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ORDINANCE N0.2000- 30
<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 HAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF
<br />ACQUIltING CERTAIN REAL ESTATE TOGETHER WITH THE
<br />EXISTING BUILDINGS AND OTHER STRUCTURES LOCATED
<br />THEREON AND ANY RELATED EQUIPMENT AND CERTAIN
<br />OTHER REAL ESTATE FOR RECREATIONAL PURPOSES,
<br />CONSTRUCTING FACILITIES FOR STORM WATER
<br />MANAGEMENT AND WETLANDS PRESERVATION, AND
<br />INSTALLING 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 Nos. 99-29, 99-30 and 99-31, each passed
<br />September 13, 1999, and pursuant to Section 133.30(B) of the Revised Code, a consolidated note
<br />in anticipation of bonds in the amount of $4,500,000, dated September 27, 1999, was issued to pay
<br />costs of acquiring certain real estate together with the existing buildings and other structures
<br />located thereon and any related equipment and certain other real estate for recreational purposes
<br />(Project No. 1), constructing facilities for storm water management and wetlands preservation
<br />(Project No. 2), and installing roadway safety and message signage and signalization at the
<br />intersections of North Commons Boulevard and White Road, Parkview Drive and S.O.M. Center
<br />Road, White Road and S.O.M. Center Road and Sandalwood Drive and S.O.M. Center Road
<br />(Project No. 3), to mature on September 27, 2000 (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 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 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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