1988 038 Ordinance - Laserfiche WebLink

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As Revised 10-14-88 ORDINANCE N0. 88- 38 , INTRODUCED BY: MAYOR CARMEN ARID COUNCIL AS A WHOLE. AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $450,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, TN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF CONSTRUCTING, IN COOPERATION WITH CUYAHOGA COUN- TY, WATER MAINS, TOGETHER WITH THE NECESSARY APPUR- TENANCES THERETO, IN WILSON MILLS ROAD FROM S.O.M. CENTER ROAD TO THE WESTERLY CORPORATE LIMITS, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 87-45, passed on December 21, 1987, notes in anticipation of bonds in the amount of $450,000, dated December 29, 1987, were issued for the purposes stated in Section 1, to mature on December 29, 1988, which this Council has determined to refund at maturity with the proceeds of the notes authorized by this ordinance; and W1iEREAS, 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 maximum maturity of the bonds referred to in Section 1 is forty years, and the maximum maturity of the notes referred to in Section 3, to be issued in anticipation of the bonds, is December 29, 2007; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, State of Ohio, that: Section 1: It is necessary to issue bonds of this Village in the principal amount of $450,000 (the Bonds) to pay costs of constructing, in cooperation with Cuyahoga County, water mains, together with the necessary appurtenances thereto, in Wilson Mills Road from S.O.M. Center Road to the westerly corporate limits. Section 2. The Bonds shall be dated approximately November 1, 1989, shall bear interest at the now estimated rate of 9% per year, payable semi- annually until the principal amount is paid, and shall mature in twenty sub- stantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $450,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to refund the notes dated December 29, 1987. The Notes shall bear interest at a rate or rates not to exceed 8% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in this ordi- nance and until the principal amount is paid or payment is provided for. If