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{r.?Jd <br />.??5j4i4 <br />Regular Council Meeting <br />8/20/90 <br />Page 8 <br />First Reading of Ordinance No. 90-35, entided; "AN ORDINANCE PROVIDING FOR TBE <br />ISSUANCE AND SALE OF $400,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN <br />ANTICIPATION OF TBE ISSUANCE OF BONDS TO PAY COSTS OF CONSTRUCTING, IN <br />COOPERATIOIV WITH CUYAHOGA COUNTY, WATER MAINS, TOGETHER WITH TBE <br />NECESSAIZY APPURTENANCES TBERETO, IN WII,SON MII.LS ROAD FROM S.O.M. <br />CENTER ROAD TO TBE WESTERLY CORPORATE LIMITS, AND DECLARING AN <br />EMERGENCY." Introduced by Mayor Carmen and Council as a Whole. <br />Mr. Flynn, seconded by Mrs. Cinco, made a motion to suspend the rules of Council requiring an <br />ordinance to be read on three sepazate occasions. <br />ROLL CALL: AYES: All <br />NAYS: 1Vone <br />Mrs. Cinco, seconded by Mr. Rinker, made a mohon to enact Ordinance No. 90-35. <br />Mr. Patrick said that all members of Council received copies of the Fiscal Officer's Certif'icate from <br />him. He certifies that in connection with the proposed issue of notes to be issued in anticipation of <br />the issuance of bonds to pay costs of constructing, in cooperation with Cuyahoga County, water <br />rnains, together with the necessary appurtenances thereto, in Wilson Mills Road from S.O.M. <br />Center Roaci to the westerly corporate limits that the estimated life or period of usefulness of the <br />unprovement described above is at least five years; the maximum maturity of the bonds, calculated <br />in accordance with Section 133.20 of the Revised Code is forty years. If notes in anticipation of <br />the bonds are outstanding later than the last day of December of the fifth year following the yeaz of <br />issuance of the original issue of notes, the period in excess of those five yeazs shall be deducted <br />from that maximum maturity of the bonds; the maximum maturity of the notes if December 29, <br />2007, which is twenty years from December 29, 1987, the date of the original notes issued for this <br />purpose. <br />ROLI. CALL: AYES: All <br />NAYS: None Motion Cazried <br />Ordinance Enacted <br />First Reacling of Ordinance No. 90-36, endded; "AN ORDINANCE APPROPRIATING FLJNDS <br />FOR CURRENT EXPENSES & EXPENDITURES OF MAYFIELD VII.LAGE, OHIO, FOR <br />THE PERIOD FROM 01/01/90 AND ENDING 12/31/90, REPEALING EXIST'ING <br />ORDINANCE NO. 90-6 AND DECLARING AN EMERGENCY." Introduced by Mayor Carmen <br />and Council as a Whole. <br />Motion Carried <br />Rules Suspended <br /> <br />1VIr. Basile, seconded by Mrs. Cinco, made a motion to suspend the rules of Council requiring an <br />ordinance to be read on three separate occasions. <br />ItOLL CALL: AYES: All <br />NAYS: None <br />Motion Carried <br />Itules Suspended <br />