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ORDINANCE NO. 2001- 13 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $500,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF ACQUIRING CERTAIN REAL ESTATE AND THE BUILDINGS THEREON FOR MLJNICIPAL FUNCTIONS, AND DECLARING AN EMERGENCY. WHEREAS, this Village, pursuant to Ordinance No. 99-28 passed September 27, 1999, authorized, and entered into, an Agreement for the Purchase and Sale of Real Estate dated as of December 9, 1999 (the Agreement) with the Board of Trustees of Mayfield United Methodist Church in order to purchase from that Board of Trustees certain real estate and the buildings thereon for municipal functions, all as further described and shown in the Agreement; and WHEREAS, that Agreement provided that the purchase price of $2,000,000 would be paid in installments, and the last installment of $500,000 is due to be paid by January 2, 2002; and WHEREAS, this Council finds and determines that the Village should pay that last installment with the proceeds of the notes described in Section 3; and WHEREAS, the Director of Finance, as fiscal officer of this Village, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 1 is at least five years, the estimated maximum maturity of the bonds described in Section 1 is at least twenty years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is twenty years; 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 $500,000 (the Bonds) for the purpose of acquiring certain real estate and the buildings thereon for municipal functions, a11 as further described and shown in the Agreement identified in the preambles hereto. Section 2. The Bonds shall be dated approximately September 1, 2002, shall bear interest at the now estimated rate of 6% per year, payable on June 1 and December 1 of each year, commencing December 1, 2002, 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, 2003. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $500,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes sha11 bear interest at a rate or rates not to exceed 7% 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. If requested by the original purchaser, the