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ORDINANCE N0. 8 1- 26 <br />INTRODUCED BY: Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE NOTES IN <br />THE AGGREGATE PRINCIPAL AMOUNT OF SIX <br />HUNDRED THOUSAND DOLLARS ($600,000.00) IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS~FOR <br />THE PURPOSE OF PROVIDING FUNDS FOR THE <br />' CONSTRUCTION OF A SERVICE BUILDING AND <br />SITE IMPROVEMENTS THEREFOR. <br />Whereas, pursuant to Ordinance No. 79-37, passed by the Council <br />of the Village of Mayfield Village (the "Council") on June 18, 1979, a <br />note (the "1979 Note") in the principal amount of Six Hundred Thousand <br />Dollars ($600,000.00), dated July 25, 1979, was issued for the purpose <br />hereinafter stated, which 1979 Note matured on July 24, 1980; and <br />Whereas, pursuant to Ordinance No. 80-37, passed by the Council <br />on June 2, 1980, a note (the."1980 Note") in the principal amount of Six <br />Hundred Thousand Dollars ($600,000), dated July 24, 1980 and maturing on <br />July 23, 1981, was issued to renew the 1979 Note, and the 1980 Note is <br />about to mature; 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 />