1982 021 Ordinance - Laserfiche WebLink

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ORDINANCE NO.: 82- 21 INTRODUCED BY: Mr. Busa AN ORDINANCE PROVIDTNG FOR THE ISSUANCE OF $26,300 OF BONDS OF MAYFIELD VILLAGE FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE PROPERTY OWNERS' PORTION, IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS HERETOFORE LEVIED, OF THE COST OF IMPROVING BETA DRIVE BETWEEN CERTAIN TERMINI BY CONSTRUCTING SIDEWALKS TOGETHER WITH ALL NECESSARY INCIDENTALS AND APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, the Council of Mayfield Village, Ohio, has heretofore declared the necessity of constructing the improvement hereinafter described and in order to finance the property owners' portion of the cost of such improvement caused to be issued a note in the principal amount of $40,000 in anticipation of the levy and collection of special assessments.and.of-the issuance-of the bonds herein authorized, pursuant to Ordinance No. 80-55, passed August 18, 1980, which note was retired at maturity with other f unds appropriated for such purpose and the proceeds of a$33,000 note issued in anticipation of the collection of such special assessments heretofore levied and of the issuance of such bonds, pursuant to Ordinance No. 82-8, passed January 18, 1982; and WHEREAS, Council has heretofore levied such special assessments and a portion thereof have been collected, and this Council has further determined to retire such notes with the proceeds of the.bonds.herein authorize,d and the special assessments so collected; and WHEREAS, the Finance Director has certified to this Council that the estimated life of such improvement is at least five years and that the maximum maturity of such bonds is four years; NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, Cuyahoga County, State of Ohio: Section 1. That it is deemed necessary to issue bonds of Mayfield Village in the principal sum of $26,300 for the purpose of providing funds to pay the property owners' portion, in anticipation of the collection of special assessments heretofore le vied, of the cost of improving Beta Drive by constructing sidewalks together with all necessary incidentals and appurtenances thereto, pursuant to and between the termini set forth in Resolution No. 80-20, adopted April 21, 1980, declaring the necessity of such improvement; that such bonds shall be issued as one lot; and that notes have been issued in anticipation of the issuance of such bonds. Section 2. Said bonds in the principal amount of $26,300 shall be issued in the denomination of $1,000 each, except bond No. 1 which shall be of the denomination of $1,300 and the last bond of each principal maturity in each of the years from 1983 to 1986, both inclusiue, which shall be of the denomination of $5,000 each, shall be numbered from 1 to 10, both inclusive, and shall be dated April l, 1982. Said