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Minutes of the Regular Meeting of Council 1Vlonday, July 16, 2012 Page 23 • First Reading of Ordinance No. 2012-25, entitled, "An ordinance to provide for the issuance and sale of $2,400,000 of notes of Mayfield Village, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring certain real esta.te together with the existing buildings and other structures located thereon and any related equipment and certain other real estate for recreational purposes, improving the parks and recreation system of the Village by acquiring certain real estate, constructing and lighting ball fields, together with the necessary appurtenances thereto, and otherwise improving that system, and conserving, preserving and enhancing the availability of open spaces in the Village by acquiring land or interests therein, and declaring an emergency." Introduced by Mayor Rinker and Council as a Whole. Mrs. Mills, seconded by Mrs. Cinco, made a motion to suspend the rules of Council requiring an Ordinance to be read on three separate occasions. ROLL CALL: AYES: All _ NAYS: None Motion Carried Rules Suspended Mrs. Mills, seconded by Mrs. Cinco, made a motion to enact Ordinance No. 2012-25. Council President Buckholtz asked if there was any discussion. Mr. Wynne stated, briefly, we have $2.9 million worth of Notes that mature at the end of August. We roll them over. We will be paying down $500,000 on that $2.9 million and then selling additional Notes for $2.4 million. As part of the process, I passed out at the start of the meeting to Council, our bond counsel requires that I distributed the Fiscal Officer's Certificate and sign it at or. prior to the meeting. Council looks at to see the historical information as it relates to when the Notes first started from an issuing standpoint and when they would mature. Generally, a Bond Anticipation Note is good for 20 years. If you haven't paid it off within 20 years, you have to go out and issue bonds and finance it that way. That's what this information is all about. What you are passing tonight is just the approval of selling $2.4 million in Notes to pay down the $2.9 million. Council President Buckholtz asked, okay, so it's rolling over the debt. It's not additional debt? Mr. Wynne replied, no, it's not additional debt. Our debt will be reduced by $500,000 when this is all over with. Council President Buckholtz asked if there were any questions or discussion. There were none. ROLL CALL: AYES: All NAYS: None Motion Carried Ordinance Enacted