2003 030 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2003- 30 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $3,870,000 OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICII'ATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF ACQUIRING CERTAIN REAL ESTATE TOGETHER WITH THE EXISTING BUILDINGS AND OTHER STRUCTURES LOCATED THEREON AND ANY RELATED EQUIPMENT AND CERTAIN OTHER REAL ESTATE FOR RECREATIONAL PURPOSES, CONSTRUCTING FACILITIES FOR STORM WATER MANAGEMENT AND WETLANDS PRESERVATION, AND INSTALLING ROADWAY SAFETY AND MESSAGE SIGNAGE AND SIGNALIZATION AT THE 1NTERSECTIONS OF NORTH COMMONS BOULEVARD AND WHITE ROAD, PARKVIEW DRIVE AND S.O.M. CENTER ROAD, WHITE ROAD AND S.O.M. CENTER ROAD AND SANDALWOOD DRIVE AND S.O.M. CENTER ROAD, AND DECLARING AN EMERGENCY. ' WHEREAS, pursuant to Ordinance No. 2002-27 passed July 15, 2002, and pursuant to Section 133.30(B) of the Revised Code, a consolidated note in anticipation of bonds in the aggregate principal amount of $4,500,000, dated September 18, 2002, was issued for various purposes, including acquiring certain real estate together with the existing buildings and other structures located thereon and any related equipment and certain other real estate for recreational purposes (Project No. 1), constructing facilities for storm water management and wetlands preservation (Project No. 2), and installing roadway safety and message signage and signalization at the intersections of North Commons Boulevard and White Road, Parkview Drive and S.O.M. Center Road, White Road and S.O.M. Center Road and Sandalwood Drive and S.O.M. Center Road (Project No. 3), to mature on September 18, 2003 (the Outstanding Note); and WHEREAS, this Council finds and determines that the Village should retire the Outstanding Note with the proceeds of the notes described in Section 3 and other funds available to the Village; 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 Project No. 1, Project No. 2, and Project No. 3 as described above and in Section 1 is at least five years, the estimated maximum maturity of the bonds described in Section 1 is at least twenty years with respect to Project Nos. 1 and 3, and forty years with respect to Project No. 2, the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is September 29, 2017 with respect to Project No. 1, and September 27, 2019 with respect to Project Nos. 2 and 3, and that the portion of that principal amount with respect to Project No. 1 is $3,470,000, with respect to Project No. 2 is $200,000, and with respect to Project No. 3 is $200,000;