided in Section 5.
<br />"Bond Registrar" means The Huntington National Bank, Columbus, Ohio, as the
<br />initial authenticating agent, bond registrar, transfer agent and paying agent for the Bonds under the
<br />Registrar Agreement and until a successor Bond Registrar shall have become such pursuant to the
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