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ORDINANCE NO. 2014-18 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $1,100,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF CONSERVING, PRESERVING AND ENHANCING THE AVAILABILITY OF OPEN SPACES IN THE VII,LAGE BY ACQUIRING LAND OR INTERESTS THEREIN, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 2013-12, passed July 15, 2013, a note in anticipation of bonds in the amount of $1,900,000, dated August 28, 2013, was issued for the purpose identified in Section 1 hereof as Project No. 3 and as a consolidated issue pursuant to Section 133.30(B) of the Revised Code, to mature on August 28, 2014 (the Outstanding Note); and Wf-IEREAS, this Council finds and determines that the Village should retire the Outstanding Note with the proceeds of the notes described in Section 3 and other funds available to the Village; 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 27 years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of those bonds, is September 11, 2026; NOW, TBEREFORE, 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 $1,100,000 (the Bonds) for the purpose of conserving, preserving and enhancing the availability of open spaces in the Village by acquiring land or interests therein. Section 2. The Bonds sha11 be dated approximately August 1, 2015, 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, 2015, until the principal amount is paid, and are estimated to mature in 27 annual principal installments that are substantially equal. The first principal installment is estimated to be December 1, 2015.