1984 028 Ordinance - Laserfiche WebLink

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w • ORDINANCE N0. 84-28 INTRODUCED BY: Mayor Carmen and Council as a Whole. AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $87,000 OF NOTES OF HAYFIELD VILLAGE IN ANTICI- PATION OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY THE PROPERTY OWNERS' PORTION AND THE VILLAGE'S PORTION OF THE COST OF IMPROVING BEECH HILL ROAD BETWEEN CERTAIN TERMINI BY RECONSTRUCTING THE ROADWAY, PAVING AND PROVIDING ALL APPURTENANCES NECESSARY THERETO, AND DECLARING AN EMERGENCY. WHEREAS, this Council has previously by proper legislation declared the necessity of the improvement described in Section 1 and has determined that the total estimated cost of that improvement will be not less than $87,000; and WHEREAS, the Finance Director 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 maximum maturity of the bonds referred to in Section 1 is twenty years, and the maxi- mum maturity of the notes referred to in Section 3, to be issued in anticipa- tion of the bonds, is five years, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, State of Ohio: Section 1. That it is hereby declared necessary to issue bonds of this Village (the Bonds) in the principal amount of $87,000, in anticipation of the levy and collection of special assessments, to pay the property owners' portion and the Village's portion of the cost of improving Beech Hill Road by reconstructing the roadway, paving and providing all appurtenances necessary thereto between the termini and in the manner provided in Resolution No. 83-7, adopted March 21, 1983. The property owners' portion of that amount is $78,350 and the Village's portion is $8,650. Section 2. That the Bonds shall be dated approximately May 1, 1985, shall bear interest at the now estimated rate of 11% per annum, payable semi- annually until the principal sum is paid, and shall mature in twenty substan- tially equal annual installments.