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ORDINANCE NO.: 82- 20 INTRODUCED BY: Mr. Busa AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $91,500 OF BONDS OF MAYFIELD VILLAGE TO PAY THE PROPERTY OWNERS' PORTION, IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS HERETOFORE LEVIED, OF THE COST OF IMPROVING ECHO DRIVE BETWEEN CERTAIN TERMINI BY PAVING AND CONSTRUCTING DRAINAGE IMPROVEMENTS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS,.the Council of Mayfield Village 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 $110,500, in anticipation of the levy and collection of special assessments and of the issuance of the bonds herein authorized, pursuant to Ordinance No._.80.-3_0, passed.Ap-ril 25_,.1980, which note was retired at maturity with other funds appropriated for such purpose and the proceeds of a note issued in anticipation of the collection of such special assessments heretofore levied and of the issuance of such bonds pursuant to Ordinance No. 81-16, passed March 30, 1981; and WHEREAS, Council has heretofore levied such special assessments and a port2on thereof have been collected, and this Council has further determined to retire such notes with the proceeds of the bonds herein authorized and the special assess- ments 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 eight 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 $91,500 to pay the property owners' portior., in anticipation of the collection of special assessments heretofore levied, of the cost of improving Echo Drive by paving and constructing drainage improvements, together with all necessary appurtenances thereto, between the ter-mini and in the manner provided in Resolution No. 79-52, adopted August 6, 1979, declaring the necessity thereof; 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 iri the"principal amount of $91,500 shall be issued in the denomination of $1,000 each, except bond No. 1 which shall be of the denomination of $1,500 and the last two bonds of each principal maturity in each of the years from 1983 to 1990, both inclusive, which shall be of the denomination of $5,000 each, shall be numbered from 1 to 27, both inclusive, and shall be dated April 1, 1982.