1999 030 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 99-3c INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $200,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF 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, AND DECLARING AN EMERGENCY. 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 20 years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is 240 months from their date of issuance; 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 $200,000 (the Bonds) to pay costs of 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. Section 2. The Bonds shall be dated approximately September 1, 2000, shall bear interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the origlial purchaser, the Notes may provide that, in the event the Village does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10'/z% per year from the maturity date until the Village pays or makes provision to pay that principal amount. That rate or rates of interest shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with S"ection 6 of this ordinance. Section 4. The debt charges on the Notes shall 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