2006 027 Ordinance - Laserfiche WebLink

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bRDINANCE NO. 2006- 2.7 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $650,000.OF NOTES OF MAYFIELD VII.,LAGE, OHIO, IN ' ANTICIPATION OF TI-E ISSUANCE OF BONDS FOR - TBE PURPOSE OF CONSERVIlVG, PRESERVIlNG AND ENHANCING THE AVAILABILITY OF OPEN SPACES IN THE VILLAGE BY. ACQUIItING LAND OR 1NTERESTS THEREIN, AND DECLARIING AN EMERGENCY. . WHEREAS, the people of this State have enacted Section 20 of Article VIII of the Ohio Constitution which provides that the conservation, preservation and enliancement of the availability of dpen spaces, including by acquiring land or interests therein, is a proper public purpose of the State and local government entities; and WHEREAS, this Village, in furtherance of that public purpose, has determined .to undertake a program of acquiring land or interests therein as the sarrie become available for purchase from time to time; and WHEREAS, 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 estimated maximum maturity of the bonds described in Section 1 is thirty years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of tlie bonds, is twenty years; NOW, THEREFORE, BE IT ORDAINED by the Couricil of Mayfield Village, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this Village in the aggregate principal amount of $650,000 (the Bonds) for the purpose of conserving, -preserving and enhancing the availability of open spaces in the Village by acquiring land or interests therein: Section 2. The Bonds shall be dated approximately August 1, 2007, shall bear interest at the now estimated rate of 6% per year, payable on June 1 and December 1 of each year, commencing December 1, 2007, until the principal amount is paid, and are estimated to mature in twenty-five annual principal installments that are substantially equal. The first principal installment is estimated to be December 1, 2008. Section 3. It is necessary to issue and this Council deterinines that notes in the aggregate principal amount of $650,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 6% per year. (computed on the basis of a 360=day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate or rates of interest shall be ? determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6(the Certificate of Award). The Notes shall be dated as of their date of issuance, and shall mature one year from that date, provided that the Director of Finance may, if it is determined to be necessary or advisable to the sale of the Nofes, establish a maturity date that is up to seven days less than one year from. the date of issuance by setting forth that maturity date in the Certificate of Award. -