1982 008 Ordinance - Laserfiche WebLink

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.J ORDINANCE N0. 82- 8 INTRODUCED BY: Mayor and, Council as a Whole AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A $33,000 NOTE OF MAYFIELD VILLAGE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR T1-lE PURPQSE OF PRO- VIDING FUNDS TO PAY THE PROPERTY OWNERS' PORTION, IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESS- PiENTS 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. 1,TtiERtAS, the Council of Mayfield Village, Ohio, has heretofore by proper Iegislation declared the necessity of improving Beta Drive between certain termini by constructing sidewalks tofiether iaith all incidentals and appurtenances thereto, caused the construction of such improvement to be com- pleted and assessments for such costs to be levied; and I,IHEREAS, pursuant to Ordinance No. 80-55 passed August 18, 1950, there was issued a$40,000 note in anticipation of bonds for such purpose; and WHEREAS, Council has determined to appropriate and apply that portion of such assessments heretofore paid in cash in the amount of $7,000 to the principal of such note and to retire the balance of such principal with the proceeds of the note herein authorized; and , WHEREAS, the Finance Director has certified to this Council such estimated life as to least five years and has further certified the maximum maturity of such bonds as five years and of such notes as January 23, 1986, or one year, if sold privately; , NOId, TIiEREFORE, BE IT ORDAIhED by the Council of Dlayfield Village, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of Piayfield Village in the principal sum of $33,000-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 by constructing sidewalks together"with all necessary incidentals and appur- tenances thereto, pursuant to and beLween the termini set forth in Fesolution No. 80-20, adopted April 21, 1980. Section 2. That said bonds shall be dated approximately January 1, 1983; shall bear interest at the Estinated rate of thirteen per centum (13%) per annum, payable semi-annually, until the principal sum is paid,'and shall mature in five substantially equal annual installments after the issuance thereof. Section 3. That it is necessary and this Council hexeby determines that a note in the principal sum of $33,000 shall be issued in anticipation of the issuance of said bonds for the above-described improvements and to retire the outstanding note referred to above.