1978 023 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 78-23 BY: Mr. Fly.nn AN ORDINANCE PROVIDING FOR THE ISSUANCE OF A NOTE TN ANTICIPATTON OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF ACQUIRING LAND FOR MUNICIPAL FLOOD PLAIN AND PARK PURPOSES, AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance has certified to this Council that the estimated life of the land hereinafter mentioned is at least 50 years, that the maximum maturity of the bonds here- inafter referred to is 20 years, and that the maximum maturity of the notes to be issued in anticipation of said bonds is five years, or one year if sold privately; and WHEREAS, a condition currently exists on SOM Center Road which requires flood control measures; and WHEREAS, the City has been held liable by the Court of Common Pleas of Cuyahoga County to provide such control measures; and WHEREAS, the land and neighboring land is adjacent to the Municipal Park and this Council determines that the enlargement of the Park is a proper purpose for the expenditure of municipal funds; and WHEREAS, the municipality has reached an agreement to settle all claims with Dolores Myotte concerning such flood control, which settlement calls for the acquisition of her property and the payment of certain expenses and damages in connection therewith, all of which are hereby determined to be proper municipal activities; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OE MAYFIELD, OHIO, THAT: Sectron 1. It is deemed necessary to issue bonds of the Villaqe of Mayf3eld in one lot in the principal amount of $75,000 for the purpose of acquiring land for municipal flood plain and park purposes. Section 2. Said bonds shall be dated approximately June 15, 1481, shall bear interest at the estimated rate of six and one- half percent per annum, payable semi-annually, until the principal sum is paid, and shall mature in 20 substantially equal annual install- ments after the issuance thereof. Section 3. It is necessary and this Council hereby deter- mines that a note in the principal amount of $75,000 shall be issued in anticipation of the issuance of said bonds for the above-described improvement and to retire the outstanding note. Section 4. Such anticipatory note in the amount aforesaid shall bear interest at the rate of per centum per annum, such interest to be payable at maturity. Such note shall be dated May 15, 1578 and shall mature on or before one year from said date.