1979 037 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 79-37 INTRODUCED BY: Council as a Whole AN EMERGENCY ORDINANCE TO ISSUE A NOTE IN THE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND DOLLARS ($600;000.00) IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUCTION OF A SERVICE BUILDING AND SITE IMPROVEMENTS THEREFOR. WHEREAS, it has heretofore been duly certified to the Council of Mayfield Village (the "Council") that the estimated life of the asset, property, construction or improvement proposed to be acquired or constructed from the proceeds of the bonds hereinafter referred to is at least five (5) years, and it has heretofore been further duly certified that the maximum maturity of said bonds is twenty-five (25) years based upon the weighted average of the amounts allocated to the several classes of improvements as set forth in such certification, which allocation is hereby approved and confirmed, and that the maximum maturity of notes issued in anticipation thereof is eight (8) years from the date of the original notes issued for such purpose; provided, however, that if said notes are sold at private sale, then their maximum maturity may not exceed one (1) year; and WHEREAS, this Ordinance constitutes an emergency measure necessary for the preservation o£ the public peace, health and safety of Mayfield Village ("the Village") and its inhabitants in that the immediate issuance andsale of the note herein authorized is necessary to enable the Village to enter into contracts for the construction of a service building and site improvements therefore; now, therefore, ., BE IT ORDAINED BY THE'COUNCIL Ok'i^RAYFIELD VILLAGE, OHIO, THAT: Section 1. That is is rieemed necessary to issue-bonds (the "Bonds") of the Village in the aggregate principal amount of Six Hundred Thousand Dollars ($600,000.00) for the purpose of providing funds for the construction o£ a service building and site improvements therefor and such expenses as are lawfully incurred and payable in connection with the issuance and sale of the Bonds for such purpose. Section 2. That the Bonds shall be issued pursuant to the provisions of the Constitution of the State of Ohio, the laws of the State of Ohio, includinq, without limitation, Chapter 133 of the Revised Code of the State of Ohio, the Charter of Mayfield Village, and the Codified Ordinances of Mayfield Village, Ohio, 1979, as amended, in the aggregate principal amount of Six Hundred Thousand Dollars ($600,000.00) for the purpose aforesaid. The Bonds shall be designated "Service Buildinq Bonds"; shall be of the denomination of Five Thousand Dollars ($5,000.00) each or any multiple thereof; shall be dated approximately August 1, 1980; shall bear interest at a rate now estimated to be six and five-tenths per centum (6.5%) per annum, payable semiannually until the principal amount is paid; and shall be