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<br />ORDINANCE N0.2013-12
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF $1,900,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF ACQUIRING CERTAIN REAL ESTATE
<br />TOGETHER WITH THE EXISTING BUILDINGS AND OTHER
<br />STRUCTURES LOCATED THEREON AND ANY RELATED
<br />EQUIPMENT AND CERTAIN OTHER REAL ESTATE FOR
<br />RECREATIONAL PURPOSES, IMPROVING THE PARKS AND
<br />RECREATION SYSTEM OF THE VILLAGE BY ACQUIRING
<br />CERTAIN REAL ESTATE, CONSTRUCTING AND LIGHTING
<br />BALL FIELDS, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES THERETO, AND OTHERWISE IMPROVING
<br />THAT SYSTEM, AND CONSERVING, PRESERVING AND
<br />ENHANCING THE AVAILABILITY OF OPEN SPACES IN THE
<br />VILLAGE BY ACQUIRING LAND OR INTERESTS THEREIN,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2012-25, passed July 16, 2012, a note in
<br />anticipation of bonds in the amount of $2,400,000, dated August 29, 2012, was issued for the
<br />purposes identified in Section 1 hereof as Project Nos. 1, 2 and 3 and as a consolidated issue
<br />pursuant to Section 133.30(B) of the Revised Code, to mature on August 29, 2013 (the
<br />Outstanding Note); 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 Nos. 1, 2 and 3 as described
<br />in Section 1 is at least five years, the estimated maximum maturity of the bonds described in
<br />Section 1 is 9 years with respect to Project No. 1, 20 years with respect to Project No. 2, and 28
<br />years with respect to Project No. 3, the maximum maturity of the notes described in Section 3, to
<br />be issued in anticipation of those bonds, is September 29, 2017 with respect to Project No. 1,
<br />September 16, 2023 with respect to Project No. 2, and September 11, 2026 with respect to Project
<br />No. 3, and that the allocated principal amount thereof with respect to Project No. 1 is $305,000,
<br />with respect to Project No. 2 is $245,000, and with respect to Project No. 3 is $1,350,000;
<br />NOW, THEREFORE, BE IT 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 $1,900,000 (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), improving the parks and recreation system of
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