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<br />ORDINANCE N0. 90 35
<br />INTRODUCED BY: MAYOR CARMEN AND COUNCIL AS A WHOLE.
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$400,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF
<br />CONSTRUCTING, IN COOPERATION WITH CUYAHOGA COUNTY,
<br />WATER MAINS, TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, IN WILSON MILLS ROAD FROM S.O.M. CENTER ROAD
<br />TO THE WESTERLY CORPORATE LIMITS, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 87-45, passed on December 21,
<br />1987, notes in anticipation of bonds in the amount of $450,000 were issued for
<br />the purpose described in Section 1, which were refunded at maturity with the
<br />proceeds of $450,000 of notes issued in anticipation of bonds pursuant to
<br />Ordinance No. 88-38, passed on October 17, 1988, which were refunded at
<br />maturity with funds appropriated for that purpose and the proceeds of $450,000
<br />Water Main Construction Notes, dated October 24, 1989, and maturing on October
<br />24, 1990, issued in anticipation of bonds pursuant to Ordinance No. 89-40,
<br />passed on September 18, 1989, which this Council has determined to refund at
<br />maturity with the proceeds of the notes authorized by this ordinance and
<br />$50,000 appropriated for that purpose; and
<br />WHEREAS, the Director of Finance as fiscal officer of this Village
<br />has certified to this Council that the estimated life or period of usefulness
<br />of the improvement described in Section 1 is at least five years, the maximum
<br />maturity of the bonds described in Section 1 is forty years, and the maximum
<br />maturity of the notes described in Section 3, to be issued in anticipation of
<br />the bonds, is December 29, 2007;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village,
<br />Cuyahoga County, State of Ohio, that:
<br />Section 1: It is necessary to issue bonds of this Village in the
<br />principal amount of $400,000 (the Bonds) to pay costs of constructing, in
<br />cooperation with Cuyahoga County, water mains, together with the necessary
<br />appurtenances thereto, in Wilson Mills Road from S.O.M. Center Road to the
<br />westerly corporate limits.
<br />Section 2. The Bonds shall be dated approximately September 1, 1991,
<br />shall bear interest at the now estimated rate of 9% per year, payable semi-
<br />annually until the principal amount is paid, and shall mature in twenty annual
<br />principal installments that are substantially equal.
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