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Ordinance No. 75-17
<br />Introduced by: Council as a Whole
<br />AN ORDINANCE DETERMINING TO PROCEED WITH THE ISSUE OF
<br />BONDS AND CERTIFYING THE SAME TO THE BOARD OF ELECTIONS,
<br />AND DECLARING AN EMERGENCY
<br />WHEREAS, this Council did duly adopt Resolution No. 891 on the 19th day
<br />of May, 1975, determining the necessity of issuing bonds in the amount of
<br />$300,000.00, for the purpose of constructing a permanent improvement, to-wit:
<br />a safety building, and determining that a direct tax outside of the 10-mill
<br />limitation be levied annually on all the taxable property of Mayfield Village,
<br />Ohio, to secure said bonds; and
<br />WHEREAS, the County Auditor of Cuyahoga County has certified to this Council
<br />the average annual levy throughout the life of said bonds, which will be required
<br />to pay the interest on and retire said bonds;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE,OHIO:
<br />Section 1. That it is hereby detexmined to be necessary to proceed with
<br />the issuance of bonds of Mayfield Village, Ohio, in the amount of $300,000 for
<br />the purpose of construction of a permanent impnovement, to-wit: a safety building,
<br />and to levy an annual tax outside of the 10-mill limitation on taxable property
<br />in said Village to secure said bonds.
<br />Section 2. That said bonds shall be dated approximately the lst day of
<br />January, 1977 , shall bear interest at the rate, as presently estimated, of 51ii%
<br />per annum, and shall mature as follows:
<br /> Year $300,000.00 10 Years
<br /> Principal Interest Total
<br /> 1976 18,000.00 18,000.00
<br />(1) 1977 30,000.00 18,000.00 48,000.00
<br />(2) 1978 30,000.00 16,200.00 46,200.00
<br />(3) 1979 30,000.00 14,400.00 44,400.00
<br />(4) 1980 30,000.00 12,600.00 42,600.00
<br />(5) 1981 30,000.00 10,800.00 40,800.00
<br />(6) 1982 30,000.00 9,000.00 39,000.00
<br />(7) 1983 30,000.00 7,200.00 37,200.00
<br />(8) 1984 30,000.00 5,400.00 35,400.00
<br />(9) 1985 30,000.00 3,600.00 33,600.00
<br />(10) 1986 30,000.00 1,800.00 31,800.00
<br /> $300,000.00 $117,000.00 $417,000.00
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