2003 030 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2003- PAGE 2 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 $3,870,000 (the Bonds) for the purpose of acquiring certain real estate together with the existing buildings and other structures located thereon and any related equipment and certain other real estate for recreational purposes (Project No. 1), constructing facilities for storm water management and wetlands preservation (Project No. 2), and installing roadway safety and message signage and signalization at the intersections of North Commons Boulevard and White Road, Parkview Drive and S.O.M. Center Road, White Road and S.O.M. Center Road and Sandalwood Drive and S.O.M. Center Road (Project No. 3). The portion thereof with respect to Project No. 1 is $3,470,000, with respect to Project No. 2 is $200,000, and with respect to Project No. 3 is $200,000. Section 2. The Bonds shall be dated approximately September l, 2004, shall bear interest at the now estimated rate of 6% per year, payable on June 1 and December 1 of each year, commencing December l, 2004, until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. The first principal installment is estimated to be December 1, 2005. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $3,870,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the Village, the Outstanding Note. The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate or rates of interest shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6(the Certificate of Award). The Notes shall be dated as of their date of issuance, and shall mature one year from that date, provided that the Director of Finance may, if it is determined to be necessary or advisable to the sale of the Notes, establish a maturity date that is up to seven days less than one year from the date of issuance by setting forth that maturity date in the Certificate of Award. Section 4. The debt charges on the Notes sha11 be payable in Federal Reserve funds of the United States of America and shall be payable, without deduction for services of the Village's paying agent, at the principal office of a bank or trust company designated by the Director of Finance after determining that the payment at that bank or trust company will adequately protect the funds of the Village and that proper procedures and safeguards are available for that purpose, or at the office of the Director of Finance if agreed to by the Director of Finance and the onginal purchaser. Section 5. The Notes shall be signed by the Mayor, the President of Council and the Director of Finance in the name of the Village and in their official capacities, provided that all but one of those signatures may be a facsimile. The Notes shall be issued in the denominations and numbers as requested by the original purchaser and approved by the Director of Finance, provided that no Note shall be issued in a denomination less than $100,000. The entire principal amount may be represented by a single note and may be issued as fully registered securities (for which the Director of Finance will serve as note registrar) and in book entry or other uncertificated form in