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1 J: <br />ORDINANCE N0. 91-15 <br />INTRODUCED BY: Mayor Carmen and Council as a Whole <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF <br />L/ \j $440,000 OF BONDS OF MAYFIELD VILLAGE, OHIO, TO PAY <br />COSTS OF CONSTRUCTING, IN COOPERATION WITH CUYAHOGA <br />COUNTY, WATER MAINS, TOGETHER WITH THE NECESSARY <br />APPURTENANCES THERETO, IN WILSON MILLS ROAD FROM <br />S.O.M. CENTER ROAD TO THE WESTERLY CORPORATE LIMITS, <br />AND DECLARING AN EMERGENCY. <br />WHEREAS, pursuant to Ordinance No. 87-45, passed on December 21, <br />1987, notes in anticipation of the issuance of bonds in the amount of $450,000 <br />were issued for the purpose described in Section 1, which were refunded at <br />maturity with the proceeds of $450,000 of notes issued in anticipation of the <br />issuance of bonds pursuant to Ordinance No. 88-38, passed on October 17, 1988, <br />which were refunded at maturity with the proceeds of $450,000 of notes issued <br />in anticipation of the issuance of bonds pursuant to Ordinance No. 89-40, <br />passed on September 18, 1989, which were refunded at maturity with funds <br />appropriated for that purpose and the proceeds of $400,000 Water Main <br />Construction Notes, dated August 30, 1990, and maturing on August 30, 1991, <br />issued in anticipation of the issuance of bonds pursuant to Ordinance No. 90- <br />35, passed on August 20, 1990; and <br />WHEREAS, to refund those notes at maturity and to pay the costs of <br />issuance, Council has determined to authorize the bonds herein provided for; <br />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 and the <br />maximum maturity of the bonds described in Section 1 is forty years; <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 $440,000 (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. The principal amount of the Bonds, their maturity <br />and certain other terms and provisions thereof identified hereinafter, are <br />subject to revision or further specification in a subsequent ordinance (the <br />Final Terms Ordinance) to be passed by this Council upon the finalization of <br />the terms and provisions of the Bonds.