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ORDINANCE NO. 2003- 29
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF $1,030,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF IMPROVING THE PARKS AND RECREATION
<br />SYSTEM OF THE VILLAGE BY ACQUIRING CERTAIN REAL
<br />ESTATE, CONSTRUCTING AND LIGHTING BALL FIELDS,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, AND OTHERWISE IMPROVING THAT SYSTEM, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, this Village, pursuant to Ordinance No. 2003-14 passed Apri121, 2003,
<br />authorized, and entered into, a Purchase Agreement for Permanent Parcel Number 831-09-004
<br />(also known as the Zako Property) which provides for the payment by the Village of the final
<br />installment of $450,000 for that real estate by September 30, 2003; and
<br />WHEREAS, this Village, pursuant to Ordinance No. 2003-11 passed May 19, 2003,
<br />has authorized a Purchase Agreement for Parcel 1 as identified therein being a part of Permanent
<br />Parcel Number 831-13-005 (also known as the Fallcner Property) and the Director of Finance has
<br />advised that $150,000 needs to be borrowed in order to purchase that real estate; and
<br />WHEREAS, this Village, pursuant to Ordinance No. 2003-25 passed June 16, 2003,
<br />has authorized a Purchase Agreement for Permanent Parcel Number 831-11-0; 7(also known as
<br />the Palermo Property) and the Director of Finance has advised that $180;000 needs to be borrowed
<br />in order to purchase that real estate; and
<br />WHEREAS, this Village has determined to construct and light new ball fields to meet
<br />the recreational needs of its residents and the Director of Finance has advised that $250,000 needs
<br />to be borrowed for that purpose;
<br />WHEREAS, this Council finds and determines that the Village should pay the costs of
<br />acquiring those parcels and constructing and lighting new ball fields, all as part of the parks and
<br />recreation system of this Village, with the proceeds of the notes described in Section 3; 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 />1 is at least five years, the estimated maximum maturity of the bonds described in Section 1 is at
<br />least twenty-five years, and the maximum maturity of the notes described in Section 3, to be
<br />issued in anticipation of the bonds, is twenty years;
<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 $1,030,000 (the Bonds) for the purpose of improving the parks and recreation system of
<br />the Village by acquiring certain real estate, constructing and lighting ball fields, together with the
<br />necessary appurtenances thereto, and otherwise improving that system.
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