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ORDINANCE NO. 2010- Z 9
<br />INTRODUCED BY: Mayor Rinlcer and Council as a Whole
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE
<br />OF $3,400,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF ACQUIRING CERTAIN REAL ESTATE TOGETHER
<br />WITH THE EXISTING BUILDINGS AND OTHER STRUCTURES
<br />LOCATED THEREON AND ANY RELATED EQUIPMENT AND
<br />CERTAIN OTHER REAL ESTATE FOR RECREATIONAL
<br />PURPOSES, IMPROVING THE PARKS AND RECREATION
<br />SYSTEM OF THE VILLAGE BY ACQUIRING CERTAIN REAL
<br />ESTATE, CONSTRUCTING AND LIGHTING BALL FIELDS,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, AND OTHERWISE IMPROVING THAT SYSTEM, AND
<br />CONSERVING, PRESERVING AND ENHANCING THE
<br />AVAILABILITY OF OPEN SPACES IN THE VILLAGE BY
<br />ACQUIRING LAND OR INTERESTS THEREIN, AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2009-38, passed July 6, 2009; a note in
<br />anticipation of bonds in the amount of $3,600,000, dated September 3, 2009, was issued for the
<br />purposes identified in Section 1 hereof as Project Nos. 1, 2 and 3 and as a consolidated issue
<br />pursuant to Section 13330(B) of the Revised Code, to mature on September 2, 2010 (the
<br />Outstanding Note); and
<br />WHEREAS, this Council finds and determines that the Village should retire the
<br />Outstanding Note with the proceeds of the notes described in Section 3 and other funds available
<br />to the Village; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this Village, has certified to
<br />this Council that the estimated life or period of usefulness of Project Nos. l, 2 and 3 as described
<br />in Section 1 is at least five years, the estimated maximum maturity of the bonds described in
<br />Section 1 is 12 years with respect to Project No. 1, 23 years with respect to Project No. 2, and 30
<br />years with respect to Project No. 3, the maximum maturity of the notes described in Section 3, to
<br />be issued in anticipation of those bonds, is September 29, 2017 with respect to Project No. 1,
<br />September 16, 2023 with respect to Project No. 2, and September 11, 2026 with respect to Project
<br />No. 3, and that the allocated principal amount thereof with respect to Project No. 1 is $1,125,000,
<br />with respect to Project No. 2 is $415,000, and with respect to Project No. 3 is $1,860,000;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this Village in the aggregate principal
<br />amount of $3,400,000 (the Bonds) for the purpose of acquiring certain real estate together with the
<br />existing buildings and other structures located thereon and any related equipment and certain other
<br />real estate for recreational purposes (Project No. 1), improving the parks and recreation system of
<br />the Village by acquiring certain real estate, constructing and lighting ball fields, together with the
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