1998 039 Ordinance - Laserfiche WebLink

Home Browse Search

EXIiIBIT B UNITED STATES OF AlVIERICA STATE OF OHIO 1VIAYFIELD VILLAGE LIlVIITED OBLIGATION NOTE, SERIES 1998 DATED: November 20 1998 The Mayfield Village, Ohio (the "Village"), in the State of Ohio, for value received, promises to pay to the Director of Transportation (the "Director") of the State of Ohio (the "State"), acting on behalf of the State, but solely from the sources and the manner described below, the initial principal amount of $4,883,268, or such lesser amount as is in fact disbursed to the Village under this Note, with interest as described below. The execution and delivery of this Note by the Village has been authorized by Legislation of the Council of the Mayfield Village Ordinance No. 98-39 passed on November 9, 1998 (the "Note Legislation"). This Note is being executed in connection with the Loan Agreement dated of even date herewith (the "Loan Agreement"), between the Village and the Director. The covenants, conditions and agreements contained in the Loan Agreement are hereby incorporated in this Note. Disbursement of amounts under this Note will be made as provided in the Loan Agreement. No interest will accrue on this Note until December 1, 1999. Thereafter, interest shall accrue at a rate of 4.0% per annum, commencing December 1, 1999 through November 30, 2001, and at a rate of 5.0% per annum commencing December 1, 2001 through November 30, 2018. Both the administrative fee (as described in the Loan Agreement) and interest on the Note accruing from December 1, 1999 through November 30, 2000, will be accrued, added to the principal amount of this Note and amortized as principal over the remaining term of this Note. This Note is payable as to principal and interest in 36 equal semi-annual installments, commencing on the first business day of May, 2001 and continuing on the first business day of each May and November thereafter, in an amount equal to that semiannual payment amount sufficient to amortize the principal balance outstanding on the first payment date (including interest and administrative fees accrued to principal as described above) plus accrued interest over the 36 payment periods, assuming the interest rate in effect on the first payment date continues until maturity. The semi-annual payment will be continued at the time the interest rate increases from 4.0% to 5.0%. Payments will be applied first to fees and interest as provided herein and in the Loan Agreement and the balance to unpaid principal on this Note. The Village may prepay all or any portion of the principal sum hereof at any time without penalty. 16