1999 029 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 99- 2 a INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF $4,100,000 OF NOTES OF HAYFIELD VILLAGE, OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS 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, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 98-30, passed August 24, 1998, a note in anticipation of bonds in the amount of $4,475,000, dated September 28, 1998, was issued for the purpose stated in Section 1, to mature on September 28, 1999; 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 the improvement described in Section 1 is at least five years, the estimated maximum maturity of the bonds described in Section 1 is 20 years, and the maximum maturity of the notes described in Section 3, to be issued in anticipation of the bonds, is 240 months from September 29, 1997; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this Village in the aggregate principal amount of $4,100,000 (the Bonds) to pay costs 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. Section 2. The Bonds shall be dated approximately September 1, 2000, shall bear interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $4,100,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to refund, together with other funds available for that purpose, the note maturing on September 28, 1999. The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the Village does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10'/z% per year from the maturity date until the Village pays or makes provision to pay that