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ORDINANCE NO. 2001- 12
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF $4,250,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF ACQUIRiNG CERTAIN REAL ESTATE TOGETHER
<br />WITH THE EXISTING BUILDINGS AND OTHER STRUCTURES
<br />LOCATED THEREON AND ANY RELATED EQUIPMENT AND
<br />CERTAIN OTHER REAL ESTATE FOR RECREATIONAL
<br />PURPOSES, CONSTRUCTING FACILITIES FOR STORM WATER
<br />MANAGEMENT AND WETLANDS PRESERVATION, AND
<br />1NSTALLING ROADWAY SAFETY AND MESSAGE SIGNAGE AND
<br />SIGNALIZATION AT THE INTERSECTIONS OF NORTH
<br />COMMONS BOULEVARD AND WHITE ROAD, PARKVIEW DRIVE .
<br />AND S.O.M. CENTER ROAD, WHITE ROAD AND S.O.M. CENTER
<br />ROAD AND SANDALWOOD DRIVE AND S.O.M. CENTER ROAD,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2000-30, passed August 22, 2000, and
<br />pursuant to Section 133.30(B) of the Revised Code, a consolidated note in anticipation of bonds in
<br />the amount of $4,250,000, dated September 20, 2000, was issued to pay costs of acquiring certain
<br />real esta.te together with the existing buildings and other structures located thereon and any related
<br />equipment and certain other real estate for recreational purposes (Project No. 1), constructing
<br />facilities for storm water management and wetlands preservation (Project No. 2), and installing
<br />roadway safety and message signage and signalization at the intersections of North Commons
<br />Boulevard and White Road, Parkview Drive and S.O.M. Center Road, White Road and S.O.M.
<br />Center Road and Sandalwood Drive and S.O.M. Center Road (Project No. 3), to mature on
<br />September 20, 2001 (the 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
<br />WHEREAS, the Director of Finance, as fiscal ofFcer of this Village, has certified to
<br />this Council that the estimated life or period of usefulness of Project No. 1, Project No. 2 and
<br />Project No. 3 as described above and in Section 1 is at least five years, the estimated maximum
<br />maturity of the bonds described in Section 1 is at least twenty years with respect to Project Nos. 1
<br />and 3, and forty years with respect to Project No. 2, the maximum maturity of the notes described
<br />in Section 3, to be issued in anticipation of the bonds, is September 29, 2017 with respect to
<br />Project No. 1, and September 27, 2019 with respect to Project Nos. 2 and 3, and that the portion of
<br />that principal amount with respect to Project No. 1 is $3,850,000, with respect to Project No. 2 is
<br />$200,000, and with respect to Project No. 3 is $200,000;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village,
<br />Cuyahoga County, Ohio, that:
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