1998 039 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 98-39 Introduced by Mayor Bruce G. Rinker and Council as a Whole. AN ORDINANCE AUTHORIZING A LOAN TO. THE VILLAGE NOT TO EXCEED $4,883,268 FROM THE OHIO DEPARTMENT OF TRANSPORTATION, STATE INFRASTRUCTURE BANK TO FINANCE A PORTION OF THE COSTS OF THE PROGRESSIVE SITE PROJECT WHEREAS, Mayfield Village, Ohio (the "Village"), by virtue of the laws of the State of Ohio, including Section 13 of Article VIII of the Ohio Constitution and Chapter 133 of the Ohio Revised Code, is authorized and empowered to issue its obligations to finance capital improvements; and WHEREAS, the Director of Transportation (the "Director") of the State of Ohio on behalf of the Ohio Department of Transportation, State Infrastructure Bank, has agreed to make a loan (the "Loan") to the Village in an original principal amount not to exceed $4,883,268 for the purpose of paying a portion of the Progressive Site Project (the "Project"). NOW, THEREFORE BE IT ORDAINED by the Village Council of Mayfield Village the State of Ohio: Section 1. Authorization and Terms of Loan. The Village shall issue and deliver to the Director the Village's note (the "Note"), in the original principal amount not to exceed $4,883,268 (plus accruals to principal of one year of interest and administrative fees as provided in the Note), to be used to finance a portion of the costs of the Project. The term of the Note will not exceed 20 years from the date of the initial disbursement of the Loan. Interest on the Note will accrue at the rate of 4.0% per annum, for the 13th month through the 24th month of the Loan and 5.0% per annum for the 25th month through 240th month of the Loan, with no interest being charged for the first 12 months of the Loan. The annual administrative fee is 0.25% per annum times the outstanding principal balance of the Loan, the terms of which are provided in the Note. The sole source of payment of principal and interest on the Note and the administrative fee, will be limited to funds in the Village's capital improvement fund and the Village's Nontax Revenue. To evidence the Loan, the Village will enter into a Loan Agreement (the "Loan Agreement") with the Director. Payment for the Note by the Director will take the form of disbursements under the Loan Agreement. Section 2. Documents and Transcripts. In order to evidence the Loan and the terms thereof, the Mayor, in the name and on behalf of the Village, is hereby authorized and directed to execute and deliver the Note and the Loan Agreement in substantially the forms submitted to this Council, with such changes therein not inconsistent with this Ordinance and not substantially adverse to the Village and approved by such officer. The approval of such changes by such officer, and that such changes are not substantially adverse to the Village, shall be conclusively evidenced by their execution of such instruments.