1982 009 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 82- 9 INTRODUCED BY: Mayor and Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF AN $80,000 NOTE OF MAYFIELD VILLAGE IN ANTICIPATION OF THE ISSUANGE OF BONDS FOR TIiE PURPOSE OF PROVIDING FUNDS TO ACQUIRE AND IMPROVE REAL PROPERTY TO BE USED FOR EXPANDING THE MUNICIPAL COMPLEX, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 80-65 passed November 17, 1980, there was issued a$100,000 note in anticipation of bonds for the purpose hereinafter set forth; and WHEREAS, Council has determined to appropriate and apply $20,000 to the principal of such note and to retire the balance of such principal with the proceeds of the note herein authorized; and WHEREAS, this Council has heretofore requested the Finance Director to issue his certificate as to the estimated life of the property and improvement hereinafter described and the maximum maturity of the bonds to be issued to pay costs thereof and of the notes to be issued in anticipation thereof, and the Finance I7irector has certified to this Council such estimated life as at least five years and has further certified the maximum maturity of such bonds as twenty- six years and of such notes as January 23, 1989, or one year, if sold privately; NOW, THEREFORE, BE IT ORDAINED by the Council of Diayfield Village, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of Mayfield Village in the principal sum of $80,000 for the purpose of pxoviding funds to acquire and improve real property to be used for expanding the Municipal Complex. Section 2. That said bonds shall be dated approximately January 1, 1983; shall bear interest at the estimated rate of thirteen per centum (13%) per•annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual instaYlments after the issuance thereof. Section 3. That it is necessary and this Council hereby determines that a note in Che principal sum of $80,000 shall be issued in anticipation of the issuance of said bonds for the above-described improvement and to retire the outstanding note referred to-above. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of ten and one-quarter per centum (10-1/4%) per annum, _ payable at maturity, and in the event of default in the payment of such note at maturity, the same shall bear interest at the rate of thirteen per centum (13%) per annum from the said matvrity until the principal sum is paid. Such note shall be dated January 22. 1982, and shaZl mature on January 21, 1983. ?1