1991 026 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 91-26 INTRODUCED BY: Mayor Carmen and Council as a Whole. AN ORDINANCE PROVIDING FOR THE FINAL TERMS OF BONDS AUTHORIZED BY ORDINANCE N0. 91-15, PASSED ON JUNE 17, 1991, TO PAY COSTS OF CONSTRUCTING, IN COOPERATION WITH CUYAHOGA COUNTY, WATER MAINS, TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, IM WILSON MILLS ROAD FROM S.O.M. CENTER ROAD TO THE WESTERLY CORPORATE LIMITS, AMENDING SECTIONS l AND 2 OF THAT ORDINANCE, AUTHORIZING THE SIGNING OF A BOND REGISTRAR AGREEMENT AND A BOND PURCHASE AGREEMENT RELATING THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 91-15, passed on June 17, 1991 (the Authorizing Ordinance), this Council authorized the issuance of bonds in the aggregate principal amount of $440,000 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, and to refun.d notes maturing on August 30, 1991, issued in anticipation of those bonds; and WHEREAS, the Authorizing Ordinance provides that certain of the terms and provisions set forth therein are subject to revision or further specifica- tion in a subsequent ordinance to be passed by this Council upon the fi- nalization of the terms and provisions of the bonds; and WHEREAS, Council has determined to refund $10,000 of the principal amount of those notes with funds available for that purpose and to authorize the issuance of the bonds herein provided for to refund the balance of that principal amount and to pay costs of issuance of the bonds; and WHEREAS, Council has determined, upon the receipt of advice with respect to the most efficient structuring of the terms of the bonds, that this ordinance (the Final Terms Ordinance referred to in the Authorizing Ordinance and herein) should be passed to effect such structuring, to deter.mine certain final terms of the bonds and to authorize the signing of a bond registrar agreement and a bond purchase agreement relating thereto; NOW, THEREFOftE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, State of Ohio, that: Section 1. As provided in Section 1 of Ordinance No. 91-15, passed on June 17, 1991, Sections 1 and 2 of Ordinance No. 91-15 are amended to read as follows: "Section 1. It is necessary to issue bonds of this Village in the principal amount of $410,000 (the Bonds) to pay costs of constructing, in cooperation with Cuyahoga