1996 008 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 96-o8 INTRODUCED BY: MAYOx BxucE G. RINKER AND COUNCIL AS A WHOLE. AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $3,000,000 BONDS OF MAYFIELD VILLAGE, OHIO TO PAY COSTS OF CONSTRUCTING, FURNISHING AND EQUIPPING A NEW FIRE STATION, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 95-12 passed March 20, 1995 a note in anticipation of bonds in the amount of $3,000,000, dated March 24, 1995 was issued for the purpose stated in Section 1(together with other purposes), to mature on March 21, 1996; and WHEREAS, this Council finds and determines that the Village should retire the outstanding note with the proceeds of the Bonds described in Section 1 and other funds available to the Village and to provide an additional $200,000 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 and the estimated maximum maturity of the bonds described in Section 1 is twenty 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 $3,000,000 (the Bonds) to pay costs of constructing, furnishing and equipping a new fire station. Section 2. The Bonds shall be issued in one lot and only as fully registered bonds, in the denominations of $5,000 or any integral multiple thereof, but in no case exceeding the principal amount maturing on that date. The Bonds shall be dated as of March 1, 1996. The Bonds shall bear interest at the rate or rates per year (computed on a 360-day per year basis) not to exceed 7% per year for any stated maturity, as specified in the certificate of award providing for the final terms of the Bonds and signed by the Director of Finance in accordance with this Section and Section 7 of this ordinance (Certificate of Award); provided that the Bonds of any one maturity shall all bear the same rate of interest; and provided further that the amounts of principal payments and those interest rates shall be such that the total principal and interest payments on the Bonds in any fiscal year in which principal is payable is not more than three times the amount of those payments in any other fiscal year. Interest on the Bonds shall be payable on June 1 and December 1 of each year (the Interest Payinent Dates), commencing December 1, 1996, until the principal amount has been paid or provided for. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from March 1, 1996.