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ORDINANCE N0. 8 1- 25 <br />INTRODUCED BY: Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE NOTES IN <br />THE AGGREGATE PRINCIPAL AMOUNT OF TWO HUN- <br />DRED THIRTY THOUSAND DOLLARS ($230,000.00) <br />IN ANTICIPATION OF THE ISSUANCE OF BONDS <br />FOR THE PURPOSE OF PROVIDING FUNDS FOR <br />THE CONSTRUCTION OF A SERVICE BUILDING <br />AND SITE IPiPROVEMENTS THEREFOR . <br />Whereas, pursuant to Ordinance No. 80-38, passed by the Council <br />of the Village of Mayfield Village (the "Council") on June 2, 1980, a <br />note in the principal amount of Two Hundred Thirty Thousand Dollars <br />($230,000.00), was authorized for the purpose hereinafter stated and, <br />under the authority of said Ordinance, there is outstanding a note (the <br />"1980 Note") in the principal amount of Two Hundred Thirty Thousand <br />Dollars ($230,000.00) which is dated July 3, 1980 and matures on July 2, <br />1981; and <br />Whereas, it has heretofore been duly certified to the Council <br />that the estimated life of the asset, property or improvement proposed <br />to be acquired or constructed from the proceeds of the bonds hereinafter <br />referred to is at least five (5) years, and it has heretofore been <br />further duly certified that the maximum maturity of said bonds is twenty- <br />five (25) years, based upon the weighted average of the amounts allocated <br />to the several classes of improvements as set forth in such certification, <br />