|
ORDINANCE NO. 2014-17
<br />INTRODUCED BY: Mayor Rinker and Council as a Whole
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF
<br />$4,270,000 FOR THE PURPOSE OF REFUNDING AT A LOWER
<br />INTEREST COST CERTAIN OF THE VII,LAGE'S
<br />OUTSTANDING VARIOUS PURPOSE IMPROVEMENT AND
<br />REFUNDING BONDS, SERIES 2006, DATED OCTOgER 31, 2006,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant Ordinance Nos. 2006-31, 2006-32 and 2006-33, each passed on
<br />August 28, 2006 (the Original Bond Legislation), there were issued $7,390,000 Various Purpose
<br />Improvement and Refunding Bonds, Series 2006 (the Series 2006 Bonds), dated October 31,
<br />2006, for the purpose stated in Section 1, which bonds are currently outstanding in the aggregate
<br />principal amount of $4,725,000 and will maiure on December 1 in the years 2014 through 2026
<br />(collectively, the Outstanding Bonds); and
<br />WHEREAS, this Council finds and determines that it is necessary and in the best
<br />interest of the Village to refund at a lower interest cost all or a portion of the Outstanding Bonds
<br />maturing on December 1 in the years 2015 through 2026 (the Refunded Bonds); and
<br />WHEREAS, this Council finds and determines that it is necessary and in the best
<br />interest of the Village to issue the Bonds described in Section 1 to provide funds sufficient for that
<br />purpose, including the payment of expenses properly allocable to that refunding and to the
<br />issuance of the Bonds; and
<br />WI-EREAS, the Director of Finance, as fiscal officer of the Village, has certified to
<br />this Council that the estimated life or period of usefulness of the improvement described in Section
<br />1 was, at the time the Refunded Bonds were issued, at least five years, and the estimated
<br />maximum maturity of the Bonds described in Section 1 is not later than December 1, 2026, the
<br />final maturity of the Refunded Bonds;
<br />NOW, THEREFORE, BE IT ORDAIlVED by the Council of Mayfield Village,
<br />County of Cuyahoga, Ohio, that:
<br />Section 1. Authorized Principal Amount and Purpose; Principal and Interest
<br />Pavment; Denominations; Dating. It is necessary to issue bonds of the Village in an aggregate
<br />principal amount not to exceed $4,270,000 for the purpose of refunding at a lower interest cost
<br />certain of the Village's outstanding Various Purpose Improvement and Refunding Bonds, Series
<br />2006, dated October 31, 2006, which were issued for the purposes of constructing, equipping,
<br />furnishing, improving the site of, and otherwise improving a new police station, improving the
|